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Conditions to Subsequent Advances Sample Clauses

Conditions to Subsequent Advances. The obligation of the Lender to make any Subsequent Advance under the Advance Note and 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) After giving effect to the Advances under the Advance Note requested by Borrower to be made on any date, the cumulative aggregate principal amount of all Advances under the Advance Note shall not exceed $7,000,000.00. (e) Each request for an Advance under the Advance Note shall have been received by Lender prior to November 3, 2004. (f) 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. (g) 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. Lenders will have no obligation to fund any Advance after the initial Revolving Loan Advance or the initial Swingline 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. The obligation of Lender to make any advance subsequent to the initial advance is subject to the following conditions precedent:
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 on the Loan is subject to the following conditions precedent:
Conditions to Subsequent AdvancesPrior to each subsequent Advance under the Line of Credit or the issuance of a Letter of Credit: 6.
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. Lxxxxx’s obligations hereunder to make any subsequent Advances are conditioned upon the following, each in form and substance satisfactory to Lender: (i) Lxxxxx’s timely receipt of an Advance Request, together with all required supporting documentation; (ii) Written evidence that Bxxxxxxx has contributed a portion of Bxxxxxxx’s Equity in the amount of $3,320,000.00 toward the construction of the Improvements of the Property; (iii) Signed and executed sub-leases totaling $2,220,000.00 of not less than five (5) year terms required to support Debt Service Coverage of at least 1.25:1.0 to begin construction funding; provided, however, that for purposes of satisfying this condition, Borrower shall not be required to extend the term of any lease and/or sub-lease that is already in effect as of the closing of the Loan; (iv) The Equity Reserve of $1,480,000.00 shall have been deposited with Lender; (v) The Debt Service Reserve shall remain on deposit with Lender in the amount of $1,950,000.00; (vi) If requested by Lxxxxx, the Title Company shall issue an endorsement to the Title Insurance Policy continuing the effective date of the Title Insurance Policy through the date of the Advance, insuring that there has been no change in the status of the title to the Property and increasing the amount of the Title Insurance Policy by the amount of the Advance being made in connection therewith; (vii) Lxxxxx’s receipt of a satisfactory inspection report from Inspector; (viii) Lender shall be satisfied that there has been no material adverse change in the financial condition, properties or prospects of Borrower; (ix) Borrower shall provide Lender copies of (a) Builder’s Risk Insurance, pursuant to Section 5.17 below and prior to any commencement of construction or acquisition of any materials to be used in connection with the Project; (b) copies of all remaining contracts with sub-contractors; and (c) all permits, management agreements and bonds further required herein in Section 5.13 and 5.20 herein; and (x) Lxxxxx’s receipt of such other documents, instruments, information, agreements and certificates as Lender or the Title Company may reasonably require. (xi) Borrower shall deliver a building permit in connection with the Improvements to Lender; (xii) Borrower shall deliver a certified copy of a construction contract with a general Contractor acceptable to Lender and providing for a fixed-price or guaranteed maximum price in an amount not greater than the amount allocated...