Acquisition and Construction Financing Sample Clauses

Acquisition and Construction Financing. 1. Incident to the execution of this Master LDA, US2 represents and covenants that as of the Effective Date (a) it has access to adequate financing to acquire the Disposition Parcels; (b) that it has access to adequate financing to develop the Union Square Project and to fund the Additional Development Obligations as set forth in this Master LDA and the Development Covenant (US2 and SRA being in agreement that it is premature in the process to seek formal loan commitments); (c) that it is not the subject of, nor is it threatened with, a bankruptcy, receivership, assignment for the benefit of creditors or other insolvency type proceeding; and (d) there has been no material adverse change in US2’s financial condition or in the financial condition of the entities which own and control its members since the US2 Proposal, including any change in the net worth representation contained therein. Simultaneously with the closing of any Disposition Parcel (or any portion thereof), US2 will provide to the SRA a certificate that there has been no material adverse change in these financial representations.
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Related to Acquisition and Construction Financing

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