Further Conditions for Disbursement Sample Clauses
The 'Further Conditions for Disbursement' clause sets out additional requirements that must be satisfied before funds are released under an agreement. Typically, these conditions may include the delivery of specific documents, the achievement of certain milestones, or the fulfillment of regulatory or contractual obligations by the borrower. By establishing these prerequisites, the clause ensures that the lender's interests are protected and that funds are only disbursed when all agreed-upon criteria are met, thereby reducing the risk of default or misuse of funds.
Further Conditions for Disbursement. The obligation of the Lenders to make any Advance (including the first Advance), or any continuation or conversion under Section 2.7, is further subject to the satisfaction of the following conditions precedent:
(a) The representations and warranties contained in Article IV hereof, and in the other Loan Documents, shall be true and correct on and as of the date such Advance is made (both before and after such Advance is made) as if such representations and warranties were made on and as of such date;
(b) No Default or Event of Default shall exist or shall have occurred and be continuing on the date such Advance is made (whether before or after such Advance is made);
(c) The Agent shall have received the Borrowing Base Certificate if required pursuant to Section 5.1(d)(v) as of the close of business on the last day of the month next preceding the date such Advance is made; and
(d) In the case of any Letter of Credit Advance, the Company shall have delivered to the Agent an application for the related Letter of Credit and other related documentation requested by and acceptable to the Agent appropriately completed and duly executed on behalf of the Company; and
(e) In the case of any Acceptance, the Borrowing Subsidiary shall have delivered all documents and agreements required pursuant to Section 3.4. The Borrowers shall be deemed to have made a representation and warranty to the Lenders at the time of the making of, and the continuation or conversion of, each Advance to the effects set forth in clauses (a) and (b). For purposes of this Section 2.6 the representations and warranties contained in Section 4.6 hereof shall be deemed made with respect to both the financial statements referred to therein and the most recent financial statements delivered pursuant to Section 5.1(d)(ii) and (iii).
Further Conditions for Disbursement. 2.7 Subsequent Elections as to Borrowings................................................... 2.8
Further Conditions for Disbursement. Your obligation to make any Advance (including the first Advance) is further subject to the satisfaction of the following conditions precedent:
(i) The representations and warranties contained in Section 7 hereof and in any of the Loan Documents shall be true and correct on and as of the date such Advance is made (both before and after such Advance is made) as if such representations and warranties were made on and as of such date;
(ii) No Default shall exist or shall have occurred and be continuing on the date such Advance is made (whether before or after such Advance is made); and
(iii) In the case of any Advance under the Revolving Credit Loan, you shall have received, when due, all Reports required pursuant to Section 5(B) as of the close of business on the last business day of the week next preceding the date such Advance is made. We shall be deemed to have made a representation and warranty to you at the time of the making of, and the continuation or conversion of, each Advance to the effects set forth in clauses (A) and (B) of this Section 8. For purposes of this Section 8(B), the representations and warranties contained in Section 7 hereof shall be deemed made with respect to both the financial statements referred to therein and the most recent financial statements delivered pursuant to Section 5(B).
Further Conditions for Disbursement. The obligation of each Bank to make any Advance (including its first Advance), or any continuation or conversion under Section 2.9, is further subject to the satisfaction of the following conditions precedent:
(a) The representations and warranties contained in Article IV hereof and in any other Loan Document shall be true and correct in all material respects on and as of the date such Advance is made, continued or converted (both before and after such Advance is made, continued or converted) as if such representations and warranties were made on and as of such date; and
(b) No Event of Default and no Default shall exist or shall have occurred and be continuing on the date such Advance is made, continued or converted (whether before or after such Advance is made, continued or converted);
(c) Prior to the issuance of the initial Letter of Credit Advance, the Borrowers, the Agent and the Banks shall have entered into an agreement containing terms and conditions regarding Letters of Credit, which agreement shall be mutually satisfactory to all parties thereto.
(d) In the case of any Letter of Credit Advance, the Borrower requesting such Letter of Credit Advance shall have delivered to the Agent an application for the related Letter of Credit and other related documentation requested by and acceptable to the Agent and the Banks appropriately completed and duly executed on behalf of such Borrower and the Agent and the Banks shall have negotiated all fees described in Section 2.5(b).
(e) Prior to any Advance to any Borrowing Subsidiary, such Borrowing Subsidiary shall deliver such corporate or organizational documents and authorizing resolutions and legal opinions as reasonably requested by the Agent and such Borrowing Subsidiary and the Borrowers shall execute all agreements and take such other action reasonably requested by the Agent for such Borrowing Subsidiary to become a Borrowing Subsidiary hereunder. Each Borrower shall be deemed to have made a representation and warranty to the Banks at the time of the making of, and the continuation or conversion of, each Advance to the effects set forth in clauses (a) and (b) of this Section 2.8. For purposes of this Section 2.8, the representations and warranties contained in Section 4.6 hereof shall be deemed made with respect to the most recent financial statements delivered pursuant to Section 5.1(d)(ii) and (iii).
Further Conditions for Disbursement. The obligation of the Lenders to make any Loan (including the first Loan), or any continuation or conversion under Section 2.6 is further subject to the satisfaction of the following conditions precedent:
(a) The representations and warranties contained in Article IV hereof and in the Guaranty shall be true and correct on and as of the date such Loan is made (both before and after such Loan is made) as if such representations and warranties were made on and as of such date;
(b) No Default or Event of Default shall exist or shall have occurred and be continuing on the date such Loan is made (whether before or after such Loan is made); and
(c) No material adverse change in the business, financial condition, or prospects of the Borrower or any Guarantor shall have occurred. The Borrower shall be deemed to have made a representation and warranty to the Lenders at the time of the making of, and the continuation or conversion of, each Loan to the effects set forth in clauses (a), (b) and (c) of this Section 2.6. For purposes of this Section 2.6, the representations and warranties contained in Section 4.6 hereof shall be deemed made with respect to both the financial statements referred to therein and the most recent financial statements delivered pursuant to Section 5.1(d)(ii) and (iii).
Further Conditions for Disbursement. The obligation of the Agent and the Lenders to make any Loan (including the initial Loans or any extension or conversion of any Loan, other than an automatic conversion of a LIBOR Rate Loan to a Base Rate Loan) or issue a Letter of Credit is further subject to the satisfaction of the following conditions precedent:
Further Conditions for Disbursement. The obligation of the Lender to make any Advance on the occasion of each Borrowing (including without limitation the first Borrowing) is further subject to the satisfaction of the following conditions precedent:
(a) receipt by the Lender of a Notice of Borrowing as required under this Agreement and, in the case of any Letter of Credit Advance, the Account Party shall have delivered to the Lender an application for the related Letter of Credit, a Joinder Agreement (if the Account Party is not the Company) and other related documentation requested by and acceptable to the Lender appropriately completed and duly executed on behalf of the Account Party thereto.
(b) the fact that, immediately after such Borrowing, the aggregate outstanding principal amount of the Borrowings will not exceed the aggregate amount of the relevant Commitment or otherwise be in excess of the amount permitted under Section 2.3;
(c) the fact that, at the time of, and immediately after, such Borrowing, no Default or Event of Default shall have occurred and be continuing; and
(d) the fact that the representations and warranties of the Company contained in this Agreement shall be true in all material respects as of the date of such Borrowing. Each Borrowing hereunder shall be deemed to be a representation and warranty by the Company on the date of such Borrowing as to the facts specified in subsection (b), (c) and (d) of this Section. For purposes of this Section the representations and warranties contained in Section 4.5 hereof shall be deemed made with respect to both the financial statements referred to therein and the most recent financial statements delivered pursuant to Section 5.4.
Further Conditions for Disbursement. 26 2.7 Subsequent Elections as to Borrowings . . . . . . . . . . . . . . . . . . . . . . . . . . 27 2.8 Limitation of Requests and Elections . . . . . . . . . . . . . . . . . . . . . . . . . . . 27 2.9 Minimum Amounts; Limitation on Number of Borrowings; Etc. . . . . . . . . . . . . . . . . 28 2.10
Further Conditions for Disbursement. The obligation of the Banks to make any Advance (including the first Advance), or any continuation or conversion under Section 2.7, is further subject to the satisfaction of the following conditions precedent:
Further Conditions for Disbursement. 33 2.7 SUBSEQUENT ELECTIONS AS TO BORROWINGS................................34 2.8 LIMITATION OF REQUESTS AND ELECTIONS.................................35 2.9 MINIMUM AMOUNTS; LIMITATION ON NUMBER OF BORROWINGS..................35 2.10