Conditions to Loan Advances. (a)First Loan Advance. As conditions precedent to Bank’s obligation to fund the initial Loan Advance hereunder: (1)Borrower shall have delivered to Bank, in form and substance satisfactory to Bank and its counsel, each of the following: (i)duly executed copies of this Agreement, each Subordination Agreement, if applicable, and the Power of Attorney; (ii)copies of all financing statements and other documents, instruments and agreements, properly executed and recorded, that Bank deems necessary or appropriate; (iii)such credit applications, financial statements, authorizations and other information concerning Borrower and its business, operations and conditions (financial and otherwise) as Bank may reasonably request; (iv)certified copies of resolutions of the directors of Borrower approving the execution and delivery of the Loan Documents to which Borrower is a party, the performance of the Obligations thereunder and the consummation of the transactions contemplated thereby; (v)a certificate from an officer of Borrower certifying the names and true signatures of the officers of Borrower authorized to execute and deliver the Loan Documents to which Borrower is a party; (vi)a copy of Borrower’s Articles or Certificate of Incorporation and Bylaws; (vii)the Note; (viii)to the extent the Mortgage Loans are not serviced by Borrower, a fully-executed Servicer Notice in the form attached hereto as Exhibit III; (ix)a legal opinion in form and substance reasonably acceptable to Bank, opining as to: New York enforceability, grant and perfection of security interest, corporate matters, non-contravention, no material litigation, and the Investment Company Act of 1940 and such other matters as Bank may reasonably request; and (x)a fully-executed Amended and Restated Master Repurchase Agreement, Amended and Restated Pricing Letter and the other Facility Documents (as defined in the Mortgage Warehouse Agreement), in form and substance acceptable to Bank, in connection with the Mortgage Warehouse Agreement. (2)Borrower shall have paid Bank the Up-Front Fee and all other fees and expenses payable by Borrower hereunder. (3)All acts and conditions (including, without limitation, the obtaining of any necessary regulatory approvals and the making of any required filings, recordings or registrations) -28- required to be done and performed and to have happened precedent to the execution, delivery and performance of the Loan Documents and to constitute the same legal, valid and bin...
Conditions to Loan Advances. The advance of the Loan by Lender to Borrower under this Agreement, is subject to the following conditions being fulfilled to Lender's satisfaction:
Conditions to Loan Advances. 19 4.1 Approval of Lender's Counsel....................................19 4.2 Compliance......................................................19 4.3 Documentation for the Initial Advance...........................19 4.4 Documentation for Initial Working Capital Advance or Acquisition Advance...........................................19 4.5 Delivery of Financial Statements, Projections, Compliance Certificate and Appraisals....................................20 4.6 Completion of Forensic Accounting Due Diligence Reports and Background Checks.................................20 4.7 Closing of Each Permitted Acquisition...........................20 4.8 Additional Documentation for Acquisition Advances...............21 4.9 Funding by Fund Lender..........................................23
Conditions to Loan Advances. Notwithstanding any other provisions to the contrary contained in this Agreement, the making of each Loan Advance provided for in this Agreement shall be conditioned upon the following:
Conditions to Loan Advances. The agreement of each Lender to make any Loan requested to be made by it on the Borrowing Date is subject to the satisfaction of the following conditions precedent:
Conditions to Loan Advances
