Effect of Drawdown Notice Clause Samples

Effect of Drawdown Notice. Each Drawdown Notice shall be deemed to constitute a warranty by the Borrower: (a) that the representations and warranties stated in Section 8 are true and correct on the date of such Drawdown Notice and will be true and correct on the applicable Drawdown Date as if made on such date except for such representations and warranties that relate to a specific earlier date, (b) that no Default or Event of Default has occurred and is continuing on such Drawdown Date or would result from the making of a Advance, and (c) that the Conditions Precedent stated in Sections 3.1 and 3.2 have been satisfied.

Effect of Drawdown Notice. 21 CLAUSE 4 CONDITIONS PRECEDENT....................... 21

Effect of Drawdown Notice. Each Drawdown Notice shall be deemed to constitute a warranty by the Borrowers: (a) that the representations and warranties stated in Section 7 are true and correct on the date of such Drawdown Notice and will be true and correct on the applicable Drawdown Date as if made on such date, and (b) that no Default or Event of Default has occurred and is continuing on such Drawdown Date or would result from the making of an Advance.

Effect of Drawdown Notice. Each Drawdown Notice shall be deemed to constitute a warranty by the Borrower (a) that the representations and warranties stated in Section 2 (updated mutatis mutandis) are true and correct in all material respects (unless qualified by materiality or Material Adverse Effect, in which case such representation shall be true and correct in all respects) on and as of the relevant Drawdown Date as if made on such date (except to the extent that any such representation or warranty relates solely to an earlier date, in which case it shall have been true and correct in all material respects (unless qualified by materiality or Material Adverse Effect, in which case such representation shall be true and correct in all respects) as of such earlier date), and (b) that no Default or Event of Default has occurred and is continuing.

Effect of Drawdown Notice. 23 4. CONDITIONS..............................................................23 4.1 Conditions Precedent to Drawdown of the Loan..........................23 (a) Corporate Authority...............................................23 (b) The Vessels.......................................................24 (c) The Note..........................................................24 (d) Guarantor and Subordinated Guarantor Documents....................24 (e) Pledge Agreement..................................................25 (f) Coordination Agreement............................................25 (g) Vessel Appraisals.................................................25 (h) Guarantor and Subordinated Guarantor Solvency.....................25 (i) Environmental Claims..............................................25 (j) Fees..............................................................25 (k) Accounts..........................................................25 (l) Vessel Liens......................................................25 (m) Approved Business Plan............................................26 (n) Facility A........................................................26 (o) Charters; Pooling Agreements......................................26 (p) Legal Opinions....................................................26

Effect of Drawdown Notice. 20 4. CONDITIONS..........................................................21 4.1 Conditions Precedent to Drawdown of the Loan........................21

Effect of Drawdown Notice. Delivery of the Drawdown Notice shall be deemed to constitute a warranty (a) by each of the Credit Parties that the representations and warranties stated in Section 2 (updated mutatis mutandis) hereof and stated by it in the other Transaction Documents to which it is a party are in each case true and correct on and as of the date of the Drawdown Notice and will be true and correct on and as of the Drawdown Date as if made on such date (unless an earlier date is set forth therein), and (b) that no Event of Default nor any Default has occurred and is continuing.

Effect of Drawdown Notice. Delivery of a Drawdown Notice shall be deemed to constitute a warranty by each of the Borrowers (a) that the representations and warranties stated in Section 2 (updated mutatis mutandis) are true and correct on and as of the date of such Drawdown Notice and will be true and correct on and as of such Drawdown Date as if made on such date, (b) that the representations and warranties stated in the other Transaction Documents (updated mutatis mutandis) are true and correct on and as of the date of the relevant Drawdown Notice and will be true and correct on and as of such Drawdown Date as if made on such date and (c) that no Event of Default nor any Default has occurred and is continuing.

Effect of Drawdown Notice. Delivery of the Drawdown Notice shall be deemed to constitute a warranty (a) by each of the Credit Parties that the representations and warranties stated in Section 2 (updated mutatis mutandis) hereof and by each of the Security Parties and the Vessel Owning Entities that the representations and warranties stated by it in the other Transaction Documents to which it is a party are in each case true and correct on and as of the date of the Drawdown Notice and will be true and correct on and as of the Drawdown Date as if made on such date (unless an earlier date is set forth therein), and (b) that no Event of Default nor any Default has occurred and is continuing.