Conditions Precedent Regarding First Tranche Sample Clauses

Conditions Precedent Regarding First Tranche. In addition to the other conditions precedent specified in Articles 2 and 4 of the Loan and Security Agreement and this Supplement, Lender’s obligation to fund the Growth Capital Loan under the First Tranche of Lender’s Commitment is subject to the receipt by Lender of evidence satisfactory to it, as determined by Lender in its reasonable judgment, that as of the date of the Borrowing Request for such Loan: (i) either (A) Borrowers have received a payoff letter, in form and substance satisfactory to Lender, from the City of Belgrade indicating the total amount of Borrowers’ Indebtedness to the City of Belgrade as of the funding date of the Loan, a portion of the proceeds of which will be used to repay in full all of such Indebtedness, or (B) Borrowers’ Indebtedness to the City of Belgrade has been repaid in full; and (ii) either (A) Borrowers have received a payoff letter, in form and substance satisfactory to Lender, from Valley Bank indicating the total amount of Bacterin International Inc.’s Indebtedness to Valley Bank as of the funding date of the Loan pursuant to Loan # 31057715 (the “Valley Bank Loan”), a portion of the proceeds of which will be used to repay in full all of such Indebtedness, or (B) Borrowers’ Indebtedness to Valley Bank pursuant to the Valley Bank Loan has been repaid in full and Valley Bank’s Liens on Bacterin International Inc.’s personal property have been terminated and released; and (iii) either (A) Borrowers have received a payoff letter, in form and substance satisfactory to Lender, from the Hxxxxxxx Group (Delaware), Inc. (“Hxxxxxxx Group”) indicating the total amount of Borrowers’ Indebtedness to Hxxxxxxx Group as of the funding date of the Loan, a portion of the proceeds of which will be used to repay in full all of such Indebtedness, or (B) Borrowers’ Indebtedness to the Hxxxxxxx Group has been repaid in full; and (iv) either (A) Borrowers have received evidence, in form and substance satisfactory to Lender from each shareholder to which Borrowers are indebted as of the Closing Date, indicating the total amount of Borrowers’ Indebtedness to such shareholders as of the funding date of the Loan, a portion of the proceeds of which will be used to repay in full all of such Indebtedness, or (B) Borrowers’ Indebtedness to each such shareholder has been repaid in full. Borrowers represent that the shareholders do not have Liens on either Borrower’s personal property.
Sample 1
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Related to Conditions Precedent Regarding First Tranche

  • Conditions Precedent The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:

  • Conditions Precedent to Loans The obligation of each Lender to make any Loans is subject, at the time of each such Loan, to the satisfaction of the following conditions:

  • CONDITIONS PRECEDENT TO LOAN The obligations of Lender to make the Loan hereunder are subject to the satisfaction by Borrower of the following conditions:

  • Conditions Precedent at Closing Date The obligation of the Lenders to make Loans, and of any LC Issuer to issue Letters of Credit, is subject to the satisfaction of each of the following conditions on or prior to the Closing Date:

  • Conditions Precedent to EFFECTIVENESS OF SECTIONS 2.01 AND 2.03. Sections 2.01 and 2.03 of this Agreement shall become effective on and as of the first date (the "EFFECTIVE DATE") on which the following conditions precedent have been satisfied:

  • Conditions Precedent to Initial Loans In addition to the conditions set forth in Section 6.2, Lenders shall not be required to fund any requested Loan, issue any Letter of Credit, or otherwise extend credit to Borrowers hereunder, until the date (“Closing Date”) that each of the following conditions has been satisfied:

  • Initial Conditions Precedent The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent:

  • Conditions Precedent to Initial Loan The obligation of Lender to make the initial Loan is subject to the condition precedent that Lender shall have received, in form and substance satisfactory to Lender, all of the following:

  • Conditions Precedent to the Consummation of the Purchase ---------------------------- The following are conditions precedent to the consummation of the Agreement on or before the Closing Date:

  • Mutual Conditions Precedent The obligations of the Parties to complete the transactions contemplated by this Agreement are subject to the fulfillment, on or before the Effective Time, of each of the following conditions precedent, each of which may only be waived with the mutual consent of the Parties:

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