Common use of Conditions Precedent to Disbursement of Loan Proceeds Clause in Contracts

Conditions Precedent to Disbursement of Loan Proceeds. Except for an initial disbursement at Closing of $100.00 to activate the Loan, no Disbursement of Loan Proceeds shall be made by Lender to Borrower at any time unless: (a) all conditions precedent to that disbursement have been satisfied, including, without limitation, performance of all of the then pending obligations of Borrower under this Agreement and the Loan Documents; (b) the Loan is In Balance; (c) Lender shall be satisfied as to the continuing accuracy of the Approved Budget; (d) no Default shall have occurred and be continuing and no Event of Default has occurred; (e) no litigation or proceedings are pending (except as previously disclosed to Lender in writing, including mechanics lien actions previously disclosed to Lender and for which insurance has been provided to Lender under the Lender’s Title Policy) or threatened (including proceedings under Title 11 of the United States Code) against Borrower, any of the Constituent Entities, Guarantor, the Property or the General Contractor, which litigation or proceedings, in the reasonable judgment of Lender, is material (or which, in the case of the General Contractor, could materially affect the completion of the Project); (f) all representations and warranties made by Borrower and Guarantor to Lender herein and otherwise in connection with this Loan continue to be accurate in all material respects; and (g) if the proposed disbursement is a Construction Disbursement, the additional requirements of Section 4.3 hereof have been satisfied.

Conditions Precedent to Disbursement of Loan Proceeds. Except for an initial No disbursement at Closing of $100.00 to activate the Loan, no Disbursement of Loan Proceeds shall be made by Lender to Borrower at any time unless: (a) all conditions precedent to that disbursement have been satisfied, including, without limitation, performance of all of the then pending obligations of Borrower under this Agreement and the Loan Documents; (b) the Loan is In BalanceBalance (as defined in Section 6.4 hereof); (c) Lender shall be satisfied as to the continuing accuracy of the Approved Project Budget; (d) no Default shall have occurred and be continuing and no Event of Default has occurredoccurred under this Agreement or under any Loan Document, and no event, circumstance or condition has occurred or exists which, with the passage of time or the giving of notice, would constitute a Event of Default under this Agreement or under the Loan Documents; (e) no litigation or proceedings are pending (except as previously disclosed to Lender in writing, including mechanics lien actions previously disclosed to Lender and for which insurance has been provided to Lender under the Lender’s Title Policy) or threatened (including proceedings under Title 11 of the United States Code) against Borrower, any of the Constituent Entities, Guarantor, the Property General Contractor or the General ContractorProject, which litigation or proceedings, in the reasonable sole and exclusive judgment of Lender, is material (or which, in the case of the General Contractor, could materially affect the completion of the Project); (f) no event, circumstance or condition exists or has occurred which, in Lender’s sole judgment, could delay or prevent the completion of the Project by the Completion Date; (g) all representations and warranties made by Borrower and Guarantor to Lender herein and otherwise in connection with this the Loan continue to be accurate in all material respectsaccurate; and (gh) if the proposed disbursement is a Construction Disbursement, the additional requirements of Section 4.3 6.3 hereof have been satisfied.

Conditions Precedent to Disbursement of Loan Proceeds. Except for an initial disbursement at Closing of $100.00 to activate the Loan, no No Disbursement of Loan Proceeds shall be made by Lender to Borrower at any time unless: (a) all conditions precedent to that disbursement have been satisfied, including, without limitation, performance of all of the then pending obligations of Borrower under this Agreement Agreement, the Post Closing Agreement, and the Loan Security Documents; (b) the Loan is In Balance; (c) Lender shall be satisfied as to the continuing accuracy of the Approved Budget; (d) no Default shall have occurred and be continuing and no Event of Default has occurred; (e) no litigation or proceedings are pending (except as previously disclosed to Lender in writing, including mechanics lien actions previously disclosed to Lender and for which insurance has been provided to Lender under the Lender’s Title Policy) or threatened (including proceedings under Title 11 of the United States Code) against Borrower, any of the Constituent Entities, Guarantor, the Property or the General Contractor, which litigation or proceedings, in the reasonable sole and exclusive judgment of Lender, is material (or which, in the case of the General Contractor, could materially affect the completion of the Project); (f) all representations and warranties made by Borrower and Guarantor to Lender herein and otherwise in connection with this Loan continue to be accurate in all material respectsaccurate; and (g) if the proposed disbursement is a Construction Disbursement, the additional requirements of Section 4.3 hereof have been satisfied.

Conditions Precedent to Disbursement of Loan Proceeds. Except for an initial disbursement at Closing of $100.00 Lender's obligation to activate make the Loan, no Disbursement of Loan Proceeds and disburse proceeds thereof shall be made by Lender subject at all times to Borrower at any time unlesssatisfaction of each of the following conditions precedent: (a) all conditions precedent to that disbursement have been satisfiedThere shall exist no Event of Default, includingas defined in this Agreement, without limitation, performance or Event of all Default as defined in any of the then pending obligations of Borrower under this Agreement and the other Loan Documents;, or event, omission or failure of condition which would constitute an Event of Default after notice or lapse of time, or both; and (b) Lender shall have received all Loan Documents, other documents, instruments, policies and forms of evidence or other materials requested by Lender under the terms of this Agreement or any of the other Loan is In Balance;Documents; and (c) Lender shall be satisfied as have received a Premises Appraisal (dated no more than thirty (30) days prior to the continuing accuracy Disbursement Date) confirming to the satisfaction of Lender, in its sole and absolute discretion, that: (i) the Commitment Amount as a percentage of the Approved Budget;As-Is Appraised Value does not exceed fifty-five percent (55%); and (ii) the Commitment Amount as a percentage of the Cost of the Premises does not exceed fifty-five percent (55%); and (d) no Default No event shall have occurred and occurred, nor shall any condition exist, that could have an adverse effect on the enforceability of the Loan Documents, be continuing and no Event materially adverse to the financial condition of Default has occurred;Borrower or Guarantor, impair the ability of Borrower or Guarantor to fulfill its material obligations under the Loan Documents or otherwise have any adverse effect whatsoever on the Premises; and (e) no litigation The Improvements shall not have been damaged and not repaired or, if the Improvements have been damaged and not repaired, Borrower shall have deposited with Lender, Borrower's funds or proceedings are pending (except as previously disclosed to Lender insurance proceeds in writing, including mechanics lien actions previously disclosed to Lender and for which insurance has been provided to Lender under the Lender’s Title Policy) or threatened (including proceedings under Title 11 of the United States Code) against Borrower, any of the Constituent Entities, Guarantor, the Property or the General Contractor, which litigation or proceedingsan amount sufficient, in Lender's sole and absolute determination, to repair and restore the reasonable judgment of Lender, is material (or which, in the case of the General Contractor, could materially affect the completion of the Project);damaged Improvements to their condition prior to such damage; and (f) all representations and warranties made by Borrower and Guarantor to Lender herein and otherwise in connection with this Loan continue to The Premises shall not be accurate in all material respectsthe subject of any pending or threatened condemnation or adverse zoning proceeding; and (g) Lender shall have received and approved in form and substance satisfactory to Lender, in its sole and absolute discretion: (i) a soils report for the Premises; (ii) the Survey; (iii) an environmental questionnaire and environmental site assessment with respect to the presence, if any, of Hazardous Materials on the proposed disbursement is Premises; (iv) copies of all agreements, permits and licenses which are material to the ownership, use and operation of the Improvements to the extent in Borrower's possession or control; (v) a Construction DisbursementPremises inspection and engineering report; and (vi) copies of any initial study, negative declaration, mitigated negative declaration, environmental impact report, notice of determination or notice of exemption prepared, adopted, certified or filed by or with any governmental agency in connection with the Premises and Improvements; and (h) That certain Lease Agreement dated January 15, 1998, by and between Borrower (as assignee of 98 CUSA Plano, L.P., as assignee of Trademark Xxxxxxx Property Company, LLC, a Texas limited liability company) and Telvista (as assignee of CompUSA Stores, L.P., as assignee of CompUSA Inc.) (the "COMPUSA/TELVISTA LEASE") shall be in full force and effect, the additional requirements of Section 4.3 hereof form and substance thereof shall have been satisfiedapproved in writing by Lender and Borrower shall own and hold the same and be the Landlord thereunder; and (i) Each lease of space in the Premises shall be a Qualified Lease and Lender shall have received for each Qualified Lease (including, without limitation, the CompUSA/Telvista Lease): (i) a subordination, non-disturbance and attornment agreement in Lender's standard form, executed by the Qualified Tenant, Lender and Borrower, subordinating such Qualified Lease to the lien, security interests, rights and interests of Lender under the Loan Documents; and (ii) an estoppel certificate in Lender's standard form, pursuant to which the Qualified Tenant certifies that the Qualified Lease is in full force and effect, no defaults exist on the part of the Qualified Tenant, as tenant thereunder, or Borrower, as landlord thereunder, and such other matters included in such form and as Lender shall otherwise require; and (j) Borrower shall have paid to Lender a commitment fee in an amount equal to one-half of one percent (0.50%) of the Commitment Amount.