Conditions Precedent to Conversion. The conversion of all or a portion of the Variable Facility Commitment to the Fixed Facility Commitment is subject to the satisfaction of the following conditions precedent on or before the Closing Date: (a) After giving effect to the requested conversion, the Coverage and LTV Tests will be satisfied; (b) Prepayment by the Borrower in full of any Variable Advances Outstanding which the Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Advances; (c) The receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender; (d) Receipt by the Lender of one or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and (e) The satisfaction of all applicable General Conditions set forth in Article XI.
Appears in 5 contracts
Samples: Master Credit Facility Agreement (Mid America Apartment Communities Inc), Master Credit Facility Agreement (Mid America Apartment Communities Inc), Master Credit Facility Agreement (Mid America Apartment Communities Inc)
Conditions Precedent to Conversion. The conversion of all or a portion of the Variable Revolving Facility Commitment to the Fixed Base Facility Commitment is subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) After giving effect to the requested conversion, the Coverage and LTV Tests will be satisfied;
(b) Prepayment by the Borrower in full of any Variable Revolving Advances Outstanding which the Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Revolving Advances;
(c) The receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender;
(d) Receipt by the Lender of one or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and
(e) The satisfaction of all applicable General Conditions set forth in Article XI.
Appears in 4 contracts
Samples: Master Credit Facility Agreement (United Dominion Realty Trust Inc), Master Credit Facility Agreement (United Dominion Realty Trust Inc), Master Credit Facility Agreement (United Dominion Realty Trust Inc)
Conditions Precedent to Conversion. The conversion of all or a ---------------------------------- portion of the Variable Revolving Facility Commitment to the Fixed Base Facility Commitment is subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) After giving effect to the requested conversion, the Coverage and LTV Tests will be satisfied;
(b) Prepayment by the Borrower in full of any Variable Revolving Advances Outstanding which the Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Revolving Advances;
(c) The receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender;
(d) Receipt by the Lender of one or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and
(e) The satisfaction of all applicable General Conditions set forth in Article XI.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (United Dominion Realty Trust Inc), Master Credit Facility Agreement (United Dominion Realty Trust Inc)
Conditions Precedent to Conversion. The conversion of all or a portion of the Variable Facility Commitment to the Fixed Facility Commitment is subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) Receipt by Lender of the fully executed Conversion Request;
(b) After giving effect to the requested conversion, the Coverage and LTV Tests will be satisfied;
(bc) Prepayment by the Borrower in full of any Variable Advances Outstanding which the that Borrower has designated for paymentpayment solely with respect to the conversion; provided, together with any however, no associated prepayment premiums and other amounts due with respect to the prepayment of such Variable AdvancesAdvances shall be payable by Borrower;
(cd) The If required by Lender, receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender;; and
(de) Receipt by the Lender of one (1) or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and
(e) The satisfaction of all applicable General Conditions set forth in Article XI.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Education Realty Trust, Inc.), Master Credit Facility Agreement (Education Realty Trust, Inc.)
Conditions Precedent to Conversion. The conversion of all or a portion of the Variable Facility Commitment to the Fixed Facility Commitment is subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) Receipt by Lender of the fully executed Conversion Request;
(b) After giving effect to the requested conversion, the Coverage and LTV Tests will be satisfied;
(bc) Prepayment by the Borrower in full of any Variable Advances Outstanding which the that Borrower has designated for payment; provided, together with any however, no associated prepayment premiums and other amounts due with respect to the prepayment of such Variable AdvancesAdvances shall be payable by Borrower;
(cd) The If required by Lender, receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender;; and
(de) Receipt by the Lender of one (1) or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and
(e) The satisfaction of all applicable General Conditions set forth in Article XI.
Appears in 2 contracts
Samples: Master Credit Facility Agreement (Camden Property Trust), Master Credit Facility Agreement (Camden Property Trust)
Conditions Precedent to Conversion. The conversion of all or a portion of the Variable Facility Commitment to the Fixed Facility Commitment is subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) After giving effect to the requested conversion, the Coverage and LTV Tests will be satisfied;
(b) Prepayment by the Borrower in full of any Variable Advances Outstanding which the Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Advances;
(c) The receipt Receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender;; and
(d) Receipt by the Lender of one or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and
(e) The satisfaction of all applicable General Conditions set forth in Article XI.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Sunrise Assisted Living Inc)
Conditions Precedent to Conversion. The conversion Conversion of all or a portion of the a Variable Facility Commitment Advance to the a Fixed Facility Commitment Advance is subject to the satisfaction Satisfaction of the following conditions precedent on or before the Closing Dateprecedent:
(a) After giving effect to receipt by Lender of the requested conversion, fully executed Conversion Request;
(b) the Coverage provisions of Section 1.07 and LTV Tests will Section 1.10 shall be satisfied;
(bc) Prepayment if applicable pursuant to the provisions of Section 1.07(c), prepayment by the Borrower in full of any Variable Advances Outstanding which the that Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Advances;
(cd) The receipt if required by the Lender of Lender, an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date of such Mortgaged Property, Permitted Liens and other exceptions approved by the Lender;; and
(de) Receipt receipt by the Lender of one (1) or more executed, original counterparts of each Conversion Document, dated as of the Closing Date, each of which shall be in full force and effect and in form and substance reasonably satisfactory to Lender in all respects, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and
(e) The satisfaction of all applicable General Conditions set forth in Article XI.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Newcastle Investment Corp)
Conditions Precedent to Conversion. The conversion of all or a portion of the Variable Facility Commitment to the Fixed Facility Commitment is subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) After giving effect to the requested conversion, the Coverage and LTV Tests will be satisfied;
(b) Prepayment by the Borrower in full of any Variable Advances Outstanding which the Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Advances;
(c) The If requested by Lender, receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender;; and
(d) Receipt by the Lender of one or more counterparts of each Conversion Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and
(e) The satisfaction of all applicable General Conditions set forth in Article XI.
Appears in 1 contract
Samples: Master Credit Facility Agreement (Bre Properties Inc /Md/)
Conditions Precedent to Conversion. The conversion of all or a portion of the a SARM Variable Facility Commitment Advance to the a Fixed Facility Commitment Advance is subject to the satisfaction Lender’s determination that each of the following conditions precedent on or before the Closing Datehas been satisfied:
(a) Receipt by Lender of the fully executed Conversion Request;
(b) After giving effect to the requested conversion, the Coverage and LTV Tests will shall be satisfied;
(bc) The provisions of Section 1.06, Section 1.07 and Section 1.08 shall be satisfied;
(d) Prepayment by the Borrower in full of any Variable Advances Outstanding which the that Borrower has designated for payment, together with any associated prepayment premiums and other amounts due with respect to the prepayment of such Variable Advances; provided that, subject to the terms of Section 1.07(c), there shall be no associated prepayment premiums due in connection with a conversion pursuant to the terms of Section 1.06, Section 1.07 and Section 1.08 of this Agreement;
(ce) The receipt Receipt by the Lender of an endorsement to each Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender;; and
(df) Receipt by the Lender of one (1) or more executed, original counterparts of each Conversion Document, dated as of the Closing Date, each of which shall be in full force and effect and in form and substance reasonably satisfactory to Lender in all respects, signed by each of the parties (other than the Lender) who is a party to such Conversion Document; and
(e) The satisfaction of all applicable General Conditions set forth in Article XI.. Colonial/ Grandbridge — Master Credit Facility Agreement
Appears in 1 contract
Samples: Master Credit Facility Agreement (Colonial Realty Limited Partnership)