Additional Conditions Precedent to All Advances Sample Clauses
The 'Additional Conditions Precedent to All Advances' clause sets out specific requirements that must be satisfied before any loan disbursements or advances are made under an agreement. Typically, these conditions may include the delivery of certain documents, confirmation that no default has occurred, or evidence that all representations and warranties remain true. By establishing these prerequisites, the clause ensures that the lender is protected and that the borrower continues to meet agreed standards before receiving further funds, thereby reducing the lender's risk and maintaining contractual discipline.
Additional Conditions Precedent to All Advances. Each Advance shall be subject to the further conditions precedent that:
(a) The Borrower shall have delivered a Funding Request in accordance with the procedures set forth in Section 2.2 and certified in the related Borrower Notice that:
(i) The representations and warranties set forth in Section 4.1 are true and correct in all material respects on and as of such date and the related Funding Date, before and after giving effect to such borrowing and to the application of the proceeds therefrom, as though made on and as of such date (except for representations and warranties that are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations shall be true and correct in all respects as of such date and the related Funding Date); and
(ii) No event has occurred, or would result from such Advance or from the application of the proceeds therefrom, that constitutes an Event of Default or an Unmatured Event of Default;
(b) The Termination Date shall not have occurred;
(c) Before and after giving effect to such Advance and to the application of proceeds therefrom the Borrowing Base Test shall be satisfied, as calculated on such date;
(d) No claim has been asserted or proceeding commenced challenging the enforceability or validity of any of the Transaction Documents or the Loan Documents, excluding any instruments, certificates or other documents relating to Loans that are no longer outstanding or which are no longer included in the Collateral; and
(e) There shall have been no Material Adverse Change with respect to the Borrower since the preceding Advance and the acquisition of the Loan, if applicable, will not have a Material Adverse Effect on such Loan.
Additional Conditions Precedent to All Advances. Each Advance shall be subject to the further conditions precedent that:
(a) On the related Funding Date, the Borrower or the Manager, as the case may be, shall have certified in the related Borrower Notice that:
(i) The representations and warranties set forth in Sections 4.1, 4.2 and 7.5 are true and correct on and as of such date, before and after giving effect to such borrowing and to the application of the proceeds therefrom, as though made on and as of such date (except to the extent such representations and warranties expressly relate to a specific earlier date, in which case such representations and warranties shall be true and correct as of such earlier date); and
(ii) No event has occurred, or would result from such Advance or from the application of the proceeds therefrom, that constitutes an Event of Default or a Default.
(b) The Termination Date shall not have occurred; and
(c) Before and after giving effect to such borrowing and to the application of proceeds therefrom (i) each of the Collateral Tests shall be satisfied, as calculated on such date and (ii) the sum of Advances Outstanding and the Unfunded Exposure Amount shall not be greater than the Facility Amount.
Additional Conditions Precedent to All Advances. W▇▇▇▇ Fargo’s obligation to make any Advance (including the initial Advance) shall be subject to the further additional conditions: (a) that the representations and warranties described in Exhibit D are correct on the date of the Advance, except to the extent that such representations and warranties relate solely to an earlier date; and (b) that no event has occurred and is continuing, or would result from the requested Advance that would result in an Event of Default.
Additional Conditions Precedent to All Advances. Lender shall be obligated to make an Advance only if Borrower shall have delivered to Lender a Draw Request for such Advance. Borrower may not submit more than two (2) Draw Requests per Calendar Month. Lender shall not be required to make the requested Advance before ten (10) Business Days after receipt of the Draw Request. Notwithstanding the foregoing, Lender shall make no Advances to pay interest under the Loan prior to delinquency regardless of the then-current Borrowing Availability.
Additional Conditions Precedent to All Advances. Lender shall be obligated to make an Advance only if Borrower shall have delivered to Lender a Draw Request for such Advance. Borrower may not submit more than two (2) Draw Requests per each Calendar Month. Lender shall not be required to make the requested Advance before three (3) Business Days after receipt of the completed Draw Request (together with any required inspection report as provided in Section 2.4.3(a) above). Notwithstanding the foregoing, Lender may make Advances, without further authorization or Draw Requests from Borrower, to pay interest prior to delinquency to the extent of the Available Commitment; provided, however, that from and after the occurrence and during the continuation of an Unmatured Event of Default or an Event of Default, such Advances to pay interest may be made in the sole and absolute discretion of Lender.
Additional Conditions Precedent to All Advances. Lender shall be obligated to make an Advance only if Borrower shall have delivered to Lender a Draw Request for such Advance. Borrower may not submit more than one (1) Draw Request per Business Day. Lender shall not be required to make the requested Advance before five (5) Business Hours after receipt of the Draw Request. Notwithstanding the foregoing, Lender may make Advances, without further authorization or Draw Requests from Borrower, to pay interest prior to delinquency to the extent of the Available Commitment; provided, however, that from and after the occurrence and during the continuation of an Unmatured Event of Default or an Event of Default, such Advances to pay interest may be made in the sole and absolute discretion of Lender.
Additional Conditions Precedent to All Advances. Each Advance (including any Swingline Advance) shall be subject to the further conditions precedent that: (a) The Borrower shall have delivered a Funding Request in accordance with the procedures set forth in Section 2.2 and certified in the related Borrower Notice that: (i) The representations and warranties set forth in Section 4.1 are true and correct in all material respects on and as of such date and the related Funding Date, before and after giving effect to such borrowing and to the application of the proceeds therefrom, as though made on and as of such date (except for representations and warranties that are qualified by materiality, a Material Adverse Effect or any similar qualifier, which representations shall be true and correct in all respects as of such date and the related Funding Date); and (ii) No event has occurred, or would result from such Advance or from the application of the proceeds therefrom, that constitutes an Event of Default or an Unmatured Event of Default; (b) The Termination Date shall not have occurred; (c) Before and after giving effect to such Advance and to the application of
Additional Conditions Precedent to All Advances. The obligation of the Lender to make each Advance (including the initial Advance) shall be subject to the further conditions precedent that on the date thereof:
(a) the representations and warranties contained in Article IV hereof are correct on and as of the date of such 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 such Advance which constitutes a Default or an Event of Default.
Additional Conditions Precedent to All Advances. Buyer shall be obligated to make an Advance of the Acquisition Price only upon satisfaction of the following additional conditions precedent, as determined by ▇▇▇▇▇ in its absolute
Additional Conditions Precedent to All Advances. Lenders’ obligation to make any Advance is subject to the prior fulfillment, or waiver by Administrative Agent in writing, of each of the following conditions: