Common use of Conditions Precedent to All Revolving Loans Clause in Contracts

Conditions Precedent to All Revolving Loans. The obligation of Bank to make any Revolving Loans hereunder shall be subject to the satisfaction and the continued satisfaction of the following conditions precedent: (a) Borrowers shall have executed and delivered to Bank this Agreement, the Collateral Documents, the Revolving Note and all other documents required by this Agreement, all in form and substance and in such number of counterparts as may be required by Bank; (b) Bxxxxx Xxxx Xxxxxx III, shall have executed and delivered to Bank a confirmation acceptable to Bank of that certain Guaranty dated as of October 29, 1999 of the Indebtedness and all other present and future Debt of Borrowers to Bank. (c) Providence shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank. (d) Testing shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank. (e) The representations and warranties of Borrowers and Guarantors as set forth herein, or any Related Document furnished to Bank in connection herewith, shall be and remain true and correct; (f) Bank shall have received a favorable legal opinion of counsel to Borrowers and Guarantors in scope and substance reasonably satisfactory to Bank; (g) Bank shall have received certified resolutions of Borrowers authorizing the Revolving Loans and the execution and delivery of all documents contemplated hereby and by corporate and limited liability company Guarantors authorizing the Guaranties; (h) Bank shall have received all fees, charges and expenses which are due and payable as specified in this Agreement or any Related Document; (i) No Default or Event of Default shall exist or shall result from the making of a Revolving Loan; (j) Borrowers shall have each provided Bank with all financial statements, reports and certificates required by this Agreement (including an initial borrowing base certificate of Borrowers); (k) Bank's counsel shall have reviewed the corporate structure and articles of incorporation of Borrowers and Guarantors, and shall be reasonably satisfied with the validity, due authorization and enforceability of all Related Documents; (l) There shall have been no change to the corporate structure and ownership of Borrowers or Guarantors than from (i) what has been previously represented to Bank or (ii) has been approved by Bank in writing; (m) Bank shall have received evidence reasonably acceptable to Bank and its counsel that its Encumbrances affecting the Collateral shall have a first priority position, subject only to Permitted Encumbrances; (n) Bank shall have received evidence that all other policies of insurance required by this Agreement and the Collateral Documents are in full force and effect, (o) Bank, at its option and for its sole benefit, shall have conducted an audit of each Borrowers' payment records, ledger sheets, and computer tapes or disks kept to record payment information, and of Borrowers' other books, records, and operations, and Bank shall be reasonably satisfied as to their condition. (p) Compressco shall have delivered all outstanding and issued shares of stock of Field Services to Bank, together with stock powers and Reg. U statements which Bank may reasonably require, pursuant to the terms of the Stock Pledge. (q) There shall have occurred no Material Adverse Change.

Conditions Precedent to All Revolving Loans. The obligation of Bank to make any Revolving Loans hereunder shall be subject to the satisfaction and the continued satisfaction of the following conditions precedent: (a) Borrowers shall have executed and delivered to Bank this Agreement, the Collateral Documents, the Revolving Note and all other documents required by this Agreement, all in form and substance and in such number of counterparts as may be required by Bank; (b) Bxxxxx Xxxxxx Xxxx Xxxxxx Xxxxxx, III, shall have executed and delivered to Bank a confirmation acceptable to Bank of that certain his unlimited in solido Guaranty dated as of October 29, 1999 of the Indebtedness and all other present and future Debt of Borrowers to Bank. (c) Providence shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank. (d) Testing shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank. (e) The representations and warranties of Borrowers and Guarantors as set forth herein, or any Related Document furnished to Bank in connection herewith, shall be and remain true and correct; (fd) Bank shall have received a favorable legal opinion of counsel to Borrowers and Guarantors Guarantors, in scope and substance reasonably satisfactory to Bank; (ge) Bank shall have received certified resolutions of Borrowers authorizing the Revolving Loans and the execution and delivery of all documents contemplated hereby and by corporate and limited liability company Guarantors authorizing the Guarantieshereby; (hf) Bank shall have received all fees, charges and expenses which are due and payable as specified in this Agreement or any Related Document; (ig) No Default or Event of Default shall exist or shall result from the making of a Revolving Loan; (jh) Borrowers shall have each provided Bank with all financial statements, reports and certificates required by this Agreement (including an initial borrowing base certificate of Borrowers); (ki) Bank's counsel shall have reviewed the corporate structure and articles of incorporation of Borrowers and GuarantorsBorrowers, and shall be reasonably satisfied with the validity, due authorization and enforceability of all Related Documents; (lj) There shall have been no change to the corporate structure and ownership of Borrowers or Guarantors than from (i) what has been previously represented to Bank or (ii) has been approved by Bank in writingBank; (mk) Bank shall have received evidence reasonably acceptable to Bank and its counsel that its Encumbrances affecting the Collateral shall have a first priority position, subject only to Permitted Encumbrances; (nl) Bank shall have received evidence that all other policies of insurance required by this Agreement and the Collateral Documents are in full force and effect, (om) Bank, at its option and for its sole benefit, shall have conducted an audit of each Borrowers' payment records, ledger sheets, and computer tapes or disks kept to record payment information, and of Borrowers' other books, records, and operations, and Bank shall be reasonably satisfied as to their condition. (pn) Compressco Xxxxxx shall have granted the Securities Account Pledge to Bank, the securities account affected by the Securities Account Pledge shall have been established by Xxxxxx with the purchase or deposit of securities or cash therein with an aggregate market value of not less than $1 million, and Xxxxxx, Hibernia Investment Securities Corporation, and Bank shall have entered into an account control agreement on terms and conditions acceptable to Bank which provide Bank with "control" over such securities account within the meaning of Section 9-115 of the UCC. (o) Emerging Alpha shall have delivered all outstanding and issued shares of stock of Field Services Gas Xxxx to Bank, together with stock powers and Reg. Reg U statements which Bank may reasonably require, pursuant to the terms of the Stock Pledge. (q) There shall have occurred no Material Adverse Change.

Conditions Precedent to All Revolving Loans. The obligation of Bank to make any Revolving Loans hereunder shall be subject to the satisfaction and the continued satisfaction of the following conditions precedent: (a) Borrowers shall have executed and delivered to Bank this Agreement, the Collateral Documents, the Revolving Note and all other documents required by this Agreement, all in form and substance and in such number of counterparts as may be required by Bank; (b) Bxxxxx Xxxxxx Xxxx Xxxxxx III, shall have executed and delivered to Bank a confirmation acceptable to Bank of that certain Guaranty dated as of October 29, 1999 of the Indebtedness and all other present and future Debt of Borrowers to Bank. (c) Providence shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank. (d) Testing shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank. (e) The representations and warranties of Borrowers and Guarantors as set forth herein, or any Related Document furnished to Bank in connection herewith, shall be and remain true and correct; (f) Bank shall have received a favorable legal opinion of counsel to Borrowers and Guarantors in scope and substance reasonably satisfactory to Bank; (g) Bank shall have received certified resolutions of Borrowers authorizing the Revolving Loans and the execution and delivery of all documents contemplated hereby and by corporate and limited liability company Guarantors authorizing the Guaranties; (h) Bank shall have received all fees, charges and expenses which are due and payable as specified in this Agreement or any Related Document; (i) No Default or Event of Default shall exist or shall result from the making of a Revolving Loan; (j) Borrowers shall have each provided Bank with all financial statements, reports and certificates required by this Agreement (including an initial borrowing base certificate of Borrowers); (k) Bank's counsel shall have reviewed the corporate structure and articles of incorporation of Borrowers and Guarantors, and shall be reasonably satisfied with the validity, due authorization and enforceability of all Related Documents; (l) There shall have been no change to the corporate structure and ownership of Borrowers or Guarantors than from (i) what has been previously represented to Bank or (ii) has been approved by Bank in writing; (m) Bank shall have received evidence reasonably acceptable to Bank and its counsel that its Encumbrances affecting the Collateral shall have a first priority position, subject only to Permitted Encumbrances; (n) Bank shall have received evidence that all other policies of insurance required by this Agreement and the Collateral Documents are in full force and effect, (o) Bank, at its option and for its sole benefit, shall have conducted an audit of each Borrowers' payment records, ledger sheets, and computer tapes or disks kept to record payment information, and of Borrowers' other books, records, and operations, and Bank shall be reasonably satisfied as to their condition. (p) Compressco shall have delivered all outstanding and issued shares of stock of Field Services to Bank, together with stock powers and Reg. U statements which Bank may reasonably require, pursuant to the terms of the Stock Pledge. (q) There shall have occurred no Material Adverse Change.

Conditions Precedent to All Revolving Loans. The obligation of Bank to make any Revolving Loans hereunder shall be subject to the satisfaction and the continued satisfaction of the following conditions precedent: (a) Borrowers shall have executed and delivered to Bank this Agreement, the Collateral Documents, the Revolving Note and all other documents required by this Agreement, all in form and substance and in such number of counterparts as may be required by Bank; (b) Bxxxxx Xxxx Xxxxxx III, shall have executed and delivered to Bank a confirmation acceptable to Bank of that certain Guaranty dated as of October 29, 1999 of the Indebtedness and all other present and future Debt of Borrowers to Bank. (c) Providence shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank.; (dc) Testing shall have executed and delivered to Bank its unlimited in solido Guaranty of the Indebtedness an all other present and future Debt of Borrowers to Bank.; (ed) The representations and warranties of Borrowers and Guarantors as set forth herein, or any Related Document furnished to Bank in connection herewith, shall be and remain true and correct; (fe) Bank shall have received a favorable legal opinion opinions of counsel to Borrowers and Guarantors in scope and substance reasonably satisfactory to Bank; (gf) Bank shall have received certified resolutions of Borrowers authorizing the Revolving Loans and the execution and delivery of all documents contemplated hereby and by corporate and limited liability company Guarantors authorizing the Guaranties; (hg) Bank shall have received all fees, charges and expenses which are due and payable as specified in this Agreement or any Related Document; (ih) No Default or Event of Default shall exist or shall result from the making of a Revolving Loan; (ji) Borrowers shall have each provided Bank with all financial statements, reports and certificates required by this Agreement (including an initial a borrowing base certificate of Borrowers); (kj) Bank's counsel shall have reviewed the corporate structure and articles of incorporation of Borrowers and Guarantors, and shall be reasonably satisfied with the validity, due authorization and enforceability of all Related Documents; (lk) There shall have been no change to the corporate structure and ownership of Borrowers or Guarantors than from (i) what has been previously represented to Bank or (ii) has been approved by Bank in writing; (ml) Bank shall have received evidence reasonably acceptable to Bank and its counsel that its Encumbrances affecting the Collateral shall have a first priority position, subject only to Permitted Encumbrances; (nm) Bank shall have received evidence that all other policies of insurance required by this Agreement and the Collateral Documents are in full force and effect,; (on) Bank, at its option and for its sole benefit, shall have conducted an audit of each Borrowers' payment records, ledger sheets, and computer tapes or disks kept to record payment information, and of Borrowers' other books, records, and operations, and Bank shall be reasonably satisfied as to their condition.; (po) Compressco shall have delivered all outstanding and issued shares of stock of Field Services to Bank, together with stock powers and Reg. U statements which Bank may reasonably require, pursuant to the terms of the Stock Pledge.; (p) Bank shall have received the most recently acquired compressor fleet utilization report required by Section 8.1(d) hereof and each report shall evidence that the average number of units "off" rental for the quarter (i.e., the actual number of compressors "off" rental at the end of each month added together and divided by three) was not greater than 18% of the entire compressor fleet at the end of the preceding quarter; and (q) There shall have occurred no Material Adverse Change.