Conditions to Subsequent Advances. The obligation of the Lender to make any Subsequent Advance under the Revolving Line of Credit Promissory Note requested to be made by the Borrower on any date is subject to the satisfaction of the following conditions precedent:
(a) Each of the representations and warranties made by the Borrower in or pursuant to the Loan Papers shall be true and correct in all material respects on and as of such date as if made on and as of such date.
(b) No Event of Default shall have occurred and be continuing on such date or after giving effect to the Subsequent Advance requested to be made on such date.
(c) Notwithstanding Section 2.4(b), after giving effect to the Advances under the Revolving Line of Credit Promissory Note requested by Borrower to be made on any date, the aggregate principal amount of the Revolving Line of Credit Promissory Note then outstanding shall not exceed the lesser of (i) $750,000.00 or (ii) the Borrowing Base then in effect.
(d) No litigation, investigation or proceeding of or before any arbitrator or Governmental Authority shall be pending or, to the knowledge of the Borrower, threatened by or against the Borrower or the Lender with respect to this Agreement or any of the other Loan Papers or the transactions contemplated by this Agreement or any of the other Loan Papers.
(e) The Lender shall have received all Borrowing Base Reports required to be delivered by Borrower pursuant to Section 2.3(b)(i). Each borrowing by the Borrower hereunder shall constitute a representation and warranty by the Borrower as of the date thereof that the conditions contained in this Section 3.2 have been satisfied.
Conditions to Subsequent Advances. Lenders will have no obligation to fund any Advance after the initial Revolving Loan Advance unless:
Conditions to Subsequent Advances. The obligations of Lender to make each Advance under any unfunded loan Obligation on any Borrowing Date subsequent to the initial Advance hereunder shall be subject to the fulfillment of the following conditions precedent:
(a) Borrower, its Subsidiaries and TWC shall have executed and delivered to Lender appropriate Loan Documents with respect to any new loan Obligations, and with respect to all Obligations, Borrower shall have executed and delivered to Lender an appropriate Draw Request signed by a duly authorized officer of Borrower in accordance with Section 2.03 hereof, and Lender shall be satisfied as to the accuracy of Borrower’s computation of the Borrowing Base and the Maximum Amount.
(b) If requested by Lender, Borrower and its Subsidiaries shall have delivered to Lender a Certificate of No Default, an Insurance Report and a Government Contracts Status Report and Certification, each executed by a duly authorized officer of Borrower and its Subsidiaries, to the extent applicable, in the form required by Lender.
(c) The representations and warranties contained in Article 6 hereof and any other document executed and delivered in connection herewith are and shall be true and correct in all material respects as though made on and as of such Borrowing Date (except as not materially affected by transactions hereafter occurring in the ordinary course of business, and except as may be waived by or cured to the satisfaction of Lender), and no event has or will have occurred, and is or will be continuing, or would result from such Advance, which constitutes or would constitute an Event of Default (as defined in Article 10 hereof), or which with notice or lapse of time or both will or would constitute an Event of Default (unless waived by or cured to the satisfaction of Lender).
(d) The making of the proposed Advance will not violate or contravene any applicable provision of any law or any regulation, demand, decree, order, writ, or injunction of any Tribunal.
(e) Borrower, TWC and the Subsidiaries shall have delivered to Lender such other documents, instruments and certificates as Lender may reasonably require.
Conditions to Subsequent Advances. Before each subsequent extension of credit:
Conditions to Subsequent Advances. The obligation of Lender to make any advance subsequent to the initial advance is subject to the following conditions precedent:
Conditions to Subsequent Advances. The obligation of Lender to make any Advance subsequent to the initial Advance on the Loan is subject to the following conditions precedent:
Conditions to Subsequent Advances. Prior to each subsequent Advance under the Line of Credit or subsequent Advances under the Line of Credit:
Conditions to Subsequent Advances. The obligation of the Lender to permit Borrower's previous loans to be included in the Loan Commitment and to make any subsequent advance pursuant to this Agreement shall be subject to compliance by the Borrower with his agreements herein contained, and, shall be subject to Borrower executing and delivering to Lender the Note in the form annexed hereto as Exhibit A.
Conditions to Subsequent Advances. Lender has no obligation to make any Advance subsequent to the Initial Advance unless Lender has received the following:
(i) a down date endorsement to the Title Policy (or if an endorsement is not available, an abstractor’s certificate or other evidence from the Title Company) showing “nothing further” of record affecting the Land from the date of recording of the Deed of Trust, except those matters that Lender specifically approves or are permitted under the Loan Documents;
(ii) waivers signed and acknowledged (notarized) by each Contractor that has done work included within any prior Advance Request that the respective Contractor has been paid in full (except for required retainage) for and is waiving any mechanic’s and materialman’s lien rights with respect to all work done for which reimbursement has previously been requested; and
(iii) an inspection report prepared by an Independent Consultant certifying that: (A) the amount of the Advance included in the Advance Request does not exceed the cost of the work completed, less prior Advances and required retainage; (B) the undisbursed Loan proceeds, together with other funds provided by Borrower, are sufficient to complete all of the Improvements; (C) the Improvements have been constructed substantially in accordance with the Plans; and (D) it has reviewed all city inspection reports.
Conditions to Subsequent Advances. The obligation of Lenders to make each Advance subsequent to the initial Advance shall be subject to the fulfillment (to the satisfaction of Agent) of the following conditions precedent:
(a) Except with respect to borrowings under the Swing Line, Agent shall have received a request for a borrowing as provided for in subsection 2.3 hereof.
(b) Agent shall have received a Borrowing Base Certificate as required by Section 2.1.1(a)(ii) hereof, and the matters contained in Section 4.2(g) hereof shall be true as of such date.
(c) All legal matters incident to such advance shall be satisfactory to counsel for Agent.
