MADE UNTIL LENDER APPROVES THE REVISED SWORN CONSTRUCTION COST STATEMENT.
(E)
LOAN IN BALANCE, DEPOSIT OF FUNDS BY
BORROWER. WHENEVER BORROWER DETERMINES THAT THE SUM OF THE UN-DISBURSED PORTION
OF THE 2007 EXPANSION LOAN COMMITMENT AMOUNT WILL NOT BE SUFFICIENT TO FULLY
COMPLETE THE PROJECT IN ACCORDANCE WITH THE CONSTRUCTION PLANS, WHETHER SUCH
DEFICIENCY IS THE RESULT OF CHANGES IN THE CONSTRUCTION PLANS OR OTHERWISE,
BORROWER WILL DEPOSIT IN AN ESCROW FUND TO BE ESTABLISHED WITH LENDER AN AMOUNT
EQUAL TO THE AMOUNT OF THE DEFICIENCY AS DETERMINED BY LENDER. BORROWER WILL
DEPOSIT SUCH FUNDS WITHIN THREE DAYS FOLLOWING SUCH DETERMINATION. NO FURTHER
ADVANCES WILL BE DISBURSED UNTIL THOSE FUNDS ARE DEPOSITED BY BORROWER IN THE
ESCROW FUND.
6
(F)
ADDITIONAL SECURITY. BORROWER IRREVOCABLY
ASSIGNS TO LENDER AND GRANTS TO LENDER A SECURITY INTEREST IN, AS ADDITIONAL
SECURITY FOR THE PERFORMANCE OF THE OBLIGATIONS, ITS INTEREST IN ALL FUNDS HELD
BY THE DISBURSING AGENT PURSUANT HERETO OR THE DISBURSING AGREEMENT, WHETHER OR
NOT DISBURSED, ALL FUNDS DEPOSITED BY BORROWER WITH LENDER, ALL RESERVES,
INCLUDING DEFERRED PAYMENTS, DEPOSITS, REFUNDS, COST SAVINGS, AND PAYMENTS OF
ANY KIND RELATING TO THE CONSTRUCTION OF THE PROJECT AND, TO THE EXTENT
ASSIGNABLE, ALL GOVERNMENTAL PERMITS OBTAINED FOR THE LAWFUL CONSTRUCTION OF THE
PROJECT.
(G)
SUSPENSION OF CONSTRUCTION. IF LENDER
DETERMINES THAT ANY WORK OR MATERIALS DO NOT CONFORM TO THE CONSTRUCTION PLANS
OR APPLICABLE LAW, OR OTHERWISE DEPARTS FROM ANY OF THE REQUIREMENTS OF THIS
THIRD SUPPLEMENT OR ANY OTHER LOAN DOCUMENT, LENDER MAY REQUIRE THE WORK TO BE
STOPPED AND WITHHOLD DISBURSEMENT OF ADVANCES UNTIL THE MATTER IS CORRECTED. IN
SUCH EVENT, BORROWER WILL PROMPTLY CORRECT THE WORK TO LENDER'S SATISFACTION. NO
SUCH ACTION BY LENDER WILL AFFECT BORROWER'S OBLIGATION TO COMPLETE THE PROJECT
ON OR BEFORE THE REQUIRED COMPLETION DATE.
(H)
BORROWER WILL CAUSE THE PROJECT TO BE
COMPLETED NO LATER THAN THE REQUIRED COMPLETION DATE.
6.
CONDITIONS TO EACH ADVANCE. THE
OBLIGATION OF LENDER TO MAKE ANY ADVANCE IS SUBJECT TO THE SATISFACTION OF THE
FOLLOWING CONDITIONS:
(A)
LENDER HAS RECEIVED A TIMELY DRAW REQUEST
AND IT HAS BEEN APPROVED BY THE INSPECTING ENGINEER;
(B)
AT THE TIME OF AND IMMEDIATELY AFTER GIVING
EFFECT TO SUCH ADVANCE, NO DEFAULT OR EVENT OF DEFAULT EXISTS;
(C)
ALL REPRESENTATIONS AND WARRANTIES OF
BORROWER SET FORTH IN THE LOAN DOCUMENTS ARE TRUE AND CORRECT IN ALL MATERIAL
RESPECTS ON AND AS OF THE DATE OF SUCH ADVANCE BEFORE AND AFTER GIVING EFFECT
THERETO, EXCEPT FOR SUCH REPRESENTATIONS AND WARRANTIES THAT RELATE SOLELY TO AN
EARLIER PERIOD;
(D)
SINCE THE DATE OF THE MOST RECENT FINANCIAL
STATEMENTS OF BORROWER DELIVERED TO LENDER IN ACCORDANCE WITH SECTION 4.01 OF
THE MASTER AGREEMENT, THERE HAS BEEN NO CHANGE WHICH HAS HAD OR COULD REASONABLY
BE EXPECTED TO RESULT IN A MATERIAL ADVERSE EFFECT; AND
(E)
EACH OF THE CONDITIONS FOR AN ADVANCE SET
FORTH IN THE DISBURSING AGREEMENT HAS BEEN SATISFIED.
7.
DELIVERIES PRIOR TO LOAN CONVERSION. AS
SOON AS POSSIBLE, BUT IN ANY EVENT PRIOR TO