ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES Clause Samples

The "Additional Conditions Precedent to Advances" clause sets out specific requirements that must be satisfied before a lender is obligated to disburse funds under a loan agreement. These conditions may include the delivery of certain documents, evidence of compliance with covenants, or confirmation that no default has occurred. By establishing these prerequisites, the clause ensures that the borrower meets all necessary criteria before receiving each advance, thereby protecting the lender from undue risk and ensuring the orderly administration of the loan.
ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES. The obligation of BCC to accept delivery of the Transaction Documents and consummate this transaction, and to make any Advance, shall be further subject to the condition precedent that: (a) the following statements shall be true and correct (and the delivery by the Lessee and the Member of the Transaction Documents shall be deemed to constitute a representation and warranty by the Lessee and the Member that such statements are true on such date): (i) The representations and warranties contained in Article III of this Agreement and the other Transaction Documents are true and correct in all material respects on and as of date of the execution and delivery of this Agreement, at the time of each Advance, and as of each date until the Obligations are satisfied in full; and (ii) No event has occurred and is continuing which constitutes a Default or an Event of Default under any of the Transaction Documents; and (b) BCC shall have received such other opinions or documents as BCC may request in BCC's sole discretion.
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ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES. The obligation of BCC to accept delivery of the Transaction Documents and consummate this transaction, and to make any Advance, shall be further subject to the condition precedent that: (a) the following statements shall be true and correct (and the delivery by the Lessee and the Member of the Transaction Documents shall be deemed to constitute a representation and warranty by the Lessee and the Member that such statements are true on such date): (i) The representations and warranties contained in Article III of this Agreement and the other Transaction Documents are true and correct in all material respects on and as of date of the execution and delivery of this Agreement, at the time of each Advance, and as of each date until the Obligations are satisfied in full; and (ii) No event has occurred and is continuing which constitutes a
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ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES. Lender's obligations to ------------------------------------------- make advances hereunder (other than the first and advances requested prior to Lender's inspection of the Collateral in accordance with Paragraph 7A(a) below) shall be subject to, in addition to the conditions specified above the following: (a) Borrower agrees to permit Lender to visit its properties to conduct a collateral review within thirty (30) days from the date hereof In the event Lender determines, in its sole and absolute discretion, that the Collateral is not satisfactory, Lender shall have no further obligation to make any advances hereunder, and the entire principal amount outstanding under the Revolving Line of Credit shall become due and payable upon Lender's written notice to Borrower. If Lender determines, after its collateral review conducted in accordance with this Paragraph 7A, that the Collateral is not satisfactory, Lender shall notify Borrower, in writing, within three (3) business days after completing such collateral review of the reasons for Lender's determination that the Collateral is not satisfactory and provide Borrower a reasonable opportunity to resolve such deficiencies and/or problems; provided that during such period of time, Lender shall have no obligations to make any advances hereunder. If Borrower is able to resolve such deficiencies and/or problems to the satisfaction of Lender within thirty (30) days after delivery of such notification, then Borrower shall recommence making advances to Borrower in accordance with this Loan Agreement and the other Loan Documents. (l) Within thirty (30) days from the date hereof, Borrower shall have delivered to Lender a fully executed Lessor's Acknowledgment and Subordination in form and substance satisfactory to Lender in accordance with Section 4(e) of the Security Agreement. (m) Within thirty (30) days from the date hereof, Borrower, Lender and Successor Servicer shall have entered into a servicing agreement in form and substance satisfactory to Lender.
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ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES. The obligations of Lenders to make the Advances are also subject to the further conditions precedent that:
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ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES. The Banks shall be obligated to make an Advance only upon satisfaction by Borrower of the following additional conditions precedent, as determined by Administrative Agent in its sole and absolute discretion:
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ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES. The obligation of BCC to accept delivery of the Transaction Documents and consummate this transaction, and to
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ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES. The obligation of BCC to accept delivery of the Transaction Documents and consummate this transaction, and to make any Advance, shall be further subject to the condition precedent that the following statements shall be true and correct (and the delivery by the Lessee and the Member of the Notes and the other Transaction Documents shall be deemed to constitute a representation and warranty by the Lessee and the Member that such statements are true on such date): (i) The representations and warranties contained in Article III of this Agreement and the other Transaction Documents are true and correct in all material respects on and as of date of the execution and delivery of this Agreement, at the time of each Advance, and as of each date until the Obligations are satisfied in full; and (ii) No event has occurred and is continuing which constitutes a Default or an Event of Default on the part of the Lessee or the Member under any of the Transaction Documents.
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ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES. The obligation of each Lender to make its Advance shall be subject to the further conditions precedent that on the date of the Advance: (a) the representations and warranties contained in Article IV are correct on and as of the date of the Advance as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date; and (b) no event has occurred and is continuing, or would result from the Advance, which constitutes a Default or an Event of Default.
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ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES. The obligations of Lenders to make the Advances are also subject to the further conditions precedent that: (a) (x) no Default under subsections (a), (b)(i), (e) or (f) of Section 10.1, (y) no other Default as to which the Agent has given the Borrower notice and (z) no Event of Default, shall exist as of the date of the making of such Advance or would exist immediately after giving effect thereto; (b) Intentionally Omitted; (c) Intentionally Omitted; (d) the representations and warranties made or deemed made by the Parent, the Borrower and each other Loan Party in the Loan Documents to which any of them is a party, shall be true and correct on and as of the date of the making of such Advance with the same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date) and except for changes in factual circumstances specifically and expressly permitted hereunder; and (e) the Agent shall have received a timely Notice of Borrowing. The occurrence of each Credit Event shall constitute a certification by the Borrower to the effect set forth in the immediately preceding subsections (a), (d) and (e) (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrower otherwise notifies the Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In addition, the Borrower shall be deemed to have represented to the Agent and the Lenders at the time such Advance is made that to the best of the Borrower's knowledge all conditions to the making of such Advance contained in this Article V. have been satisfied.
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Related to ADDITIONAL CONDITIONS PRECEDENT TO ADVANCES

  • Conditions Precedent to Advances (a) The Initial Purchasers shall not be obligated to make an Advance on any Advance Date unless the following conditions have been satisfied or waived by the Initial Purchasers: (i) The representations and warranties of the Issuer in Section 3.25 of the Indenture and of the Servicer and the Originator, as applicable, set forth in Sections 3.01, 3.02, 3.04 and 3.06 of the Sale and Servicing Agreement are true and correct on and as of such Advance Date, before and after giving effect to such Advance; (ii) The Investment Period Termination Date shall not have occurred and as of the date of the Advance Request, (A) the aggregate Outstanding Loan Balance of Loans that became Defaulted Loans since the Amendment Date is less than $25,000,000 and (B) no Rapid Amortization Event has occurred since the Amendment Date; (iii) No Event of Default, Rapid Amortization Event or Servicer Default has occurred since the Amendment Date or will occur, after giving effect to such Advance; (iv) After giving effect to such Advance and to the application of proceeds therefrom, the Aggregate Outstanding Note Balance will not exceed the Borrowing Base; (v) After giving effect to such Advance and to the application of proceeds therefrom, the Aggregate Outstanding Note Balance shall not exceed the Commitment Amount; (vi) The Issuer shall have caused the Required Loan Documents for any Loans being acquired on such Advance Date to be delivered to the Custodian in accordance with the Sale and Servicing Agreement; (vii) To the extent the Issuer is directing that Principal Proceeds be withdrawn from the Collection Account and deposited to the Principal Reinvestment Account on such Advance Date, the Issuer reasonably believes that funds on deposit in the Collection Account will be sufficient to pay Required Payments on the next Payment Date; and (viii) At the time of any Advance, the Notes have a rating of no lower than “A (low) (sf)” from the Rating Agency. (b) To the extent the Initial Purchasers shall fund an Advance on an Advance Date, it shall be deemed to have agreed that each of the foregoing conditions have been satisfied or waived as to such Advance and Advance Date.

  • Additional Conditions Precedent No Lender has any ------------------------------- obligation to make any Loan (including its first), and LC Issuer has no obligation to issue any Letter of Credit (including its first), unless the following conditions precedent have been satisfied: (a) All representations and warranties made by any Restricted Person in any Loan Document shall be true on and as of the date of such Loan or the date of issuance of such Letter of Credit as if such representations and warranties had been made as of the date of such Loan or the date of issuance of such Letter of Credit except to the extent that such representation or warranty was made as of a specific date or updated, modified or supplemented as of a subsequent date with the consent of Majority Lenders. (b) No Default shall exist at the date of such Loan or the date of issuance of such Letter of Credit. (c) No Material Adverse Change shall have occurred to, and no event or circumstance shall have occurred that could cause a Material Adverse Change to, Plains MLP's or Borrower's Consolidated financial condition or businesses since the date of the Initial Financial Statements. (d) Each Restricted Person shall have performed and complied with all agreements and conditions required in the Loan Documents to be performed or complied with by it on or prior to the date of such Loan or the date of issuance of such Letter of Credit. (e) The making of such Loan or the issuance of such Letter of Credit shall not be prohibited by any Law and shall not subject any Lender or any LC Issuer to any penalty or other onerous condition under or pursuant to any such Law. (f) Administrative Agent shall have received all documents and instruments which Administrative Agent has then requested, in addition to those described in Section 4.1 (including opinions of legal counsel for Restricted Persons and Administrative Agent; corporate documents and records; documents evidencing governmental authorizations, consents, approvals, licenses and exemptions; and certificates of public officials and of officers and representatives of Borrower and other Persons), as to (i) the accuracy and validity of or compliance with all representations, warranties and covenants made by any Restricted Person in this Agreement and the other Loan Documents, (ii the satisfaction of all conditions contained herein or therein, and (ii all other matters pertaining hereto and thereto. All such additional documents and instruments shall be satisfactory to Administrative Agent in form, substance and date.

  • Conditions Precedent to All Loans The obligation of the Banks to make any Committed Credit Loan to a Borrower, and/or the Swing Line Lender to make any Swing Line Loan hereunder to a Borrower (it being understood that any decision to make a Swing Line Loan to a Borrower shall be within the sole discretion of the Swing Line Lender), is subject to the following conditions: (a) Either (i) the Operations Agent shall have received a Request for Committed Credit Loan from such Borrower as required by Section 2.04(a) hereof, or (ii) the Swing Line Lender shall have received a Request for Swing Line Loan from such Borrower as required by Section 3.03(a) hereof; (b) The representations and warranties of such Borrower contained in Article VII hereof shall be true on and as of such date as if they had been made on such date (except to the extent that such representations and warranties expressly relate to an earlier date or are affected by the consummation of transactions permitted under this Agreement); (c) Such Borrower shall be in compliance in all material respects with all of the terms and provisions set forth herein on its part to be observed or performed on or prior to such date; (d) The making of the Loan shall not contravene any law, regulation, decree or order binding on such Borrower, the Operations Agent, the Swing Line Lender or the Banks; and (e) After giving effect to the Loans to be made on such date to such Borrower, no Default with respect to such Borrower, shall have occurred and be continuing. Each Borrowing Request made by a Borrower shall constitute a representation and warranty by such Borrower to the Operations Agent and the Banks (in the case of a Request for Committed Credit Loan) and the Swing Line Lender (in the case of a Request for Swing Line Loan) that all of the conditions specified in this Section 6.02 have been satisfied in all material respects by such Borrower as of the date of the Loan.

  • Conditions Precedent to All Advances Each Advance to the Seller by the applicable Purchaser (each, a “Transaction”) shall be subject to the further conditions precedent that: (i) With respect to any Advance (including the Initial Advance), the Servicer shall have delivered to the Administrative Agent (with a copy to the Collateral Custodian and the Backup Servicer), in the case of an Advance, no later than 2:00 p.m. (New York City, New York time), two Business Days prior to the related Funding Date in a form and substance satisfactory to the Administrative Agent, (1) a Borrowing Notice (Exhibit A-1), Borrowing Base Certificate (Exhibit A-3), Asset List and Monthly Report, if applicable, and (2) a Certificate of Assignment (Exhibit A to the Sale Agreement including Schedule I, thereto) and containing such additional information as may be reasonably requested by the Administrative Agent, and (ii) with respect to any reduction in Advances Outstanding pursuant to Section 2.4(b), the Servicer shall have delivered to the Administrative Agent (with a copy to the Backup Servicer) at least two Business Days prior to any reduction of Advances Outstanding a Borrowing Notice (Exhibit A-2) and a Borrowing Base Certificate (Exhibit A-3) executed by the Servicer and the Seller; (b) On the date of such Transaction the following statements shall be true, and the Seller shall be deemed to have certified that: (i) The representations and warranties contained in Section 4.1, Section 4.2 and Section 4.3 are true and correct on and as of such day as though made on and as of such day and shall be deemed to have been made on such day; (ii) No event has occurred and is continuing, or would result from such Transaction, that constitutes a Termination Event or Unmatured Termination Event; (iii) On and as of such day, after giving effect to such Transaction, the Advances Outstanding shall not exceed the lesser of (x) the Class A Facility Amount and (y) the Maximum Availability; (iv) On and as of such day, the Seller and the Servicer each has performed all of the covenants and agreements contained in this Agreement to be performed by such person at or prior to such day; and (v) No law or regulation shall prohibit, and no order, judgment or decree of any federal, state or local court or governmental body, agency or instrumentality shall prohibit or enjoin, the making of such Advance or incremental Advance by the Purchasers in accordance with the provisions hereof, the reduction of Advances Outstanding, or any other transaction contemplated herein; (c) The Seller shall have delivered to the Collateral Custodian (with a copy to the Backup Servicer and the Administrative Agent) in the case of an Advance, no later than 2:00 p.m. (New York City, New York time) one Business Day prior to any Funding Date a faxed copy of the duly executed original promissory notes, master purchase agreement and purchase statements or a copy of the Loan Register, as applicable, for the Loans, and, if any Assets are closed in escrow, a certificate (in the form of Exhibit L) from the counsel to the Originator or the Obligor of such Assets certifying the possession of the Required Asset Documents; provided that notwithstanding the foregoing, the Required Asset Documents (including any UCCs included in the Required Asset Documents) shall be in the possession of the Collateral Custodian within two Business Days of any related Funding Date as to any Additional Assets; (d) [Intentionally Omitted]; (e) [Intentionally Omitted]; (f) [Intentionally Omitted]; (g) The Termination Date shall not have occurred (the Seller acknowledging that the Termination Date has occurred); (h) On the date of such Transaction, the Administrative Agent shall have received such other approvals, opinions or documents as the Administrative Agent may reasonably require; (i) [Intentionally Omitted]; (j) The Administrative Agent shall have received from the Seller any required Hedging Agreement and related hedging confirms required in connection with the Transaction; (k) The Seller and Servicer shall have delivered to the Administrative Agent all reports required to be delivered as of the date of such Transaction including, without limitation, all deliveries required by Section 2.3; (l) With respect to any Acquired Loan acquired from an Affiliate of the Originator, the Administrative Agent has received a satisfactory legal opinion concerning the acquisition of such Loan by the Originator in a true sale transaction; (m) The Seller shall have paid all fees required to be paid, including all fees required hereunder and under the Purchaser Fee Letter and shall have reimbursed the Purchasers and the Administrative Agent for all fees, costs and expenses of closing the transactions contemplated hereunder and under the other Transaction Documents, including the reasonable attorney fees and any other legal and document preparation costs incurred by the Purchasers and the Administrative Agent; and (n) The Seller shall have delivered to the Administrative Agent an Officer’s Certificate (which may be part of the Borrowing Notice) in form and substance reasonably satisfactory to the Administrative Agent certifying that each of the foregoing conditions precedent has been satisfied. The failure of the Seller to satisfy any of the foregoing conditions precedent in respect of any Advance shall give rise to a right of the Administrative Agent, which right may be exercised at any time by the Administrative Agent, to refuse to fund the requested Advance or Advances or if any Advances were funded during any such time that any of the foregoing conditions precedent were not satisfied, the Administrative Agent may direct the Seller to pay to the Administrative Agent for the benefit of the applicable Purchasers an amount equal to all such Advances.

  • Conditions Precedent to All Borrowings The obligation of each Lender to make an Advance on the occasion of each Borrowing and of the Issuing Lender to issue, increase, or extend any Letter of Credit shall be subject to the further conditions precedent that on the date of such Borrowing or the date of the issuance, increase, or extension of such Letter of Credit: (a) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing, or Letter of Credit Application and the acceptance by the Borrower of the proceeds of such Borrowing or the issuance, increase, or extension of such Letter of Credit shall constitute a representation and warranty by the Borrower that on the date of such Borrowing or on the date of such issuance, increase, or extension of such Letter of Credit, as applicable, such statements are true): (i) the representations and warranties contained in Article IV of this Agreement and the representations and warranties contained in the Security Instruments, the Guaranties, and each of the other Loan Documents are true and correct in all material respects on and as of the date of such Borrowing or the date of the issuance, increase, or extension of such Letter of Credit, before and after giving effect to such Borrowing or to the issuance, increase, or extension of such Letter of Credit and to the application of the proceeds from such Borrowing, as though made on and as of such date except to the extent that any such representation or warranty expressly relates solely to an earlier date, in which case it shall have been true and correct in all material respects as of such earlier date; and (ii) no Default has occurred and is continuing or would result from such Borrowing or from the application of the proceeds therefrom, or would result from the issuance, increase, or extension of such Letter of Credit; and (b) the Administrative Agent shall have received such other approvals, opinions, or documents reasonably deemed necessary or desirable by any Lender as a result of circumstances occurring after the date of this Agreement, as any Lender through the Administrative Agent may reasonably request.