Common use of Liabilities; Litigation Clause in Contracts

Liabilities; Litigation. (1) The financial statements delivered by Borrower and each Borrower Party are true and correct in all material respects with no significant change since the date of preparation. Except as disclosed in such financial statements, there are no liabilities (fixed or contingent) affecting the Project, Borrower or any Borrower Party that would reasonably be expected to have an adverse effect on Borrower’s ability to fulfill its obligations hereunder. Except as disclosed in such financial statements or otherwise to Administrative Agent, there is no litigation, administrative proceeding, investigation or other legal action (including any proceeding under any state or federal bankruptcy or insolvency law) pending or, to the knowledge of Borrower, threatened, against the Project, Borrower or any Borrower Party which if adversely determined could have a material adverse effect on such party, the Project or the Loans. (2) Neither Borrower nor any Borrower Party is contemplating either the filing of a petition by it under state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of its assets or property, and neither Borrower nor any Borrower Party has knowledge of any Person contemplating the filing of any such petition against it.

Liabilities; Litigation. (1a) The financial statements delivered by Borrower and each Borrower Party are true true, correct and correct in all material respects complete with no significant material adverse change since the date of preparation. Except as disclosed in such financial statements, there are no liabilities (fixed or contingent) affecting the ProjectPortfolio, Borrower or any Borrower Party that would reasonably be expected to have an adverse effect on Borrower’s ability to fulfill its obligations hereunderParty, except for such liabilities as exist in the ordinary course of business or in connection with constructing the Improvements. Except as disclosed in such financial statements or otherwise to Administrative AgentSchedule 6.3, there is no litigation, administrative proceeding, investigation or other legal action (including any proceeding under any state or federal bankruptcy or insolvency law) pending or, to the knowledge of Borrower, threatened, against the ProjectPortfolio, Borrower or any Borrower Party which if adversely determined could have a material adverse effect on such party, the Project Portfolio, any Property, or the Loans. (2b) Neither Borrower nor any Borrower Party is contemplating either the filing of a petition by it under state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of its assets or property, and neither Borrower nor any Borrower Party has knowledge of any Person contemplating the filing of any such petition against it. (c) Borrower has not within the last five (5) years become bound (whether as a result of a merger or otherwise) as a debtor under a pledge or security agreement entered into by another Person, which has not heretofore been terminated.

Liabilities; Litigation. (1a) The financial statements delivered by Borrower and each Borrower Party are true true, correct and correct in all material respects complete with no significant material adverse change since the date of preparation. Except as disclosed in such financial statements, there are no liabilities (fixed or contingent) affecting the ProjectPortfolio, Borrower or any Borrower Party that would reasonably be expected to have an adverse effect on Borrower’s ability to fulfill its obligations hereunderParty, except for such liabilities as exist in the ordinary course of business or in connection with constructing the Improvements. Except as disclosed in such financial statements or otherwise to Administrative AgentSchedule 6.3, there is no litigation, administrative proceeding, investigation or other legal action (including any proceeding under any state or federal bankruptcy or insolvency law) pending or, to the knowledge of Borrower, threatened, against the ProjectPortfolio, Borrower or any Borrower Party which if adversely determined could have a material adverse effect on such party, the Project Portfolio, any Property, or the Loans. (2b) Neither Borrower nor any Borrower Party is contemplating either the filing of a petition by it under state or federal bankruptcy or insolvency laws or the liquidation of all or a major portion of its assets or property, and neither Borrower nor any Borrower Party has knowledge of any Person contemplating the filing of any such petition against it.