Conditions Precedent to Loan Advances. Lender’s obligation to make each Loan Advance is subject to satisfaction of the following conditions:
(i) Receipt of an executed Notice of Borrowing (as defined below);
(ii) The representations and warranties in Section 4 shall be true in all material respects on the date of the Notice of Borrowing and the Loan Date (as defined below);
(iii) No Event of Default shall have occurred and be continuing or result from such Loan Advance;
(iv) There shall not have occurred, in Lender’s sole discretion, any Material Adverse Change.
Conditions Precedent to Loan Advances. Notwithstanding anything ------------------------------------- contained herein to the contrary, the obligation of Lender to make any Advance to Borrower, is expressly conditioned upon the following:
Conditions Precedent to Loan Advances. As used herein, the term “Initial Advance” shall mean a one-time advance in the amount of $49,188 which shall be made on or about the date hereof. As used herein, the term “Advance” shall mean an advance of Loan proceeds which will be used by Borrower to pay for general operating expenses and resolving unsecured debt obligations, all as requested in the Loan Request and when approved by the Lender. Notwithstanding anything other provision in this Loan Agreement, the maximum total amount of advances available to Borrower under this Loan Agreement shall be $200,000.00 and Lender shall not make any Advance to Borrower after July 31, 2015.
Conditions Precedent to Loan Advances. On or before a Loan Advance after the date of this Loan Agreement, the following conditions shall be met by the Borrower to the satisfaction of the Lender:
(a) the Borrower shall have delivered a Loan Advance Notice in respect of such Loan Advance, as well as a Monthly Forecast, and a detailed list of disbursements in respect of such Loan Advance, at least ten (10) days prior to the date of the Loan Advance; and
(b) such additional evidence, documents and undertakings as the Lender may request, acting reasonably, to complete the transactions contemplated hereunder and reasonable evidence of compliance with the conditions set forth in this Loan Agreement shall have been furnished to the Lender.
Conditions Precedent to Loan Advances. Lender will have no obligation to make Advances of the Loan unless each of the following conditions precedent have been satisfied in a manner satisfactory to Lender:
(a) The conditions precedent set forth on Schedule 1 (Preliminary Closing Checklist) hereto (which are incorporated herein as if set forth in this Section 3.1) have been fully satisfied;
(b) The Deeds of Trust, Financing Statements, and all other Loan Documents required by Lender (in form and substance satisfactory to Lender) shall have been executed for the Collateral;
(c) The Title Policy and all endorsements thereto required by Lender has been issued or Lender has received an unconditional commitment from the Title Company to issue the Title Policy and all such endorsements;
(d) No Default or Potential Default has occurred and is continuing;
(e) All other conditions of this Agreement and the Loan Documents have been satisfied; and
(f) All matters related to such Advance are reasonably satisfactory to Lender and its counsel. If requested by Lender, Borrower shall deliver to Lender evidence substantiating any of the matters contained in this Agreement which are necessary to enable Borrower to qualify for such Advance. Additionally, Lender will not be obligated to make any Advance if the making of such Advance is prohibited by Law. Lender, at its election, may make any Advance, without having received all items to be delivered, or which continue to be a condition precedent thereto, but such action by Lender shall not be deemed to be a waiver of the requirement that each such item be delivered as a condition precedent to any subsequent Advance.
Conditions Precedent to Loan Advances. (a) At least five (5) business days before the requested date of an advance of Loan proceeds, Borrower shall deliver an Advance Request to Lender. Borrower shall be entitled to an advance only in an amount approved by Lender in accordance with the terms of this Agreement and the Loan Documents. An "Advance Request" means a properly completed and executed written application by Borrower to Lender, in a form approved by Lender, setting forth the amount of Loan proceeds desired, together with such schedules, affidavits, statements, invoices, bills, and other documents, certificates and information required by Lender. Lender shall make the requested advance to Borrower on a business day within five (5) business days after satisfaction of all applicable conditions of this Agreement and the Loan Documents. Lender's obligation to make any advances under this Agreement and the other Loan Documents shall be subject to the conditions precedent that, as of the date of such advance and after giving effect thereto (a) all representations and warranties made to Lender by Borrower and any of the guarantors in this Agreement and the other Loan Documents shall be true and correct, as of and as if made on the date of such advance, (b) no material adverse change in the financial condition of Borrower or any of the guarantors since the effective date of the most recent financial statements furnished to Lender by Borrower or any of the guarantors shall have occurred and be continuing, and (c) no event has occurred and is continuing, or would result from the requested advance, which with notice or lapse of time, or both, would constitute an Event of Default, Each Advance Request, and Borrower's acceptance of any advance, shall be deemed to ratify and confirm that all representations and warranties in the Loan Documents remain true and correct as of the date of the Advance Request and the advance, respectively. Advances may also be made, in addition to other methods contemplated herein, at Lender's option, by direct or joint check payment to any or all vendors or other persons entitled to payment for work or services performed or materials or goods furnished in connection with the Advance Request.
Conditions Precedent to Loan Advances. No Loan Advance relating to the Loan shall be made by Lender to Borrower at any time unless:
(a) the Loan is in Balance as provided in Section 5.1 hereof;
(b) no Default has occurred under this Agreement, or under any of the other Loan Documents, and no event, circumstance or condition has occurred or exists that, with the passage of time or the giving of notice, would constitute a Default under this Agreement or any other Loan Document;
(c) all representations and warranties made by Borrower to Lender herein or in any other Loan Document continue to be accurate in all material respects; and
(d) all conditions precedent to such disbursement have been satisfied.
Conditions Precedent to Loan Advances. The making of the Advance of the Loan by Lender to Borrower on the Closing Date is subject to the satisfaction of the following conditions precedent:
Conditions Precedent to Loan Advances. Lender’s obligation to make the initial and each subsequent Loan Advance is subject to satisfaction of the following additional conditions precedent:
(i) Lender’s receipt of a written executed Notice of Borrowing, as defined in Section 2(c), including designation of the Workover Wellbore for which the proceeds of the Loan Advance will be used;
(ii) each of the Transaction Documents shall have been executed and delivered by the parties thereto and they shall each be in full force and effect;
(iii) the representations and warranties of Borrower in Section 3 shall be accurate and complete in all material respects on the date of the Notice of Borrowing and the Loan Date (as defined below);
(iv) no Event of Default shall have occurred and be continuing or result from such Loan Advance; and
(v) there shall not have occurred any Material Adverse Change (as defined below).
Conditions Precedent to Loan Advances. The making of the Advances of the Loan by Lender to Borrower are subject to the satisfaction of the following conditions precedent:
