Conditions for Advances. The making of Advances under the Line of Credit is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance satisfactory to Lender and its counsel):
a. This Agreement and each of the other Loan Documents shall be effective;
b. No event or condition shall have occurred or become known to Borrower, or would result from the making of any requested Advance, which could have a Material Adverse Effect;
c. No Default or Event of Default then exists or after giving effect to the making of the Advance would exist;
d. Each Advance is within and complies with the terms and conditions of this Agreement; and
e. Each representation and warranty set forth in Section 5 and any other Loan Document in effect at such time (as amended or modified from time to time) is then true and correct in all material respects as if made on and as of such date except to the extent such representations and warranties are made only as of a specific earlier date.
Conditions for Advances. The making of Advances under the Revolving Credit in any form following the Amendment Date is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance satisfactory to Administrative Agent) following the Amendment Date:
(a) This Agreement and each of the other Loan Documents shall be effective;
(b) No event or condition shall have occurred or become known to Borrower, or would result from the making of any requested Advance, which could reasonably be expected to have a Material Adverse Effect;
(c) No Default or Event of Default then exists or after giving effect to the making of the Advance would exist;
(d) Each Advance is within and complies with the terms and conditions of this Agreement including, without limitation, the notice provisions contained in Section 2.3;
(e) No Lien (other than a Permitted Lien) has been imposed on Borrower or any of its Subsidiaries; and
(f) Each representation and warranty set forth in Section 4 and any other Loan Document in effect at such time (as amended or modified from time to time) is then true and correct in all material respects as if made on and as of such date except to the extent such representations and warranties are made only as of a specific earlier date.
Conditions for Advances. If there is no default under this Note, Borrower shall be entitled to borrow monies or make draws under this Note (subject to the limitations described above) under the following conditions: -------------------------------------------------------------------------------- BORROWER ACKNOWLEDGES THAT BORROWER HAS READ, UNDERSTANDS, AND AGREES TO THE TERMS AND CONDITIONS OF THIS NOTE INCLUDING THE PROVISIONS ON THE REVERSE SIDE. BORROWER ACKNOWLEDGES RECEIPT OF AN EXACT COPY OF THIS NOTE. NOTE DATE: MAY 10, 1996 BORROWER: NORTECH SYSTEMS INCORPORATED BORROWER: /s/ Xxxxx X. Xxxxxxx -------------------------------------- ------------------------------------- XXXXX X. XXXXXXX VICE PRESIDENT BORROWER: BORROWER: -------------------------------------- ------------------------------------- BORROWER: BORROWER: -------------------------------------- ------------------------------------- BORROWER: BORROWER: -------------------------------------- ------------------------------------- TERMS AND CONDITIONS
Conditions for Advances. A. Once your Application for Annualization (Eship # 142482) has been approved by Company, the maximum Advance on any one Eligible Contract, the total maximum Advance to you on all Eligible Contracts and the annualization rate of Eligible Commissions will be as stated on that Application for Annualization, which is made a part of this Agreement.
B. Any Contract changes after the First Commissionable Event, such as face increases or additions, will not cause recalculation of an Advance.
C. A thirteen (13) month premium persistency rate of 80% or better on all Company Contracts must be continuously maintained to remain eligible for Advances.
D. You must be set up for commission direct deposit at all times to remain eligible for Advances.
Conditions for Advances. If no Event of Default has occurred under this Note, Borrower shall be entitled to borrow monies under this Note (subject to the limitations described above) under the following conditions: UPON LENDING OFFICER'S APPROVAL AND UNDER THE TERMS AND CONDITIONS SPECIFIED IN THE LOAN AGREEMENT DATED AS OF AUGUST 15, 2001, BETWEEN XXXXXXXX AND XXXXXX.
Conditions for Advances. 19 ARTICLE SIX -
Conditions for Advances. 3.1 Conditions for Advances under the Working Capital Line.
Conditions for Advances. As long as (a) there exists no Event of Default, or circumstance that with the passage of time or giving of notice could constitute an Event of Default, (b) the representations and warranties of Debtor set forth herein are true and complete as of the date of the advance, and (c) the credit and financial condition of Debtor are, in the sole and absolute discretion of Secured Party, satisfactory, Secured Party will make advances to Debtor under the Line of Credit in such amounts as Debtor may request, but in no event may total outstanding advances hereunder exceed the Borrowing Base at any time.
Conditions for Advances. Borrower has satisfied all conditions for Advances set forth in Section 5.1 and Section 5.2.
Conditions for Advances. Borrower may obtain Advances under the Loan Agreement, if, in addition to the foregoing requirements:
(a) Borrower complies with the Liquidity requirement in Section 5.5(c).
(b) Borrower complies will all other requirements for obtaining an Advance specified in the Loan Agreement as amended.
(c) No Event of Default has occurred and is continuing, and
(d) The aggregate outstanding principal balance on the Loan does not exceed the maximum principal amounts specified in Sections 5.2 and 5.3 as and when applicable.
