Conditions Precedent to Each Development Credit Event Sample Clauses

Conditions Precedent to Each Development Credit Event. The obligation of Banks to make each Development Loan (including the initial Development Loan for each Approved Project) (a "Development Credit Event") is subject to the prior satisfaction (or written waiver by Administrative Agent with the consent of Required Banks) of each of the following conditions (provided that (a) the conditions precedent set forth in Sections 3.3.3, 3.3.4, 3.3.5, 3.3.7, 3.3.8 and 3.3.11 shall not be required to be satisfied in connection with any initial Development Loan for an Approved Project, (b) the conditions precedent set forth in Section 3.3 shall not be required to be satisfied in connection with any initial Development Loan for any 39 52 Subject Acquisition, so long as the proceeds of such initial Development Loan are solely to be used to make payments due under the relevant Acquisition Documents and pay related transaction costs and (c) the conditions precedent set forth in Section 3.3 shall not be required to be satisfied in connection with any Development Loan for any Major Maintenance):