Common use of Conditions Precedent to Each Borrowing and Increase Clause in Contracts

Conditions Precedent to Each Borrowing and Increase. The obligation of each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing and any Delayed Draw) and the right of the Borrower to request a Commitment Increase shall be subject to the satisfaction of the conditions set forth in Section 3.01 (to the extent not previously satisfied pursuant to that Section) and such further conditions precedent that on the date of such Borrowing or increase (a), the following statements shall be true and the Administrative Agent shall have received for the account of such Lender, (w) a Notice of Borrowing dated the date of such Borrowing or increase, (x) all items described in the definition of “Unencumbered Asset Designation Package” herein (to the extent not previously delivered with respect to each Unencumbered Asset pursuant to Section 5.01(k) or this Section 3.02), (y) in the case of an addition of any Person as an Additional Guarantor, all Guarantor Deliverables (to the extent not previously delivered pursuant to Section 5.01(k), Section 5.01(x) or this Section 3.02), and (z) a certificate signed by a Responsible Officer of the Borrower, dated the date of such Borrowing or increase, stating that:

Appears in 2 contracts

Samples: Credit Agreement (Summit Hotel Properties, Inc.), Credit Agreement (Summit Hotel Properties, Inc.)

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Conditions Precedent to Each Borrowing and Increase. The obligation of each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing and any Delayed DrawBorrowing) and the right of the Borrower to request a Commitment Increase shall be subject to the satisfaction of the conditions set forth in Section 3.01 (to the extent not previously satisfied pursuant to that Section) and such further conditions precedent that on the date of such Borrowing or increase (a), the following statements shall be true and the Administrative Agent shall have received for the account of such Lender, (w) a Notice of Borrowing dated the date of such Borrowing or increase, (x) all items described in the definition of “Unencumbered Asset Designation Package” herein (to the extent not previously delivered with respect to each Unencumbered Asset pursuant to Section 5.01(k) or this Section 3.02), (y) in the case of an addition of any Person as an Additional Guarantor, all Guarantor Deliverables (to the extent not previously delivered pursuant to Section 5.01(k), Section 5.01(x) or this Section 3.02), and (z) a certificate signed by a Responsible Officer of the Borrower, dated the date of such Borrowing or increase, stating that:

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Conditions Precedent to Each Borrowing and Increase. The obligation of each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing and any Delayed Draw) and the right of the Borrower to request a Commitment Increase shall be subject to the satisfaction of the conditions set forth in Section 3.01 (to the extent not previously satisfied pursuant to that Section) and such further conditions precedent that on the date of such Borrowing or increase (a), the following statements shall be true and the Administrative Agent shall have received for the account of such Lender, (w) a Notice of Borrowing dated the date of such Borrowing or increase, (x) all items described in the definition of “Unencumbered Asset Designation Package” herein (to the extent not previously delivered with respect to each Unencumbered Asset pursuant to Section 5.01(k) or this Section 3.02), (y) in the case of an addition of any Person as an Additional Guarantor, all Guarantor Deliverables (to the extent not previously delivered pursuant to Section 5.01(k), Section 5.01(x) or this Section 3.02), and all Collateral Deliverables (to the extent required by but not previously delivered pursuant to the Third Amendment or otherwiseSection 5.01(k) or this Section 3.02), and (z) a certificate signed by a Responsible Officer of the Borrower, dated the date of such Borrowing or increase, stating that:

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

Conditions Precedent to Each Borrowing and Increase. The obligation of each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing and any Delayed Draw) and the right of the Borrower to request a Commitment Increase shall be subject to the satisfaction of the conditions set forth in Section 3.01 (to the extent not previously satisfied pursuant to that Section) and such further conditions precedent that on the date of such Borrowing or increase (a), the following statements shall be true and the Administrative Agent shall have received for the account of such Lender, (w) a Notice of Borrowing dated the date of such Borrowing or increase, (x) all items described in the definition of “Unencumbered Asset Designation Package” herein (to the extent not previously delivered with respect to each Unencumbered Asset pursuant to Section 5.01(k) or this Section 3.02), (y) in the case of an addition of any Person as an Additional Guarantor, all Guarantor Deliverables (to the extent not previously delivered pursuant to Section 5.01(k), Section 5.01(x) or this Section 3.02), all Collateral Deliverables (to the extent required by but not previously delivered pursuant to the Second Amendment or otherwise), and (z) a certificate signed by a Responsible Officer of the Borrower, dated the date of such Borrowing or increase, stating that:

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

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Conditions Precedent to Each Borrowing and Increase. The obligation of each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing and any Delayed Draw) and the right of the Borrower to request a Commitment Increase shall be subject to the satisfaction of the conditions set forth in Section 3.01 (to the extent not previously satisfied pursuant to that Section) and such further conditions precedent that on the date of such Borrowing or increase (a), the following statements shall be true and the Administrative Agent shall have received for the account of such Lender, (w) a Notice of Borrowing dated the date of such Borrowing or increase, (x) all items described in the definition of “Unencumbered Asset Designation Package” herein (to the extent not previously delivered with respect to each Unencumbered Asset pursuant to Section 5.01(k) or this Section 3.02), (y) in the case of an addition of any Person as an Additional Guarantor, all Guarantor Deliverables (to the extent not previously delivered pursuant to Section 5.01(k), Section 5.01(x) or this Section 3.02), all Collateral Deliverables (to the extent required by but not previously delivered pursuant to the Third Amendment or otherwise), and (z) a certificate signed by a Responsible Officer of the Borrower, dated the date of such Borrowing or increase, stating that:

Appears in 1 contract

Samples: Credit Agreement (Summit Hotel Properties, Inc.)

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