CONDITIONS TO THE FIRST ADVANCE. The obligations of any Lender to make the initial Revolving Credit Loans and of the Fronting Bank to issue any initial Letters of Credit (and to maintain the existing outstanding Loans and Letters of Credit) shall be subject to the satisfaction of the following conditions precedent on or prior to the Closing Date with, in each instance, the Agent, acting on behalf of the Lenders, having approved in its sole discretion each matter submitted to it in compliance with such conditions:
CONDITIONS TO THE FIRST ADVANCE. As conditions precedent to the first Advance hereunder, if and to the extent required by Administrative Agent, to Administrative Agent's satisfaction, Borrower must have satisfied the conditions required under this Agreement, including all of those conditions set forth in EXHIBIT C and SECTION 4 below.
CONDITIONS TO THE FIRST ADVANCE. The obligations of any Lender to make the Term Loan (and to maintain the existing outstanding Term Loan) shall be subject to the satisfaction of the following conditions precedent on or prior to the Closing Date with, in each instance, the Agent, acting on behalf of the Lenders, having approved in its sole discretion each matter submitted to it in compliance with such conditions:
CONDITIONS TO THE FIRST ADVANCE. The following requirements must be satisfied as conditions to the first Advance:
CONDITIONS TO THE FIRST ADVANCE. As a condition precedent to the first Advance hereunder (the "First Advance"), Borrower must satisfy the conditions required hereby and set forth elsewhere in this Agreement and deliver to Lender, the documents, certificates, and other items that are set forth below:
CONDITIONS TO THE FIRST ADVANCE. As conditions precedent to the first ------------------------------- advance hereunder, the Borrower must have satisfied the conditions required under this Agreement, including all of those conditions set forth in Exhibit "C" and Section 4 below.
CONDITIONS TO THE FIRST ADVANCE. As conditions precedent to the first Advance, Borrower must satisfy the conditions required hereby and execute and deliver to, procure for and deposit with, and pay to Lender, and if appropriate record in the proper records with all filing and recording fees paid, the documents, certificates, and other items referred to in EXHIBIT B, together with such other documents, certificates and items as Lender may reasonably require from time to time. Except as otherwise specifically provided herein or agreed in writing by Lender, all such documents, certificates and other items shall bear a Current Date.
CONDITIONS TO THE FIRST ADVANCE. As a condition precedent to the first Advance hereunder, Borrower must (i) satisfy the conditions required hereby, (ii) execute and deliver to, procure for and deposit with, and pay to Lender and, if appropriate, record in the proper records with all filing and recording fees paid the documents, certificates, and other items that are described in Exhibit "B" attached hereto and incorporated herein by reference, together with such other documents, instruments, and certificates as Lender may reasonably require, and (iii) deliver to Lender an irrevocable unconditional straight letter of credit in the face amount of $1,734,582 in favor of Lender, issued by a bank acceptable to Lender in its sole discretion, with an expiration date of not earlier than 390 days from date hereof. Such credit and any replacements thereof is herein called the "Letter of Credit". If not therefore drawn, the Letter of Credit shall be returned to Borrower at the time the Note is fully advanced provided there is then no Event of Default. Lender may draw on the Letter of Credit at any time an Event of Default exists. The Letter of Credit may be replaced by Borrower from time to time with a new irrevocable unconditional straight letter of credit in favor of Lender issued by a bank acceptable to Lender in its sole discretion in the face amount of $1,734,582, less equity contributions made by Borrower as contemplated by Section 2.3. As a condition precedent to the first Advance for labor, materials, or construction services (whether or not it is the first Advance), Borrower and each original contractor shall have jointly executed and recorded with the county clerk Of the county in which the Property is situated an affidavit of commencement of work, in form and substance approved by Lender, which contains the information required by Section 53.124(c) of the Texas Property Code, provided further that the date of commencement of work specified in such affidavit shall be subsequent to the date of recordation of the Mortgage. Such affidavit shall be executed and recorded after the date the work actually commenced, but not later than the 10th day thereafter.
CONDITIONS TO THE FIRST ADVANCE. As a condition precedent to the first Advance hereunder, Borrower must satisfy the conditions required hereby and set forth elsewhere in this Agreement and deliver to Lender, the documents, certificates, and other items that are set forth below, together with such other documents, instruments, and certificates as Lender, or its legal counsel, may require from time to time:
CONDITIONS TO THE FIRST ADVANCE. The obligation of Bank to make the first Advance is subject to the fulfillment of the following conditions:
