Common use of Conditions Precedent to Subsequent Disbursements Clause in Contracts

Conditions Precedent to Subsequent Disbursements. The disbursement and issuance of subsequent Loans and Letters of Credit shall be subject to the following conditions precedent: (a) No Default or Event of Default shall have occurred and be continuing. (b) No event or condition shall have occurred which has a Material Adverse Effect. (c) All representations and warranties of the Borrowers contained in the Loan Documents shall be true and correct in all material respects at the date of such disbursement, except for representations and warranties that relate to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date). (d) No change shall have occurred in any law or regulations thereunder or interpretations thereof that would make it illegal for the Administrative Agent or any Lender to make Loans, or for the Issuing Bank to issue Letters of Credit, hereunder. (e) If required by the Administrative Agent because the Administrative Agent has reasonably determined, in good faith, that after giving effect to such disbursement, the aggregate principal amount of the Borrowing Base Obligations would exceed the Borrowing Base, the Borrowers shall have delivered to the Administrative Agent a current Borrowing Base Certificate and a current Aging Report duly executed by a Principal Officer of the Company and appropriately completed, and such other supporting data and documentation relating to the Collateral as may be required by the Administrative Agent in its reasonable discretion.

Conditions Precedent to Subsequent Disbursements. The disbursement and issuance of subsequent Loans and Letters of Credit shall be subject to the following conditions precedent: (a) No Default or Event of Default shall have occurred and be continuing. (b) No event or condition shall have occurred which has a Material Adverse Effect. (c) All representations and warranties of the Borrowers contained in the Loan Documents shall be true and correct in all material respects at the date of such disbursement, except for representations and warranties that relate to an earlier date (in which case such representations and warranties shall have been true and accurate on and as of such earlier date). (d) No change shall have occurred in any law or regulations thereunder or interpretations thereof that that, in the opinion of counsel for the Administrative Agent, would make it illegal for the Administrative Agent or any Lender to make Loans, or for the Issuing Bank to issue Letters of Credit, hereunder. (e) If required by the Administrative Agent because the Administrative Agent has reasonably determined, in good faith, that after giving effect to such disbursement, the aggregate principal amount of the Borrowing Base Obligations Revolving Credit Exposure would exceed the Borrowing Base, the Borrowers shall have delivered to the Administrative Agent a current Borrowing Base Certificate and a current Aging Report Report, duly executed by a Principal Officer of the Company and appropriately completed, and such other supporting data and documentation relating to the Collateral as may be required by the Administrative Agent in its reasonable discretion.