Any Increasing Advance. The obligation of each Lender to make any Advance, and the obligation of the Issuing Lender to issue Letters of Credit, which would result in an increase in the outstanding principal amount of the Outstanding Obligations owed to that Lender, is subject to the following conditions precedent (unless the Requisite Lenders, in their sole and absolute discretion, shall agree otherwise): (a) except (i) for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by Borrower and the Co-Borrowers and approved in writing by the Requisite Lenders, the representations and warranties contained in Article 4 (other than Sections 4.4(a), 4.6 and 4.16) shall be true and correct on and as of the date of the Advance as though made on that date; (b) the Administrative Agent shall have timely received a Request for Loan in compliance with Article 2 (or telephonic or other request for Loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement, if applicable) or the Issuing Lender shall have received a Letter of Credit Application, as the case may be, in compliance with Article 2; (c) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Agent or Requisite Lenders reasonably may require; and (d) the amounts paid pursuant to the provisions of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lenders.
Appears in 3 contracts
Samples: Loan Agreement (MGM Resorts International), Loan Agreement (MGM Resorts International), Loan Agreement (MGM Mirage)
Any Increasing Advance. The obligation of each Lender to make any AdvanceAdvance which results in an increase in the aggregate outstanding principal amount of the Obligations, and the obligation of the Issuing Lender to issue Letters a Letter of Credit, which would result in an increase in the outstanding principal amount of the Outstanding Obligations owed to that Lender, is subject to the following conditions precedent (unless the Requisite Lenders, in their sole and absolute discretion, shall agree otherwise):
(a) except (i) for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by the Borrower and the Co-Borrowers and approved in writing by the Requisite Lenders, the representations and warranties contained in Article 4 (other than Sections 4.4(a), 4.6 (first sentence), 4.11, and 4.164.18) shall be true and correct on and as of the date of the Advance as though made on that date;
(b) other than matters described in Schedule 4.11 or not required as of the Closing Date to be therein described, there shall not be then pending or threatened any action, suit, proceeding or investigation against or affecting the Borrower or any of its Subsidiaries or any Property of any of them before any Governmental Agency that constitutes a Material Adverse Effect;
(c) the Administrative Agent shall have timely received a Request for Loan in compliance with Article 2 (or telephonic or other request for Loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement), if applicable) or the Issuing Lender shall have received a Request for Letter of Credit ApplicationCredit, as the case may be, in compliance with Article 2;; and
(cd) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Agent or Requisite Lenders reasonably may require; and
(d) the amounts paid pursuant to the provisions of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lenders.
Appears in 1 contract
Any Increasing Advance. The obligation of each Lender Bank to make any Advance, and the obligation of the Issuing Lender to issue Letters of Credit, ---------------------- Advance which would result in an increase in to the outstanding aggregate principal amount of the Outstanding Obligations owed to that Lender, is subject to the following conditions precedent (unless the Requisite LendersBanks, in their sole and absolute discretion, shall agree otherwise):
(a) except (i) for representations and warranties which ------ expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by Borrower and the Co-Borrowers and approved in writing by the Requisite LendersBanks, the representations and warranties contained in Article 4 (other than Sections 4.4(a), 4.6 4.6, 4.10, 4.17 and 4.164.18 (but only if Borrower ----- ---- and its Restricted Subsidiaries are diligently engaged in measures that will result in compliance with all Hazardous Materials Laws)) shall be true and correct on and as of the date of the Advance as though made on that date.
(b) other than matters described in Schedule 4.10 or not required as of the Closing Date to be therein described, there shall not be then pending or threatened any action, suit, proceeding or investigation against or affecting Borrower or any of its Restricted Subsidiaries or any Property of any of them before any Governmental Agency that constitutes a Material Adverse Effect;
(bc) the Administrative Agent shall have timely received a Request for Loan in compliance with Article 2 (or telephonic or other request for Loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement2.1(b), if applicable) or the Issuing Lender shall have received a Letter of Credit Application, as the case may be, in compliance with Article 2;); and
(cd) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Agent or Requisite Lenders Banks reasonably may require; and
(d) the amounts paid pursuant to the provisions of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lenders.
Appears in 1 contract
Any Increasing Advance. The obligation of each Lender to make any AdvanceAdvance which results in an increase in the aggregate outstanding principal amount of the Obligations, and the obligation of the Issuing Lender to issue Letters a Letter of Credit, which would result in an increase in the outstanding principal amount of the Outstanding Obligations owed to that Lender, is subject to the following conditions precedent (unless the Requisite Lenders, in their sole and absolute discretion, shall agree otherwise):
(a) except (i) for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by the Domestic Borrower and the Co-Borrowers and approved in writing by the Requisite Lenders, the representations and warranties contained in Article 4 (other than Sections 4.4(a), 4.6 (first sentence), 4.11, and 4.164.18) shall be true and correct on and as of the date of the Advance as though made on that date;
(b) other than matters described in Schedule 4.11 or not required as of the Closing Date to be therein described, there shall not be then pending or threatened any action, suit, proceeding or investigation against or affecting the Domestic Borrower or any of its Subsidiaries or any Property of any of them before any Governmental Agency that constitutes a Material Adverse Effect;
(c) the Administrative Agent shall have timely received a Request for Loan in compliance with Article 2 (or telephonic or other request for Loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement2.1(d), if applicable) or the Issuing Lender shall have received a Request for Letter of Credit ApplicationCredit, as the case may be, in compliance with Article 2;; and
(cd) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Agent or Requisite Lenders reasonably may require; and
(d) the amounts paid pursuant to the provisions of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lenders.
Appears in 1 contract
Any Increasing Advance. The obligation of each Lender to make any Advance, and the obligation of the Issuing Lender Lenders to issue Letters of Credit, which would result in an increase in the outstanding principal amount of the Outstanding Obligations owed to that Lender, is subject to the following conditions precedent (unless the Requisite Lenders, in their sole and absolute discretion, shall agree otherwise):
(a) except (i) for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by Borrower and the Co-Borrowers and approved in writing by the Requisite Lenders, the representations and warranties contained in Article 4 (other than Sections 4.4(a), 4.6 and 4.16) shall be true and correct on and as of the date of the Advance as though made on that date;
(b) the Administrative Agent shall have timely received a Request for Loan or Competitive Bid Request in compliance with Article 2 (or telephonic or other request for Loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement), if applicable) or the relevant Issuing Lender shall have received a Letter of Credit Application, as the case may be, in compliance with Article 2;; and
(c) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Agent or Requisite Lenders reasonably may require; and
(d) the amounts paid pursuant to the provisions of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lenders.
Appears in 1 contract
Samples: Loan Agreement (MGM Mirage)
Any Increasing Advance. The obligation of each Lender Bank to make any Advance, and the obligation of the Issuing Lender to issue Letters of Credit, Advance which would result in an increase in the prin- cipal amount outstanding principal amount of under the Outstanding Obligations owed to that LenderNotes, is subject to the following conditions precedent (unless the Requisite LendersBanks, in their sole and absolute discretion, shall agree otherwise):
(a) except (i) for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by Borrower and the Co-Borrowers and approved in writing by the Requisite LendersBanks, the representations and warranties contained in Article 4 (other than Sections 4.4(a), 4.6 (first sentence), 4.10, 4.17 and 4.164.19) shall be true and correct on and as of the date of the Advance as though made on that date;
(b) other than matters described in Schedule 4.10 to the Administrative Primary Loan Agreement or not required as of the Closing Date to be therein des- cribed, there shall not be any action, suit, proceeding or investigation pending as to which Borrowers or the Restricted Subsidiaries have been served or received notice or, to the best knowledge of Borrowers, threatened against or affecting Borrowers or any of the Restricted Subsidiaries or any Property of any of them before any Governmental Agency that constitutes a Material Adverse Effect;
(c) no material adverse change in the business, condition (financial and otherwise) or results of operations of Borrowers shall have occurred since September 26, 1996;
(d) the Borrowers shall have no borrowing availability under the Primary Loan Agreement;
(e) the Managing Agent shall have timely received a Request for Loan in compliance with Article 2 (or telephonic or other request for Loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement2.1(b), if applicable) or the Issuing Lender shall have received a Letter of Credit Application, as the case may be, in compliance with Article 2;); and
(cf) the Administrative Managing Agent shall have received, in form and substance satisfactory to the Administrative Managing Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Managing Agent or Requisite Lenders Banks reasonably may require; and
(d) the amounts paid pursuant to the provisions of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lenders.
Appears in 1 contract
Samples: Supplemental Reducing Revolving Loan Agreement (Aztar Corp)
Any Increasing Advance. The obligation of each Lender to make any Advance, and the obligation of the Issuing Lender to issue Letters a Letter of Credit, which would result in an increase in the outstanding principal amount of the Outstanding Obligations owed to that LenderObligations, is subject to the following conditions precedent (unless the Requisite Lenders, in their sole and absolute discretion, shall agree otherwise):
(a) except (i) for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by Borrower and the Co-Borrowers and approved in writing by the Requisite Lenders, the representations and warranties contained in Article 4 (other than Sections 4.4(a), 4.6 and 4.164.16 (but only if Borrower and its Restricted Subsidiaries are diligently engaged in measures that will result in compliance with all Hazardous Materials Laws)) shall be true and correct on and as of the date of the Advance as though made on that date;
(b) the Administrative Agent shall have timely received a Request for Loan or Competitive Bid Request in compliance with Article 2 (or telephonic or other request for Loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement), if applicable) or the Issuing Lender shall have received a Letter of Credit Application, as the case may be, in compliance with Article 2;; and
(c) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Agent or Requisite Lenders reasonably may require; and
(d) the amounts paid pursuant to the provisions of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lenders.
Appears in 1 contract
Samples: Loan Agreement (MGM Mirage)
Any Increasing Advance. The obligation of each Lender Bank to make any Advance, Advance which would increase the principal amount outstanding under the Notes and the obligation of the Issuing Lender Bank to issue Letters a Letter of Credit, which would result in an increase in the outstanding principal amount of the Outstanding Obligations owed to that Lender, is Credit are subject to the following conditions precedent (unless the Requisite Lenders, in their sole and absolute discretion, shall agree otherwise):condi tions precedent:
(a) except (i) for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by Borrower and the Co-Borrowers and approved in writing by the Requisite LendersMajority Banks, the representations and warranties contained in Article 4 (other than Sections 4.4(a), 4.6 (first sentence), and 4.16) 4.10), shall be true and correct complete on and as of the date of the Advance as though made on that date;; -73-
(b) other than matters described in Schedule 4.10 or not required as of the Administrative Closing Date to be therein described, there shall not be then pending or threatened any action, suit, proceeding or investigation against or affecting Borrower or any of its Subsidiaries or any Property of any of them before any Governmental Agency that constitutes a Material Adverse Effect;
(c) the Consolidated Fixed Charge Coverage Ratio shall be no less than 2.25:1.00;
(d) in the case of any Letter of Credit or any Advance with respect to the Line A Commitment, the Consolidated Fixed Charge Coverage Ratio shall be no less than 3.00:1.00;
(e) the Agent shall have timely received a Request for Loan in compliance with Article 2 (or telephonic or other request for Loan loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement2.1(b), if applicable) or and the Issuing Lender shall Bank shall, in the case of a Letter of Credit, have received a Request for Letter of Credit Application, as the case may be, in compliance with Article 2;
(cf) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing fore going as the Administrative Agent or Requisite Lenders Majority Banks reasonably may require; and
(dg) the amounts paid pursuant Agent shall have received, concurrently with the corresponding Request for Loan (or, if applicable, the telephonic notice thereof, under Section 2.1(b)), a fully and accurately completed Loan Compliance Certificate, dated the date the Loan is to be made, and, on the date of the Loan, Borrower and its Subsidiaries shall be in compliance with all requirements specified thereon with respect to the provisions nature and amount of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lendersrequested Loan.
Appears in 1 contract
Any Increasing Advance. The obligation of each Lender to make any Advance, and the obligation of the Issuing Lender Lenders to issue Letters of Credit, which would result in an increase in the outstanding principal amount of the Outstanding Obligations owed to that Lender, is subject to the following conditions precedent (unless the Requisite Lenders, in their sole and absolute discretion, shall agree otherwise):
(a) except (i) for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by Borrower and the Co-Borrowers and approved in writing by the Requisite Lenders, the representations and warranties contained in Article 4 (other than Sections 4.4(a), 4.6 and 4.164.17 (but only if Borrower and its Restricted Subsidiaries are diligently engaged in measures that will result in compliance with all Hazardous Materials Laws)) shall be true and correct on and as of the date of the Advance as though made on that date;
(b) the Administrative Agent shall have timely received a Request for Loan or Competitive Bid Request in compliance with Article 2 (or telephonic or other request for Loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement), if applicable) or the relevant Issuing Lender shall have received a Letter of Credit Application, as the case may be, in compliance with Article 2;; and
(c) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Agent or Requisite Lenders reasonably may require; and
(d) the amounts paid pursuant to the provisions of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lenders.
Appears in 1 contract
Samples: Loan Agreement (MGM Mirage)
Any Increasing Advance. The obligation of each Lender Bank to make any Advance, Advance which would increase the principal amount outstanding under the Notes and Swing Line Documents and the obligation of the Issuing Lender Bank to issue Letters a Letter of Credit, which would result in an increase in the outstanding principal amount of the Outstanding Obligations owed to that Lender, is Credit are subject to the following conditions precedent (unless the Requisite Lenders, in their sole and absolute discretion, shall agree otherwise):precedent:
(a) except (i) for representations and warranties which expressly speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by Borrower and the Co-Borrowers and approved in writing by the Requisite LendersMajority Banks, the representations and warranties contained in Article 4 (other than Sections 4.4(a4.4( a), 4.6 (first sentence), and 4.16) 4.10), shall be true and correct complete on and as of the date of the Advance as though made on that date;
(b) other than matters described in Schedule 4.10 or not required as of the Closing Date to be therein described, there shall not be then pending or threatened any action, suit, proceeding or investigation against or affecting Borrower or any of its Subsidiaries or any Property of any of them before any Governmental Agency that constitutes a Material Adverse Effect;
(c) the Consolidated Fixed Charge Coverage Ratio shall be no less than 2.25: 1.00;
(d) in the case of any Letter of Credit, any Swing Line Advance or any Advance with respect to the Line A Commitment, the Consolidated Fixed Charge Coverage Ratio shall be no less than 3.00: 1.00;
(e) the Administrative Agent shall have timely received a Request for Loan in compliance with Article 2 (or telephonic or other request for Loan loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement2.1( b), if applicable) or and the Issuing Lender shall Bank shall, in the case of a Letter of Credit, have received a Request for Letter of Credit Application, as the case may be, in compliance with Article 2;
(cf) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Agent or Requisite Lenders Majority Banks reasonably may require; and
(dg) the amounts paid pursuant Administrative Agent shall have received, concurrently with the corresponding Request for Loan (or, if applicable, the telephonic notice thereof, under Section 2.1( b)), a fully and accurately completed Loan Compliance Certificate, dated the date the Loan is to be made, and, on the date of the Loan, Borrower and its Subsidiaries shall be in compliance with all requirements specified thereon with respect to the provisions nature and amount of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lendersrequested Loan.
Appears in 1 contract
Any Increasing Advance. The obligation of each Lender Bank to make ---------------------- any Advance, and the obligation of the Issuing Lender Bank to issue Letters a Letter of Credit, which would result in an increase in the outstanding principal amount of the Outstanding Obligations owed to that LenderObligations, is subject to the following conditions precedent (unless the Requisite LendersBanks, in their sole and absolute discretion, shall agree otherwise):
(a) except (i) for representations and warranties which expressly ------ speak as of a particular date or are no longer true and correct as a result of a change which is permitted by this Agreement or (ii) as disclosed by Borrower and the Co-Borrowers and approved in writing by the Requisite LendersBanks, the representations and warranties contained in Article 4 (other ----- than Sections 4.4(a), 4.6 4.6, 4.10, 4.17 and 4.164.18 (but only if Borrower and ---- its Restricted Subsidiaries are diligently engaged in measures that will result in compliance with all Hazardous Materials Laws)) shall be true and correct on and as of the date of the Advance as though made on that date;
(b) other than matters described in Schedule 4.10 or not required as of the Closing Date to be therein described, there shall not be then pending or threatened any action, suit, proceeding or investigation against or affecting Borrower or any of its Restricted Subsidiaries or any Property of any of them before any Governmental Agency that constitutes a Material Adverse Effect;
(c) the Administrative Agent shall have timely received a Request for Loan in compliance with Article 2 (or telephonic or other request for Loan referred to in the second sentence of Section 2.1(c) of the Existing Loan Agreement2.1(b), if applicable) or the Issuing Lender Bank shall have received a Request for Letter of Credit ApplicationCredit, as the case may be, in compliance with Article 2;; and
(cd) the Administrative Agent shall have received, in form and substance satisfactory to the Administrative Agent, such other assurances, certificates, documents or consents related to the foregoing as the Administrative Agent or Requisite Lenders Banks reasonably may require; and
(d) the amounts paid pursuant to the provisions of Section 3.1(h) hereof shall not result in the reduction of any Lender’s Commitment, but nonetheless shall not be available for re-borrowing through subsequent Advances or otherwise, absent the written consent of Requisite Lenders.
Appears in 1 contract
Samples: Loan Agreement (MGM Grand Inc)