Conditions to the Advance Sample Clauses
Conditions to the Advance. The obligation of Lenders to fund the Advance is subject to the satisfaction of the following conditions and requirements:
(a) timely receipt by Administrative Agent of the Advance Request related to the Advance;
(b) immediately before and after giving effect to the Advance, no Default or Event of Default shall have occurred and be continuing and the making of the Advance shall not cause a Default;
(c) the representations and warranties contained in the Revolving Credit Agreement and incorporated herein by reference and in the other Loan Documents shall be true and correct in all material respects on and as of the date of the Advance, except that all representations and warranties that speak as of a particular date shall only be required on the date of the Advance to be true and correct in all material respects as of the date to which such representation or warranty speaks and not as of any subsequent date; and
(d) such other information and documentation as Administrative Agent shall reasonably deem necessary or desirable in connection with the Advance.
Conditions to the Advance. The obligation of FCC to make available the Advance under this Agreement is subject to and conditional upon the representations and warranties contained in this Agreement being true and correct on and as of the Closing Date with reference to the facts subsisting at such time with the same effect as if made on such date, and upon each of the following terms and conditions being satisfied:
(a) Confirmation that the Borrower has available to it an operating loan in an amount not less than CAD $8,000,000 on terms and conditions acceptable to FCC, which shall include the review by FCC and its solicitors of the governing credit agreement and /or facility letter, as applicable for such operating loan;
(b) Discharge and cancellation of any encumbrances that secures indebtedness on the Borrower’s and each Guarantor’s assets other than Permitted Liens and the Operating Lender Security Interest (subject to Section 5.1(a) in any event);
(c) Repayment of any amount outstanding and cancellation of the Borrower’s term lending facility with HSBC;
(d) Nothing shall have occurred which FCC shall determine is reasonably likely to have a MAE; Credit Agreement-LCD-10-02-2012 Page 10 of 62
(e) No event shall have occurred and be continuing 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;
(f) All documents required to grant and as necessary pledge the security described in section 2 shall have been executed and delivered to FCC together with confirmation of registration as applicable and shall be in full force and effect, in form and substance satisfactory to FCC;
(g) All other documents and instruments required by the terms hereof shall have been duly executed and delivered by all parties thereto and shall be in full force and effect, in form and substance satisfactory to FCC;
(h) FCC shall be satisfied in all respects with the business, operations and prospects and assets and liabilities (including without limitation as to environmental matters) of the Security Parties, the corporate and capital structure of the Security Parties, the sources of funding available to the Borrower on and after the Closing Date and the proposed disbursement of funds by the Borrower on and following such date;
(i) All consents and approvals necessary or desirable in connection with the completion of the transactions contemplated pursuant to this Credit Agreement and the other Documents shall have been...
Conditions to the Advance. As a condition precedent to the Advance of the Loan hereunder, Borrower must expressly satisfy all of the conditions that are noted by (x) described in Exhibit "B," and provide and execute such other documents, instruments and certificates as Lender may require.
Conditions to the Advance. As conditions precedent to the Advance hereunder, if and to the extent required by Administrative Agent, to Administrative Agent's satisfaction, Borrower must have satisfied the conditions required under this Agreement, including all of those conditions set forth in Exhibit C and Section 4 below.
Conditions to the Advance. (a) Prior to the Advance, the following conditions shall have been satisfied in the opinion of the Secured Party:
(i) This Agreement and all other Loan Documents (herein so called and being the Note, a Guaranty from Arabian Shield Development Company, a Delaware corporation ("Arabian Shield"), American Shield Refining Company, a Delaware corporation ("American Shield"), and Texas Oil and Chemical Co. II, Inc., a Texas corporation ("Texas Oil II") (collectively, "Guarantors"), a Pledge Agreement from each of South Hampton and Texas Oil II, covering all of the stock of Gulf State in the case of South Hampton, and all of the stock of South Hampton in the case of Texas Oil II, the Ground Lease (as defined below), the Sublease (as defined below) and each and every other document required by Secured Party to be executed in connection with the Loan, together with all amendments, supplements, modifications and other changes thereto, in each case being in form and substance satisfactory to Secured Party) shall have been duly authorized and executed by Debtors (and by Guarantors, as applicable) and delivered to Secured Party.
(ii) Each Debtor shall have delivered to Secured Party its respective good standing certificates, certificates of existence, certificates of incumbency and duly certified resolutions of its board of directors (in form and substance satisfactory to Secured Party) authorizing it to enter into and perform the transactions contemplated by the Loan Documents.
(iii) Secured Party shall have received an opinion from counsel to Debtors and Guarantors, in form and substance satisfactory to Secured Party.
(iv) The representations and warranties contained in this Agreement and the other Loan Documents shall be true and correct on the date of the Advance as if made on such date, no Event of Default (as defined in this Agreement), or event which with the passage of time or giving of notice would constitute an Event of Default (as defined in this Agreement) shall have occurred and be continuing, and no material adverse change shall have occurred with respect to Debtors' business or assets (including, without limitation, the Collateral, as defined in this Agreement) since October 31, 1999.
(v) Evidence of insurance which complies with the requirements of the Loan Documents shall have been delivered to Secured Party.
(vi) Receipt by Secured Party of a $17,500 commitment fee (all commitment fees described herein are in addition to any Earnxxx Xxxey (as defined ...
Conditions to the Advance. The obligation of each Lender to make available its Participation in the Advance is subject to the conditions that on the date on which the relevant Drawdown Notice is given and on the relevant Drawdown Date:
5.2.1 the representations and warranties in Clause 11 (REPRESENTATIONS AND WARRANTIES) to be repeated on those dates are correct and will be correct immediately after the Advance is made; and
5.2.2 no Default or Potential Default has occurred and is continuing or would occur on the making of the Advance.
Conditions to the Advance. Lender’s obligation to fund the Advance is conditioned upon the following: (a) Borrower shall have delivered to Lender a written request for the advance in form reasonably acceptable to Lender and such other documents as required by Lender, (b) no Event of Default shall have occurred and be continuing or would exist after the funding of such Advance, (c) no event or condition shall exist that has had or could be reasonably expected to have a Material Adverse Effect, and (d) the representations and warranties contained in this Agreement and the other Transaction Documents of Borrower shall be true and correct as if made on the date of funding of such Advance.
Conditions to the Advance. The obligations of each Lender to make the Loans (and to maintain the existing outstanding Loans) shall be subject to the satisfaction of the following conditions precedent on or prior to the Closing Date:
Conditions to the Advance. SECTION 3
Conditions to the Advance. The Advance is subject to the further conditions precedent that both on the date of the Drawing Notice and on the Drawing Date no Event of Default or Potential Event of Default has occurred or would occur as a result of making the Advance.