Conditions to Amendment definition

Conditions to Amendment. This Second Amendment shall be effective upon its execution, and Borrower's deferral of the Deferred Principal under the Tenn Loan shall not constitute a default, provided that the following conditions are satisfied: (a) The Deferred Principal shall be fiilly expended by Borrower during calendar year 1998, and such use must be solely for the purpose of making capital improvements to the Project (including, without limitation, refurbishment of units) pursuant to the 1998 Capital Expenditure Budget attached hereto as Exhibit A, which capital improvements would be recognized as such under GAAP; (b) Within fifty (50) days after the end of the applicable fiscal quarter, Borrower shall provide Agent with quarterly reports of capital expenditures as of the last day of each of the calendar quarters of 1998, setting forth the amount of such Deferred Principal expended to date and listing in detail the capital improvements toward which such expenditures were made; and (c) Within fifty (50) days after December 31, 1998, Borrower shall provide Agent with a report and certification in form and content satisfactory to Agent detailing all expenditures of Deferred Principal, all capital improvements made with the Deferred Principal, and a timetable of when each expenditure was made, and certifying that all such capital improvements would be recognized as "capital improvements" under GAAP. (d) Lender shall have ten (1 0) Business Days to review each such quarterly report and the final report and certification. In the event Lender objects to Borrower's classification of any improvement for which any portion of the Deferred Principal was expended being classified as a &Ccapital improvement", Borrower shall promptly (and in all events within ten (10) Business Days after Lender notifies Borrower of such disallowance) prepay principal under the Tenn Loan to the extent of the amount of the expenditure as to which such objection has been made.
View Source

Examples of Conditions to Amendment in a sentence

  • Conditions to Amendment and Restatement and Initial Borrowing and Participation in Letter of Credit Exposure.................

  • Conditions to Amendment Effectiveness; Post-Effectiveness Covenants 58 Section 3.03.

  • SECTION 7.1. Conditions to Amendment and Restatement, Initial Borrowing and Participation in Letter of Credit Exposure.

  • Except as to those representations and warranties limited by their terms to the Second Restatement Effective Date, the Borrower makes the representations and warranties in this Section 5 on the Second Restatement Effective Date and on each date thereafter on which a Loan is made or a Letter of Credit is issued as provided in and subject to Sections 6.1 [Conditions to Amendment and Restatement of Original Credit Agreement] and 6.2 [Each Additional Loan or Letter of Credit].

  • Conditions to Amendment and Restatement Effective Date 105118 SECTION 4.02.

  • Provided each of those "Conditions to Amendment" set forth in Section 2, below, is satisfied on or before May 23, 1997, the Loan Agreement shall be amended, as set forth below, such amendment to take effect as of March 31, 1997.

  • Provided each of those "Conditions to Amendment" set forth in Section 2, below, is satisfied on or before September 13, 1996, the Loan Agreement shall be amended, as set forth below, such amendment to take effect as of August 16, 1996.

  • Provided each of those "Conditions to Amendment" set forth in Section 2, below, is satisfied on or before ................., 1996, the Loan Agreement shall be amended, as set forth below, such amendment to take effect as of ....................

  • Provided each of those "Conditions to Amendment" set forth in Section 2, below, is satisfied on or before September 24, 1996, the Loan Agreement shall be amended, as set forth below, such amendment to take effect as of September 4, 1996.

  • Conditions to Amendment Effectiveness; Post-Effectiveness Covenants 59 Section 3.03.