Common use of Conditions Precedent to Each Borrowing and Each Issuance of TBC Clause in Contracts

Conditions Precedent to Each Borrowing and Each Issuance of TBC. The obligation of each Lender to make an Advance on the occasion of each Borrowing (including the initial Borrowing) and the obligation of each Issuing Bank to issue a Letter of Credit (including the initial issuance) are subject to the further conditions precedent that on the date of the request for a Borrowing, date of the requested issuance and on the date of such Borrowing or issuance, the following statements shall be true, and both the giving of the applicable Notice of Borrowing, Notice of Issuance and the acceptance by TBC of the proceeds of such Borrowing or such Letter of Credit shall be a representation by TBC that: (a) the representations and warranties contained in subsections (a) through (g) and (i) of Section 3.1 (other than clause (i) of subsection (d) thereof) are true and accurate on and as of each such date as though made on and as of each such date (except to the extent that such representations and warranties relate solely to an earlier date); and (b) as of each such date no event has occurred and is continuing, or would result from the proposed Borrowing or issuance, which constitutes a Default.