Conditions Precedent to a Property Becoming a Collateral Property Clause Samples

Conditions Precedent to a Property Becoming a Collateral Property. No Property shall become a Collateral Property until the Borrower shall have (or shall have caused to be) executed and delivered to the Administrative Agent all documents and instruments required under Section 4.1., and the Administrative Agent and the Required Approval Lenders shall have approved such Property as provided in Section 4.1., and the Borrower shall have (or shall cause to be) executed and delivered to the Administrative Agent the following instruments, documents and agreements in respect of such Property, each to be in form and substance satisfactory to the Administrative Agent: (a) A Security Deed with respect to such Property, the form of such Security Deed to be modified as appropriate to conform to the Applicable Laws of the jurisdiction in which such Property is located; (b) An Assignment of Leases and Rents with respect to such Property, the form of such Assignment of Leases and Rents to be modified as appropriate to conform to the Applicable Laws of the jurisdiction in which such Property is located; (c) A Management Agreement Assignment/Subordination with respect to the Management Agreement for such Property and (if such Property is subject to a Franchise Agreement) a “comfort letter” from the Franchisor; (d) A Control Agreement with respect to the applicable FF&E Reserve Account; (e) Copies of the Material Contracts for such Property (to the extent not theretofore delivered) and, if requested by the Administrative Agent, collateral assignments executed by the applicable Subsidiary Guarantor and Operating Lessee in favor of the Administrative Agent for its benefit and the benefit of the Lenders, of the other Material Contracts relating to the use, occupancy, operation, maintenance, enjoyment or ownership of such Property; (f) A commitment for an ALTA 2006 Form Loan Policy of Title Insurance or other form acceptable to the Administrative Agent in favor of the Administrative Agent for its benefit and the benefit of the Lenders, with respect to such Property, including endorsements with respect to such items of coverage as the Administrative Agent may request and which endorsements are available and customary in the jurisdiction where the Property is located, in the amount of coverage required in the following sentence, issued by a title insurance company acceptable to the Administrative Agent and with reinsurance (with direct access agreements) with title insurance companies acceptable to the Administrative Agent, showing the fee simple...
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Conditions Precedent to a Property Becoming a Collateral Property. No Property shall become a Collateral Property until the Borrower shall have (or shall have caused to be) executed and delivered to the Administrative Agent all documents and instruments required under Section 4.1., and the Administrative Agent and the Required Approval Lenders shall have approved such Property as provided in Section 4.1., and the Borrower shall have (or shall cause to be) executed and delivered to the Administrative Agent the following instruments, documents and agreements in respect of such Property, each to be in form and substance satisfactory to the Administrative Agent:
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Related to Conditions Precedent to a Property Becoming a Collateral Property

  • 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 to the Obligations of the Company to sell Shares at the Closing. The Company’s obligation to sell and issue the Shares to Purchaser at the Closing is subject to the fulfillment to the satisfaction of the Company on or prior to the Closing Date of the following conditions, any of which may be waived by the Company:

  • Conditions Precedent to the Obligation of the Company to Close and to Sell the Securities. The obligation hereunder of the Company to close and issue and sell the Securities to the Purchasers at the Closing is subject to the satisfaction or waiver, at or before the Closing of the conditions set forth below. These conditions are for the Company's sole benefit and may be waived by the Company at any time in its sole discretion.

  • CONDITIONS PRECEDENT TO OBLIGATIONS OF DEVELOPER The obligations of Developer under this Agreement are conditioned upon the following:

  • Conditions Precedent This Amendment shall become effective as of the date hereof (the “Amendment Effective Date”), subject to the satisfaction of the following conditions precedent: