Common use of Conditions for Future Advances Clause in Contracts

Conditions for Future Advances. The making of Advances under the Revolving Credit in any form following the Closing Date is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance satisfactory to Lender and its counsel) following the Closing 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 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 2.4 hereof; e. No Lien (other than a Permitted Lien) has been imposed on Borrower; and f. 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.

Appears in 2 contracts

Samples: Loan and Security Agreement (WPCS International Inc), Loan and Security Agreement (Colony Rih Holdings Inc)

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Conditions for Future Advances. The making of Advances under the Revolving Credit Facility and/or the Guidance Line Facility in any form following the Closing Date is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance satisfactory to Lender and its counsel) following the Closing 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 2.4 2.5 hereof; e. No Lien (other than a Permitted Lien) has been imposed on Borrower; and f. 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.

Appears in 1 contract

Samples: Loan Agreement (Lightpath Technologies Inc)

Conditions for Future Advances. The making of Advances under the Revolving Credit in any form following the Closing Date is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance reasonably satisfactory to Lender and its counsel) following the Closing 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 2.4 hereof; e. No Lien (other than a Permitted Lien) has been imposed on Borrowerany of the Collateral; and f. 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, in which event such representations and warranties shall speak only as of such specific earlier date.

Appears in 1 contract

Samples: Loan and Security Agreement (American Technical Ceramics Corp)

Conditions for Future Advances. The making of Advances under the Revolving Credit in any form following the Closing Date is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance satisfactory to Lender and its counsel) following the Closing Date: a. This this Agreement and each of the other Loan Documents shall be effective; b. No 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 no Default or Event of Default then exists or after giving effect to the making of the Advance would exist; d. Each each Advance is within and complies with the terms and conditions of this Agreement including, without limitation, the notice provisions contained in Section 2.4 hereof; e. No no Lien (other than a Permitted Lien) has been imposed on Borrower; and f. Each 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.

Appears in 1 contract

Samples: Loan and Security Agreement (Newtek Business Services Inc)

Conditions for Future Advances. The making of Advances under the Revolving Credit in any form following the Closing Date is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance satisfactory to Lender and its counsel) following the Closing 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 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 2.4 2.2 hereof; e. No Lien (other than a Permitted Lien) has been imposed on Borrower; and f. 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.

Appears in 1 contract

Samples: Loan and Security Agreement (Fly-E Group, Inc.)

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Conditions for Future Advances. The making of Advances under the Revolving Credit Loan in any form following the Closing Date is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance reasonably satisfactory to Lender and its counsel) following the Closing Date: a. This Agreement and each of the other Loan Documents shall be effective; b. No event or condition Material Adverse Effect shall have occurred or become known to Borrowerand be continuing immediately prior to, or would result from exist immediately after, the making of any requested the Advance, which could have a Material Adverse Effect; c. The Merger Agreement has not been terminated; d. No Default or Event of Default then exists or would exist immediately after giving effect to the making of the Advance would existAdvance; d. e. Each Advance is within and complies with the terms and conditions of this Agreement including, without limitation, the notice provisions contained in Section 2.4 2.2 hereof; e. No Lien (other than a Permitted Lien) has been imposed on Borrower; and f. Each representation and warranty made by Borrower set forth in Section 5 and (other than Section 5.5) and/or in 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.

Appears in 1 contract

Samples: Loan and Security Agreement (Point Therapeutics Inc)

Conditions for Future Advances. The making of Advances under the Revolving Credit in any form following the Closing Date is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance satisfactory to Lender and its counsel) following the Closing Date: a. (a) This Agreement and each of the other Loan Documents shall be effective; b. (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. (c) No Default or Event of Default then exists or after giving effect to the making of the Advance would exist; d. (d) Each Advance is within and complies with the terms and conditions of this Agreement including, without limitation, the notice provisions contained in Section 2.4 2.3 hereof; e. (e) No Lien (other than a Permitted Lien) has been imposed on Borrower; and f. (f) 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.

Appears in 1 contract

Samples: Loan and Security Agreement (Lakeland Industries Inc)

Conditions for Future Advances. The making of Advances under the Revolving Credit in any form following the Closing Date is subject to the following conditions precedent (all instruments, documents and agreements to be in form and substance satisfactory to Lender and its counsel) following the Closing 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 would 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 2.4 2.2 hereof; e. No Lien (other than a Permitted Lien) has been imposed on Borrower; and f. 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.

Appears in 1 contract

Samples: Revolving Loan Agreement (Harris & Harris Group Inc /Ny/)

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