Common use of Closing Date; First Borrowing Clause in Contracts

Closing Date; First Borrowing. The occurrence of the Closing Date, the obligation of each Term Lender to make the initial Construction Loans (the “Initial Credit Event”), the obligation of the Issuing Bank to issue any Letter of Credit, the obligation of the Lenders to make Loans and the obligation of the Loan Insurer to issue the Insurance Policies is subject to the prior satisfaction of each of the following, in each case, in form and substance reasonably satisfactory to the Arranger and the Loan Insurer.