Finance Deals & Syndicated Lending · glossary
Items the Agent agrees to take after drawdown, by a fixed date, such as a certified translation. Missing the date is a breach, and it becomes an Event of Default unless it is put right within 15 Business Days. Chapter 14
Explained in Chapter 14, Conditions Precedent and Closing, of Finance Deals & Syndicated Lending.
Sometimes a minor condition is not ready in time, and the agent agrees to take it after drawdown by a fixed date. It then becomes a condition subsequent, such as a certified translation or a filed form. If Atlas misses the date, it has broken its promise. Under clause 19.2 that becomes an Event of Default unless it is fixed within 15 business days.Read Chapter 14, Conditions Precedent and Closing →
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