Common use of Conditions Precedent to Delayed Draw Term Loans Clause in Contracts

Conditions Precedent to Delayed Draw Term Loans. The obligation of any Agent or any Lender to make any Delayed Draw Term Loan hereunder is subject to: (a) the receipt by the Agents of a certificate delivered by an Authorized Officer of the Borrower certifying to the Agents and the Lenders that the proceeds of the Delayed Draw Term Loans are being used for a Permitted Project and are in compliance with the budget for such Permitted Project set forth on Schedule 1.01(C) (as such schedule may be updated from time to time in accordance with the terms of this Agreement) and attaching thereto a detailed sources and uses statement in form and substance reasonably satisfactory to the Required Lenders; (b) a certificate of the chief financial officer of the Parent, certifying that the Loan Parties on a consolidated basis are Solvent (after giving effect to the Delayed Draw Term Loans to be made on such date); (c) a certificate of the chief financial officer of the Parent setting forth in reasonable detail the calculations required to establish, on a pro forma basis after giving effect to the Delayed Draw Term Loans to be made on such date, compliance with each of the financial covenants contained in Section 7.03 for the next four fiscal quarters; (d) the Required Lenders shall be reasonably satisfied that there are committed take or pay contracts that will provide sufficient revenue to support the Permitted Project being financed with such Delayed Draw Term Loan; and (e) the Borrowers shall have Qualified Cash in an amount equal to or greater than $3,000,000 immediately prior to giving effect to the making of the proposed Delayed Draw Term Loan.

Conditions Precedent to Delayed Draw Term Loans. The obligation On the date of any Agent or any Lender to make any each Borrowing of Delayed Draw Term Loan hereunder is subject toLoans: (a) the receipt by the Agents of a certificate Borrower shall have delivered by an Authorized Officer of the Borrower certifying to the Agents and the Lenders Administrative Agent a customary Borrowing Request certifying as to, among other things, that the proceeds of the Delayed Draw Term Loans are being used for a Permitted Project and are in compliance with the budget for such Permitted Project set forth on Schedule 1.01(C) (as such schedule may will be updated from time to time utilized in accordance with the terms of this Agreement) and attaching thereto a detailed sources and uses statement in form and substance reasonably satisfactory to the Required LendersSection 5.13; (b) a certificate of the chief financial officer of the Parent, certifying that the Loan Parties on a consolidated basis are Solvent (after giving effect to the The Delayed Draw Term Loans to be made on such date)Loan Conditions shall have been satisfied; (c) a certificate At the time of the chief financial officer of the Parent setting forth in reasonable detail the calculations required to establish, on a pro forma basis and immediately after giving effect to such Borrowing and the Delayed Draw Term Loans to be made on such date, compliance with each application of the financial covenants contained in Section 7.03 proceeds thereof, no Default or Event of Default shall have occurred and be continuing (except for any defaults or events of default arising solely as a result of the next four fiscal quarterscommencement of the Chapter 11 Cases); (d) the Required Lenders representations and warranties of each Loan Party set forth in Article III of this Agreement or in any other Loan Document shall be reasonably satisfied true and correct in all material respects (without duplication of any materiality qualifier contained therein) on the date of, and upon giving effect to, such funding or issuance (except for representations and warranties that there are committed take or pay contracts that will provide sufficient revenue expressly relate to support the Permitted Project being financed with an earlier date, in which case such Delayed Draw Term Loanrepresentations and warranties shall be true and correct in all material respects as such earlier date); and (e) the Borrowers The Borrower shall have Qualified Cash in an amount equal to or greater than $3,000,000 immediately prior to giving effect to paid the making balance of all reasonable and documented fees and expenses then due and payable under this Agreement. Each request by the proposed Borrower for funding of a Delayed Draw Term LoanLoan shall constitute a representation by the Borrower that the conditions in clauses (a) through (e) above are satisfied on the date of such request and on the date of such funding.