Common use of Conditions of Advances Clause in Contracts

Conditions of Advances. Upon reasonable advance request from Borrower, Lender shall make advances to or as directed by Borrower, provided that each and all of the following conditions is satisfied: 2.1 Borrower shall have executed and delivered the Note to Lender; 2.2 The aggregate amount of outstanding advances following such advance shall not exceed $1,750,000; 2.3 The representations and warranties of Borrower in the Loan Documents shall be true and correct in all material respects; 2.4 Borrower shall have complied in all material respects with each of its agreements in the Loan Documents; 2.5 Borrower shall not have terminated Lender’s employment as the Chief Executive Officer of Borrower other than for cause; 2.6 The advances shall be used only for such purposes as are set forth in Section 4.1 of this Agreement; and 2.7 Prior to the effectiveness of the Registration Statement, Lender consents to the advance.

Conditions of Advances. Upon reasonable advance request from Borrower, Lender shall make advances to or as directed by Borrower, provided that each and all of the following conditions is satisfied: 2.1 Borrower shall have executed and delivered the Note to Lender; 2.2 The aggregate amount of outstanding advances following such advance shall not exceed $1,750,0003,000,000; 2.3 The representations and warranties of Borrower in the Loan Documents shall be true and correct in all material respects; 2.4 Borrower shall have complied in all material respects with each of its agreements in the Loan Documents; 2.5 Borrower shall not have terminated Lender’s employment as the Chief Executive Officer of Borrower other than for cause; 2.6 The advances shall be used only for such purposes as are set forth in Section 4.1 of this Agreement; and 2.7 Prior to the effectiveness of the Registration Statement, Lender consents to the advance.

Conditions of Advances. Upon reasonable advance request from Borrower, Lender shall make advances to or as directed by Borrower, provided that each and all of the following conditions is satisfied: 2.1 Borrower shall have executed and delivered the Note to Lender; 2.2 The aggregate amount of outstanding advances following such advance shall not exceed $1,750,0002,000,000; 2.3 The representations and warranties of Borrower in the Loan Documents shall be true and correct in all material respects; 2.4 Borrower shall have complied in all material respects with each of its agreements in the Loan Documents; 2.5 Borrower shall not have terminated Lender’s employment as the Chief Executive Officer of Borrower other than for cause; 2.6 The advances shall be used only for such purposes as are set forth in Section 4.1 of this Agreement; and 2.7 Prior to the effectiveness of the Registration Statement, Lender consents to the advance.