Assumption Approval Condition Sample Clauses

Assumption Approval Condition. Notwithstanding any provision in this Agreement to the contrary, it shall be a condition precedent to the obligations of both Buyer’s and Seller’s consummation of the purchase and sale of the Property that (i) Buyer, in its sole and absolute discretion, approves the existing loan secured by the Property, in the original principal amount of $49,000,000, with a principal balance of approximately $48,522,000 as of June 30, 2010 (the “Loan”) and all documents evidencing or securing the Loan (the “Loan Documents”); (ii) the present holder of the Loan (the “Lender”) consents to the sale of the Property pursuant to this Agreement and Buyer’s assumption of the Loan in accordance with the transfer provisions set forth in Article 8 of the Deed of Trust, Assignment of Rents, Security Agreement and Fixture Filing dated as of September 20, 2004, recorded against the Property, as amended by the Loan Assumption and Substitution Agreement dated as of July 27, 2006, between Seller and Lender, recorded July 27, 2006, as Document No. 19037153 in the Records of Santa Xxxxx County, California (the “Transfer Provisions”); (iii) the Lender’s consent is upon terms and conditions acceptable to Buyer, in Buyer’s sole and absolute discretion; and (iv) Buyer approves the assumption documents required by Lender to be executed in connection with the assumption of the Loan pursuant to Subsection 5.10.8 (collectively, the “Assumption Approval Condition”). Lender’s consent to the transfer of the Property to Buyer (or a Single Purpose Entity owned in whole or in part by Buyer, an affiliate of Buyer or Buyer’s principals) pursuant to the Transfer Provisions, subject to no conditions other than Accepted Conditions (defined below) is referred to herein as the “Assumption Approval.”
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Related to Assumption Approval Condition

  • Additional Conditions Precedent No Lender has any obligation to make any Loan (including its first), and LC Issuer has no obligation to issue any Letter of Credit (including its first), unless the following conditions precedent have been satisfied:

  • Additional Conditions to Closing (a) All necessary approvals under federal and state securities laws and other authorizations relating to the issuance of the Acquisition Shares and the transfer of the Shares shall have been received.

  • Initial Conditions Precedent The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent:

  • Additional Conditions For each mediation or arbitration:

  • Conditions Precedent at Closing Date The obligation of the Lenders to make Loans, and of any LC Issuer to issue Letters of Credit, is subject to the satisfaction of each of the following conditions on or prior to the Closing Date:

  • General conditions precedent The agreement of the Finance Parties referred to in clause 2 (Agreement of the Finance Parties) shall be further subject to:

  • Special Conditions a. To the extent that this Amendment conflicts with the Agreement, this Amendment shall control. No right or license of any kind is granted to Licensee except as expressly provided in the Agreement and this Amendment.

  • Conditions Precedent to Closing Date The obligation of the Lenders to make each Loan hereunder, and the obligation of the Letter of Credit Issuer to issue Letters of Credit hereunder, in each case, on the Closing Date are subject to the satisfaction on or prior to the Closing Date of each of the following conditions:

  • Conditions Precedent/Effectiveness Conditions This Amendment shall be effective upon (the “Effective Date”) the satisfaction of each of the following conditions (all documents to be in form and substance reasonably satisfactory to Administrative Agent and Administrative Agent’s counsel):

  • Buyer’s Conditions Precedent The obligations of Buyer to consummate the transactions contemplated by this Agreement are subject to the satisfaction or waiver, at or prior to the Closing Date, of each of the following conditions precedent:

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