Conditions Precedent to Funding of Loan. The obligation of Lender to fund the Loan (which Lender shall endeavor to make not later than three (3) business days after the conditions precedent in Article 3 have been satisfied or waived by Lender) is conditioned upon and subject to all legal matters incident to the transactions hereby contemplated being satisfactory to Lender and Lender’s legal counsel, and is further conditioned upon Lender’s receipt of the following in Proper Form or the following conditions precedent having been otherwise fulfilled or waived:
Conditions Precedent to Funding of Loan. In addition to the requirements, conditions and limitations set forth in Section 3.1, the obligation of Lender to make the Loan shall be subject to fulfillment of the following conditions precedent:
Conditions Precedent to Funding of Loan. Funding The Funding Date shall be the date on which EBCE issues a written acknowledgment that Borrower has satisfied the conditions set forth in Section 3.02. In the event that the Funding Date has not occurred on or before [Date], this Agreement shall terminate and EBCE shall have no further obligation hereunder. On the Funding Date EBCE shall issue a check or wire transfer to the Borrower in the amount of [XX Dollars] ($XX,000,000) (the “Original Funding Amount”), in lawful moneys of the United States of America. Funds shall be transferred to: [Borrower Name] Bank Name: [Borrow to add] Account #: [Borrow to add] Routing #: [Borrow to add] At such time that Xxxxxxxx has used the Original Funding Amount, but no later than [Date], Borrower shall provide written notice to EBCE, along with such other information requested by EBCE regarding Xxxxxxxx’s use of the Original Funding Amount. Following receipt of such notice and in the sole and absolute discretion of EBCE, EBCE shall pay Borrower an additional amount of [XX Dollars] ($XX,000,000) (the “Additional Funding Amount”), in the manner provided in paragraph (b) above. In the event that the Additional Funding Amount is paid after [Date], EBCE shall revise the Payment Schedule in Exhibit A. On or before [Date], Borrower shall provide EBCE a report about: (i) the use of the Original Funding Amount and the Additional Funding Amount, (ii) the balance remaining as of the report date, and (iii) the balance estimated to be remaining as of [Date]. On or after [Date], EBCE may, in its sole and absolute discretion, issue a written demand for Borrower to return any unused funds. Upon receipt of such notice, Borrower shall not enter into any agreements to use remaining funds and shall return to EBCE the amount demanded by EBCE within [XX] days.
Conditions Precedent to Funding of Loan. Borrower agrees that Lender's obligation to close the Loan is conditioned upon Borrower's delivery, performance and satisfaction, as applicable, all in Lender's sole and absolute discretion, of (i) all items set forth in the Loan Application, including Borrower's payment to Lender of the Loan Fee, (ii) this Agreement and the other Loan Documents, (iii) a legal opinion for the benefit of Lender issued by counsel for Borrower, (iv) all items on that certain Closing Checklist issued with respect to such Loan Application (other than those items identified in said Closing Checklist to be delivered post-closing), and (v) such other documents, instruments or certificates as Lender and its counsel may require, including such documents as Lender deems necessary or appropriate to effectuate the terms and conditions of this Agreement and the other Loan Documents, and to comply with the Laws of the states of Illinois and North Carolina.
Conditions Precedent to Funding of Loan
