Conditions Precedent to the Final Disbursements. The obligation of BANKS to make the final disbursement on the CONSTRUCTION LOAN shall be subject to the condition precedent that BORROWER shall be in compliance with all conditions set forth in Sections 4.1 and 4.2 of this AGREEMENT and, further, that the following conditions shall have been satisfied or waived by ADMINISTRATIVE AGENT on or prior to the CONSTRUCTION LOAN TERMINATION DATE: 4.3.1 The PROJECT has been completed in material compliance with the PLANS and ADMINISTRATIVE AGENT shall have received a certificate of completion from the DESIGN-BUILDER, certifying that (i) work on the PROJECT has been completed in material compliance with the PLANS and all labor, services, materials and supplies used in such work have been indefeasibly paid for and (ii) the completed PROJECT conforms in all material respects with all applicable zoning, land use planning, building and environmental laws and regulations of the governmental authorities having jurisdiction over the PROJECT. 4.3.2 ADMINISTRATIVE AGENT has received satisfactory evidence that all work requiring inspection by municipal or other governmental authorities having jurisdiction has been duly inspected and approved by such authorities and by the rating or inspection organization, bureau, corporation or office having jurisdiction. 4.3.3 ADMINISTRATIVE AGENT shall have received a lien waiver from each SUBCONTRACTOR whose charges exceed $20,000.00 and the DESIGN-BUILDER and all other general contractors for all work done and for all materials furnished by it for the PROJECT. 4.3.4 ADMINISTRATIVE AGENT has received an itemized list from BORROWER of all material items of equipment and fixtures, which are at that time subject to BANKS’ security interest. 4.3.5 BORROWER has hired a plant operations manager or general manager acceptable to ADMINISTRATIVE AGENT in the exercise of ADMINISTRATIVE AGENT’s reasonable discretion. 4.3.6 BORROWER has duly executed and delivered to ADMINISTRATIVE AGENT each TERM NOTE. 4.3.7 BORROWER shall have delivered to ADMINISTRATIVE AGENT an as-built ALTA/ACSM survey showing all improvements constructed on the LAND and otherwise meeting the requirements set out in Section 4.1.9 above. 4.3.8 Payment to ADMINISTRATIVE AGENT of all fees provided for in the FEE LETTER which have not previously been paid or are not then due under the terms of the FEE LETTER. 4.3.9 BORROWER shall have delivered to ADMINISTRATIVE AGENT a Certificate(s) of Insurance showing the coverages required under Section 6.3.4 of this Agreement.
Appears in 1 contract
Samples: Construction Loan Agreement (Highwater Ethanol LLC)
Conditions Precedent to the Final Disbursements. The obligation of BANKS the BANK to make the final disbursement on the CONSTRUCTION LOAN shall be subject to the condition precedent that the BORROWER shall be in compliance with all conditions set forth in Sections 4.1 and 4.2 of this AGREEMENT and, and further, that the following conditions shall have been satisfied or waived by ADMINISTRATIVE AGENT on or prior to the CONSTRUCTION LOAN TERMINATION COMPLETION DATE:
4.3.1 The PROJECT has been completed in material compliance with the PLANS and ADMINISTRATIVE AGENT the BANK shall have received a certificate of completion from the DESIGN-BUILDERGENERAL CONTRACTOR, certifying that (i) work on the PROJECT has been completed in material compliance with the PLANS and all labor, services, materials and supplies used in such work have been indefeasibly paid for and (ii) the completed PROJECT conforms in all material respects with all applicable zoning, land use planning, building and environmental laws and regulations of the governmental authorities having jurisdiction over the PROJECT.
4.3.2 ADMINISTRATIVE AGENT The BANK has received satisfactory evidence that all work requiring inspection by municipal or other governmental authorities having jurisdiction has been duly inspected and approved by such authorities and by the rating or inspection organization, bureau, corporation or office having jurisdiction.
4.3.3 ADMINISTRATIVE AGENT The BANK shall have received a lien waiver from each SUBCONTRACTOR whose charges exceed $20,000.00 and the DESIGN-BUILDER and all other general contractors GENERAL CONTRACTOR for all work done and for all materials furnished by it for the PROJECT.
4.3.4 ADMINISTRATIVE AGENT The BANK has received an itemized list from BORROWER of all material items of equipment and fixtures, which are at that time subject to BANKS’ BANK’s security interest.
4.3.5 BORROWER has hired a plant operations manager or general manager acceptable A copy of the RISK MANAGEMENT CONTRACT together with assignments in favor of BANK in form satisfactory to ADMINISTRATIVE AGENT in the exercise of ADMINISTRATIVE AGENT’s reasonable discretionBANK.
4.3.6 BORROWER has duly executed and delivered An assignment in favor of BANK of BORROWER’s grain hedging account with an entity approved by BANK, which approval will not be unreasonably withheld, together with a control agreement as to ADMINISTRATIVE AGENT each TERM NOTEsame, all in form acceptable to BANK.
4.3.7 BORROWER shall have delivered to ADMINISTRATIVE AGENT an as-built ALTA/ACSM survey showing all improvements constructed on the LAND and otherwise meeting the requirements set out in Section 4.1.9 above.
4.3.8 Payment to ADMINISTRATIVE AGENT of all fees provided for in the FEE LETTER which have not previously been paid or are not then due under the terms of the FEE LETTER.
4.3.9 BORROWER shall have delivered to ADMINISTRATIVE AGENT a Certificate(s) of Insurance showing the coverages required under Section 6.3.4 of this Agreement.
Appears in 1 contract
Conditions Precedent to the Final Disbursements. The obligation of BANKS to make the final disbursement on the CONSTRUCTION LOAN shall be subject to the condition precedent that BORROWER shall be in compliance with all conditions set forth in Sections 4.1 and 4.2 of this AGREEMENT and, further, that the following conditions shall have been satisfied or waived by ADMINISTRATIVE AGENT on or prior to the CONSTRUCTION LOAN TERMINATION DATE:
4.3.1 The PROJECT has been completed in material compliance with the PLANS and ADMINISTRATIVE AGENT shall have received a certificate of completion from the DESIGN-BUILDER, certifying that (i) work on the PROJECT has been completed in material compliance with the PLANS and all labor, services, materials and supplies used in such work have been indefeasibly paid for and (ii) the completed PROJECT conforms in all material respects with all applicable zoning, land use planning, building and environmental laws and regulations of the governmental authorities having jurisdiction over the PROJECT.
4.3.2 ADMINISTRATIVE AGENT has received satisfactory evidence that all work requiring inspection by municipal or other governmental authorities having jurisdiction has been duly inspected and approved by such authorities and by the rating or inspection organization, bureau, corporation or office having jurisdiction.
4.3.3 ADMINISTRATIVE AGENT shall have received a lien waiver from each SUBCONTRACTOR whose charges exceed $20,000.00 and the DESIGN-BUILDER and all other general contractors for all work done and for all materials furnished by it for the PROJECT.
4.3.4 ADMINISTRATIVE AGENT has received an itemized list from BORROWER of all material items of equipment and fixtures, which are at that time subject to BANKS’ ' security interest.
4.3.5 BORROWER has hired a plant operations manager or general manager acceptable to ADMINISTRATIVE AGENT in the exercise of ADMINISTRATIVE AGENT’s reasonable discretion.
4.3.6 BORROWER has duly executed and delivered to ADMINISTRATIVE AGENT each TERM NOTE.
4.3.7 BORROWER shall have delivered to ADMINISTRATIVE AGENT an as-built ALTA/ACSM survey showing all improvements constructed on the LAND and otherwise meeting the requirements set out in Section 4.1.9 above.
4.3.8 Payment to ADMINISTRATIVE AGENT of all fees provided for in the FEE LETTER which have not previously been paid or are not then due under the terms of the FEE LETTER.
4.3.9 BORROWER shall have delivered to ADMINISTRATIVE AGENT a Certificate(s) of Insurance showing the coverages required under Section 6.3.4 of this Agreement.
Appears in 1 contract
Conditions Precedent to the Final Disbursements. The obligation of BANKS to make the final disbursement on the CONSTRUCTION LOAN shall be subject to the condition precedent that BORROWER shall be in compliance with all conditions set forth in Sections 4.1 and 4.2 of this AGREEMENT and, further, that the following conditions shall have been satisfied or waived by ADMINISTRATIVE AGENT on or prior to the CONSTRUCTION LOAN TERMINATION DATE:
4.3.1 The PROJECT has been completed in material compliance with the PLANS and ADMINISTRATIVE AGENT shall have received a certificate of completion from the DESIGN-BUILDER, certifying that (i) work on the PROJECT has been completed in material compliance with the PLANS and all labor, services, materials and supplies used in such work have been indefeasibly paid for and (ii) the completed PROJECT conforms in all material respects with all applicable zoning, land use planning, building and environmental laws and regulations of the governmental authorities having jurisdiction over the PROJECT.
4.3.2 ADMINISTRATIVE AGENT has received satisfactory evidence that all work requiring inspection by municipal or other governmental authorities having jurisdiction has been duly inspected and approved by such authorities and by the rating or inspection organization, bureau, corporation or office having jurisdiction.
4.3.3 ADMINISTRATIVE AGENT shall have received a lien waiver from each SUBCONTRACTOR whose charges exceed $20,000.00 and the DESIGN-BUILDER and all other general contractors for all work done and for all materials furnished by it for the PROJECT.
4.3.4 ADMINISTRATIVE AGENT has received an itemized list from BORROWER of all material items of equipment and fixtures, which are at that time subject to BANKS’ security interest.
4.3.5 BORROWER has hired a plant operations manager or general manager acceptable to ADMINISTRATIVE AGENT in the exercise of ADMINISTRATIVE AGENT’s reasonable discretion.
4.3.6 BORROWER has duly executed and delivered to ADMINISTRATIVE AGENT each TERM NOTE.
4.3.7 BORROWER shall have delivered to ADMINISTRATIVE AGENT an as-built ALTA/ACSM survey showing all improvements constructed on the LAND and otherwise meeting the requirements set out in Section 4.1.9 above.
4.3.8 Payment to ADMINISTRATIVE AGENT of all fees provided for in the FEE LETTER which have not previously been paid or are not then due under the terms of the FEE LETTER.
4.3.9 BORROWER shall have delivered to ADMINISTRATIVE AGENT a Certificate(s) of Insurance showing the coverages required under Section 6.3.4 of this Agreement.
Appears in 1 contract
