Conditions Precedent to All Disbursements. The obligation of PIDA to make the initial disbursement of the proceeds of the Loan to the IDC and the Industrial Occupant and to make each subsequent disbursement thereof is subject to the satisfaction of the following conditions precedent at the time of each such disbursement:
(a) The closing requirements transmitted by PIDA’s counsel to the IDC’s counsel following issuance of the Commitment have been satisfied; the Loan Documents shall have been properly executed and, where appropriate, delivered to PIDA; and the Mortgage, the waivers of liens and any other document requested to be recorded by PIDA shall have been duly acknowledged and delivered for recording in the appropriate public office.
(b) Each and all of the representations and warranties of the IDC and the Industrial Occupant set forth in Articles IV and V hereof, respectively, and in any of the other Loan Documents, shall be true and correct in all respects, as though separately and independently made on and as of the date of each such disbursement.
(c) There shall be no event of default under any of the Loan Documents or any event which, with the passage of time or the giving of notice, or both, could constitute an event of default under any of the Loan Documents.
(d) All disbursements made hereunder shall be disbursed by PIDA as the work progresses pursuant to the Cost Affidavit with supporting invoices signed by the IDC’s and the Industrial Occupant’s authorized representatives. Each Cost Affidavit shall be subject to the approval of PIDA but the approval of such Cost Affidavit by PIDA shall not constitute an approval or acceptance of the work or materials, nor be binding upon PIDA, except to the extent that the facts actually are as so represented when so approved, nor shall such approval give rise to, any liability or responsibility relating to (i) the quality of the work, the quantity of the work, the rate of progress in completion of the work, or the sufficiency of materials or labor being supplied in connection therewith, or (ii) any errors, omissions, inconsistencies or other defects of any nature in the Plans and Specifications.
(e) There shall have been no material adverse change in the financial condition of the IDC or the Industrial Occupant from that disclosed in financial statements heretofore delivered to and approved by PIDA.
(f) In no event shall the Loan be in excess of $2,000,000 or 50% of the Cost, whichever is less. If, upon final determination of the Cost by PIDA there i...
Conditions Precedent to All Disbursements. The obligations of the Bank to make any Revolving Loan on any Funding Date, including, but not limited to, the Funding Date first occurring, are subject to the occurrence, prior to or on the Funding Date related to such Revolving Loan, of each of the following conditions as well as other conditions set forth in this Agreement:
Conditions Precedent to All Disbursements. The obligation of the Lenders to make any and all Disbursements (including the initial Disbursement) is subject to the satisfaction of the following conditions precedent on the relevant Disbursement Date to the satisfaction of the Administrative Agent:
Conditions Precedent to All Disbursements. All Disbursements (including, except where otherwise stated, the first Disbursement) are subject to the fulfillment in form and substance, and in a manner, satisfactory to IDB Invest, not later than three (3) Business Days prior to the applicable Disbursement Date of the following conditions; provided, that any condition that is specified to be required to be met on the Disbursement Date shall be satisfied on or before the Disbursement Date:
Conditions Precedent to All Disbursements. All Disbursements (including, except where otherwise stated, the first and second Disbursement) are subject to the fulfillment in form and substance, and in a manner, satisfactory to BlaO, not later than three (3) Business Days prior to the applicable Disbursement Date of the following conditions; provided, that any condition that is specified to be required to be met on the Disbursement Date shall be satisfied on or before the Disbursement Date:
Conditions Precedent to All Disbursements. The obligation of the BANK to make each disbursement under the CONSTRUCTION LOAN (including the initial disbursement) shall be subject to the further conditions precedent that on the date of such disbursement:
4.2.1 The representations and warranties contained in Section 5 of this AGREEMENT are correct on and as of the date of such disbursement as though made on and as of such date, except to the extent that such representations and warranties relate solely to an earlier date.
4.2.2 No event has occurred and is continuing, or would result from such disbursement, which constitutes an EVENT OF DEFAULT.
4.2.3 No determination shall have been made by the BANK that the undisbursed amount of the CONSTRUCTION LOAN is less than the amount required to pay all costs and expenses of any kind which reasonably may be anticipated in connection with the completion of the PROJECT; or, if such a determination has been made and notice thereof sent to the BORROWER, the BORROWER has deposited the necessary funds with the BANK in accordance with the Section 3.6 of this AGREEMENT.
4.2.4 The disbursement requirements of Section 3 of this AGREEMENT have been satisfied.
4.2.5 If required by the BANK, the BANK shall be furnished with a statement from the BORROWER and the GENERAL CONTRACTOR, in form and substance satisfactory to the BANK, setting forth the names, addresses and amounts due or to become due as well as the amounts previously paid to every SUBCONTRACTOR.
4.2.6 The BORROWER shall have provided to the BANK such evidence of compliance with all of the provisions of this AGREEMENT as the BANK may reasonably request.
4.2.7 No license or permit necessary for the construction of the PROJECT shall have been revoked or the issuance thereof subjected to. challenge before any court or other governmental authority having or asserting jurisdiction as to the PROJECT.
Conditions Precedent to All Disbursements. On or before each Disbursement including, but not limited to, the first Disbursement, the following conditions shall be met or have been complied with by the Borrower, to the satisfaction of the Lender, acting reasonably:
Conditions Precedent to All Disbursements. The obligation of each Bank to make any disbursement of the Loans (including the initial disbursement) and the rights of the Borrowers to select Interest Rates under Section 2.6 are subject to the further conditions precedent that:
(A) the representations and warranties contained in Article IV hereof shall be accurate on and as of the date of such disbursement or selection as though made on and as of such date;
(B) no Event of Default or Default shall have occurred and be continuing or will result from the making of such disbursement or selection;
(C) there shall have occurred no material adverse change in the financial condition, operations or business of the Borrowers taken as a whole since the most recent financial statements reviewed by the Banks;
(D) there shall not have occurred any casualty or condemnation that has a Material Adverse Effect; and
(E) there shall be no pending or threatened litigation which if decided against a Borrower would have a Material Adverse Effect.
Conditions Precedent to All Disbursements. The obligation of the Lender to make each disbursement under the Line of Credit is further subject to the following conditions:
(a) the representations and warranties contained in this Agreement shall be true and accurate in all material respects on and as of the date of any request for disbursement hereunder and on the effective date of the making, continuation or conversion of each disbursement as though made at and as of each such date (except to the extent that such representations and warranties expressly relate to an earlier date);
(b) no change shall have occurred in any law or regulation or interpretation thereof that, in the opinion of counsel for the Lender, would make it illegal or against the policy of any governmental agency or authority for the Lender to make disbursements hereunder;
(c) no material adverse change has occurred in Borrower’s financial condition; and
(d) Borrower has not made Demand for repayment hereunder. The making of each disbursement shall be deemed to be a representation and warranty by the Borrower on the date of the making or continuation of such disbursement as to the accuracy of the facts referred to in subsection (a) of this Section.
Conditions Precedent to All Disbursements. DHCD shall not be obligated make a Disbursement unless the Borrower is in full compliance with the terms of, and no Event of Default or default shall be then occurring, under the Loan Documents.
