Subsequent Borrowings Clause Samples

Subsequent Borrowings. (a) The obligation of the Lenders to provide funds (other than with respect to Base Rate Loans which are made pursuant to the terms hereof solely to replace existing Bankers' Acceptances which have matured in the normal course on the last day of an Interest Period therefor or pursuant to Section 5.02) to the Company upon the occasion of each borrowing or to accept and purchase a Bankers' Acceptance hereunder is subject to the further conditions precedent that, as of the date of such Loans or acceptance and purchase and after giving effect thereto: (i) no Default or Event of Default shall have occurred and be continuing; (ii) no event or circumstance having a Material Adverse Effect shall have occurred since December 31, 1996, and (iii) the representations and warranties made by the Company in Article VII and the Security Instruments shall be true in all material respects on and as of the date of such Borrowing with the same force and effect as if made on and as of such date and following such new Borrowing, except as such representations and warranties are modified to give effect to transactions expressly permitted hereby. (b) Each notice of borrowing, conversion or renewal (other than Base Rate Loans which are made pursuant to the terms hereof solely to replace existing Bankers' Acceptances which have matured in the normal course on the last day of an Interest Period therefor or pursuant to Section 5.02) and election for acceptance or renewal of a Bankers' Acceptance by the Company hereunder shall constitute a certification by the Company to the effect set forth in the preceding sentence (both as of the date of such notice and, unless the Company otherwise notifies the Administrative Agent, immediately following such Borrowing).

Subsequent Borrowings. After the Initial Borrowing, each subsequent borrowing of Loans will be in an aggregate principal amount not to exceed (A) the sum of the aggregate Budgeted Disbursement Amounts plus the aggregate Budgeted Restructuring Related Amounts plus the aggregate amount set forth across from the line-item in the Loan Budget then in effect titled “Total Debt Service,” in each case for the week following the proposed borrowing date in accordance with the Loan Budget then in effect multiplied by (B) 120% (or, in the case of this subclause (B), such larger amount as is otherwise approved by the Administrative Agent). Notwithstanding the foregoing, the Borrower shall only be permitted to draw when Borrower’s unrestricted cash and cash equivalents is equal to or less than $12,500,000.

Subsequent Borrowings. The obligation of any Lenders to make advances of any Term Loans pursuant to Section 2.13 is subject to satisfaction in each instance of the following conditions precedent:

Subsequent Borrowings. Bank’s obligation to make the Secondary Term Loan and Mortgage Term Loan is subject to the conditions that as of the date the Secondary Term Loan and Mortgage Term Loan are made:

Subsequent Borrowings. The obligation of any Bank to make a Loan on the occasion of any Borrowing subsequent to the Closing Date is subject to the satisfaction of the conditions specified in clauses (a), (b) and (c) of Section 3.01. Each Borrowing hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing as to the facts specified in clauses (b) and (c) of Section 3.01.

Subsequent Borrowings. 18 Article VII: Representations and Warranties

Subsequent Borrowings. The obligation of the Investor to extend any Subsequent Borrowing is conditioned upon the fulfillment subject to Investor's satisfaction, on or prior to a Subsequent Closing Date, of the following: (a) Each Transaction Document shall be in full force and effect and the Company and the parties thereto other than the Investor shall be in full and complete compliance with all covenants and agreements contained therein. (b) The representations and warranties in each Transaction Document of the Company and each party thereto other than the Investor shall be true, complete and correct on and as of such date and at all times subsequent to the last preceding Closing Date, with the same effect as though each had been made on and as of any Closing Date. (c) There shall have not occurred an Event of Default (as defined herein) or an event that with the notice or passage of time would become an Event of Default and no Event of Default would result from the Borrowing or the application of the proceeds therefrom.

Subsequent Borrowings. Each Borrowing (other than the Initial Borrowing) up to the amount of the total Commitments shall only be made if: (i) the Total Proved Reserves Value will be equal to, or greater than, $18,750,000 on the proposed Borrowing Date; (ii) the Administrative Agent is satisfied that the Loans to be advanced as part of such Borrowing will be applied strictly to finance approved Development Activities in accordance with the Approved Capex and Operating Budget; and (iii) the Notice of Borrowing is accompanied by work orders, invoices, and such other supporting documentation justifying the purposes for which such Borrowing will be used, in each case in form and substance satisfactory to the Administrative Agent.

Subsequent Borrowings. (a) At the time of making of each Borrowing: (i) all of the representations and warranties made or deemed to be made under SECTIONS 5.1(A) (insofar as it pertains to continued existence of the Borrower), 5.1(G), 5.1(H), 5.1(J), 5.1(O), 5.1(Q) AND 5.1(S) shall be true and correct at such time both with and without giving effect to the Borrowing to be made at such time and the application of the proceeds thereof, and (ii) the corporate actions of the Borrower referred to in SECTION 4.1(A)(II) shall remain in full force and effect and the incumbency of the officers or other persons authorized to act on behalf of the Borrower shall be as stated in the certificates of incumbency delivered pursuant to SECTION 4.1(A)(III) or as subsequently modified and reflected in a certificate of incumbency delivered to the Agent. (b) Each Notice of Borrowing shall constitute a certification to the effect set forth in CLAUSES (A)(I) and (II) above by the Borrower to the Agent for the benefit of the Lenders and the Agent may, without waiving either condition, consider the conditions specified in SECTION 4.2(A)(I) and (II) fulfilled and a certification by the Borrower to such effect made, if no written notice to the contrary is received by the Agent prior to the making of the Borrowing then to be made.