Ongoing Loan Advances. As conditions precedent to Bank’s obligation to fund any Loan Advance hereunder, including the first Loan Advance, at and as of the date of advance thereof: (1) There shall have been submitted to Bank the Advance Request for such Loan Advance. (2) The representations and warranties of Borrower contained in the Loan Documents shall be accurate and complete in all respects as if made on and as of the date of such advance, conversion or continuance. (3) There shall not have occurred and be continuing a Default or an Event of Default. (4) There shall not have occurred any material adverse change in the financial condition, assets, nature of assets, operations or prospects of Borrower from that represented in this Agreement, the other Loan Documents, or the documents or information furnished to Bank in connection herewith or therewith. (5) The total outstanding principal balance of the Loan after such Loan Advance shall not exceed the Maximum Loan Amount. (6) By submitting an Advance Request to Bank hereunder, Borrower shall be deemed to have represented and warranted the accuracy and completeness of the statements set forth in Sections 5(b)(2) through 5(b)(5) above.
Appears in 3 contracts
Samples: Loan and Security Agreement (loanDepot, Inc.), Loan and Security Agreement (Guild Holdings Co), Loan and Security Agreement (loanDepot, Inc.)
Ongoing Loan Advances. As conditions precedent to Bank’s obligation to fund any Loan Advance hereunder, including the first Loan Advance, at and as of the date of advance thereof:
(1) There shall have been submitted to Bank the Advance Request for such Loan Advance.
(2) The representations and warranties of Borrower contained in the Loan Documents shall be true and accurate and complete in all material respects as if made on and as of the date of such advance, conversion or continuance.
(3) There shall not have occurred and be continuing a Default or an Event of Default.
(4) There shall not have occurred any material adverse change in the financial condition, assets, nature of assets, operations or prospects of Borrower from that represented in this Agreement, the other Loan Documents, or the documents or information furnished to Bank in connection herewith or therewith.
(5) The total outstanding principal balance of the Loan after such Loan Advance shall not exceed the Maximum Loan Amount.
(6) By submitting an Advance Request to Bank hereunder, Borrower shall be deemed to have represented and warranted the truth and accuracy and completeness of the statements set forth in Sections 5(b)(2) through 5(b)(5) above.
Appears in 2 contracts
Samples: Loan and Security Agreement, Loan and Security Agreement (Stonegate Mortgage Corp)
