INITIAL OR ANY SUBSEQUENT ADVANCE Sample Clauses
The "Initial or Any Subsequent Advance" clause defines the terms and conditions under which a lender will provide the borrower with the first disbursement of funds (the initial advance) and any additional disbursements thereafter (subsequent advances) under a loan agreement. This clause typically outlines the requirements that must be met before each advance is made, such as the submission of draw requests, satisfaction of certain covenants, or completion of project milestones. Its core practical function is to ensure that funds are released in a controlled manner, protecting the lender by tying advances to the borrower's compliance with agreed-upon conditions and progress, thereby managing risk and promoting accountability throughout the loan term.
INITIAL OR ANY SUBSEQUENT ADVANCE. Prior to its making the initial Advance or any subsequent Advance, Lender shall have received the following each in form and substance satisfactory to Lender:
(a) This Credit Agreement. This Credit Agreement, duly executed and delivered to Lender by Borrower.
INITIAL OR ANY SUBSEQUENT ADVANCE. Prior to its making the initial Advance or any subsequent Advance, Lender shall have received the following each in form and substance satisfactory to Lender:
INITIAL OR ANY SUBSEQUENT ADVANCE. In addition to the terms and conditions otherwise contained herein, the obligation of Lender to make the initial Advances for the NRLC, are conditioned on each of the following having been satisfied in a manner acceptable to Lender, in Lender’s sole discretion:
(a) The Credit Documents in form and substance approved by Lender shall have been duly authorized and executed by Borrower and any other parties thereto and delivered by Borrower to Lender.
(b) Lender shall have received evidence satisfactory to Lender that the representations and warranties of Borrower in the Credit Documents are true and accurate and not misleading.
(c) All Financing Statements required by Lender shall have been duly authorized by Borrower and delivered to Lender and filed in the appropriate governmental offices
(d) The Landlord Consents, if applicable, with respect to the Leases existing as of the Advance(s) shall have been duly authorized, executed and delivered by Landlords to Lender in form and substance acceptable to Lender in its sole discretion.
(e) Lender shall have received all fees, costs and expenses specified in the Credit Documents as are then due and payable by Borrower to Lender, including the attorneys’ fees and costs incurred by Lender in connection with the preparation of the Credit Documents, and all other costs incurred by Lender, including any appraisal fees, audit fees, environmental fees, premiums for title insurance policies and endorsements and filing, recording and search fees.
(f) Lender shall have received all terminations of financing statements, partial releases of financing statements, mortgage releases, deed of trust releases, pay-off letters and/or agreements and other documents required by Lender to ensure that there are no Liens affecting the Collateral for the Obligations, other than the Permitted Liens.
(g) Lender shall have received evidence that the insurance coverage required under the Credit Documents is in full force and effect, that Lender is named as a loss payee or beneficiary thereunder, and that such insurance includes a provision requiring the insurer to provide Lender at least thirty (30) days prior written notice of the cancellation, expiration, termination or any change in the coverage afforded thereby.
(h) Lender shall have received a certificate of the secretary or other Authorized Officer of the Borrower in the form and substance approved by Lender, of even date herewith, as to: (i) the incumbency and signature of the officer o...
INITIAL OR ANY SUBSEQUENT ADVANCE. The initial Advance shall (subject to the limitations set forth in Section 2.2) be in an amount necessary to repay the full amount of the Guarantor's Revolving Loan. Prior to its making the initial Advance or any subsequent Advance, Lender shall have received the following, each in form and substance satisfactory to Lender:
(a) This Credit Agreement. This Credit Agreement, duly executed and delivered to Lender by Borrower.
INITIAL OR ANY SUBSEQUENT ADVANCE. Prior to its making the initial RLC Advance or any subsequent RLC Advance, Lender shall have received on or prior to the Closing Date (or thereafter if specified below) the following each in form and substance reasonably satisfactory to Lender:
(a) PAYMENT OF FEES. Payment of all of Lender's fees incurred in connection with the transaction contemplated hereby, including but not limited to the Commitment Fee and attorneys' fees.