and such LLC's assets substantially exceeds the sum total of their respective
Section 4.22 Capital. Borrower now has capital sufficient to carry on
its business and transactions and all businesses and transactions in which it is
Article V. Conditions of Lending.
Section 5.01 Initial Conditions. Lender's obligation to extend credit
hereunder is subject to the Conditions Precedent that Lender shall have received
(or agreed in writing to waive or defer receipt of) all of the following, each
duly executed, dated and delivered as of the Closing Date, in form and substance
satisfactory to Lender and its counsel:
(a) Revolving Credit Note, the Term Note, and Loan
Documents. The Revolving Credit Note, the Term Note, and all other
(b) Collateral. Delivery of any collateral required by
Article III herein.
(c) Resolutions of Borrower. Certified copies of
resolutions of the Board of Directors of Borrower authorizing
or ratifying the execution, delivery, and performance, respectively,
of this Agreement and all Loan Documents.
(d) Borrower's Certificate of Existence. A certificate
of existence of Borrower from the State of Tennessee, which
certificate shall contain no facts objectionable to Lender.
(e) Consents, Etc. Certified copies of all documents
evidencing any necessary corporate action, consents, and
governmental approvals (if any) with respect to this Agreement and the
(f) Officer's Certificate. A certificate of the secretary
or any assistant secretary of Borrower certifying the names of
the officer or officers of Borrower authorized to sign this Agreement
and the Loan Documents, together with a sample of the true signature
of such officer(s).
(g) Borrower's Charter and By-Laws. A copy of Borrower's
by-laws and charter (including all amendments thereto) certified, in
the case of by-laws, by the secretary or any assistant secretary of
Borrower, and in the case of the charter by the Secretary of State of
Tennessee, as being true and complete copies of the current charter
and by-laws of Borrower.