Common use of Conditions Precedent for Advances Clause in Contracts

Conditions Precedent for Advances. Save as the Issuer and the Guarantor LP may otherwise agree, each Advance will not be available unless on the date of the proposed Advance: (a) the Issuer shall have received a copy of a resolution duly passed by the board of directors of the managing partner of the Guarantor LP authorizing its execution, delivery and performance on behalf of Guarantor LP of this Agreement, such copy to be certified by an officer of such managing partner; and (b) such Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such Advance and the application of the proceeds thereof; and (c) the aggregate outstanding amount of all Advances after giving effect to such Advance does not exceed the Total Credit Commitment; and (d) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.

Conditions Precedent for Advances. Save as the Issuer and the Guarantor LP may otherwise agree, each Advance will not be available unless on the date of the proposed Advance: (a) the Issuer shall have received a copy of a resolution duly passed by the board of directors of the managing partner of the Guarantor LP authorizing its execution, delivery and performance on behalf of Guarantor LP of this Agreement, such copy to be certified by an officer of such managing partner; and (b) such Advance does not result in the Guarantor LP being unable to satisfy the Asset Coverage Test on a pro forma basis following such Advance and the application of the proceeds thereof; and (c) the aggregate outstanding amount of all Advances after giving effect to such Advance does not exceed the Total Credit Commitment; and (d) no Issuer Event of Default, Guarantor LP Event of Default or Demand Loan Repayment Event has occurred.