Common use of Documents Required for Subsequent Disbursements Clause in Contracts

Documents Required for Subsequent Disbursements. Prior to any disbursements of Loan proceeds subsequent to the Closing, the Borrower shall have duly delivered to the Bank the following: (A) Stock share certificates related to the Pledge Agreement and/or documentation as to the subsequent delivery of such certificates acceptable in form and substance to the Bank and its counsel. (B) A certificate, dated the date on which such disbursement is to be made, signed by any of the authorized officers of the Borrower and to the effect that: (1) As of the date thereof, no Event of Default has occurred and is continuing, and no event has occurred and is continuing that, with the giving of notice or passage of time or both, would be an Event of Default. (2) No material adverse change has occurred in the business prospects, financial condition, or results of operations of the Borrower since the date of the then most recent financial information provided to the Bank pursuant to Section 6.01(C), below; and (3) Each of the representations and warranties contained in Section 5.01 is true and correct in all material respects as if made on the date of such disbursement. (4) The Borrower shall be in compliance with all terms, conditions and covenants under this Loan Agreement and the Loan Documents.

Documents Required for Subsequent Disbursements. Prior to any disbursements of Loan proceeds subsequent to the Closing, the Borrower shall have duly delivered to the Bank the following: (A) Stock UCC financing statements and stock share certificates related to the Pledge Agreement and/or documentation as to the subsequent delivery of such certificates acceptable in form and substance to the Bank and its counsel. (B) A certificate, dated the date on which such disbursement is to be made, signed by any of the authorized officers of the Borrower and to the effect that: (1) As of the date thereof, no Event of Default has occurred and is continuing, and no event has occurred and is continuing that, with the giving of notice or passage of time or both, would be an Event of Default. (2) No material adverse change has occurred in the business prospects, financial condition, or results of operations of the Borrower since the date of the then most recent financial information provided to the Bank pursuant to Section 6.01(C), below; and (3) Each of the representations and warranties contained in Section 5.01 is true and correct in all material respects as if made on the date of such disbursement. (4) The Borrower shall be in compliance with all terms, conditions and covenants under this Loan Agreement and the Loan Documents.