Common use of Conditions Precedent to Certain Funds Credit Extensions Clause in Contracts

Conditions Precedent to Certain Funds Credit Extensions. The obligation of each Lender to honor any Request for Credit Extension relating to a Certain Funds Credit Extension is subject to the following conditions precedent: (a) The Major Representations shall not be incorrect in any material respect when made or deemed to be made, except to the extent that such Major Representations specifically refer to an earlier date, in which case they shall not be incorrect in any material respect as of such earlier date. (b) No Major Default has occurred and is continuing or would result from the proposed Certain Funds Credit Extension.