Common use of Lessee's Deemed Representation for Each Funding Clause in Contracts

Lessee's Deemed Representation for Each Funding. Each Funding Request by a Lessee or the Construction Agent shall be deemed a reaffirmation of each Lessees indemnity obligations in favor of the Indemnitees under the Operative Documents and a representation and warranty by such Lessee or the Construction Agent, as the case may be, to the Lessor, the Administrative Agent, the Synthetic Lease Loan Lenders and the B Lenders that on the proposed Closing Date or Funding Date, as the case may be, (i) the amount of Funding requested represents amounts owing in respect of the purchase price of the related Land, and any Building thereon, and development, transaction and closing costs in respect of the Leased Property (in the case of the initial Funding on a Closing Date) or amounts that are then due to third parties in respect of the Construction, or amounts paid by the Construction Agent to third parties in respect of the Construction for which the Construction Agent has not previously been reimbursed by a Funding (in the case of any Funding), or amounts for Construction costs incurred by the related Lessee not later than 120 days after the Completion Date for the related Leased Property, (ii) no Event of Default or Potential Event of Default exists, and (iii) the representations and warranties of each Obligor set forth in SECTION 4.1 are true and correct in all material respects as though made on and as of such Funding Date, except to the extent such representations or warranties relate solely to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.

Lessee's Deemed Representation for Each Funding. Each Funding Request by a Lessee or the Construction Agent shall be deemed a reaffirmation of each Lessees Guarantor's and each Lessee's indemnity obligations in favor of the Indemnitees under the Operative Documents and a representation and warranty by such Lessee or the Construction Agent, as the case may be, to the Lessor, the Administrative Agent, the Synthetic Lease Loan Lenders Agent and the B Lenders that on the proposed Closing Date or Funding Date, as the case may be, (i) the amount of Funding requested represents amounts owing in respect of the purchase price or ground rent of the related Land, and any Building thereon, and development, transaction and closing costs Construction Costs in respect of the Leased Property (in the case of the initial Funding on a Closing Date) or amounts that are then due to third parties in respect of the Construction, or amounts paid by the Construction Agent Agent, as agent for the Lessor, to third parties in respect of the Construction for which the Construction Agent has not previously been reimbursed by a Funding (in the case of any Funding), or amounts for Construction costs incurred by the related Lessee not later than 120 days after the Completion Date for the related Leased Property, (ii) no Event of Default or Potential Event of Default exists, and (iii) the representations and warranties of each Obligor Guarantor and each Lessee set forth in SECTION Section 4.1 are true and correct in all material respects as though made on and as of such Funding Date, except to the extent such representations or warranties relate solely to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.

Lessee's Deemed Representation for Each Funding. Each Funding ----------------------------------------------- Request by a the Lessee or the Construction Agent shall be deemed a reaffirmation of each Lessees the Lessee's indemnity obligations in favor of the Indemnitees under the Operative Documents and a representation and warranty by such the Lessee or the Construction Agent, as the case may be, to the Lessor, the Administrative Agent, the Synthetic Lease Loan Lenders Agent and the B Lenders that on the proposed Closing Date or Funding Date, as the case may be, (i) the amount of Funding requested represents amounts owing in respect of the purchase price of the related Land, and any Building thereon, Land and development, transaction and closing costs in respect of the Leased Property (in the case of the initial Funding on a the Closing Date) or amounts that are then the Lessee reasonably believes will be due in the 30 days following such Funding from the Lessee to third parties in respect of the Construction, or amounts paid by the Construction Agent Lessee to third parties in respect of the Construction for which the Construction Agent Lessee has not previously been reimbursed by a Funding (in the case of any Funding), or amounts for Construction costs incurred by the related Lessee not later than 120 days after the Completion Date for the related Leased Property, (ii) no Event of Default or Potential Event of Default exists, and (iii) the representations and warranties of each Obligor the Lessee set forth in SECTION Section 4.1 are true and correct in all material respects as though made on ----------- and as of such Funding Date, except to the extent such representations or warranties relate solely to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.

Lessee's Deemed Representation for Each Funding. Each Funding Request by a Lessee or the Construction Agent shall be deemed a reaffirmation of each Lessees Lessee's indemnity obligations in favor of the Indemnitees under the Operative Documents and a representation and warranty by such Lessee or the Construction Agent, as the case may be, to the Lessor, the Administrative Agent, the Synthetic Lease Loan Lenders Agent and the B Lenders Funding Parties that on the proposed Closing Date or Funding Date, as the case may be, (i) the amount of Funding requested represents amounts owing in respect of the purchase price or ground rent of the related Land, and any Building thereon, and development, transaction and closing costs Construction Costs in respect of the Leased Property (in the case of the initial Funding on a Closing Date) or amounts that are then due to third parties in respect of the Construction, or amounts paid by the Construction Agent Agent, as agent for the Lessor, to third parties in respect of the Construction for which the Construction Agent has not previously been reimbursed by a Funding or the Estimated Completion Amount (in the case of any Funding other than an Alteration Funding), or, in the case of an Alteration Funding, amounts that are then due to third parties in respect of such Alterations or amounts for Construction costs incurred paid by the related Lessee to third parties in respect of such Alterations for which such Lessee has not later than 120 days after the Completion Date for the related Leased Propertybeen previously reimbursed, (ii) no Event of Default or Potential Event of Default exists, and (iii) the representations and warranties of the Guarantor and each Obligor Lessee set forth in SECTION Section 4.1 are true and correct in all material respects as though made on and as of such Funding Date, except to the extent such representations or warranties relate solely to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.

Lessee's Deemed Representation for Each Funding. Each Funding Request by a Lessee or the Construction Agent shall be deemed a reaffirmation of each Lessees Lessee's indemnity obligations in favor of the Indemnitees under the Operative Documents and a representation and warranty by such Lessee or the Construction Agent, as the case may be, Dollar to the Lessor, the Administrative Agent, the Synthetic Lease Loan Lenders Lender and the B Lenders Liquidity Banks that on the proposed Closing Date or Funding Date, as the case may be, (i) the amount of Funding requested represents amounts owing in respect of the purchase price of the related Land, and any Building thereon, Land and development, transaction and closing costs in respect of the Leased Property (in the case of the initial Funding on a Closing Date, unless no purchase price is payable to the applicable Seller for the related Land) or amounts that are then due from the Construction Agent to third parties in respect of the Construction, or amounts paid by the Construction Agent to third parties in respect of the Construction for which the Construction Agent has not previously been reimbursed by a Funding (in the case of any Funding), or amounts for Construction costs incurred by the related Lessee not later than 120 days after the Completion Date for the related Leased Property, (ii) no Event of Default or Potential Event of Default exists, and (iii) the representations and warranties of each Obligor the Lessees set forth in SECTION Section 4.1 are true and correct in all material Material respects as though made on and as of such Funding Date, except to the extent such representations or warranties relate solely to an earlier date, in which case such representations and warranties shall have been true and correct in all material Material respects on and as of such earlier date.

Lessee's Deemed Representation for Each Funding. Each Funding Request by a Lessee or the Construction Agent shall be deemed a reaffirmation of each Lessees Lessee's indemnity obligations in favor of the Indemnitees under the Operative Documents and a representation and warranty by such Lessee or the Construction Agent, as the case may be, to the Lessor, the Administrative Agent, the Synthetic Lease Loan Lenders Agent and the B Lenders that on the proposed Closing Date or Funding Date, as the case may be, (i) the amount of Funding requested represents amounts owing in respect of the purchase price or ground rent of the related Land, and any Building thereon, and development, transaction and closing costs Construction Costs in respect of the Leased Property (in the case of the initial Funding on a Closing Date) or amounts that are then due to third parties in respect of the Construction, or amounts paid by the Construction Agent Agent, as agent for the Lessor, to third parties in respect of the Construction for which the Construction Agent has not previously been reimbursed by a Funding (in the case of any Funding), or amounts for Construction costs incurred by the related Lessee not later than 120 days after the Completion Date for the related Leased Property, (ii) no Event of Default or Potential Event of Default exists, and (iii) the representations and warranties of ADESA and each Obligor Lessee set forth in SECTION 4.1 are true and correct in all material respects as though made on and as of such Funding Date, except to the extent such representations or warranties relate solely to an earlier date, in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date.