Subsequent Advances Clause Samples

Subsequent Advances. Where the Minister is satisfied and has determined that the Recipient's cash flow requirements justify the need, the Minister may, at the Minister’s sole discretion, make additional advances for ▇▇▇▇▇▇▇▇ and Supported Costs, subject to the following: (i) the Recipient follows the requirements outlined under (a) (i) and (a) (ii) above with respect to any subsequent advance; (ii) the Recipient provides a statement of the Eligible and Supported Costs incurred during the previous advance period, or any other advance period, certified by a financial officer or other representative of the Recipient; (iii) the Recipient provides a satisfactory report on progress and spending to date substantially in the form prescribed by the Minister; and (iv) the Recipient submits the advance request at least two (2) weeks prior to the start of the advance period to which the advance request pertains.

Subsequent Advances. The obligation of FINOVA to make any advance or issue or cause any Letter of Credit to be issued hereunder (including the initial advance or Letter of Credit) shall be subject to the further conditions precedent that, on and as of the date of such advance or Letter of Credit issuance: (a) the representations and warranties of Borrower set forth in this Agreement shall be accurate, before and after giving effect to such advance or issuance and to the application of any proceeds thereof; (b) no Event of Default and no event which, with notice or passage of time or both, would constitute an Event of Default has occurred and is continuing, or would result from such advance or issuance or from the application of any proceeds thereof; (c) no material adverse change has occurred in the Borrower's business, operations, financial condition, in the condition of the Collateral or other assets of Borrower or in the prospect of repayment of the Obligations; and (d) FINOVA shall have received such other approvals, opinions or documents as FINOVA shall reasonably request.

Subsequent Advances. The obligation of any Lender to make any subsequent Advance or to issue Letters of Credit under this Second Restated Agreement shall be subject to the following additional conditions precedent: A. As of the date of the making of such Advance or the issuing of a Letter of Credit, there shall not exist any Default or Event of Default. B. Borrowers and the Guarantors shall have performed and complied with all agreements and conditions contained herein and in each of the Loan Documents which are required to be performed or complied with before or on the date of such Advance. C. As of the date of making such Advance or the issuing of a Letter of Credit, no change that would cause a Material Adverse Effect shall have occurred. D. In the case of any Borrowing representing Revolving Credit Loans, the Agent shall have received an appropriate Notice of Revolving Credit Advance or Letter of Credit Agreement dated as of the date of a Borrowing signed by a Responsible Officer of Borrowers. All of the statements contained in such Notice of Revolving Credit Advance shall be true and correct, and such Notice of Revolving Credit Advance shall contain a certification by such officer that, as of the date thereof, (i) all of the representations and warranties of Borrowers contained in this Second Restated Agreement and each of the Loan Documents executed by Borrowers are true and correct, (ii) no event has occurred and is continuing, or would result from the Borrowing, which constitutes a Default or an Event of Default, and (iii) such other facts as Lenders may request. As to Advances of Steam Supply Loans after the Effective Date of this Second Restated Agreement, a duly executed Notice of Steam Supply Advance dated as of the date of a Borrowing signed by a Responsible Officer of Borrowers, together with all supporting documents executed, delivered or required under the terms of the Steam Supply Credit Agreement for the Borrowers to fund the Steam Supply Loans to the Steam Supply Group. All of the statements contained in such Notice of Steam Supply Advance shall be true and correct, and such Notice of Steam Supply Advance shall contain a certification by such officer that, as of the date thereof, (i) all of the representations and warranties of Borrowers contained in this Second Restated Agreement and each of the Loan Documents executed by Borrowers are true and correct, (ii) no event has occurred and is continuing, or would result from the Borrowing, which constitutes a Def...

Subsequent Advances. The obligation of Lender to make any advance hereunder (including the initial advance) shall be subject to the further conditions precedent that, on and as of the date of such advance: (a) the representations and warranties of Borrower set forth in this Agreement shall be accurate, before and after giving effect to such advance or issuance and to the application of any proceeds thereof; (b) no Default or Event of Default has occurred and is continuing, or would result from such advance or issuance or from the application of any proceeds thereof; (c) no material adverse change has occurred in the Borrower's business subsequent to the immediately preceding advance hereunder, operations, financial condition, or assets or in the prospect of repayment of the Indebtedness; (d) Lender shall have received such other approvals, opinions or documents as Lender shall reasonably request; and (e) Borrower shall submit to Lender a completed Request for Advance Report in the form and substance of Exhibit "A" attached hereto, on the date such advance is requested or shall have complied with the provisions concerning oral advances hereunder as set forth in Section 4.3 hereof.

Subsequent Advances. At the time of each advance under the Line of Credit, no Event of Default or Unmatured Event of Default shall have occurred and be continuing, and the representations and warranties contained in this Agreement, including without limitation those in Section 5 hereof, shall be true and correct as of the date of the advance except as previously disclosed in writing to Bank.

Subsequent Advances. As a condition precedent to the Lenders' ------------------- obligation to make any Advance after the Closing Date, the following conditions shall all be satisfied on the date of such Advance:

Subsequent Advances. The right of the Borrower to draw any subsequent advances of funds from the Project Fund shall be subject to the satisfaction of the following conditions: (a) The Borrower shall have delivered the items listed on Part B of Schedule 7 attached hereto. (b) If the Improvements shall have been materially injured or damaged by fire, explosion, accident, flood or other casualty, such Improvements are able to be and are diligently being restored in accordance with the terms of the Mortgage; (c) There shall not be a continuing Event of Default or a Default; (d) The Servicer shall have received: (1) a completed Requisition in the form set forth on Exhibit B hereto, accompanied by the certificates, applications, invoices and other materials required thereby; (2) a “date down” endorsement to the Title Policy indicating no change in the state of title not approved by the Funding Lender; and (3) approval of the portion of the Requisition applicable to the Work for such Advance by the Engineering Consultant, accompanied by a certificate or report from the Engineering Consultant to the effect that in its opinion, based on site observations and submissions by the Contractor, the Work for which the advance is requested to the date thereof was performed in a good and workmanlike manner and stating that the remaining non-disbursed portion of the Governmental Loan proceeds and other available funds and funds projected to be deposited in the Project Fund established under the Funding Loan Agreement is adequate to complete the renovation of the Improvements in accordance with the Plans and Specifications; (e) Notwithstanding anything to the contrary set forth in this Agreement, no sums shall be disbursed until the Borrower has delivered a waiver or full or partial release of liens from all contractors, subcontractors, materialmen or others who may be entitled to a lien, as permitted by law for the work for which payment is requested; (f) The Funding Lender or the Servicer may withhold or refuse to approve any Requisition hereunder if any mechanic’s lien is filed or notice of intention to record or file a mechanic’s lien has been filed or given; (g) In addition to the conditions set forth in this Section 9.13, the Servicer’s obligation to approve any Requisition for Retainage shall be subject to receipt by the Funding Lender and the Servicer of the Engineering Consultant’s certification of completion as to the Work performed under any contract or subcontract for which the Retain...

Subsequent Advances. This Note shall represent the unpaid principal balance of an account payable owing by Maker to Payee on the date hereof. Payee shall have no obligation to make any additional advances to Maker.

Subsequent Advances. The Bank’s obligation to make the subsequent advances under the Loans is subject to the conditions that as of the date of each such subsequent advance: