Common use of Conditions Precedent to Each Credit Extension Clause in Contracts

Conditions Precedent to Each Credit Extension. The obligation of each Lender or LC Issuer, as the case may be, to make a Credit Extension shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Credit Extension: (a) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing, the acceptance by the Borrower of the proceeds of such Borrowing and the request for the issuance, renewal, extension or increase of any Facility LC hereunder shall constitute a representation and warranty by the Borrower that on the date of such Credit Extension such statements are true): (i) the representations and warranties contained in Section 4.01 are correct on and as of the date of such Credit Extension, before and after giving effect to such Credit Extension and to the application of the proceeds therefrom, as though made on and as of such date; provided, that such condition shall not apply to (x) the last sentence of Section 4.01(e) or (y) Section 4.01(f), and (ii) after giving effect to the application of the proceeds of all Credit Extensions on such date (together with any other resources of the Borrower applied together therewith), no event has occurred and is continuing, or would result from such Credit Extension or from the application of the proceeds therefrom, that constitutes a Default; and (b) the Agent shall have received such other approvals, opinions or documents as any Lender through the Agent may reasonably request.

Appears in 4 contracts

Samples: Credit Agreement (DTE Electric Co), Credit Agreement (DTE Electric Co), Credit Agreement (DTE Electric Co)

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Conditions Precedent to Each Credit Extension. The obligation of each Lender or LC Issuer, as the case may be, to make a Credit Extension shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Credit Extension: (a) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing, the acceptance by the Borrower of the proceeds of such Borrowing and the request for the issuance, renewal, extension or increase of any Facility LC hereunder shall constitute a representation and warranty by the Borrower that on the date of such Credit Extension such statements are true): (i) the representations and warranties contained in Section 4.01 are correct on and as of the date of such Credit Extension, before and after giving effect to such Credit Extension and to the application of the proceeds therefrom, as though made on and as of such date; provided, that such condition shall not apply to (x) the last sentence of Section 4.01(e) or (y) Section 4.01(f), and, (ii) after giving effect to the application of the proceeds of all Credit Extensions on such date (together with any other resources of the Borrower applied together therewith), no event has occurred and is continuing, or would result from such Credit Extension or from the application of the proceeds therefrom, that constitutes a Default, and (iii) the Borrower has not received notice from the Agent on or prior to the date of such Credit Extension that a mandatory prepayment is required under Section 2.09(b) (other than any such notice that has been withdrawn in writing by the Agent); and (b) the Agent shall have received such other approvals, opinions or documents as any Lender through the Agent may reasonably request.

Appears in 4 contracts

Samples: Credit Agreement (Dte Energy Co), Credit Agreement (Dte Energy Co), Credit Agreement (Dte Energy Co)

Conditions Precedent to Each Credit Extension. The obligation of each Lender or LC Issuer, as the case may be, to make a Credit Extension shall be subject to the conditions precedent that the Effective Date shall have occurred (or shall occur concurrently therewith) and on the date of such Credit Extension: (a) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing, the acceptance by the Borrower of the proceeds of such Borrowing and the request for the issuance, renewal, extension or increase of any Facility LC hereunder shall constitute a representation and warranty by the Borrower that on the date of such Credit Extension such statements are true): (i) the representations and warranties contained in Section 4.01 are correct on and as of the date of such Credit Extension, before and after giving effect to such Credit Extension and to the application of the proceeds therefrom, as though made on and as of such date; provided, that such condition shall not apply to (x) the last sentence of Section 4.01(e) or (y) Section 4.01(f), and (ii) after giving effect to the application of the proceeds of all Credit Extensions on such date (together with any other resources of the Borrower applied together therewith), no event has occurred and is continuing, or would result from such Credit Extension or from the application of the proceeds therefrom, that constitutes a Default; and (b) the Agent shall have received such other approvals, opinions or documents as any Lender through the Agent may reasonably request.

Appears in 3 contracts

Samples: Term Loan Credit Agreement (DTE Electric Co), Term Loan Credit Agreement (DTE Electric Co), Term Loan Credit Agreement (DTE Electric Co)

Conditions Precedent to Each Credit Extension. The obligation of each Lender or LC Issuer, as the case may be, to make a Each Credit Extension hereunder on or after the Amendment No. 6 Effective Date shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Credit Extensionthat: (a) the following statements Borrower shall have delivered to the Administrative Agent a Loan Request for such Loan in accordance with Section 2.02(a); (b) the Borrower (or the Parent on its behalf) shall have delivered to the Administrative Agent all Payment Date Certificates, if any, required to be delivered hereunder on or prior to such date; (c) the conditions precedent to such Credit Extension specified in Section 2.02 shall be true satisfied; (and each of the giving of the applicable Notice of Borrowing, the acceptance by the Borrower of the proceeds of such Borrowing and the request for the issuance, renewal, extension or increase of any Facility LC hereunder shall constitute a representation and warranty by the Borrower that d) on the date of such Credit Extension the following statements shall be true and correct (and upon the occurrence of such Credit Extension, the Credit Parties shall be deemed to have represented and warranted that such statements are true): then true and correct): (i) the representations and warranties of the Credit Parties contained in Section 4.01 7.01 are true and correct in all material respects (without duplication of any materiality qualifier contained therein) on and as of the date of such Credit Extension, before and after giving effect to such Credit Extension and to the application of the proceeds therefrom, as though made on and as of such date unless such representations and warranties by their terms refer to an earlier date, in which case they shall be true and correct in all material respects on and as of such earlier date; provided, that such condition shall not apply to (x) the last sentence of Section 4.01(e) or (y) Section 4.01(f), and (ii) after giving effect to the application of Borrower will use the proceeds of all Credit Extensions on such date (together with any other resources of the Borrower applied together therewith), no event has occurred and is continuing, or would result from such Credit Extension or from the application solely in accordance with Section 2.02(a) of the proceeds therefrom, that constitutes a Default; and (b) the Agent shall have received such other approvals, opinions or documents as any Lender through the Agent may reasonably request.this Agreement;

Appears in 2 contracts

Samples: Loan and Security Agreement (Bird Global, Inc.), Loan and Security Agreement (Bird Global, Inc.)

Conditions Precedent to Each Credit Extension. The obligation of each Lender or LC Issuer, as the case may be, to make an Advance (other than an L/C Advance or an Advance made pursuant to Section 2.03(c) or Section 2.03A(c)) on the occasion of each Borrowing and the obligation of each Issuing Bank to issue a Letter of Credit Extension shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Credit Extension: Borrowing or such issuance (a) as the case may be), the following statements shall be true (and each of the giving of the applicable Notice of Borrowing, Borrowing or request for issuance and the acceptance by the Borrower of the proceeds of such Borrowing and the request for the issuance, renewal, extension or increase of any Facility LC hereunder shall constitute a representation and warranty by the Borrower that on the date of such Credit Extension Borrowing or date of such issuance such statements are true): (ia) the representations and warranties contained in Section 4.01 (other than Section 4.01(k)), and in the case of a Borrowing or issuance of a Letter of Credit, Section 4.01(e)(ii) and Section 4.01(f)(ii)) are correct on and as of the date of such Credit Extensiondate, before and after giving effect to such Borrowing or issuance of a Letter of Credit Extension and to the application of the proceeds therefrom, as though made on and as of such date; provided, that such condition shall not apply to (x) the last sentence of Section 4.01(e) or (y) Section 4.01(f), and (iib) after giving effect to the application of the proceeds of all Credit Extensions on such date (together with any other resources of the Borrower applied together therewith), no event has occurred and is continuing, or would result from such Borrowing or issuance of a Letter of Credit Extension or from the application of the proceeds therefrom, that constitutes a Default; . Each request for Credit Extension (which shall not include a Conversion or a continuation of Eurodollar Rate Advances) submitted by the Borrower shall be deemed to be a representation and warranty that the conditions specified in Section 3.02(a) and (b) have been satisfied on and as of the Agent shall have received such other approvals, opinions or documents as any Lender through date of the Agent may reasonably requestapplicable Credit Extension.

Appears in 2 contracts

Samples: 364 Day Credit Agreement (Arizona Public Service Co), 364 Day Credit Agreement (Arizona Public Service Co)

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Conditions Precedent to Each Credit Extension. The obligation of each Lender or LC Issuer, as the case may be, to make a Credit Extension shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Credit Extension: (a) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing, the acceptance by the Borrower of the proceeds of such Borrowing and the request for the issuance, renewal, extension or increase of any Facility LC hereunder shall constitute a representation and warranty by the Borrower that on the date of such Credit Extension such statements are true): (i) the representations and warranties contained in Section 4.01 are correct on and as of the date of such Credit Extension, before and after giving effect to such Credit Extension and to the application of the proceeds therefrom, as though made on and as of such date; provided, that such condition shall not apply to (x) the last sentence of Section 4.01(e) or ), (y) Section 4.01(f) or (z) from and after the repeal of the Public Utility Holding Company Act of 1935 on February 8, 2006, Section 4.01(o), and, (ii) after giving effect to the application of the proceeds of all Credit Extensions on such date (together with any other resources of the Borrower applied together therewith), no event has occurred and is continuing, or would result from such Credit Extension or from the application of the proceeds therefrom, that constitutes a Default, and (iii) the Borrower has not received notice from the Agent on or prior to the date of such Credit Extension that a mandatory prepayment is required under Section 2.09(b) (other than any such notice that has been withdrawn in writing by the Agent); and (b) the Agent shall have received such other approvals, opinions or documents as any Lender through the Agent may reasonably request.

Appears in 2 contracts

Samples: Credit Agreement (Dte Energy Co), Five Year Credit Agreement (Dte Energy Co)

Conditions Precedent to Each Credit Extension. The obligation of each Lender or the LC Issuer, as the case may be, to make a Credit Extension shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Credit Extension: (a) the following statements shall be true (and each of the giving of the applicable Notice of Borrowing, the acceptance by the Borrower of the proceeds of such Borrowing and the request for the issuance, renewal, extension or increase of any Facility LC hereunder shall constitute a representation and warranty by the Borrower that on the date of such Credit Extension such statements are true): (i) the representations and warranties contained in Section 4.01 are correct on and as of the date of such Credit Extension, before and after giving effect to such Credit Extension and to the application of the proceeds therefrom, as though made on and as of such date; provided, that such condition shall not apply to (A) (x) the last sentence of Section 4.01(e) or (y) Section 4.01(f) (the "Identified Representations") or (B) from and after the repeal of the Public Utility Holding Company Act of 1935 on February 8, 2006, Section 4.01(o), andwith respect to any Credit Extension after the Effective Date, but shall apply to the Identified Representations with respect to any extension of the Commitment Termination Date under Section 2.18 or conversion to term loan under Section 2.19, (ii) after giving effect to the application of the proceeds of all Credit Extensions on such date (together with any other resources of the Borrower applied together therewith), no event has occurred and is continuing, or would result from such Credit Extension or from the application of the proceeds therefrom, that constitutes a Default, and (iii) the Borrower has not received notice from the Agent on or prior to the date of such Credit Extension that a mandatory prepayment is required under Section 2.09(b) (other than any such notice that has been withdrawn in writing by the Agent); and (b) the Agent shall have received such other approvals, opinions or documents as any Lender through the Agent may reasonably request.

Appears in 1 contract

Samples: Letter of Credit and Reimbursement Agreement (Dte Energy Co)

Conditions Precedent to Each Credit Extension. The obligation of each Lender or LC Issuer, as the case may be, to make a Credit Extension (including, without limitation, the initial Credit Extension, but excluding conversions and continuations of any Advance) shall be subject to the further conditions precedent that the Effective Date shall have occurred and that, on the date of such Credit Extension: Extension and after giving effect thereto: (ai) the The following statements shall be true (and each of the giving of the applicable Notice of Borrowing, notice or request with respect thereto and the acceptance by the Borrower of the proceeds making of such Borrowing and the request for the issuance, renewal, extension or increase of any Facility LC hereunder Credit Extension shall constitute a representation and warranty by the Borrower that that, on the date of such Credit Extension Extension, such statements are true): (ia) the representations and warranties contained in Article V (other than, in the case of any Modification of any Facility LC having the effect of extending the stated termination date thereof, the representation and warranty contained in Section 4.01 5.4(ii)) of this Agreement are true and correct on and as of the date of such Credit Extension, before and after giving effect to such Credit Extension and to the application of the proceeds therefromthereof, as though made on and as of such date; provided, that such condition shall not apply to (x) the last sentence of Section 4.01(e) or (y) Section 4.01(f), and (iib) after giving effect to the application of the proceeds of all Credit Extensions on such date (together with any other resources of the Borrower applied together therewith), no event Unmatured Default or Default has occurred and is continuing, or would result from such Credit Extension or from the application of the proceeds therefrom, that constitutes a Default; thereof. (ii) All legal matters incident to such Credit Extension shall be satisfactory to the Administrative Agent and its counsel. (biii) the The Administrative Agent shall have received such other approvals, opinions or and documents as any Lender or LC Issuer, through the Agent Administrative Agent, may reasonably and in good faith request, and such approvals, opinions and documents shall be in form and substance satisfactory to the Administrative Agent.

Appears in 1 contract

Samples: Credit Agreement (Duquesne Light Holdings Inc)

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