Common use of Conditions Precedent to Making of Loans on the Closing Date Clause in Contracts

Conditions Precedent to Making of Loans on the Closing Date. The obligation of the Lenders to make the initial Revolving Loans and the Term Loans on the Closing Date, and the obligation of the Agent to cause the Letter of Credit Issuer to issue any Letter of Credit on the Closing Date, are subject to the following conditions precedent having been satisfied in a manner satisfactory to the Agent and each Lender: (a) This Agreement and the other Loan Documents shall have been executed by each party thereto and the Borrower shall have performed and complied with all covenants, agreements and conditions contained herein and the other Loan Documents which are required to be performed or complied with by the Borrower before or on such Closing Date. (b) Upon making the Revolving Loans (including such Revolving Loans made to finance the Closing Fee or otherwise as reimbursement for fees, costs and expenses then payable under this Agreement) and with all its obligations current, the Borrower shall have Availability of at least $7,000,000.

Conditions Precedent to Making of Loans on the Closing Date. The obligation of the Lenders Lender to make the initial Revolving Loans and the Term Loans on the Closing Date, and the obligation of the Agent to cause the Letter of Credit Issuer Lender to issue any Letter of Credit on the Closing Date, are subject to the following conditions precedent having been satisfied in a manner reasonably satisfactory to the Agent and each Lender: (a) This Agreement and the other Loan Documents shall have been executed and delivered by each party thereto and the each Borrower shall have performed and complied with all covenants, agreements and conditions contained herein and the other Loan Documents which are required to be performed or complied with by the each Borrower before or on such Closing Date. (b) Upon making the Revolving Loans (including such Revolving Loans made to finance the Closing Fee finance, or otherwise as reimbursement for for, all fees, costs and expenses then payable under this AgreementAgreement or the other Loan Documents) and with all its obligations current, the Borrower Borrowers shall have Excess Availability of at least $7,000,0005,000,000. (c) All representations and warranties made hereunder and in the other Loan Documents shall be true and correct as if made on such date.