Common use of Borrowings and Issuances of Letters of Credit Clause in Contracts

Borrowings and Issuances of Letters of Credit. The obligation of any Lender to make a Loan on the occasion of any Borrowing, and the obligation of an Issuing Bank to issue (or renew or extend the term of) any Letter of Credit, is subject to the satisfaction of the following conditions: (a) the fact that the Closing Date shall have occurred on or before September 21, 1998; (b) receipt by the Agent of a Notice of Borrowing as required by Section 2.02, receipt by the Issuing Bank of a Notice of Issuance as required by Section 2.16(b) or receipt by the Swing Loan Lender of a Notice of Swing Loan Borrowing as required by Section 2.17(b), as the case may be; (c) the fact that, immediately before and after such Borrowing or issuance, no Default shall exist; and (d) the fact that the representations and warranties of the Obligors contained in the Loan Documents (except, in the case of any Borrowing or issuance subsequent to the Closing Date, the representations and warranties contained in Section 4.11) shall be true in all material respects on and as of the date of such Borrowing or issuance. Each Borrowing and each issuance or extension of a Letter of Credit hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing or issuance as to the facts specified in the foregoing clauses 3.02(c) and 3.02(d).

Appears in 2 contracts

Samples: Credit Agreement (Lyondell Chemical Co), Credit Agreement (Lyondell Petrochemical Co)

AutoNDA by SimpleDocs

Borrowings and Issuances of Letters of Credit. The obligation of any Lender to make a Loan on the occasion of any Borrowing, and the obligation of an Issuing Bank to issue (or renew or extend the term of) any Letter of Credit, is subject to the satisfaction of the following conditions: (a) the fact that the Closing Restatement Date shall have occurred on or before September 21December 31, 19982004; (b) receipt by the Administrative Agent of a Notice of Borrowing as required by Section 2.02, receipt by the Issuing Bank of a Notice of Issuance as required by Section 2.16(b) or receipt by the Swing Loan Lender of a Notice of Swing Loan Borrowing as required by Section 2.17(b), as the case may be; (c) the fact that, immediately before and after such Borrowing or issuance, no Default shall exist; and (d) the fact that the representations and warranties of the Obligors contained in the Loan Documents (except, in the case of any Borrowing or issuance subsequent to the Closing Restatement Date, the representations and warranties contained in Section 4.09(b) and Section 4.11) shall be true in all material respects on and as of the date of such Borrowing or issuance. Each Borrowing and each issuance or extension of a Letter of Credit hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing or issuance as to the facts specified in the foregoing clauses 3.02(c3.03(c) and 3.02(d3.03(d).

Appears in 1 contract

Samples: Credit Agreement (Lyondell Chemical Co)

AutoNDA by SimpleDocs

Borrowings and Issuances of Letters of Credit. The obligation of any Lender to make a Loan on the occasion of any Borrowing, and the obligation of an Issuing Bank to issue (or renew or extend the term of) any Letter of Credit, is subject to the satisfaction of the following conditions: (a) the fact that the Closing Restatement Date shall have occurred on or before September 21July 31, 19982002; (b) receipt by the Agent of a Notice of Borrowing as required by Section 2.02, receipt by the Issuing Bank of a Notice of Issuance as required by Section 2.16(b) or receipt by the Swing Loan Lender of a Notice of Swing Loan Borrowing as required by Section 2.17(b), as the case may be; (c) the fact that, immediately before and after such Borrowing or issuance, no Default shall exist; and (d) the fact that the representations and warranties of the Obligors contained in the Loan Documents (except, in the case of any Borrowing or issuance subsequent to the Closing Restatement Date, the representations and warranties contained in Section 4.11) shall be true in all material respects on and as of the date of such Borrowing or issuance. Each Borrowing and each issuance or extension of a Letter of Credit hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing or issuance as to the facts specified in the foregoing clauses 3.02(c4.09(b) and 3.02(d).Section

Appears in 1 contract

Samples: Credit Agreement (Lyondell Chemical Co)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!