Common use of Conditions of Advances Clause in Contracts

Conditions of Advances. Lender’s obligation to make each Advance (including the Initial Advance) shall be subject to the following additional conditions precedent, in addition to all other conditions of each Advance provided elsewhere in this Agreement and in the other Loan Documents: 4.5.1 All conditions to this Agreement under Section 4.4, above, shall be satisfied in full; 4.5.2 Borrower shall have delivered to Lender a Request for Advance; 4.5.3 Concurrent with each Request for an Advance, Borrower shall execute and deliver to Lender (i) a fully complete and executed Borrowing Base Certificate and (ii) an updated summary, in form and detail satisfactory to Lender, of the Collateral Loans and other Borrower Loans in Borrower’s Loan Portfolio detailing the status of such Collateral Loans and other Borrower Loans, including without limitation, outstanding amounts due, status of performance, status of real property collateral and other information that may be required by Lender for each Borrower Loan; 4.5.4 Borrower shall have paid to Lender, in addition to any other fees required under this Agreement or any of the other Loan Documents, a Collateral Loan review fee of $250.00 for each Collateral Loan (including, without limitation, each of the Collateral Loans included in the Initial Loan Collateral). In addition, in the event Lender retains an appraiser to perform a review of any Appraisal of the Underlying Collateral for a Collateral Loan, Borrower shall pay an Appraisal review fee not to exceed $1,000.00; 4.5.5 No event or circumstance shall have occurred or be continuing which constitutes, or would upon the giving of notice or passage of time, constitute an Event of Default or failure of any condition under the Loan Documents;

Conditions of Advances. Lender’s obligation to make each Advance (including the Initial Advance) shall be subject to the satisfaction or waiver by Lender of the following additional conditions precedent, in addition to all other conditions of each Advance provided elsewhere in this Agreement and in the other Loan Documents: 4.5.1 All conditions to this Agreement under Section 4.4, above4.4 above (other than those set forth in Section 4.4.1), shall be satisfied in full; 4.5.2 Borrower shall have delivered to Lender a fully executed Request for Advance; 4.5.3 Concurrent with each Request for an Advance, Borrower shall execute and deliver to Lender (i) a fully complete completed and executed Borrowing Base Certificate and (ii) an updated summary, in form and detail satisfactory to Lender, of the Collateral Loans and other Borrower Loans in Borrower’s Loan Portfolio detailing the status of such Collateral Loans and other Borrower Loans, including without limitation, outstanding amounts due, status of performance, status of real property collateral and other information that may be required by Lender for each Borrower Loan; 4.5.4 Borrower shall have paid to Lender, in addition to any other fees required under this Agreement or any of Lender the other Loan Documents, a Collateral Loan review fee of $250.00 Fee for each Collateral Loan (including, without limitation, each of the Collateral Loans included in the Initial Loan Collateral). In addition, in the event ) that is approved by Lender retains as an appraiser Eligible Receivable and pledged to perform a review of any Appraisal of the Underlying Collateral for a Collateral Loan, Borrower shall pay an Appraisal review fee not to exceed $1,000.00Lender as Collateral; 4.5.5 No event or circumstance shall have occurred or be continuing which constitutes, or would upon the giving of notice or passage of time, constitute constitutes an Event of Default or failure continuing beyond any applicable grace and/or notice period; 4.5.6 Lender shall have received payment of any condition under the reasonable fees and costs actually incurred by Lender in connection with each Advance and the preparation of the Loan Documents, including, but not limited to, reasonable third-party attorneys’ fees; 4.5.7 Lender shall have approved the Collateral Loans that have qualified as Eligible Receivables (as provided in Section 4.6) in connection with the Request for Advance; and