Conditions Precedent to Lending. The obligation of each Lender to make a Loan on the occasion of any Borrowing and of the Issuer to issue, increase or extend any Letter of Credit (including any deemed issuance of the Existing Letters of Credit) and of any reallocation of Letter of Credit Exposure provided in Section 2.20 shall be subject to the satisfaction of the following conditions:
(a) At the time of and immediately after giving effect to such Borrowing or the date of the issuance, increase, amendment, renewal, replacement, refinancing or extension of such Letter of Credit or such reallocation, the representations and warranties of the Borrowers and the Guarantors set forth in this Agreement and in the other Loan Documents shall be true and correct in all material respects (or, to the extent that a particular representation or warranty is qualified as to materiality, such representation or warranty shall be true and correct in all respects), in each case, on and as of the date of such Borrowing or such issuance, increase, amendment, renewal, replacement, refinancing or extension of such Letter of Credit or such reallocation except to the extent any such representations and warranties are expressly limited to an earlier date, in which case, such representations and warranties shall be true and correct in all material respects (or, to the extent that a particular representation or warranty is qualified as to materiality, such representation or warranty shall be true and correct in all respects), in each case, as of such specified earlier date.
(b) At the time of and immediately after giving effect to such Borrowing or such issuance, increase, amendment, renewal, replacement, refinancing or extension of such Letter of Credit, no Default shall have occurred and be continuing.
(c) At the time of and immediately after giving effect to such Borrowing or issuance, increase, amendment, renewal, replacement, refinancing or extension of such Letter of Credit, no event, development or circumstance has occurred or shall then exist that has resulted in, or could reasonably be expected to have, a Material Adverse Effect.
(d) The making of such Loan or the issuance, increase, amendment, renewal, replacement, refinancing or extension of such Letter of Credit, would not conflict with, or cause any Lender to violate or exceed, any applicable Governmental Requirement and no litigation shall be pending or, to the knowledge of any party hereto, threatened in writing, which does or, with respect to any thre...
Conditions Precedent to Lending. 42 Section 3.1 Initial Conditions Precedent..................42 Section 3.2 Additional Conditions Precedent...............44
Conditions Precedent to Lending. Section 4.1. Documents to be Delivered Section 4.2. Additional Conditions Precedent
Conditions Precedent to Lending. The obligation of Lender to make the initial Advance hereunder shall be subject to the condition precedent that Borrower shall be in compliance with the conditions contained in Section 3.02 and the further condition precedent that Lender shall have received the following:
(a) The Note, Mortgage, Assignment of Leases and Rents, Completion Guaranty, Process and Performance Guaranty, UCC Financing Statements, Environmental Indemnity Agreement, Opinion of Borrower’s Counsel, Borrower’s organizational documents, and other Loan Documents as required hereunder, all of which shall be satisfactory to Lender and Lender’s legal counsel in form and content, and duly executed and delivered to Lender.
(b) A current appraisal prepared by a state licensed appraiser approved by Lender indicating an appraised value of the Mortgaged Property as follows: an “as stabilized” value of the Project that will result in a Loan to value ratio of not more than sixty five percent (65%). The appraisal shall be addressed to Lender and state that it has been prepared on Lender’s behalf. The form of the appraisal and the appraisal methods shall otherwise be satisfactory to Lender and shall conform to all requirements of State and Federal law. Upon completion of construction, at the expense of Borrower, the appraiser shall reinspect and recertify the value of the Mortgaged Property “as built.”
(c) A “marked-up commitment” for a mortgagee’s title insurance policy duly endorsed by the Title Company that: (i) names Lender as primary insured in the full principal amount of the Commitment; (ii) insures the Mortgage to be a valid first lien on the Mortgaged Property; and (iii) is free from exceptions for (1) matters that would be disclosed by a survey or inspection, (2) mechanics’, contractors’ or materialmen’s liens and lien claims, (3) rights and claims of parties in possession, (4) easements or claims of easements not shown by the public records, including appurtenant easements and (5) other exceptions not specifically approved by Lender and as set forth in Exhibit B. All real estate taxes are current and all levied and pending assessments as of the date of the Mortgage shall be paid in full. The policy shall include a Form 3.1 zoning endorsement, an ALTA Form 9 comprehensive endorsement, a variable rate endorsement, a survey endorsement, and such other endorsements as Lender may reasonably require under the circumstances. Any undefined easements shall be defined and any appurtenant easements ...
Conditions Precedent to Lending. The obligation of the Lender to make the Loan shall be subject to the fulfillment of the following conditions:
Conditions Precedent to Lending. The Lenders shall not be required to make any Loan unless on the borrowing date for such Loan: (a) no Default or event which, but for the giving of notice or lapse of time or both, would constitute a Default then exists or is continuing, and (b) the representations and warranties contained in Paragraph 7 are true and correct. Each borrowing notice shall constitute a certification of the Borrower that such conditions have been satisfied. Xxxxxx Energy LLC June 28, 2002 Page 3
Conditions Precedent to Lending. 30 Section 3.1. Documents to be Delivered.............................................................30 Section 3.2. Additional Conditions Precedent.......................................................31
Conditions Precedent to Lending. 30 Section 3.1 Conditions Precedent to Initial Loan Advance............ 30 Section 3.2 Conditions Precedent to Any Advance..................... 33 Section 3.3 Special Conditions Precedent for an Additional Loan Advance................................................. 34 Section 3.4 Special Condition to Any Advance........................ 35
Conditions Precedent to Lending. 40 Section 3.1 Initial Conditions Precedent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 40 Section 3.2 Additional Conditions Precedent . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 42
Conditions Precedent to Lending. 35 Section 4.1. Documents to be Delivered.................................................................35
