Common use of Each Additional Advance Clause in Contracts

Each Additional Advance. The obligation of the Lender to make additional Advances on the line of credit or issue standby letters of credit is subject to the satisfaction of each of the following conditions: (a) Each of the representations and warranties of the Borrower contained in this Agreement shall be true and correct on and as of the date of each subsequent Advance, except as such representations and warranties relate to matters that are permitted by this Agreement. (b) At the time of such Advance, no Default shall have occurred and be continuing. (c) There shall have occurred no material adverse change (in the Lender's sole determination), either individually or in the aggregate, in the assets, liabilities, financial condition, business operations, affairs or circumstances of the Borrower, from those reflected in the most recent financial statements furnished to the Lender prior to the Closing Date, except to the extent that such changes are permitted by this Agreement. (d) If reasonably required by Lender, a bringdown title search in the appropriate states, confirming the absence of Lien filings against the Borrower since the effective date of the preceding bringdown search.

Each Additional Advance. The obligation of the Lender to make additional Advances on the line of credit or issue standby letters of credit is subject to the satisfaction of each of the following conditions: (a) Each of the representations and warranties of the Borrower contained in this Agreement shall be true and correct on and as of the date of each subsequent Advance, except as such representations and warranties relate to matters that are permitted by this Agreement. (b) At the time of such Advance, no Default shall have occurred and be continuing. (c) There shall have occurred no material adverse change changes (in the Lender's sole determination), either individually or in the aggregate, in the assets, liabilities, financial condition, business operationsoperation, affairs or circumstances of the Borrower, from those reflected in the most recent financial statements furnished to the Lender prior to the Closing Date, except to the extent that such changes are permitted by this Agreement. (d) If reasonably required by Lender, a bringdown title search in the appropriate states, confirming the absence of Lien filings against the Borrower since the effective date of the preceding bringdown search.