Conditions to Disbursement. Lender may require any or all of the following at the expense of Borrower as a condition to disbursement of funds from the Replacement Reserve Account or the Repairs Escrow Account (provided that for any Borrower Requested Replacements, Borrower Requested Repairs, Additional Lender Replacements and Additional Lender Repairs, Lender shall have approved the use of the Reserve/Escrow Account Funds for such replacements or repairs pursuant to the terms of Section 13.02(a)(9)):
(A) an inspection by Lender of the Mortgaged Property and the applicable Replacement or Repair;
(B) an inspection or certificate of completion by an appropriate independent qualified professional (such as an architect, engineer or property inspector, depending on the nature of the Repair or Replacement) selected by Lender;
(C) either:
(i) a search of title to the Mortgaged Property effective to the date of disbursement; or
(ii) a “date-down” endorsement to Lender’s Title Policy extending the effective date of such policy to the date of disbursement, and showing no Liens other than Permitted Encumbrances (or liens which Borrower is diligently contesting in good faith that have been bonded off to the satisfaction of Lender); and
(D) an acknowledgement of payment, waiver of claims and release of lien for work performed and materials supplied from each contractor, subcontractor or materialman in accordance with the requirements of applicable law and covering all work performed and materials supplied (including equipment and fixtures) for the Mortgaged Property by that contractor, subcontractor or materialman through the date covered by the disbursement request (or, in the event that payment to such contractor, subcontractor or materialman is to be made by a joint check, the release of lien shall be effective through the date covered by the previous disbursement).
Conditions to Disbursement. The obligation of Lender to disburse the proceeds of the Loan shall be subject to satisfaction of each of the following conditions precedent on or before the Closing Date (unless another date is specifically referenced below):
Conditions to Disbursement. Borrower agrees to perform and satisfy all conditions precedent to the disbursement of the Loan set forth in the Application/Commitment, including those set forth in Sections 2.4 (Third Party Reports) and 3 (The Closing) thereof.
Conditions to Disbursement. The Disbursement Agent shall disburse funds from the Accounts only upon satisfaction of the applicable conditions to disbursement set forth herein.
Conditions to Disbursement. DAS has no obligation to disburse any of the Grant unless all of the following conditions are met on the date of disbursement:
(1) There is no Default or Event of Default.
(2) The representations and warranties made by Grantee in this Agreement are true and correct as if made on such date.
(3) The Bonds have been issued by the State.
(4) DAS, in the reasonable exercise of its administrative discretion, has sufficient funding, appropriations, limitations, allotments, allocation and other expenditure authority to authorize the disbursement.
(5) DAS (a) has received a completed Reimbursement Request from Grantee, (b) has received any written evidence of materials and labor furnished to or work performed upon the Project, itemized receipts or invoices for payment, and releases, satisfactions or other signed statements or forms as DAS may require, (c) is satisfied that all items listed in the Reimbursement Request are reasonable and that the costs for labor and materials were incurred and are properly included in the Project Costs, and (d) has determined that the disbursement is only for costs defined as eligible Project Costs.
(6) DAS has received the following items in form and substance satisfactory to DAS:
a. This Agreement duly signed by an authorized officer of Grantee.
b. Such other certificates, documents, opinions and information as DAS may reasonably require.
(7) Any conditions to disbursement elsewhere in this Agreement or in the other financing documents for this Project are met.
Conditions to Disbursement. Each Lender’s obligation to make the disbursement of the principal sums set forth on Annex I hereto on the date hereof is subject to the condition precedent that such Lender shall have received, in form and substance satisfactory to such Lender, such documents, and the completion of such other matters, as such Lender may reasonably deem necessary or appropriate, including, without limitation:
(a) this Note duly executed; and
(b) the Operating Documents and a good standing certificate of each Borrower certified by the Secretary of State of the State of Delaware as of a date no earlier than thirty (30) Business Days prior to the date hereof, together with duly authorized resolutions of the board of directors for each Borrower in form and substance acceptable to each Lender in its sole discretion.
Conditions to Disbursement. The initial disbursement of the Loan shall be made after the Director has received and satisfactorily reviewed the following:
(a) This Agreement, duly executed by the Borrower and Director;
(b) Evidence of the Required Cost Share Amount proportionate to the disbursements as set forth in Section 2.7 of this Agreement;
(c) Certification by the Borrower that its representations and warranties made in the Loan Documents remain true, accurate and complete and no default or event which, by notice, the passage of time or otherwise, would constitute a default, exists under the Loan Documents;
(d) all other Loan Documents;
(e) The Borrower’s Certificate of Good Standing issued by the Secretary of State of the State of Ohio, dated within 10 days prior to the disbursement;
(f) Certified copy of the resolutions of the governing board of the Borrower authorizing execution and delivery of all documents with respect to the Loan;
(g) Certificate of incumbency as to the Borrower;
(h) A copy, certified by the Borrower to be true, correct and complete, of the Governing Instruments of the Borrower;
(i) An opinion of the Borrower’s legal counsel, which sets forth the items listed in Schedule 2 attached hereto;
(j) Evidence that no litigation or proceedings are pending or threatened which could or might cause a material adverse change with respect to the Borrower;
(k) Current annual financial statements of Borrower; and
(l) Such other certifications, documents or opinions as the Director may reasonably require.
Conditions to Disbursement. The Bank's consent to -------------------------- Disbursements required pursuant to Section 5.3, above, shall be given only following satisfaction of each of the following conditions, unless waived by the Bank:
5.4.1 The Borrower shall be in full compliance with all of the conditions set forth in Section 5.1, above, and all of such conditions shall have been satisfied, as of the date of the Disbursement;
5.4.2 There shall have occurred no Event of Default which remains unwaived or uncured or event which, with the giving of notice or the passage of time, or both, would constitute an Event of Default and, if the Bank shall so require, the Bank shall have received a certificate to that effect signed by a Borrower's Representative;
5.4.3 The representations and warranties contained in Section 7.1 through 7.12 below, shall be correct on and as of the date of the Disbursement as though made on and as of that date and, if so requested by the Bank, the Bank shall have received a certificate to that effect signed by a Borrower's Representative;
5.4.4 The Borrower shall, at its sole expense, have delivered or caused to be delivered to the Bank originals of the "date down" endorsements to the ALTA Policy as may from time to time be reasonably required by the Bank; and
5.4.5 On and as of the date of the Bank's consent to the Disbursement, the Borrower shall have complied in all material respects with all applicable laws, ordinances, regulations and other requirements relating to the Project, and all necessary consents or approvals of any court or governmental department, public body, authority, commission, board, bureau, agency or instrumentality shall have been regularly and finally received with respect thereto, to the extent reasonably obtainable by the date of such Disbursement, including without limitation each of the following as applicable:
(a) all zoning, land use and planning requirements;
(b) subdivision and/or parcel map requirements;
(c) construction and building permit requirements; and, if the Bank shall so require, the Bank shall have received, dated as of the date of the Bank's consent to the Disbursement, a certificate signed by a Borrower's Representative that, to the best of the Borrower's knowledge, such requirements have been complied with; and
5.4.6 The Borrower shall be in compliance with all of the terms and conditions imposed by the Bond Document in connection with such Disbursement and, if the Bank shall so require, the Bank shall have receiv...
Conditions to Disbursement. (a) The obligation of the Lender to make the first disbursement of the Loan shall be subject to the prior or contemporaneous satisfaction of each of the following conditions:
Conditions to Disbursement. 10 3.2 Conditions for the Benefit of the Lender............................................................. 11 ARTICLE 4
