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authorization or approval or other action by, and no notice to or fili�g with, any governmental <br /> authority or regulatory body is required for the City's due execution, elivery, and performance <br /> of this Agreement or the Note; (d) this Agreement is, and the Note w en executed and delivered <br /> by the City will be, the City's legal, valid, and binding obligation enf rceable against the City in <br /> accordance with its terms; and (e) there is no pending or threate ed action or proceeding <br /> affecting the City before any court, governmental agency or arbitra or, which may materially <br /> adversely affect the City's financial condition or operations or wh ch purports to affect the <br /> legality, validity, or enforceability of this Agreement or the Note. <br /> 8. Security. The Loans shall be secured by the Note, hich is payable from the <br /> sources as set forth in the Ordinance. <br /> 9. Conditions Precedent. The obligation of the Bank to ake any Loan under this <br /> Agreement is subject to the following conditions precedent: <br /> A. All Advances. As of the time of the making of each Loan (including the <br />, initial Loan) hereunder: <br /> (a) each of the representations and warranties set f rth in Paragraph 7 hereof <br /> shall be true and correct as of such time, except to the extent t e same expressly relate to <br /> an earlier date; <br />' (b) the City shall be in compliance with the ter s and conditions of this <br /> Agreement, and no Default shall have occurred and be conti uing or would occur as a <br /> result of making such Loan; and <br />', (c) after giving effect to such Loan the aggregat principal amount of all <br /> Loans outstanding under this Agreement shall not exceed the aximum Credit. <br /> , <br /> The Cit s re uest for an Loan shall constitute its warrant as to the facts s ecified in <br /> Y q Y Y P <br /> subsections (a) through (c), both inclusive, above. <br /> B. Initial Advance. At or prior to the making of the �nitial Loan hereunder, the <br /> following conditions precedent shall also have been satisfied: <br /> (a) the Bank shall have received the following and, with respect to all <br /> documents, each to be properly executed and completed) and the same shall have been <br /> approved as to form and substance by the Bank: <br /> (i) the Note; <br /> (ii) a copy (executed or certified as ma be appropriate) of the <br /> Ordinance; <br /> (iii) an incumbency certificate containing th name, title and genuine <br /> signature of the City's signatories to the Agreement and the Note ; <br /> -4- <br />