Documents, fees and no default Sample Clauses
Documents, fees and no default. Each Lender’s obligation to contribute to the Loan is subject to the following conditions precedent:
(a) that, on or before the date of this Agreement, the Agent receives the documents described in Part A of Schedule 3 in form and substance satisfactory to the Agent and its lawyers;
(b) that, on or before the Drawdown Date but prior to the borrowing of the Loan, the Agent receives;
(i) the documents and conditions described in Part B of Schedule 3 in form and substance satisfactory to the Agent and its lawyers;
(ii) payment in full of the structuring fee payable pursuant to paragraph (a) of Clause 20.1 and of any commitment fee payable pursuant to paragraph (b) of Clause 20.1; and
(iii) payment of any expenses payable pursuant to Clause 20.2 which are due and payable on the Drawdown Date,
(iv) save for any documents and conditions that the Agent agrees, in its absolute sole discretion, at the Borrower’s request to receive after any prepositioning of funds but before the release of the Loan;
(c) that both at the date of the Drawdown Notice and at the Drawdown Date:
(i) no Event of Default or Potential Event of Default has occurred or would result from the borrowing of the Loan;
(ii) the representations and warranties in Clause 10 and those of the Borrower, the Approved Manager or any Security Party which are set out in the other Finance Documents would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing;
(iii) none of the circumstances contemplated by Clause 5.7 has occurred and is continuing; and
(iv) there has been no Material Adverse Change; and
(d) that, if the Security Cover Ratio were applied immediately following the borrowing of the Loan, the Borrower would not be obliged to provide additional security or prepay part of the Loan under that Clause; and
(e) that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Agent may, with the authorisation of the Majority Lenders, request by notice to the Borrower prior to the Drawdown Date.
Documents, fees and no default. The Lender's obligation to advance the Loan is subject to the following conditions precedent:
(a) that, on or before the service of the Drawdown Notice, the Lender receives the documents described in Part A of Schedule 2 in form and substance satisfactory to it and its lawyers;
(b) that, on the Drawdown Date but prior to the advancing of the Loan, the Lender receives the documents described in Part B of Schedule 2 in form and substance satisfactory to it and its lawyers;
(c) that the Lender has received the management fee referred to in Clause 19.1 and has received payment of the expenses referred to in Clause 19.2;
(d) that both at the date of the Drawdown Notice and at the Drawdown Date:
(i) no Event of Default or Potential Event of Default has occurred and is continuing or would result from the borrowing of the Loan;
(ii) the representations and warranties in Clause 9.1 and those of the Borrower or any Security Party which are set out in the other Finance Documents would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing; and
(iii) none of the circumstances contemplated by Clause 4.4 has occurred and is continuing;
(e) that, if the ratio set out in Clause 14.1 were applied immediately following the advancing of the Loan, the Lender would not be entitled to oblige the Borrower to provide additional security or prepay part of the Loan under that Clause; and
(f) that the Lender has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Lender may reasonably request by notice to the Borrower prior to the Drawdown Date.
Documents, fees and no default. Each Lender’s obligation to contribute to the Loan is subject to the following conditions precedent:
(a) that, on or before the service of the Drawdown Notice, the Agent receives the documents described in Part A of Schedule 3 in form and substance satisfactory to the Agent and its lawyers;
(b) that, on the Drawdown Date but prior to the advance of the Loan, the Agent receives or is satisfied that it will receive on the advance of the Loan the documents described in Part B of Schedule 3 in form and substance satisfactory to it and its lawyers;
(c) that both at the date of the Drawdown Notice and at the Drawdown Date:
(i) no Event of Default or Potential Event of Default has occurred or would result from the borrowing of the Loan;
(ii) the representations and warranties in Clause 10 and those of the Borrower or any Security Party which are set out in the other Finance Documents would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing; and
(iii) none of the circumstances contemplated by Clause 5.6 has occurred and is continuing;
(d) that, if the ratio set out in Clause 15.1 were applied immediately following the making of the Loan, the Borrower would not be obliged to provide additional security or prepay part of the Loan under that Clause.
Documents, fees and no default. Each Lender’s obligation to contribute to an Advance is subject to the following conditions precedent:
Documents, fees and no default. The Lender’s obligation to make the Loan is subject to the following conditions precedent:
(a) that on or before the date of this Agreement, the Lender receives:
(i) the documents described in Part A of Schedule 2 in form and substance satisfactory to it and its lawyers; and
(ii) the arrangement fee referred to in Clause 19.1;
(b) that, on or before the service of the Drawdown Notice, the Lender receives the documents described in Part B of Schedule 2 in form and substance satisfactory to it and its lawyers;
(c) that, on or before the Drawdown Date, the Lender receives all accrued commitment fee payable pursuant to Clause 19.1(b);
(d) that both at the date of the Drawdown Notice and at the Drawdown Date:
(i) no Event of Default or Potential Event of Default has occurred and is continuing or would result from the borrowing of the Loan;
(ii) the representations and warranties in Clause 9.1 and those of the Borrower or any other Security Party which are set out in the other Finance Documents would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing; and
(iii) none of the circumstances contemplated by Clause 4.4 has occurred and is continuing; and
(iv) there has been no material adverse change in the financial position, state of affairs or prospects of the Borrower or the Guarantor in the light of which the Lender considers that there is a significant risk that the Borrower or the Guarantor will later become, unable to discharge its liabilities under the Finance Documents to which it is a party as they fall due; and
(e) that, if the ratio set out in Clause 14.1 were applied immediately following the making of the Loan, the Borrower would not be obliged to provide additional security or prepay part of the Loan under that Clause;
(f) that the Lender has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Lender may reasonably request by notice to the Borrower prior to the Drawdown Date.
Documents, fees and no default. Each Lender’s obligation to contribute to an Advance is subject to the following conditions precedent:
(a) that, on or before the service of the Drawdown Notice, the Agent receives the documents described in Part A of Schedule 3 in form and substance satisfactory to the Agent and its lawyers;
(b) that, on the Drawdown Date but prior to the making of the Advance, the Agent receives;
Documents, fees and no default. Each Lender's obligation to contribute to the Loan is subject to the following conditions precedent:
Documents, fees and no default. The Issuer’s obligation to issue any Guarantee is subject to the following conditions precedent:
(a) that, on or before the service of the first Guarantee Issue Request, the Issuer receives the documents described in Part A of Schedule 2 in form and substance satisfactory to it;
(b) that, on or before a Guarantee Issue Date but prior to the issue of a Guarantee, the Issuer receives the documents described in Part B of Schedule 2 in a form satisfactory to it;
(c) that, on or before each Guarantee Issue Date, the Issuer has received all arrangement and commitment fees payable pursuant to Clause 18.1;
(d) that both at the date of each Guarantee Issue Request and at each Guarantee Issue Date:
(i) no Event of Default or Potential Event of Default has occurred and is continuing or would result from the issue of the Guarantee; and
(ii) the representations and warranties in Clause 8.1 and those of the Obligors or any Security Party which are set out in the other Finance Documents would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing;
(e) that the Issuer has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Issuer may reasonably request by notice to the Obligors prior to the Guarantee Issue Date.
Documents, fees and no default. Each Lender’s obligation to contribute to an Advance is subject to the following conditions precedent:
(a) that, on or before the first Drawdown Date, the Agent receives the documents described in Part A of Schedule 3 in form and substance satisfactory to the Agent and its lawyers;
(b) that, on or before a Drawdown Date in respect of a Term Advance or the initial Revolving Advance in respect of a Ship, the Agent receives the documents described in Part B of Schedule 3 in form and substance satisfactory to the Agent and its lawyers;
(c) that both at the date of each Drawdown Notice and at the relevant Drawdown Date none of the Senior Creditor Parties and the Junior Creditor Parties is enforcing its rights pursuant to an event of default or default under (and as defined in) any one or more of the Senior Loan Agreements and the Junior Loan Agreement. When used in this Clause 8.1(c), “enforcing” shall mean any step or action taken by any of the Senior Creditor Parties or any of the Junior Creditor Parties to recover any amount due under the Senior Loan Agreements or under the Junior Loan Agreements after first having made a demand (a “Demand”) for repayment of the Senior Loans (or either of them) or the Junior Loan or declared (a “Declaration”) the Senior Loans (or either of them) or the Junior Loans as being immediately due and payable.
Documents, fees and no default. Each Lender’s obligation to contribute to an Advance is subject to the following conditions precedent:
(a) that, on or before the first Drawdown Date, the Agent receives the documents described in Part A of Schedule 3 in form and substance satisfactory to the Agent and its lawyers;
(b) that, on or before the first Drawdown Date, the Agent receives the fees referred to in Clause 20.1;
(c) that at the date of each Drawdown Notice and at each Drawdown Date:
(i) no Event of Default or Potential Event of Default has occurred and is continuing or would result from the borrowing of the Advance;
(ii) the representations and warranties in Clause 10.1 and those of either Borrower or any Security Party which are set out in the other Finance Documents would be true and not misleading if repeated on each of those dates with reference to the circumstances then existing; and
(iii) none of the circumstances contemplated by Clause 5.7 has occurred and is continuing; and
(d) that the Agent has received, and found to be acceptable to it, any further opinions, consents, agreements and documents in connection with the Finance Documents which the Agent may, with the authorisation of the Majority Lenders, request by notice to the Borrowers prior to the Drawdown Date.