Common use of Conditions Precedent to Occurrence of the Termination Extension Date Clause in Contracts

Conditions Precedent to Occurrence of the Termination Extension Date. The occurrence of the Termination Extension Date and extension of the Amortization Period resulting therefrom shall be subject to the satisfaction or written waiver of the following conditions precedent, in the sole discretion of, the Administrative Agent, on and as of the last Business Day of the Revolving Period (or, if the Revolving Period never occurs, April 19, 2010): (a) The following statements shall be true, and the Seller and Servicer shall deliver an officer’s certificate, certifying that: (i) No Termination Date has occurred pursuant to clause (a), (b), (d) or (e) of the definition thereof (and no event has occurred and is continuing that constitutes a Termination Event or Unmatured Termination Event), that has not been waived in writing by the Administrative Agent; (ii) The representations and warranties contained in Section 4.1, Section 4.2 and Section 4.3 are true and correct on and as of such day as though made on and as of such day and shall be deemed to have been made on such day (except that the representations and warranties contained in Section 4.2(b) are true and correct on and as of the dates stated therein); (iii) No law or regulation shall prohibit, and no order, judgment or decree of any federal, state or local court or governmental body, agency or instrumentality shall prohibit or enjoin, any transaction contemplated herein; and (iv) No Core Transaction Term under any Wachovia Facility is more favorable than a similar term under the Agreement; and (b) The aggregate Advances Outstanding shall be not less than $25,000,000; and (c) The Seller shall have paid to the Administrative Agent in immediately available funds the Amortization Period Fee and all other fees required to be paid, including all fees required hereunder and under the Purchaser Fee Letter.