Common use of Conditions Precedent to the First Advance Clause in Contracts

Conditions Precedent to the First Advance. The obligation of the First Advance Lender to make the First Advance under the Credit Facility is subject to fulfilment of the following conditions precedent at the time the First Advance is made available, provided that the First Advance may be advanced over two separate days: (a) no Default or Event of Default has occurred or is continuing or would arise immediately after giving effect to or as a result of the First Advance; (b) the representations and warranties of the Credit Parties contained in Article 5 and in each of the other Credit Documents are true and correct on the First Advance Closing Date as if such representations and warranties were made on that date; (c) no litigation is pending or threatened in writing against one or more of the Credit Parties that, if decided adversely, would reasonably be expected to have a Material Adverse Effect; (d) the Security shall have been executed and delivered, all registrations necessary or desirable in connection therewith shall have been made, and all legal opinions and other documentation reasonably required by the First Advance Lender in connection therewith shall have been executed and delivered, all in form and substance reasonably satisfactory to the Agent and the First Advance Lender; (e) the Agent having received, in form and substance and dated a date reasonably satisfactory to the First Advance Lender and its counsel: (i) an executed copy of this Agreement, the IP Guarantee and the Security Documents;

Conditions Precedent to the First Advance. The obligation of the First Advance Lender to make the First Advance under the Credit Facility is subject to fulfilment of the following conditions precedent at the time the First Advance is made available, provided that the First Advance may be advanced over two separate days: (a) no Default or Event of Default has occurred or is continuing or would arise immediately after giving effect to or as a result of the First Advance; (b) the representations and warranties of the Credit Parties contained in Article 5 and in each of the other Credit Documents are true and correct on the First Advance Closing Date as if such representations and warranties were made on that date; (c) no litigation is pending or threatened in writing against one or more of the Credit Parties that, if decided adversely, would reasonably be expected to have a Material Adverse Effect; (d) the First Security shall have been executed and delivered, all registrations necessary or desirable in connection therewith shall have been made, and all legal opinions and other documentation reasonably required by the First Advance Lender in connection therewith shall have been executed and delivered, all in form and substance reasonably satisfactory to the Agent and the First Advance Lender; (e) the Agent having received, in form and substance and dated a date reasonably satisfactory to the First Advance Lender and its counsel: (i) an executed copy of this Agreement, the IP Guarantee and the First Advance Security Documents;