Project Year Initial Advances Clause Samples

Project Year Initial Advances. Unless at the time of any applicable Project Year Initial Advance Subordinate Lender has exercised its right to discontinue funding in accordance with Section 2.3, on each Project Year Initial Advance Date in Project Years 2014-2015, 2015-2016, 2016-2017 and 2017-2018, Subordinate Lender will advance to Borrower the first installment of the Subordinate Loan for such Project Year (the “Project Year Initial Advance”) equal to the applicable amount set forth in the applicable Project Year Funding Schedule. Unless waived in writing by Subordinate Lender at or prior to the applicable Project Year Initial Advance Date, each Project Year Initial Advance for any Project Year will be conditioned on the satisfaction of the conditions hereinafter set forth in Section 2.2.1.1 through and including Section 2.2.1.35 (the “Project Year Initial Advance Conditions”) for such Project Year: 2.2.1.1 in the case of the Project Year Initial Advance for the Initial Project Year Advance only, Subordinate Lender shall have completed to its satisfaction its due diligence examination of the CPS CPC Program, the parties to the Core Documents and the other aspects of the Project, including such due diligence information relating to the City and CPS as Lenders shall have requested; 2.2.1.2 the Loan Documents shall have been executed and delivered to Subordinate Lender and shall be in full force and effect; 2.2.1.3 each of the City PFS Agreement and the Intergovernmental Agreement shall have been executed and delivered by each of the parties thereto, shall be in form and substance satisfactory to 17 Subordinate Loan Agreement Subordinate Lender and shall be in full force and effect with no default by either party thereto; 2.2.1.4 the City PFS Agreement and the Intergovernmental Agreement shall have an Evaluation Plan attached to it that is in form and substance satisfactory to the Subordinate Lender; 2.2.1.5 in the case of the Project Year Initial Advance for the Initial Project Year, provision satisfactory to the Subordinate Lender shall have been made for the funding of the Fee/Expense Amount; 2.2.1.6 each Designated Account shall have been established and each Designated Account Control Agreement shall have been executed and delivered by the parties thereto in form and substance satisfactory to the Subordinate Lender, shall be in full force and effect and no default on the part of any party thereto shall have occurred; 2.2.1.7 in the case of the Project Year Initial Advance for any S...