Conditions to Each Loan Advance Clause Samples
The "Conditions to Each Loan Advance" clause sets out the specific requirements that must be satisfied before a lender is obligated to disburse any loan funds to the borrower. Typically, these conditions may include the submission of certain documents, confirmation that no default has occurred, or verification that all representations and warranties remain true. By establishing clear prerequisites for each advance, this clause ensures that the lender maintains control over the disbursement process and mitigates the risk of lending under unfavorable or unanticipated circumstances.
Conditions to Each Loan Advance. The obligation of the Lender to make any Loan advance, including the extension of any Loan, is subject to satisfaction of the following conditions:
(a) The Lender shall have received an appropriate Notice of Borrowing;
(b) The representations and warranties set forth in Section 4 shall be true and correct in all material respects as of such date (except for those which expressly relate to an earlier date);
(c) No Default or Event of Default shall exist and be continuing either prior to or after giving effect to the Loan to be made; and
(d) the sum of the aggregate amount of the Loans (taking into account the Loan advance to be made) does not exceed the Committed Amount, The delivery of each Notice of Borrowing and each notice of extension relating to an extension of the Loans shall constitute a representation and warranty by the Borrower of the correctness of the matters specified in subsections (b) and (c) above.
Conditions to Each Loan Advance. The obligation of the Lender to make any Loan is subject to satisfaction of the following conditions:
(a) The Lender shall have received (i) an appropriate Notice of Borrowing, (ii) the Letter of Credit securing the Borrower’s Obligations with respect to such Loan, (iii) a copy of the letter of credit reimbursement and pledge agreement duly entered into by an Affiliate of the Borrower with China Merchants Bank Co., Ltd., Beijing Branch (“Pledge Agreements”), and (iv) a copy of the banker’s acceptance ▇▇▇▇ pledged under the Pledge Agreements;
(b) The representations and warranties set forth in Section 4 shall be true and correct in all material respects as of such date (except for those which expressly relate to an earlier date);
(c) No Default or Event of Default shall exist and be continuing either prior to or after giving effect to such Loan to be made; and
(i) The aggregate principal amount of all the Loans outstanding hereunder plus the interests and Facility Fee due on such Loans for one Interest Period shall not exceed the aggregate drawable amount of the Letters of Credit that secure the Borrower’s Obligations and are delivered to the Lender on or prior to the Borrowing Date of such Loan, and (ii) the aggregate principal amount of each Loan will not exceed the Committed Amount. The delivery of each Notice of Borrowing shall constitute a representation and warranty by the Borrower of the correctness of the matters specified in subsections (b) and (c) above.
Conditions to Each Loan Advance. The obligation of each Lender to make a Loan Advance is subject to the following conditions precedent:
Conditions to Each Loan Advance. The obligation of the Lender to make any Loan advance, including the extension of any Loan, is subject to satisfaction of the following conditions:
(a) The Lender shall have received an appropriate Notice of Borrowing;
(b) The representations and warranties set forth in Section 4 shall be true and correct in all material respects as of such date (except for those which expressly relate to an earlier date);
(c) No Default or Event of Default shall exist and be continuing either immediately prior to or after giving effect to the Loan to be made; and
(d) the principal amount of the Loan to be advanced plus the interest and the Facility Fee due on such Loan on the next following Interest Payment Date shall not exceed the drawable amount of the Letter of Credit that secures the Borrower’s Obligations with respect to such Loan, The delivery of each Notice of Borrowing and each notice of extension relating to an extension of the Loan shall constitute a representation and warranty by the Borrower of the correctness of the matters specified in subsections (b) and (c) above.
Conditions to Each Loan Advance. It shall be a further condition to the funding of the initial advance of each of the Loans and each subsequent advance thereafter that the following statements shall be true on the date of each such funding or advance:
(a) all of the representations and warranties of the Borrower contained in any of the Loan Documents shall be correct in all material respects as to the Borrower and as of the date of each such advance as though made on and as of such date, except (i) to the extent that any such representation or warranty expressly relates to an earlier date, and (ii) for changes therein permitted or contemplated by this Agreement.
(b) no event shall have occurred and be continuing, or would result from the funding of such advance, which constitutes or would constitute a Default or an Event of Default.
Conditions to Each Loan Advance. The obligations of the Lender to make any advance of the Loan pursuant to Section 2 shall be subject to the satisfaction (in addition to the conditions in Section 5.2), on or before the Closing Date for such loan advance, of the following conditions:
5.3.1. Section 5.1 Conditions. The conditions in Section 5.1 shall remain satisfied as of such Closing Date.
Conditions to Each Loan Advance. The obligation of the Lender to make any Loan advance is subject to satisfaction of the following conditions:
(a) The Lender shall have received an appropriate Notice of Borrowing (other than with respect to Interest Reserve Advances);
(b) The Lender shall have received a Letter of Credit in a face amount equal to the requested amount of the Loan advance;
(c) The representations and warranties set forth in Section 4 shall be true and correct in all material respects as of such date (except for those which expressly relate to an earlier date);
(d) No Default or Event of Default shall exist and be continuing either immediately prior to or immediately after giving effect to the Loan to be made;
(e) The aggregate amount of the Loans (taking into account the Loan advance to be made), together with the required Interest Reserve (calculated in accordance with Section 2.1(a)), does not exceed the Committed Amount;
(f) Receipt by Lender of a processing fee equal to 0.50% of the principal amount of the Loan advance (each such fee, a “Processing Fee”). The Processing Fee may not be funded out of the proceeds of such advance. For sake of clarity, no Processing Fee is payable with respect to any Interest Reserve Advances.
(g) The Lender shall have received satisfactory evidence, including but not limited to invoices, billing statements or other proof, that the funds to be obtained in the Notice of Borrowing directly relate to the construction of the polysilicon production plant in Pocatello, Idaho. The delivery of each Notice of Borrowing shall constitute a representation and warranty by the Borrower of the correctness of the matters specified in subsections (b) and (c) above.
Conditions to Each Loan Advance. The obligation of the Lender to make any Loan advance is subject to satisfaction of the following conditions:
(a) The Lender shall have received an appropriate Notice of Borrowing;
(b) The representations and warranties set forth in Section 4 shall be true and correct in all material respects as of such date (except for those which expressly relate to an earlier date);
(c) No Default or Event of Default shall exist and be continuing either immediately prior to or after giving effect to the Loan to be made; and
(d) the amount of the Loan shall not exceed the Committed Amount, The delivery of each Notice of Borrowing shall constitute a representation and warranty by the Borrower of the correctness of the matters specified in subsections (b) and (c) above.
Conditions to Each Loan Advance