Common use of Conditions Precedent to Each Construction Credit Event Clause in Contracts

Conditions Precedent to Each Construction Credit Event. The obligation of each Lender to make each Construction Loan (including the first Construction Loan and the Final Construction Drawing) on the occasion of each Borrowing and each withdrawal of funds from the Construction Fund (each such Borrowing of Construction Loans and withdrawal of funds, a “Construction Credit Event”), is subject to the occurrence of the Closing Date and prior satisfaction (or written waiver by Administrative Agent with the consent of the Majority Lenders) of each of the following conditions:

Conditions Precedent to Each Construction Credit Event. The obligation of each Lender to make each Construction Loan (including the first Construction Loan and the Final Construction Drawing) on the occasion of each Borrowing and each withdrawal of funds from the Construction Fund (each such Borrowing of Construction Loans and withdrawal of funds, a “"Construction Credit Event”"), is subject to the occurrence of the Closing Date and prior satisfaction (or written waiver by Administrative Agent with the consent of the Majority Lenders) of each of the following conditions: