Conditions Precedent to Any Advance Sample Clauses
The "Conditions Precedent to Any Advance" clause defines the specific requirements that must be satisfied before a lender is obligated to disburse funds to a borrower under a loan agreement. Typically, these conditions may include the delivery of certain documents, evidence of compliance with covenants, or confirmation that no default has occurred. By setting these prerequisites, the clause ensures that the lender only advances funds when all agreed-upon criteria are met, thereby protecting the lender from undue risk and ensuring the borrower is in good standing at the time of each advance.
Conditions Precedent to Any Advance. The obligation of the State Entity to make any Advance hereunder (including the initial Advance) shall be subject to the following conditions precedent:
A. The State Entity shall have received a Draw Requisition for such Advance specifying the amount of funds being requested, which such amount when added to all prior requests for an Advance shall not exceed the amount of the G.O. Grant delineated in Section 1.01.
B. The State Entity shall have either received a duly executed Declaration that has been duly recorded in the appropriate governmental office, with all of the recording information displayed thereon, or evidence that such Declaration will promptly be recorded and delivered to the State Entity.
C. The State Entity shall have received evidence, in form and substance acceptable to the State Entity, that (i) the Public Entity has legal authority to and has taken all actions necessary to enter into this Agreement and the Declaration, and (ii) this Agreement and the Declaration are binding on and enforceable against the Public Entity.
D. The State Entity shall have received evidence, in form and substance acceptable to the State Entity, that the Public Entity has sufficient funds to fully and completely pay for the Project and all other expenses that may occur in conjunction therewith.
E. The State Entity shall have received evidence, in form and substance acceptable to the State Entity, that the Public Entity is in compliance with the matching funds requirements, if any, contained in Section 7.23.
F. The State Entity shall have received evidence, in form and substance acceptable to the State Entity, showing that the Public Entity possesses the ownership interest delineated in Section 2.02.
G. The State Entity shall have received evidence, in form and substance acceptable to the State Entity, that the Real Property and, if applicable, Facility, and the contemplated use thereof are permitted by and will comply with all applicable use or other restrictions and requirements imposed by applicable zoning ordinances or regulations, and, if required by law, have been duly approved by the applicable municipal or governmental authorities having jurisdiction thereover.
H. The State Entity shall have received evidence, in form and substance acceptable to the State Entity, that that all applicable and required building permits, other permits, bonds and licenses necessary for the Project have been paid for, issued, and obtained, other than those permits, bonds and l...
Conditions Precedent to Any Advance. Except for delays unavoidably occasioned by strikes, lock-outs, war or civil disturbance, natural disaster, acts of God, or extreme weather conditions, if Borrower is unable to satisfy any condition precedent to its right to receive an advance of the Construction Line proceeds for a period in excess of thirty (30) days.
Conditions Precedent to Any Advance. The obligation of the Lenders to make any Advance under the Credit is conditional upon each of the following conditions having been satisfied:
10.3.1 the representations and warranties contained in this Agreement shall continue to be true and correct (except where stated to be made as at a particular date);
10.3.2 the Borrower shall have delivered to the Agent a completed Notice of Borrowing;
10.3.3 nothing shall have occurred since the Sixth Amendment Closing Date which would constitute a Material Adverse Change; and
10.3.4 no Default shall have occurred and be continuing and no Event of Default shall have occurred.
Conditions Precedent to Any Advance. The obligation of the State Entity to make any Advance hereunder (including the initial Advance) shall be subject to the following conditions precedent:
A. The State Entity shall have received a Draw Requisition for such Advance specifying the amount of funds being requested, which such amount when added to all prior requests for an Advance shall not exceed the maximum amount of the Grant set forth in Section 1.01.
B. The State Entity shall have received evidence, in form and substance acceptable to the State Entity, that (i) the Grant Recipient has legal authority to and has taken all actions necessary to enter into this Agreement, and (ii) this Agreement is binding on and enforceable against the Grant Recipient.
Conditions Precedent to Any Advance. Except for delays unavoidably occasioned by strikes, lock-outs, war or civil disturbance, natural disaster, acts of God, or extreme weather conditions, if Borrower is unable to satisfy any condition precedent to its right to receive an advance of Line of Credit proceeds for a period in excess of thirty (30) days.
Conditions Precedent to Any Advance. Except for delays caused by Force Majeure, Borrower shall be unable to satisfy any condition precedent to its right to receive an advance of the Loan proceeds for a period in excess of thirty (30) days.
Conditions Precedent to Any Advance. The obligation of the Lenders to make any Advance under the Credit is conditional upon each of the following conditions having been satisfied:
Conditions Precedent to Any Advance. The obligation of Lender to make an initial Advance hereunder is subject to the satisfaction of each of the following conditions precedent before or concurrently with the Advance:
(a) A Promissory Note in the form of Exhibit A shall have been duly executed by Borrower and delivered to Lender, with the original Note to be held by Lender;
(b) Copies of resolutions of the Board of Directors and written consents of the Managers of each of the Borrowers approving this Agreement, the Promissory Note, and each and every other document necessary to effectuate this Agreement and the Promissory Note shall have been delivered to Lender; and
(c) Such financial, business and other information regarding Borrower as Lender shall have reasonably requested shall have been delivered to Lender.
Conditions Precedent to Any Advance. The Purchasers shall have no obligation to make any Advance (including the Initial Advance) unless all of the following conditions precedent have been satisfied, to the satisfaction of the Requisite Holders and the Administrative Agent and in their reasonable discretion (in which event the Advance shall be made):
Conditions Precedent to Any Advance. Lender's obligation to make any Advance to or for the account of Borrower under this Agreement is subject to the following conditions precedent, with all documents, instruments, opinions, reports, and other items required under this Agreement to be in form and substance reasonably satisfactory to Lender:
(1) The Security Interest(s) in the Collateral shall have been duly authorized, created, and perfected with first lien priority (if appropriate) and shall be in full force and effect.
(2) Lender, at its option and for its sole benefit (but not more often than quarterly [except in the case of an Event of Default]), shall have conducted an audit of Borrower's Accounts, Inventory, books, records, and operations, and Lender shall be reasonably satisfied as to their condition.
(3) Borrower shall have paid to Lender all fees, costs, and expenses specified in this Agreement and the Related Documents as are then due and payable.
(4) There shall not exist at the time of any Advance a condition which would constitute an Event of Default under this Agreement beyond any applicable notice and cure period.
(5) Borrower shall have delivered to Lender the most recently required compliance certificate called for in the paragraph below titled "Compliance Certificate."
(6) Borrower's representations and warranties made in Section 5 of this Agreement shall be true and correct as of the date of said Advance, without material exception.