San Marcos Conditions Precedent Sample Clauses

San Marcos Conditions Precedent. Notwithstanding anything to the contrary contained herein, HSRE JV I Member and Purchaser shall be under no obligation to complete the transactions contemplated in Section 2 hereof unless and until the following conditions have been satisfied prior to December 31, 2010 or such later date as mutually agreed upon by HSRE JV I Member and Purchaser (collectively, the “San Marcos Conditions Precedent”): (i) the consummation of the IPO, (ii) HSRE JV I Member and Purchaser have received the written consent of the third party lender to the San Marcos Property Owner (the “San Marcos Lender”), if required under the applicable loan documents, in a form reasonably acceptable to HSRE JV I Member and Purchaser consenting to the transactions contemplated herein (the “San Marcos Lender Consent”) provided, however, that the failure of the San Marcos Lender to modify the recourse provisions or release or alter the liability of the then existing guarantors under the loan documents shall not be the basis for Purchaser to withhold its approval of the San Marcos Lender Consent, and (iii) the JV I Closing has occurred. In the event that the San Marcos Lender requires the outstanding principal balance of the loan facility (the “JV I Loan”) secured by the San Marcos Property and by property owned by Campus Crest at Moscow, LLC and Campus Crest at San Xxxxxx, LP to be paid down by an amount that exceeds that portion of the JV I Loan that is allocable to the San Marcos Property (such excess amount shall be referred to herein as the “Excess Paydown Amount”) in order to satisfy the financial covenants set forth in the section entitled “Partial Releases of Collateral” on page 2 of the First Amendment to the Construction Loan Agreement executed in connection with the JV I Loan, then the payment of the Excess Paydown Amount shall be effectuated as follows:
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Related to San Marcos Conditions Precedent

  • Seller’s Conditions Precedent The obligations of Seller to consummate the transactions contemplated by this Agreement are subject to the satisfaction or waiver, at or prior to the Closing Date, of each of the following conditions precedent:

  • Buyer’s Conditions Precedent The obligations of Buyer to consummate the transactions contemplated by this Agreement are subject to the satisfaction or waiver, at or prior to the Closing Date, of each of the following conditions precedent:

  • Conditions Precedent The effectiveness of this Amendment is subject to the satisfaction of all of the following conditions precedent:

  • Purchaser’s Conditions Precedent Except as may be waived in writing by Purchaser, the obligations of Purchaser hereunder are subject to the fulfillment at or prior to the Closing of each of the following conditions:

  • General conditions precedent The agreement of the Finance Parties referred to in clause 2 (Agreement of the Finance Parties) shall be further subject to:

  • Initial Conditions Precedent The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the issuance of a Letter of Credit, is subject to the satisfaction or waiver of the following conditions precedent:

  • Conditions Precedent to EFFECTIVENESS OF SECTIONS 2.01 AND 2.03. Sections 2.01 and 2.03 of this Agreement shall become effective on and as of the first date (the "EFFECTIVE DATE") on which the following conditions precedent have been satisfied:

  • CONDITIONS PRECEDENT TO LOAN The obligations of Lender to make the Loan hereunder are subject to the satisfaction by Borrower of the following conditions:

  • Conditions Precedent/Effectiveness Conditions This Amendment shall be effective upon (the “Effective Date”) the satisfaction of each of the following conditions (all documents to be in form and substance reasonably satisfactory to Administrative Agent and Administrative Agent’s counsel):

  • Conditions Precedent to the Consummation of the Purchase ---------------------------- The following are conditions precedent to the consummation of the Agreement on or before the Closing Date:

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