Improvements to the Properties Sample Clauses
Improvements to the Properties. (a) The Borrower shall within 60 days of the Drawdown Date produce to the Administrative Agent (in sufficient copies for each of the Lenders) a detailed programme of and budget for improvements to the Properties together with plans, specifications, costs, estimates and a works programme at an anticipated cost of not less than (pound)1,500,000 (exclusive of all Taxes) and shall provide all such further information in relation thereto as the Administrative Agent or the Lenders may reasonably require.
(b) The Borrower shall obtain the written approval of the Administrative Agent which may be withheld at its absolute discretion or given subject to any condition or conditions (after consultation with the Lenders) to the Improvement Programme before implementing any of the relevant improvements.
(c) Subject to obtaining the written approval referred to in Clause 9.3
Improvements to the Properties. The Borrower Parties shall not make, construct or install any Capital Additions without, in each instance, obtaining Lender’s prior written consent, which consent shall not be unreasonably withheld, delayed or conditioned provided that (a) construction or installation of the same would not adversely affect or violate any material Legal Requirement or Insurance Requirement applicable to any Property owned by it and (b) Lender shall have received an Officer’s Certificate from the applicable Borrower Party certifying as to the satisfaction of the conditions set out in clause (a) above; provided, however , that no such consent shall be required in the event immediate action is required to prevent imminent harm to person or property. Prior to commencing construction of any Capital Addition, the applicable Borrower Party shall submit to Lender, in writing, a proposal setting forth, in reasonable detail, any such proposed improvement and shall provide to Lender such plans and specifications, and such permits, licenses, contracts and such other information concerning the same as Lender may reasonably request. Lender shall have thirty (30) days to review all materials submitted to Lender in connection with any such proposal. Failure of Lender to respond to a Borrower Party’s proposal within thirty (30) days after receipt of all information and materials requested by Lender in connection with the proposed improvement shall be deemed to constitute approval of the same. Without limiting the generality of the foregoing, such proposal shall indicate the approximate projected cost of constructing such proposed improvement and the use or uses to which it will be put. No Capital Addition shall be made which would tie in or connect any improvements on any Property with any other improvements on property adjacent to any Property, including, without limitation, tie-ins of buildings or other structures or utilities. Except as permitted herein, the Borrower Parties shall not finance (or permit any other Person to finance) the cost of any construction of such improvement by the granting of a lien on or security interest in the Property or such improvement, or the applicable Borrower Party’s interest therein, without the prior written consent of Lender, which consent may be withheld by Lender in Lender’s sole discretion.