Conditions Precedent to Initial Disbursement. In conjunction with and as additional (but independent) supporting evidence for certain of the covenants, representations and warranties made by Borrower herein, prior to and as a condition of the Initial Disbursement, Borrower shall deliver or cause to be delivered to Lender each of the following, each of which shall be in form and substance satisfactory to Lender, in its sole and absolute discretion:
Conditions Precedent to Initial Disbursement. Lender shall have no obligation to make the first disbursement (the “Initial Disbursement”) of the proceeds of the Loan until Borrower has satisfied all other requirements and conditions precedent contained herein for any disbursement of any proceeds of the Loan.
Conditions Precedent to Initial Disbursement. Borrower shall comply with, and Lender's obligation to disburse the first Loan Advance shall be conditioned upon Borrower's performance of the following conditions precedent:
Conditions Precedent to Initial Disbursement. Subject to the terms and conditions of this Agreement, U.S. Bank agrees to approve the disbursement of proceeds of the Loan (each disbursement of funds to be referred to as a “Disbursement”) for Project Costs set forth on a Draw Request. Xxxxxx’s approval of the initial Draw Request (the “Initial Disbursement”) shall be subject to the satisfaction of all of the conditions for closing set forth in Section 3.1 and receipt of the following by Xxxxxx, each in form and substance acceptable to Lender and satisfaction of the following conditions precedent, unless the requirement is waived in writing by the Lender:
(a) Written evidence that the Project Financing Statements have been filed with the Secretary of State or other appropriate office, together with evidence that the Collateral covered thereby is subject to no prior Liens, other than Permitted Liens or Permitted Encumbrances, as applicable.
(b) Unless otherwise waived in writing by Xxxxxx, Lender shall have available unexpended Loan Proceeds or Funding Sources deposited by Borrower in the Bank-Controlled Account and Construction Disbursement Account so that the Loan will remain “In Balance”, taking into account the amount of interest due on the Loan through the Maturity Date.
(c) A Draw Request for costs, expenses and fees which have been actually incurred by Borrower and are directly connected with the Project. Borrower shall provide the Draw Request and copies of all supporting invoices, purchase orders, and lien waivers to the Title Company and to Lender’s Project Inspector.
(d) Any Development Items and any other documents and assurances as Lender may reasonably request.
(e) Borrower shall establish the Operating Account with Xxxxxx.
(f) Borrower shall establish the Construction Disbursement Account with Lender.
Conditions Precedent to Initial Disbursement. The obligation of JBIC to make the initial JBIC Disbursement under this Agreement shall be subject to (a) the fulfillment, in a manner satisfactory to JBIC, prior to or concurrently with the making of such initial JBIC Disbursement, of the conditions precedent set forth in Section 5.01 of the Master Participation Agreement (or waiver thereof in accordance with Section 5.01 of the Master Participation Agreement), which conditions are incorporated by reference herein as if fully set forth herein; (b) the fulfillment of the conditions set out in clause (1) of Annex A attached hereto (or waiver thereof by JBIC in accordance with Section 5.01 of the Master Participation Agreement); and (c) with respect to any JBIC Disbursement of Tranche B, the JBIC Agent shall have received the corresponding portion of Tranche B from each JBIC Tranche B Funding Source Bank.
Conditions Precedent to Initial Disbursement. Each Participating Municipality agrees to submit to Treasury the opinions of counsel required by Section 3.3 of the Allocation Agreement as a condition precedent to the initial Disbursement of Allocated Funds.
Conditions Precedent to Initial Disbursement. The obligation of the Lender to disburse the Loan proceeds shall be subject to the conditions precedent that Borrower shall be in compliance with all conditions set forth in Section 3.02 and the following conditions:
(a) Borrower shall have delivered, without expense to Xxxxxx, duly executed copies of each of the Loan Documents.
(b) Borrower shall have delivered, without expense to Lender, the Due Diligence Documents.
(c) Borrower shall have deposited in escrow with Title or otherwise have available to the satisfaction of Lender equity, loan proceeds or other funds sufficient, together with the Loan, to pay all unpaid Acquisition Costs and at least some of the funds must be from either the GMHF NOAH Impact Fund or the Xxxxxxx Mac Demonstration Initiative and at least 3% of the Acquisition Costs must be provided by Borrower as cash equity.
(d) All filing fees (including, but not limited to, the Loan Documents for the benefit of the Lender, charges, expenses and taxes including, but not limited to, mortgage registration tax) shall have been paid by Xxxxxxxx, and all required insurance policies shall be in appropriate amounts, name all insureds, and be in full force and effect as evidenced by the certificates of insurance.
(e) Title shall have issued to Lender, at Xxxxxxxx’s expense, an updated policy or policies of title insurance insuring that, upon completion of the Project, the Mortgage will be a valid lien on the Project, subject only to the Permitted Encumbrances, and without exception from possible mechanic’s liens, matters of survey or parties in possession, real property taxes and assessments, and otherwise in form and substance reasonably satisfactory to Lender.
(f) Borrower shall have paid to Lender an origination fee of $ (1% of Loan Amount).
Conditions Precedent to Initial Disbursement. The obligations of Lender to make the First Disbursement are subject to the satisfaction of the following conditions precedent:
Conditions Precedent to Initial Disbursement. Prior to the first disbursement or to th0 issuanco of the first Lettor of Commitment under the Loan, the Borrower shall, except as A.I.D. may otherwise agree in writing, f urnish to A.I.D. in form c1.nd substance satisfactory to A.I.D.i
Conditions Precedent to Initial Disbursement. (a) The obligation of the Bank to make the Loan and make disbursements of the proceeds of the same to the Borrower is subject to the satisfaction by the Borrower or its representatives of the following conditions precedent (unless waived by the Bank in each particular instance):
(i) The Borrower's and Guarantors' warranties and representations as contained herein shall be accurate and complete, in all material respects, as of the date of Closing and as of the date of each subsequent disbursement (if any).
(ii) The Borrower and Guarantors shall not be in default under any of the covenants contained herein as of the date of Closing and as of the date of each disbursement.
(iii) The Borrower and Guarantors shall have executed and delivered all of the Loan Documents as described herein. Without limiting the foregoing, the Borrower shall have delivered to the Bank all of those items identified as "Borrower's and the Guarantors' Documents" on the Closing Agenda attached hereto as Schedule 6.1a)(iii) and made a part hereof, all of which must be reasonably acceptable, in form and substance, to the Bank, unless waived in a particular instance by the Bank.
(b) Without limiting in any manner the scope or generality of the foregoing, certain of said items are more particularly described as follows:
(i) All of the Borrower's obligations, if any, to its Subsidiaries or the Guarantors and any officers or directors thereof or of the Borrower shall have been subordinated to the Borrower's performance of its obligations to the Bank with respect to the Loan.
(ii) The Bank shall have received:
(A) acknowledgment copies of proper financing statements (Form UCC-1) duly filed under the Uniform Commercial Code of all jurisdictions as may be necessary or, in the opinion of the Bank, desirable to perfect the security interests created under the Loan Documents;
(B) certified copies of Requests for Information or Copies (Form UCC-11) listing the financing statements referred to in paragraph (i) above and all other effective financing statements which name PEU (under its present name and any previous names) as debtor and which are filed in the jurisdictions referred to in said paragraph (A), together with copies of such other financing statements (none of which shall cover the Collateral purported to be covered by the Security Agreement);
(C) a title insurance policy written with a company acceptable to the Bank, insuring that the Bank has a valid first lien of record on Real Estate a...
