Weekly Draws Sample Clauses

Weekly Draws. Make any Weekly Draw unless each of the following conditions have been satisfied on or prior to the date of such Weekly Draw: (a) the Collateral Agent shall have received, and there shall remain in effect, for the benefit of the Lenders a continuing, valid, binding, enforceable, non-avoidable and perfected security interest in and Lien on the Collateral in the priority set forth in Section 2.19(c); (b) with respect to each Weekly Draw, no Material Adverse Effect shall have occurred since December 31, 2018; (c) on such date, both immediately prior to and after giving effect to such Weekly Draw, no Default, Event of Default or Borrowing Base Deficiency shall have occurred or be continuing; (d) the amount of such Weekly Draw shall be in an amount in accordance with the Approved Budget for the applicable week (taking into account the starting cash balance in the operating accounts of the Borrowers and the Borrowers’ intent to have a cash balance remaining in their accounts, when taken together with amounts in the Segregated Account, of not less than $12,000,000 at the end of such week, it being understood that in no event shall the amount of such Weekly Draw exceed the amount set forth in the Approved Budget (as adjusted for any variance reasonably anticipated by the Borrowers not constituting an Unpermitted Variance in respect of total disbursements for such week) for the applicable week; (e) the representations and warranties of each Borrower contained in each Loan Document to which it is a party shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the date of such Weekly Draw, with the same effect as though made on and as of such date, except to the extent such representations and warranties expressly relate to an earlier date (in which case such representations and warranties shall be true and correct in all material respects (or if applicable, in all respects) as of such earlier date); (f) the Borrowers shall have paid all fees and expenses of the Agents and the Lenders accrued and payable on or prior to such date and set forth in a monthly invoice delivered to the Borrowers, including the accrued fees and expenses of counsel to each of the Agents and the Lenders payable pursuant to Section 10.05; (g) the SAPSA shall be in full force and effect; and (h) no later than 12:00 p.m., Local Time two (2) Business Days prior to the date of such Weekly Draw,...

Weekly Draws. During the Term, Consultant shall be entitled to a weekly draw against the commissions payable under Section 3.1 above equal to $1,500. The Company may, from time to time and in its sole and absolute discretion, allow Consultant to draw more than $1,500 net per week.