Conditions Precedent to Future Advances Clause Samples

Conditions Precedent to Future Advances. Advance is subject to the satisfaction of the following conditions precedent:

Conditions Precedent to Future Advances. Lenders will not be obligated to make any further Advances, and this instrument shall not become effective, unless and until Agent receives (a) counterparts of this instrument executed by Borrower, each Guarantor and each Lender, and (b) such other items related to the transactions contemplated by this instrument as Agent may reasonably request.

Conditions Precedent to Future Advances. The obligation of Lender to make a requested Future Advance is subject to the following conditions precedent: (a) Receipt by Lender of the fully executed Advance Request; (b) Delivery by Lender to Borrower of the Rate Form for the Future Advance; (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Fixed Advance, delivery of a Fixed Facility Note, duly executed by Borrower, in the amount and reflecting all of the terms of the Fixed Advance; (e) If the Advance is a Variable Advance, delivery of a Variable Facility Note, duly executed by Borrower, in the amount and reflecting all of the terms of the Variable Advance; (f) If the Advance is made in connection with the addition of a Mortgaged Property to the Collateral Pool, for any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date increasing the limits of liability by the amount of the Future Advance and showing no additional exceptions to coverage other than the exceptions shown on the Closing Date of the addition of such Mortgaged Property and other exceptions approved by Lender; (g) [Intentionally Deleted]; (h) No material adverse change in the financial condition of Borrower or Sun has occurred between the respective dates of the financial statements which were most recently furnished to Lender relating to such entities; (i) No Governmental Approval not already obtained or made is required for the execution and delivery of the documents to be delivered in connection with the Future Advance; (j) Borrower is not under any cease or desist order or other orders of a similar nature, temporary or permanent of any Governmental Authority which would have the effect of preventing or hindering performance of the terms and provisions of the Agreement or any other Loan Documents, nor are there any proceedings presently in progress or, to its knowledge, contemplated which, if successful, would lead to the issuance of any such order; and (k) Receipt by Lender of the Expansion Origination Fee, if applicable.

Conditions Precedent to Future Advances. The obligation of Bank to make any Advance to Borrower after the date of this Agreement shall be subject to the conditions precedent that on or before the date of such Advance: (a) Borrower shall have paid all fees, costs, expenses, and taxes then payable by Borrower pursuant to Section 2(c) of this Agreement; (b) The representations and warranties contained in Section 4 of this Agreement and in each document, instrument, agreement, and certificate delivered to Bank by Borrower pursuant to this Agreement shall be true and correct on and as of such date as if made on and as of such date; no Event of Default or event or condition that, with the serving of notice or the lapse of time or both, would constitute an Event of Default shall have occurred and be continuing or would result from the making of such Advance; and Bank shall have received, if requested by Bank, a certificate of the chief executive officer or the chief financial officer of Borrower, dated as of the date of such Advance, to such effect (in the absence of Bank's request for such a certificate, Borrower's borrowing of the Advance shall itself constitute a representation to Bank to such effect); (c) The making of such Advance shall not contravene any law, rule or regulation applicable to Bank; (d) Not later than 2:00 p.m., Cleveland time, on such date, Bank shall have received, in writing or by telephone to be promptly confirmed in writing, a request by Borrower to Bank for an Advance in the requested amount, and a Borrower's Certificate; (e) Borrower shall have delivered to Bank an opinion of counsel substantially in the form attached hereto as Exhibit D. (f) Bank shall have received such other approvals, opinions, appraisals, or documents as it may reasonably request.

Conditions Precedent to Future Advances. The obligation of Lender to --------------------------------------- make any Advance after the initial Advance hereunder is subject to the performance by Borrower of its Obligations to be performed hereunder at or prior to the disbursement of such Advance and to the satisfaction of the following conditions at the time of (and after giving effect to) the making of such Advance:

Conditions Precedent to Future Advances. The obligation of Lender under this Agreement to make any advances after the date of this Agreement, in accordance with the terms and provisions of Section 3 of this Agreement, are subject to the full and complete satisfaction of each of the following conditions precedent as of the date of such advance or payment: (a) Prior to the first advance under the Revolving Note after the date hereof, payment of all title premiums for the issuance of a mortgagee's title policy, insuring the liens granted in the Deed of Trust and satisfying the requirements of Exhibit "C" (and in any event containing a revolving note endorsement), and in the amount of the Committed Revolving Loan Sum; (b) The representations and warranties set forth in Section 4 of this Agreement shall be true and correct as of the date of the making of such advance or payment with the effect as though the representation or warranty had been made on this date; (c) No Default or Event of Default shall have occurred and be continuing, or will result from, the making of such advance; and (d) All conditions set forth in Section 2.1 shall be then fully and completely satisfied (including, without limitation, any condition precedent waived, in whole or in part, by Lender in connection with the initial advance or any subsequent advance), and all terms and provisions of Section 3 of this Agreement shall then be fully and completely satisfied.

Conditions Precedent to Future Advances. The obligation of Lender under this Agreement to make any advances under the Revolving Note after the date of this Agreement, in accordance with the terms and provisions of Section 3 of this Agreement, are subject to the full and complete satisfaction of each of the following conditions precedent as of the date of such advance or payment: (a) The representations and warranties set forth in Section 5 of this Agreement shall be true and correct as of the date of the making of such advance or payment with the effect as though the representation or warranty had been made on this date; (b) No Default or Event of Default shall have occurred and be continuing, or will result from, the making of such advance; and (c) All conditions set forth in Section 2.1 shall be then fully and completely satisfied (including, without limitation, any condition precedent waived, in whole or in part, by Lender in connection with the initial advance or any subsequent advance), and all terms and provisions of Section 3 of this Agreement shall then be fully and completely satisfied.

Conditions Precedent to Future Advances. Lender's obligation to make any advance under this Loan Agreement and the other Loan Documents shall be, in addition to the conditions precedent set forth in Section 8 hereof, subject to the additional conditions precedent that, as of the date of such advance and after giving effect thereto, (a) all representations and warranties made to Lender by Borrower in this Loan Agreement and the other Loan Documents shall be true and correct, as of and as if made on such date; (b) no material adverse change in Borrower's financial condition since the effective date of the most recent financial statements furnished to Lender by Borrower shall have occurred and be continuing; and (c) Lender has received a Request for Advance from Borrower, such request for an advance on the Borrowing Base Loan to be in the form of Exhibit "A", or such other form acceptable to Lender.

Conditions Precedent to Future Advances. The ----------------------------------------- obligation of the Lender to make Future Advances is subject to the following conditions precedent: (a) With respect to any Future Advances (other than Rollover Advances), after giving effect to the requested Future Advance, the Aggregate Debt Service Coverage Ratio for the Advances Outstanding for the Trailing 12 Month Period is not less than 150%;