Subsequent Advances Clause Samples
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Subsequent Advances. Subject to the terms and conditions of this Agreement and in reliance upon the representations and warranties of the Loan Parties contained herein, on one or more occasions during the term of this Agreement, by written request by Borrower to the Agent for the issuance of Subsequent Advance Commitments (a “Subsequent Advance Commitment Request”), the Borrower may request that the Lenders issue Subsequent Advance Commitments on a pro rata basis. Notwithstanding any other provisions set forth herein, (i) no Subsequent Advance Commitment shall be issued unless each Lender agrees to issue a Subsequent Advance Commitment in an amount equal to its pro rata portion of such Subsequent Advance Commitment, in such Lender’s sole and absolute discretion, (ii) the Borrower shall only seek Subsequent Advance Commitments from the Lenders party to this Agreement at the time of such Subsequent Advance Commitment Request and (iii) no such Subsequent Advance Commitments shall cause the aggregate amount of all Subsequent Advance Commitments issued hereunder to exceed the Subsequent Advance Amount. To the extent that such Subsequent Advance Commitment(s) are issued by the Lenders (in their sole and absolute discretion), the Agent receives a request for a Subsequent Advance up to the available Subsequent Advance Commitment(s) (a “Subsequent Advance Request”) and the conditions precedent set forth in Exhibit B attached hereto have been satisfied to the satisfaction of the Required Lenders or waived, Lenders shall make such Subsequent Advance to the Borrower; provided, that (i) in no event shall any Lender be required to make any Subsequent Advance in excess of such Lender’s Subsequent Advance Commitment, if any, as in effect immediately prior to the funding of such Subsequent Advance, (ii) (A) no such Subsequent Advance shall cause the aggregate amount of all Subsequent Advances made hereunder by the Lenders to exceed the Subsequent Advance Amount and (B) the aggregate principal amount of all Advances (including the Existing Obligations but excluding Protective Advances) made hereunder shall not exceed the Maximum Amount, (iii) each Subsequent Advance requested by Borrower shall be in an aggregate minimum amount of $1,000,000 and integral multiples of $100,000 in excess of that amount (or, if less, the balance of the outstanding Subsequent Advance Commitments) and (iv) even if a Subsequent Advance Commitment has been issued, the decision as to whether to make a Subsequent Advance...
Subsequent Advances. Where the Minister is satisfied and has determined that the Recipient's cash flow requirements justify the need, the Minister may, at the Minister’s sole discretion, make additional advances for ▇▇▇▇▇▇▇▇ and Supported Costs, subject to the following:
(i) the Recipient follows the requirements outlined under (a) (i) and (a) (ii) above with respect to any subsequent advance;
(ii) the Recipient provides a statement of the Eligible and Supported Costs incurred during the previous advance period, or any other advance period, certified by a financial officer or other representative of the Recipient;
(iii) the Recipient provides a satisfactory report on progress and spending to date substantially in the form prescribed by the Minister; and
(iv) the Recipient submits the advance request at least two (2) weeks prior to the start of the advance period to which the advance request pertains.
Subsequent Advances. The obligation of FINOVA to make any advance shall be subject to the further conditions precedent that, on and as of the date of such advance: (a) the representations and warranties of Borrower set forth in this Agreement shall be accurate, before and after giving effect to such advance or issuance and to the application of any proceeds thereof; (b) no Event of Default and no event which, with notice or passage of time or both, would constitute an Event of Default has occurred and is continuing, or would result from such advance or issuance or from the application of any proceeds thereof; (c) no material adverse change has occurred in the Borrower's business, operations, financial condition, in the condition of the Collateral, or other assets of Borrower or in the prospect of repayment of the Obligations; and (d) FINOVA shall have received such other approvals, opinions or documents as FINOVA shall reasonably request.
Subsequent Advances. The obligation of FINOVA to make any advance or issue or cause any Letter of Credit to be issued hereunder (including the initial advance or Letter of Credit) shall be subject to the further conditions precedent that, on and as of the date of such advance or Letter of Credit issuance:
(a) the representations and warranties of Borrower set forth in this Agreement shall be accurate, before and after giving effect to such advance or issuance and to the application of any proceeds thereof; (b) no Event of Default and no event which, with notice or passage of time or both, would constitute an Event of Default has occurred and is continuing, or would result from such advance or issuance or from the application of any proceeds thereof; (c) no material adverse change has occurred in the Borrower's business, operations, financial condition, in the condition of the Collateral or other assets of Borrower or in the prospect of repayment of the Obligations; and (d) FINOVA shall have received such other approvals, opinions or documents as FINOVA shall reasonably request.
Subsequent Advances. The obligation of Lender to make any advance hereunder (including the initial advance) shall be subject to the further conditions precedent that, on and as of the date of such advance: (a) the representations and warranties of Borrower set forth in this Agreement shall be accurate, before and after giving effect to such advance or issuance and to the application of any proceeds thereof; (b) no Default or Event of Default has occurred and is continuing, or would result from such advance or issuance or from the application of any proceeds thereof; (c) no material adverse change has occurred in the Borrower's business subsequent to the immediately preceding advance hereunder, operations, financial condition, or assets or in the prospect of repayment of the Indebtedness; (d) Lender shall have received such other approvals, opinions or documents as Lender shall reasonably request; and (e) Borrower shall submit to Lender a completed Request for Advance Report in the form and substance of Exhibit "A" attached hereto, on the date such advance is requested or shall have complied with the provisions concerning oral advances hereunder as set forth in Section 4.3 hereof.
Subsequent Advances. At the time of each advance under the Line of Credit, no Event of Default or Unmatured Event of Default shall have occurred and be continuing, and the representations and warranties contained in this Agreement, including without limitation those in Section 5 hereof, shall be true and correct as of the date of the advance except as previously disclosed in writing to Bank.
Subsequent Advances. As a condition precedent to the Lenders' ------------------- obligation to make any Advance after the Closing Date, the following conditions shall all be satisfied on the date of such Advance:
Subsequent Advances. This Note shall represent the unpaid principal balance of an account payable owing by Maker to Payee on the date hereof. Payee shall have no obligation to make any additional advances to Maker.
Subsequent Advances. The Bank’s obligation to make the subsequent advances under the Loans is subject to the conditions that as of the date of each such subsequent advance:
Subsequent Advances. Lender shall not be required to make any advances under the Loan after the initial advance unless or until the following conditions have been fulfilled:
(a) No Default or Event of Default hereunder shall exist, and after having given effect to the requested advance, no Default or Event of Default shall exist; and
(b) There shall not have occurred any material adverse change in the financial condition or business prospects of Borrower after December 31, 1999.