Conditions Precedent to the Initial Revolving Loan. The obligation of Lender to make the initial Revolving Loan or issue the initial Letter of Credit is subject to the satisfaction of each of the conditions precedent set forth on Schedule 3.1.
Conditions Precedent to the Initial Revolving Loan. The making of the initial Revolving Loan and the issuance of the initial Letter of Credit shall be subject to the prior or simultaneous fulfillment of the following conditions:
Conditions Precedent to the Initial Revolving Loan. (a) The obligation of the Lender to make the initial Revolving Loan is subject to the prior fulfillment of the following conditions:
Conditions Precedent to the Initial Revolving Loan. Each of the following is a condition precedent to Lender making the initial Revolving Loan hereunder:
(a) Lender shall have received, in form and substance satisfactory to Lender, all releases, terminations and such other documents as Lender may request to evidence and effectuate the termination by PNC Bank, National Association of its financing arrangements with Borrower and the termination and release by PNC Bank, National Association of any interest in and to any assets and properties of Borrower and each Obligor, duly authorized, executed and delivered by it, including, but not limited to, (i) Uniform Commercial Code termination statements for all Uniform Commercial Code financing statements previously filed by it or its predecessors, as secured party and Borrower or any Obligor, as debtor and (ii) satisfactions and discharges of any mortgages, deeds of trust or deeds to secure debt by Borrower or any Obligor in favor of such lender, in form acceptable for recording in the appropriate government office;
(b) Lender shall have received, in form and substance satisfactory to Lender, evidence of the payment of all amounts currently due and owing to holders of the Senior Notes (other than the Bank of Boston Note);
(c) Lender shall have received evidence, in form and substance satisfactory to Lender, that Lender has valid and perfected first priority security interests in and liens upon the Collateral and any other property which is intended to be security for the Obligations or the liability of any Obligor in respect thereof, subject only to the security interests and liens permitted herein or in the other Financing Agreements;
(d) all requisite corporate action and proceedings in connection with this Agreement and the other Financing Agreements shall be satisfactory in form and substance to Lender, and Lender shall have received (i) a copy of the Certificate of Incorporation of Borrower and any of its Subsidiaries as then in effect, certified by the Secretary of State of the state of its incorporation, (ii) a copy of the By-Laws of Borrower and any of its Subsidiaries, as then in effect, certified by its Secretary or Assistant Secretary, (iii) a copy of resolutions of the Board of Directors of Borrower, authorizing the execution, delivery and performance of this Agreement, the Registered Note, the Warrant, the Registration Agreement and all other Financing Agreements, the issuance of Common Stock to Lender upon the exercise of the Warrant and any and all r...
Conditions Precedent to the Initial Revolving Loan. The obligation of the Lender to make its initial Revolving Loan on or after the Closing Date shall be subject to the satisfaction of each of the following conditions precedent before or concurrently with the initial Revolving Loan:
