Conditions Precedent to Subsequent Advances. The obligation of each Lender to make each Advance to be made by it (other than any initial Advance on the Closing Date) on each Borrowing Date shall be subject to the fulfillment (or waiver by the Required Lenders) of the following conditions; provided that the conditions described in clauses (c) and (d) (other than a Default or Event of Default described in Section 6.01(h)) below need not be satisfied if the proceeds of the Borrowing are used to fund Delayed Drawdown Collateral Assets or Revolving Collateral Assets then owned by the Borrower or to fund the Unfunded Reserve Account to the extent required under Section 8.05:
(a) the Lenders and the Administrative Agent shall have received a Notice of Borrowing with respect to such Advance (including the Borrowing Base Calculation Statement attached thereto, all duly completed) delivered in accordance with Section 2.02;
(b) with respect to any Borrowing Date occurring after the end of the Ramp-Up Period, immediately after the making of such Advance on the applicable Borrowing Date, each Collateral Quality Test shall be satisfied (or, if any such Collateral Quality Test was not satisfied immediately before the making of such Advance, such Collateral Quality Test is maintained or improved) (as demonstrated on the Borrowing Base Calculation Statement attached to such Notice of Borrowing);
(c) each of the representations and warranties of the Borrower, the Collateral Manager and the Equityholder contained in the Facility Documents shall be true and correct in all material respects as of such Borrowing Date (except to the extent (x) such representations and warranties expressly relate to any earlier date, in which case such representations and warranties shall be true and correct in all material respects as of such earlier date as if made on such date and (y) such representations and warranties are already qualified as to materiality or similar, in which case such representations and warranties shall be true and correct in all respects);
(d) no Default or Event of Default shall have occurred and be continuing at the time of the making of such Advance or shall result upon the making of such Advance;
(e) after the making of such Advance and the deposit of any portion thereof into the Unfunded Reserve Account, the amount on deposit therein is at least equal to the Unfunded Reserve Required Amount;
(f) if the proceeds of the Advance will be used to acquire a Collateral Asset, such Advance shall be denominated in the...
Conditions Precedent to Subsequent Advances. Advances after the initial Advance shall be made from time to time as requested by Borrower, and the obligation of each Lender to make any Advance (including Swingline Loans and Competitive Bid Loans) and the obligation of the Issuing Bank to issue a Facility Letter of Credit is subject to the following terms and conditions:
(a) prior to each such Advance no Default or Event of Default shall have occurred and be continuing under this Agreement or any of the Loan Documents and, if required by Administrative Agent, Borrower shall deliver a certificate of Borrower to such effect; and
(b) The representations and warranties contained in Article VI and VII are true and correct as of such borrowing date, Issuance Date, or date of conversion and/or continuation as and to the extent set forth therein, except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date. Subject to the last grammatical paragraphs of Article VI and VII hereof, each Borrowing Notice, Letter of Credit Request, and Conversion/Continuation Notice shall constitute a representation and warranty by the Borrower that the conditions contained in Sections 5.2(a) and (b) have been satisfied.
Conditions Precedent to Subsequent Advances. The obligation of the Lender to make subsequent advances under the Revolving Credit is subject to the conditions precedent that the Lender shall have received, in form and substance satisfactory to it, each of the following documents, and that each of the conditions described below is fulfilled to the satisfaction of the Lender: (i) if applicable, a request for advance pursuant to Section 3.01 hereof; and (ii) the representations and warranties contained in Article IV hereof and each of the other Loan Documents shall be correct in all material respects on and as of the date of the request for the advance and the date of the advance (if applicable), with the same effect as though made on and as of those dates, except to the extent that such representations and warranties relate solely to an earlier date, and on each of such dates, no event, act, or condition shall have occurred or be continuing, or would result from the advance requested which constitutes an Event of Default or would constitute an Event of Default but for the requirement that notice be given or time elapse, or both. The submission by the Borrower of an oral or written request for advance shall constitute a representation and warranty as to the correctness of the above facts, and if requested by the Lender with respect to the advance requested, the Borrower shall furnish to the Lender a written certificate of an officer of the Borrower, satisfactory in form and substance to the Lender, as to the correctness of the above facts as a condition precedent to such advance.
Conditions Precedent to Subsequent Advances. The obligation of each Lender to make any disbursement or advance subsequent to the initial disbursement or initial advance under the Revolving Loans, or of Huntington as issuing bank to issue any Letters of Credit is subject to all the conditions and requirements of this Agreement and delivery of the following required documents, or other action, all of which are conditions precedent:
Conditions Precedent to Subsequent Advances. The obligations of the Lenders hereunder to make any subsequent Advance are subject to compliance, on or before the making of each such Advance, with each of the following conditions precedent, which conditions precedent are for the sole and exclusive benefit of the Lenders and may be waived in writing by the Majority Lenders in their sole discretion, with the exception of paragraph 6.3.4, the waiver of which shall require consent of all of the Lenders:
6.3.1 notice to the Lenders requesting the Advance, including (i) the amount and date requested, (ii) reasonably detailed evidence and calculations supporting the amount requested, and (iii) evidence that the remaining undrawn Advances together with cash on hand are sufficient to complete the construction of the Project, each of which shall be satisfactory to the Administrative Agent acting reasonably;
6.3.2 the representations and warranties made in or pursuant to this Agreement shall be true and correct on the date of the Advance, (except to the extent such representations and warranties expressly relate to an earlier date, and in such case, shall be true and correct on and as of such earlier date) as if made on and as of the date of any subsequent Advance, except for such changes, facts, events, or circumstances that have been previously disclosed in writing to the Lenders and provided that such disclosed changes, facts, events, or circumstances are satisfactory to the Administrative Agent, acting reasonably;
6.3.3 the Lenders shall have received a Compliance Certificate;
6.3.4 no event shall have occurred since the Closing Date which, individually or in the aggregate, has had, or could reasonably be expected to have, a Material Adverse Effect, including any event arising as a result of any casualty or disaster, accident, labour dispute, exercise of power of eminent domain or other governmental action, act of God or other reason whatsoever; and
6.3.5 no Default or Event of Default shall have occurred and be continuing nor shall there be any such Default or Event of Default after giving effect to such advance and the Lenders shall have received an Officer’s Certificate confirming same.
Conditions Precedent to Subsequent Advances. The obligation of Lender to make subsequent Advances is subject to the conditions precedent that Lender shall have received, in form and substance satisfactory to it, each of the following documents and that each of the conditions described below is fulfilled to the satisfaction of Lender:
(A) A request for Advance pursuant to Section 9.4 hereof;
(B) The representation and warranties contained herein and in each of the other Loan Documents shall be correct on and as of the date of the request for the Advance and the date of the Advance, with the same effect as though made on and as of those dates, except to the extent that such representations and warranties relate solely to an earlier date, and on each of such dates, no event, act, or condition shall have occurred or be continuing, or would result from the Advance requested, which constitutes a
Conditions Precedent to Subsequent Advances. The obligation of Lender to fund subsequent Advances is subject to Lender’s satisfaction of each of the following as well as those in Section 3.3 and each request by Borrower for an Advance shall constitute a representation by Borrower that all conditions precedent in this Article have been satisfied and the amount of the Advance does not exceed the limits set forth in Article 2 hereof, or violate or exceed any other provision of this Agreement:.
Conditions Precedent to Subsequent Advances. Upon the satisfaction of each ------------------------------------------- of the conditions precedent set forth in this Section 2(b) in form and ------------ substance reasonably satisfactory to Payee and subject to Section 1 hereof, --------- Payee shall make subsequent Advances to Maker.
Conditions Precedent to Subsequent Advances. The following shall be conditions precedent to all subsequent Advances:
(a) the representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct in all material respects on and as of the date of such Advance as though made on and as of such date (except to the extent that such representations and warranties relate solely to an earlier date);
(b) no Event of Default or event which with the giving of notice or passage of time would constitute an Event of Default shall have occurred and be continuing on the date of such Advance nor shall either result from the making of the Advance;
(c) no injunction, writ, restraining order, or other order of any nature prohibiting, directly or indirectly, the making of such Advance shall have been issued and remain in force by any governmental authority against Borrower, Alliance, or any of their Affiliates;
(d) Borrower shall have delivered to Alliance or its Custodian, if Alliance elects, each Note File; and
(e) Borrower shall have received and confirmed to Alliance, within thirty (30) days after the applicable subsequent Advance, evidence satisfactory to it that all of the property encumbered by the Note Mortgages is insured by policies of insurance acceptable in form and substance to Alliance.
Conditions Precedent to Subsequent Advances. The following conditions precedent must be satisfied for each Subsequent Advance made by Lender:
(A) Borrower must be, and at all times have been, in compliance with the terms and conditions of this Agreement in all material respects;
(B) Borrower’s representations and warranties contained in Section 4 must be true on and as of the date of such Subsequent Advance with the same effect as though such representations and warranties had been made on and as of the date of such Subsequent Advance giving effect however to any supplements to the Disclosure Schedule acceptable to the Lender; and
(C) Borrower and Lender must have obtained all other authorizations, approvals or permits, if any, of any governmental authority or regulatory body required in connection with the lawful issuance and sale of such Notes, which must be effective as of the date of each Subsequent Advance.
