CONDITIONS FOR BORROWING. The Bank’s obligation to make any Loan is subject to the satisfaction, on or before the following Borrowing Dates, of the following conditions:
CONDITIONS FOR BORROWING. In addition to all conditions to borrowing set forth in Section 5.1 of the Master Loan Agreement, Xxxxxx’s obligation to make any advance under the Loan described in this Supplement is subject to the satisfaction or waiver by Lender in writing of the following conditions: 3.1 Lender shall have received the following by the applicable Closing Date, all in form, detail and content satisfactory to Lender: (a) On or before the first Closing Date, Term Note I duly executed by CAS; (b) On or before each Closing Date, a Disbursement Request and Authorization duly executed by CAS; (c) On or before the first Closing Date, payment of Lender’s Costs; (d) On or before the first Closing Date, Commercial Security Agreement, duly executed by CAS, together with any and all other documents or instruments Lender reasonably deems necessary to grant to Lender and perfect a first position Lien in the collateral described therein; provided, however, that Xxxxxx agrees that CAS will not have ownership of or the right to grant a first position Lien in an Engine until it has purchased the Engine, and the Engines will be purchased in multiple Closings on different Closing Dates; (e) On or before each Closing Date, evidence in a form reasonably acceptable to Lender that, prior to or concurrently with such Closing Date, CAS acquired the Engine(s) to be purchased on such Closing Date, and such Engine(s) is/are described in the Commercial Security Agreement, and such collateral is owned free and clear of all liens, claims and encumbrances; (f) On or before the first Closing Date, evidence in a form reasonable acceptable to Lender that CAS has obtained the insurance required under the Commercial Security Agreement and has otherwise complied with the terms of such section; (g) On or before the first Closing Date, evidence in a form reasonably acceptable to Lender that CAS has the due power and authority to execute and perform this Supplement; and
4 (h) On or before the first Closing Date, evidence in a form reasonably acceptable to Lender that CAS has the due power and authority to execute and perform Term Note I and the Commercial Security Agreement.
CONDITIONS FOR BORROWING. The Lenders' obligations to make Revolving Loans, and the Agent's obligation to issue Letters of Credit, are subject to the satisfaction, on or before the following Borrowing Dates, of the following conditions:
4.1 On or Before the Closing Date. The Agent shall have received the following, all in form, detail and content satisfactory to the Lenders:
CONDITIONS FOR BORROWING. In addition to all conditions to borrowing set forth in Section 5.1 of the Master Loan Agreement, Lender’s obligation to make the Loan described in this Supplement is subject to the satisfaction or waiver by Lender in writing on or before the Closing Date of such Loan of the following conditions:
3.1. Lender shall have received the following, all in form, detail and content satisfactory to Lender:
(a) Term Note A duly executed by both Borrowers.
CONDITIONS FOR BORROWING. The obligation of the Lender to provide the Borrowing on Drawdown date hereunder shall be subject to the fulfillment of the following terms and conditions:
(a) The Lender shall have received the Note/s (in the form as per attached Exhibit “A”), duly executed by the Borrower in favor of the Lender evidencing the Borrowing to be made on Drawdown date.
(b) Each of the Loan Documents shall have been duly authorized by and executed by the parties thereto, and shall be legally binding on each of them in accordance with their respective terms.
(c) The Lender shall have received copies, certified by the Corporate Secretary of the Borrower, of the Securities and Exchange Commission Certificate of Registration, Articles of Incorporation and By Laws or other constitutive documents, as appropriate, of the Borrower, each as amended to date.
(d) The Lender shall have received such other approvals, certificates or other document which the Lender may reasonably request from the Borrower for the execution of the Loan documents.
CONDITIONS FOR BORROWING. In addition to all conditions to borrowing set forth in Section 5.1 of the Master Loan Agreement, Lender’s obligation to make the Loan described in this Supplement is subject to the satisfaction or waiver by Lender in writing on or before the Closing Date of such Loan of the following conditions:
3.1. Lender shall have received the following, all in form, detail and content satisfactory to Lender:
(a) Term Note C duly executed by both Borrowers.
(b) The fee due under Section 2.5 hereof.
(c) A Beneficial Interest Pledge Agreement, in the form of Exhibit B, properly executed by CAL, together with any and all other documents or instruments Lender reasonably deems necessary to grant to Lender and perfect a first position Lien in all of CAL’s beneficial interest in that certain trust described in the Trust Agreement (Aircraft MSN 30241) dated as of August 22, 2016, between Xxxxx Fargo Trust Company, National Association, as owner trustee (the “Owner Trustee”), and CIT Aerospace, LLC as the original Trust settlor, as amended, assigned, supplemented, restated, and modified from time to time (the “Trust Agreement”), all in form and substance reasonably satisfactory to Lender.
(d) A Trust Aircraft Security Agreement in the form of Exhibit C (the “TASA”), properly executed by the Owner Trustee, together with any and all other documents or instruments Lender reasonably deems necessary to grant to Lender and perfect a first position Lien on the collateral described in the TASA, all in form and substance reasonably satisfactory to Lender.
(e) A third party written legal opinion opining that:
(i) CAL has the due power and authority to grant the lien described in Section 3.1(c) above;
(ii) Owner Trustee has due power and authority to grant the Lien described in Section 3.1(d) above; and
(iii) The Liens described in Sections 3.1(c) and 3.1(d) are valid and enforceable and neither violate any term or provision of the Trust Agreement.
(f) Evidence in a form reasonably acceptable to Lender that, prior to or concurrently with the execution of this Supplement, CAL acquired the interest in the trust described in the Beneficial Interest Pledge Agreement and that the trust acquired the collateral described in the TASA, and in each case, such is owned free and clear of all liens, claims and encumbrances.
(g) An Agreement to Provide Insurance in the form of Exhibit D, properly executed by the Borrowers.
CONDITIONS FOR BORROWING. Lender’s obligation to make any Loan is subject to the satisfaction or waiver by Lender in writing, on or before the following dates, of the following conditions:
CONDITIONS FOR BORROWING. 4.1 On or Before the Date of Execution of this Agreement 28
4.2 On or Before the Effective Date 29 4.3 On or Before Each Subsequent Borrowing Date 31
CONDITIONS FOR BORROWING. In addition to all conditions to borrowing set forth in Section 5.1 of the Master Loan Agreement, Lender’s obligation to make the Loan described in this Supplement is subject to the satisfaction or waiver by Lender in writing on or before the Closing Date of such Loan of the following conditions:
3.1 Lender shall have received the following, all in form, detail and content satisfactory to Lender:
(a) Term Note F duly executed by both Borrowers. {B0826264} 2
(b) The fee due under Section 2.5 hereof.
(c) AASA, properly executed by Borrowers, together with any and all other documents or instruments Lender reasonably deems necessary to grant to Lender and perfect a first position Lien in the collateral described therein.
(d) Evidence in a form reasonably acceptable to Lender that, prior to or concurrently with the execution of this Supplement, CAL acquired the collateral described in the AASA, and such is owned free and clear of all liens, claims and encumbrances.
(e) Evidence in a form reasonable acceptable to Lender that CAS has obtained the insurance required under Section 15 of the AASA and has otherwise complied with the terms of such section.
(f) Evidence in a form reasonably acceptable to Lender that Borrowers have the due power and authority to execute and perform this Supplement, Term Note F and the AASA.
(g) Documents by CAS affirming the Assignment of Life Insurance Policy as Collateral (Policy Number AD20430869 issued by ReliaStar Life Insurance Company in the amount of $2,000,000), which was executed on May 5, 2017, including, but not limited to, an Affirmation of Assignment of Life Insurance Policy as Collateral identical in form to that attached hereto as Exhibit C.
CONDITIONS FOR BORROWING. 4.1 On or Before the Effective Date 30 4.2 On or Before Each Subsequent Borrowing Date 31
