Common use of Initial Advances, Etc Clause in Contracts

Initial Advances, Etc. The effectiveness of this Agreement, the obligation of each Bank with a Pro Rata Share of the Commitment hereunder to continue any and all Commitments, Loans, participations in Existing Letters of Credit and other Obligations hereunder, and the obligation of each New Bank to make its initial Advances hereunder and of the Issuing Banks to issue Letters of Credit hereunder are subject to the following conditions precedent, each of which shall be satisfied prior to the making of the initial Advances (unless all of the Banks, in their sole and absolute discretion, shall agree otherwise):