Conditions to each Drawdown Clause Samples

Conditions to each Drawdown. (a) The obligation of Five Arrows to make contributions pursuant to any Notice of Drawdown shall be subject to the following conditions precedent (and, if any such condition is not satisfied, other than solely due to actions or omissions of Five Arrows, then Five Arrows shall not be deemed to be a Defaulting Stockholder with respect to such Notice of Drawdown): (i) no default by Hospitality Partners in the observance or performance of any material agreement contained in this Agreement shall have occurred and be continuing; (ii) no Event of Default under Section 11(a) of the Articles Supplementary designating the Class A Preferred Stock shall have occurred and be continuing; (iii) no default by the Company in the observance or performance of any material agreement contained in this Agreement or the Articles Supplementary designating the Class A Preferred Stock shall have occurred and be continuing; (iv) no default by CHP in the observance or performance of any material agreement contained in the CHP Securities Purchase Agreement or the agreements contemplated thereby shall have occurred and be continuing; (v) all documents related to the financing of the Hotels by the Company and all other material documents required to be delivered by the Company thereunder or in connection with the transactions contemplated hereunder and thereunder and any material changes, amendments, modifications or waivers thereto shall have been approved by Five Arrows, in its sole discretion; (vi) all documents related to the leases of the Hotels and all the governing documents relating to each of the tenants thereunder shall have been approved by Five Arrows, in its sole discretion; (vii) the acquisition of the Portfolio Investment to which such Notice of Drawdown relates shall be made by the Company in all material respects in accordance with the purchase agreement related to such acquisition and any material amendment, modification, changes or waiver thereto shall have been approved by each Stockholder; (viii) no material default or breach under any Advisor Investment Document shall have occurred and be continuing and such agreements shall be in full force and effect; and (ix) the Company shall have purchased officers' and directors' liability insurance in such amounts and on such terms as are customary for entities engaged in the same or similar business as the Company and as are reasonably acceptable to Five Arrows. (b) The obligation of Hospitality Partners to make contributio...
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Related to Conditions to each Drawdown

  • Conditions to Each Advance The agreement of Lenders to make any Advance requested to be made on any date (including the initial Advance), is subject to the satisfaction of the following conditions precedent as of the date such Advance is made:

  • Conditions to Each Loan The agreement of each Lender to make any Loan requested to be made by it on any date (including, without limitation, its initial Loan) is subject to the satisfaction of the following conditions precedent:

  • Conditions to Each Credit Event The obligation of each Lender to make a Loan on the occasion of any Borrowing and of each Issuing Bank to issue, amend, renew or extend any Letter of Credit is subject to Section 2.26(c) and the satisfaction of the following conditions: (a) at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, no Default or Event of Default shall exist; (b) at the time of and immediately after giving effect to such Borrowing or the issuance, amendment, renewal or extension of such Letter of Credit, as applicable, all representations and warranties of each Loan Party set forth in the Loan Documents shall be true and correct in all material respects, unless such representation or warranty expressly relates to an earlier date, in which case such representation or warranty shall be true and correct in all material respects as of such earlier date (other than those representations and warranties that are expressly qualified by a Material Adverse Effect or other materiality, in which case such representations and warranties shall be true and correct in all respects); and (c) the Borrower shall have delivered the required Notice of Borrowing. Each Borrowing and each issuance, amendment, renewal or extension of any Letter of Credit shall be deemed to constitute a representation and warranty by the Borrower on the date thereof as to the matters specified in subsections (a) and (b) of this Section. Notwithstanding the foregoing, the incurrence of Incremental Commitments and the initial borrowing of Incremental Term Loans (but not Revolving Loans) thereunder shall be subject solely to the conditions set forth in Section 2.23.

  • Conditions to Each Extension of Credit The agreement of each Lender to make any extension of credit requested to be made by it on any date (including its initial extension of credit) is subject to the satisfaction of the following conditions precedent:

  • CONDITIONS PRECEDENT TO EACH ADVANCE Lender’s obligation to make the initial Advance and each subsequent Advance under this Agreement shall be subject to the fulfillment to Lender’s satisfaction of all of the conditions set forth in this Agreement and in the Related Documents.