Common use of Conditions - Present Loan Clause in Contracts

Conditions - Present Loan. The obligation of Lender to advance any sum pursuant to "(a)" is contingent upon, since the date of this Agreement until the date of any advance; (1) no material adverse change shall have occurred in the financial condition of Borrowers or in the physical condition of the assets serving as collateral; (2) no event shall have occurred or condition exist which constitutes or with the passage of time or the giving of notice would constitute, any event of default; and (3) Lender's receipt of a certificate dated the date of the request for advance, and signed by the President of Parent stating that: a) the Borrowers have complied and are then in compliance with all the terms and covenants of this Agreement which are binding upon them; b) there exists no event of default as defined herein and no event which, with the giving of notice or the lapse of time, or both, would constitute such an event of default; and c) the representations and warranties contained herein are true with the same effect as though such representations and warranties were made at the time of request for advance.