SPECIFIC CONDITIONS PRECEDENT Clause Samples
The "Specific Conditions Precedent" clause defines particular requirements or actions that must be fulfilled before a contract or certain obligations within it become effective. These conditions might include obtaining regulatory approvals, securing financing, or delivering key documents, and they are tailored to the unique circumstances of the agreement. By clearly outlining these prerequisites, the clause ensures that both parties are protected from being bound to the contract until essential criteria are met, thereby managing risk and providing certainty regarding when contractual duties commence.
SPECIFIC CONDITIONS PRECEDENT. In case of credit line Facility Limits with specific destination, the Borrower shall be entitled to make the first utilisation of the Facility Limit only after fulfilling the following conditions precedent, in addition to the documents requested in accordance with Section 2 (Utilization of the Facility Limit. Conditions precedent) from Chapter 1 (General provisions) hereof, and the other conditions precedent provided in the relevant Credit Facility Agreement, if the case, respectively the receipt by the Bank of the documents attesting the utilization in compliance with the specific destination, having the form and content satisfactory to the Bank.
SPECIFIC CONDITIONS PRECEDENT. Each of the following conditions precedent shall have been satisfied in a manner reasonably satisfactory to the Term Agent:
SPECIFIC CONDITIONS PRECEDENT. As a part of the Conditions Precedent, the Company and CGI shall:
SPECIFIC CONDITIONS PRECEDENT. 5.01 Prior to making an Advance, Bank may require an inspection of the Premises by its employees and/or the Independent Engineer for the purpose of assuring that the progress and quality of the construction is as represented by the Notice of Borrowing requesting such Advance, and, until such inspection, Bank need not make the Advances therein requested. The Bank shall make such inspection within two (2) Banking Days after receipt of any Notice of Borrowing. If such inspection does not furnish such assurance to Bank, Bank may reject such Notice of Borrowing and need not make the Advance therein requested. If such inspection is not completed on or before the Borrowing Date specified in said Notice of Borrowing, Bank may defer any action as to that Notice of Borrowing for a reasonable time until such inspection is completed. Such inspection and determination is solely for the benefit of Bank, and the making of an Advance with or without such inspection shall not be a representation by Bank of any kind or nature nor a waiver by Bank of any rights Bank may have under this Agreement. Borrower shall provide Bank or the Independent Engineer with such further information, certifications, surveys (including foundation surveys) and other assurances as Bank or the Independent Engineer may require.
5.02 If at any time during the course of construction of the Improvements, Bank, in its sole judgment, should determine that the unadvanced portion of the Construction Amount is insufficient to complete the construction of the Improvements in accordance with the Plans, then, on Bank's demand, Borrower shall deposit with Bank such amount as Bank shall require so that the aggregate of such deposited amount and the then unadvanced portion of the Construction Amount shall equal the amount necessary, as determined by Bank in its sole judgment, to complete the construction as aforesaid. Such deposit shall be held by Bank as security for the Obligations. Subsequent Notice(s) of Borrowing shall first request a release of such deposit, and no Advance shall be made hereunder until the entirety of such deposit shall have been released. Borrower shall meet any demand made by Bank under this Section within ten (10) days, and until such demand is met, Bank shall have no obligation to make any Advance hereunder and failure to meet such demand will constitute an Event of Default under Article X hereof.
5.03 Advances made by Bank hereunder shall be used by Borrower solely for the payment of ...
SPECIFIC CONDITIONS PRECEDENT. As a part of the Conditions Precedent, the Company and the Promoters and the Selling Shareholders shall:
SPECIFIC CONDITIONS PRECEDENT. The obligation of the Bank to make available any Advance is subject to and conditional upon each of the conditions below being satisfied on or before the applicable Drawdown Date:
SPECIFIC CONDITIONS PRECEDENT. In case of credit line Facility Limits with specific destination, the Borrower shall be entitled to make the utilisation of the Facility Limit only after fulfilling the following conditions pinreacdedietinotn, tohet documents requested in accordance with SeUcttiiolinza2tio(n of the Facility Limit. Conditions pre)cedent from Chapter 1G(eneral provisio)nhsereo,fand the other conditions precedent provided in the relevant Credit Facility Agreement, if the caressep, ectively the receipt by the Bank of the documents attesting the utilization in compliance with the specific destination, having the form and content satisfactory to the Bank.