Common use of Second Advance Clause in Contracts

Second Advance. Lenders shall not be obligated to fund the Second Advance unless: (i) all of the conditions precedent to the Initial Advance have been satisfied; (ii) Borrower shall have acquired good and indefeasible title to the Initial Terramics Pool Properties, which Initial Terramics Pool Properties shall be subject to, and comply with, the requirements of Section 8.3; (iii) Agents have received property condition reports and environmental assessments with respect to the Initial Terramics Pool Properties acceptable to, and approved by, Agents; (iv) Agents have received copies of the acquisition documents with respect to the Initial Terramics Pool Properties acceptable to Agents; and (v) Administrative Agent has timely received all of the items described on Schedule 5 with respect to each Pledgor owning the Initial Terramics Pool Properties.

Second Advance. Lenders shall not be obligated to fund the Second Advance unless: (i) all of the conditions precedent to the Initial Advance have been satisfied; (ii) Borrower shall have acquired good and indefeasible title to the Initial Terramics Pool Properties, which Initial Terramics Pool Properties shall be subject to, and comply with, the requirements of Section SECTION 8.3; (iii) Agents have received property condition reports and environmental assessments with respect to the Initial Terramics Pool Properties acceptable to, and approved by, Agents; (iv) Agents have received copies of the acquisition documents with respect to the Initial Terramics Pool Properties acceptable to Agents; and (v) Administrative Agent has timely received all of the items described on Schedule SCHEDULE 5 with respect to each Pledgor owning the Initial Terramics Pool Properties.