Common use of Condition of the Facility Clause in Contracts

Condition of the Facility. The Owner Participant shall have received the Closing Appraisal prepared by the Appraiser addressed and delivered only to the Owner Participant and in form and substance satisfactory to the Owner Participant, together with a letter of the Appraiser certifying that its conclusions set forth in the Closing Appraisal are true and correct as of the Closing Date. The Indenture Trustee, the Pass Through Trustees and the Initial Purchasers shall have received a copy of the verification of value, useful life and estimated residual value prepared by the Appraiser in connection with the appraisal of assets subject to the Facility Lease, each of which will be reasonably satisfactory to the recipient.