Common use of Conditions to Making Loans Clause in Contracts

Conditions to Making Loans. 1C.1 The following are conditions precedent to the obligation of Standard to make the Line of Credit and the Term Loan hereunder: (a) The Borrower shall have delivered or shall have had delivered to Standard Federal, in form and substance satisfactory to Standard Federal and its counsel, each of the following: a. A duly executed copy of this Loan Agreement; b. A duly executed copy of the Line of Credit Note, the Term Note, a security agreement and such other loan documents as Standard Federal shall require to evidence and document the Line of Credit and the Term Loan; c. Such credit applications, financial statements, authorizations, and such information concerning the Borrower and its business, operations, and condition (financial and otherwise) as Standard Federal may reasonably request; d. Certified copies of resolutions of the Boards of Directors of the Borrower approving the execution and delivery of the loan documents required hereunder; e. A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to sign the loan documents required hereunder; f. Copies of each of the Articles of Incorporation of the Borrower, certified by the Secretary of State of Michigan as of a recent date; g. Copies of each of the Articles of Incorporation and Bylaws of the Borrower, certified by the Secretary or an Assistant Secretary of the Borrower as of the date of this Agreement as being accurate and complete; h. Certificate of good standing of the Borrower from the Secretary of State of Michigan as of a recent date; i. Certificates of authority and good standing of the Borrower for each state in which the Borrower is qualified to do business; j. A certificate of compliance of the chief financial officer or treasurer of the Borrower in form satisfactory to Standard Federal dated as of the date of this Agreement; k. Such certificates, binders or other evidence of all insurance required of the Borrower under this Loan Agreement as Standard Federal may reasonably require; and l. Acknowledgement copies of all UCC-1 financing statements filed with respect to the Collateral accompanied by a search report showing such financing statements as duly filed and evidencing that the security interest of Standard Federal in the Collateral is prior to all other security interests of record. (b) All acts and conditions (including, without limitation, the obtaining of any necessary regulatory approvals and the making of any required filings, recordings, or registrations) required to be done and performed and to have happened precedent to the execution, delivery, and performance of the loan documents required hereunder and to constitute the same legal, valid, and binding obligations, enforceable in accordance with their respective terms, shall have been done and performed and shall have happened in due and strict compliance with all applicable laws.

Conditions to Making Loans. 1C.1 1B.1 The following are conditions precedent to the obligation of Standard to make the Term Loan and the Line of Credit and the Term Loan hereunder: (a) The Borrower shall have delivered or shall have had delivered to Standard Federal, in form and substance satisfactory to Standard Federal and its counsel, each of the following: a. A duly executed copy of this Loan Agreement; b. A duly executed copy of the Line of Credit NoteNotes, the Term Note, a security agreement Note and such other loan documents as Standard Federal shall require to evidence and document the Line of Credit and the Term Loan; c. Such credit applications, financial statements, authorizations, and such information concerning the Borrower and its business, operations, and condition (financial and otherwise) as Standard Federal may reasonably request; d. Certified copies of resolutions of the Boards of Directors of the Borrower approving the execution and delivery of the loan documents required hereunder; e. A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to sign the loan documents required hereunder; f. Copies of each of the Articles of Incorporation of the Borrower, certified by the Secretary of State of Michigan as of a recent date; g. Copies of each of the Articles of Incorporation and Bylaws of the Borrower, certified by the Secretary or an Assistant Secretary of the Borrower as of the date of this Agreement as being accurate and complete; h. Certificate of good standing of the Borrower from the Secretary of State of Michigan as of a recent date; ; i. Certificates of authority and good standing of the Borrower for each state in which the Borrower is qualified to do business; j. A certificate of compliance of the chief financial officer or treasurer of the Borrower in form satisfactory to Standard Federal dated as of the date of this Agreement; k. Such certificates, binders or other evidence of all insurance required of the Borrower under this Loan Agreement as Standard Federal may reasonably require; and l. Acknowledgement copies of all UCC-1 financing statements filed with respect to the Collateral accompanied by a search report showing such financing statements as duly filed and evidencing that the security interest of Standard Federal in the Collateral is prior to all other security interests of record. (b) All acts and conditions (including, without limitation, the obtaining of any necessary regulatory approvals and the making of any required filings, recordings, or registrations) required to be done and performed and to have happened precedent to the execution, delivery, and performance of the loan documents required hereunder and to constitute the same legal, valid, and binding obligations, enforceable in accordance with their respective terms, shall have been done and performed and shall have happened in due and strict compliance with all applicable laws.;

Conditions to Making Loans. 1C.1 The following are conditions precedent to the obligation of Standard to make the Line of Credit and Credit, the Term Loan and the Equipment Line of Credit and hereunder: (a) The Borrower shall have delivered or shall have had delivered to Standard Federal, in form and substance satisfactory to Standard Federal and its counsel, each of the following: a. A duly executed copy of this Loan Agreement; b. A duly executed copy of the Line of Credit Note, the Term Note, a security agreement the Equipment Line of Credit Note and such other loan documents as Standard Federal shall require to evidence and document the Line of Credit Credit, the Term Loan and the Term LoanEquipment Line of Credit (the "Loan Documents"); c. Such credit applications, financial statements, authorizations, and such information concerning the Borrower and its business, operations, and condition (financial and otherwise) as Standard Federal may reasonably request; d. Certified copies of resolutions of the Boards of Directors of the Borrower approving the execution and delivery of the loan documents Loan Documents required hereunder; e. A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to sign the loan documents Loan Documents required hereunder; f. Copies of each of the Articles of Incorporation of the Borrower, certified by the Secretary of State of Michigan as of a recent date; g. Copies of each of the Articles of Incorporation and Bylaws of the Borrower, certified by the Secretary or an Assistant Secretary of the Borrower as of the date of this Agreement as being accurate and complete; h. Certificate of good standing of the Borrower from the Secretary of State of Michigan as of a recent date; ; i. Certificates of authority and good standing of the Borrower for each state in which the Borrower is qualified to do business; j. A certificate of compliance of the chief financial officer or treasurer of the Borrower in form satisfactory to Standard Federal dated as of the date of this Agreement; k. Such certificates, binders or other evidence of all insurance required of the Borrower under this Loan Agreement as Standard Federal may reasonably require; and l. Acknowledgement copies of all UCC-1 financing statements filed with respect to the Collateral accompanied by a search report showing such financing statements as duly filed and evidencing that the security interest of Standard Federal in the Collateral is prior to all other security interests of record. (b) All acts and conditions (including, without limitation, the obtaining of any necessary regulatory approvals and the making of any required filings, recordings, or registrations) required to be done and performed and to have happened precedent to the execution, delivery, and performance of the loan documents required hereunder and to constitute the same legal, valid, and binding obligations, enforceable in accordance with their respective terms, shall have been done and performed and shall have happened in due and strict compliance with all applicable laws.a

Conditions to Making Loans. 1C.1 1A.1 The following are conditions precedent to the obligation of Standard to make the Line of Credit and the Term Loan hereunder: (a) The Borrower shall have delivered or shall have had delivered to Standard Federal, in form and substance satisfactory to Standard Federal and its counsel, each of the following: a. A duly executed copy of this Loan Agreement; b. A duly executed copy of the Line of Credit Note, the Term Note, a security agreement Note and such other loan documents as Standard Federal shall require to evidence and document the Line of Credit and Term Loan (the Term Loan"Loan Documents"); c. Such credit applications, financial statements, authorizations, and such information concerning the Borrower and its business, operations, and condition (financial and otherwise) as Standard Federal may reasonably request; d. Certified copies of resolutions of the Boards of Directors of the Borrower approving the execution and delivery of the loan documents Loan Documents required hereunder; e. A certificate of the Secretary or an Assistant Secretary of the Borrower certifying the names and true signatures of the officers of the Borrower authorized to sign the loan documents Loan Documents required hereunder; f. Copies of each of the Articles of Incorporation of the Borrower, certified by the Secretary of State of Michigan as of a recent date; g. Copies of each of the Articles of Incorporation and Bylaws of the Borrower, certified by the Secretary or an Assistant Secretary of the Borrower as of the date of this Agreement as being accurate and complete; h. Certificate of good standing of the Borrower from the Secretary of State of Michigan as of a recent date; ; i. Certificates of authority and good standing of the Borrower for each state in which the Borrower is qualified to do business; j. A certificate of compliance of the chief financial officer or treasurer of the Borrower in form satisfactory to Standard Federal dated as of the date of this Agreement; k. Such certificates, binders or other evidence of all insurance required of the Borrower under this Loan Agreement as Standard Federal may reasonably require; and l. Acknowledgement copies of all UCC-1 financing statements filed with respect to the Collateral accompanied by a search report showing such financing statements as duly filed and evidencing that the security interest of Standard Federal in the Collateral is prior to all other security interests of record. (b) All acts and conditions (including, without limitation, the obtaining of any necessary regulatory approvals and the making of any required filings, recordings, or registrations) required to be done and performed and to have happened precedent to the execution, delivery, and performance of the loan documents required hereunder and to constitute the same legal, valid, and binding obligations, enforceable in accordance with their respective terms, shall have been done and performed and shall have happened in due and strict compliance with all applicable laws.

Conditions to Making Loans. 1C.1 7.1 The following are conditions precedent to the obligation of Standard to make the Line of Credit and Credit, the Term Loan and the Equipment Line of Credit and hereunder: (a) 7.1.1 The Borrower Borrowers shall have delivered or shall have had delivered to Standard Federal, in form and substance satisfactory to Standard Federal and its counsel, each of the following: a. 7.1.1.1 A duly executed copy of this Loan Agreement; b. ; 7.1.1.2 A duly executed copy of the Line of Credit Note, the Term Note, a security agreement and such other loan documents as Standard Federal shall require to evidence and document the Line of Credit and the Term Loan; c. Loan Documents; 7.1.1.3 Such credit applications, financial statements, authorizations, and such information concerning the Borrower Borrowers and its business, operations, and condition (financial and otherwise) as Standard Federal may reasonably request; d. ; 7.1.1.4 Certified copies of resolutions of the Boards of Directors of the Borrower Borrowers approving the execution and delivery of the loan documents Loan Documents required hereunder; e. ; 7.1.1.5 A certificate of the Secretary or an Assistant Secretary of the Borrower Borrowers certifying the names and true signatures of the officers of the Borrower Borrowers authorized to sign the loan documents Loan Documents required hereunder; f. ; 7.1.1.6 Copies of each of the Articles of Incorporation of the BorrowerBorrowers, certified by the Secretary of State of Michigan each Borrower's state of incorporation as of a recent date; g. ; 7.1.1.7 Copies of each of the Articles of Incorporation and Bylaws of the BorrowerBorrowers, certified by the Secretary or an Assistant Secretary of the Borrower Borrowers as of the date of this Loan Agreement as being accurate and complete; h. Certificate ; 7.1.1.8 Certificates of good standing of the Borrower Borrowers from the Secretary of State of Michigan each of the Borrowers' state of incorporation as of a recent date; i. 7.1.1.9 Certificates of authority and good standing of the Borrower Borrowers for each state in which the Borrower is Borrowers are qualified to do business; j. ; 7.1.1.10 A certificate of compliance of the chief financial officer or treasurer of the Borrower Borrowers in form satisfactory to Standard Federal dated as of the date of this Loan Agreement; k. ; 7.1.1.11 Such certificates, binders or other evidence of all insurance required of the Borrower Borrowers under this Loan Agreement as Standard Federal may reasonably require; and l. and 7.1.1.12 Acknowledgement copies of all UCC-1 financing statements filed with respect to the Collateral accompanied by a search report showing such financing statements as duly filed and evidencing that the security interest of Standard Federal in the Collateral is prior to all other security interests of record. (b) 7.1.2 All acts and conditions (including, without limitation, the obtaining of any necessary regulatory approvals and the making of any required filings, recordings, or registrations) required to be done and performed and to have happened precedent to the execution, delivery, and performance of the loan documents Loan Documents required hereunder and to constitute the same legal, valid, and binding obligations, enforceable in accordance with their respective terms, shall have been done and performed and shall have happened in due and strict compliance with all applicable laws. 7.1.3 All documentation, including, without limitation, documentation for corporate and legal proceedings in connection with the transactions contemplated by the Loan Documents shall be satisfactory in form and substance to Standard Federal and its counsel and all fees and charges, including recording and filing fees, shall have been paid as required hereunder. 7.2 As conditions precedent to Standard Federal's obligation to make the Term Loan and to fund any request for an advance under the Line of Credit or the Equipment Line of Credit, at and as of the date of the funding thereof: 7.2.1 The representations and warranties of the Borrowers contained in the Loan Documents shall be accurate and complete in all respects as if made on and as of such date; 7.2.2 The Borrowers shall have paid all fees and expenses, including any recording fees and charges, required hereunder; 7.2.3 There shall not have occurred an Event of Default or any event which with the passage of time of the giving of notice or both would constitute an Event of Default.