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

Conditions Precedent to Each Extension of Credit. The obligation of each Lender to make an Extension of Credit on any date shall be subject to the conditions precedent that the Effective Date shall have occurred and on the date of such Extension of Credit the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Application for a Letter of Credit, as the case may be, and the acceptance by the applicable Borrower of the proceeds of such Borrowing or the issuance of such Letter of Credit, as applicable, shall constitute a representation and warranty by the applicable Borrower that on the date of such Borrowing or Letter of Credit issuance such statements are true):

Appears in 6 contracts

Samples: Credit Agreement (Sears Holdings Corp), Intercreditor Agreement (Sears Holdings Corp), Intercreditor Agreement (Sears Holdings Corp)

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Conditions Precedent to Each Extension of Credit. The obligation of each Lender to make an Extension of Credit on any date shall be subject to the conditions precedent that that, with respect to Term Loans, the Effective Date effectiveness of this Agreement shall have occurred and on the date of such Extension of Credit the following statements shall be true (and in the case of Term Loans, each of the giving of the applicable Notice notice of Borrowing or Application for a Letter of Credit, as the case may be, borrowing and the acceptance by the applicable Borrower of the proceeds of such Borrowing or the issuance of such Letter of Credit, as applicable, shall in each case constitute a representation and warranty by the applicable Borrower that on the date of such Borrowing or Letter of Credit issuance such statements are true):

Appears in 3 contracts

Samples: Term Loan Credit Agreement, Term Loan Credit Agreement (Sears Holdings Corp), Term Loan Credit Agreement (Sears Holdings Corp)

Conditions Precedent to Each Extension of Credit. The obligation of each Lender or Issuing Bank, as the case may be, to make an Extension of Credit on (including the initial Extension of Credit, but excluding Conversions) to or for the account of any date Borrower shall be subject to the further conditions precedent that the Effective Date shall have occurred and that, on the date of such Extension of Credit and after giving effect thereto, the following statements shall be true (and each of the giving of the applicable Notice of Borrowing notice or Application for a Letter of Credit, as the case may be, request with respect thereto and the acceptance by the applicable Borrower of the proceeds making of such Borrowing or the issuance Extension of such Letter of Credit, as applicable, Credit shall constitute a representation and warranty by the applicable such Borrower that that, on the date of such Borrowing or Letter Extension of Credit issuance Credit, such statements are true):

Appears in 2 contracts

Samples: Credit Agreement (Unisource Energy Corp), Credit Agreement (Tucson Electric Power Co)

Conditions Precedent to Each Extension of Credit. The obligation of each Lender to make an Extension of Credit on any date shall be subject to the conditions precedent that the Third Amendment Effective Date shall have occurred and on the date of such Extension of Credit the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Application for a Letter of Credit, as the case may be, and the acceptance by the applicable Borrower of the proceeds of such Borrowing or the issuance of such Letter of Credit, as applicable, shall constitute a representation and warranty by the applicable Borrower that on the date of such Borrowing or Letter of Credit issuance such statements are true):

Appears in 1 contract

Samples: Guarantee and Collateral Agreement (Sears Holdings Corp)

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Conditions Precedent to Each Extension of Credit. The obligation of each Lender to make an Extension of Credit on any date shall be subject to the conditions precedent that the Commitment Effective Date shall have occurred and on the date of such Extension of Credit the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Application for a Letter of Credit, as the case may be, and the acceptance by the applicable Borrower of the proceeds of such Borrowing or the issuance of such Letter of Credit, as applicable, shall constitute a representation and warranty by the applicable Borrower that on the date of such Borrowing or Letter of Credit issuance such statements are true):

Appears in 1 contract

Samples: Credit Agreement (Sears Canada Inc.)

Conditions Precedent to Each Extension of Credit. The obligation of each Lender to make an Extension of Credit on any date shall be subject to the conditions precedent that the Effective Date effectiveness of this Agreement shall have occurred and on the date of such Extension of Credit the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Application for a Letter of Credit, as the case may beBorrowing, and the acceptance by the applicable Borrower of the proceeds of such Term Loan Borrowing or the issuance of such Letter of Credit, as applicable, shall constitute a representation and warranty by the applicable Borrower that on the date of such Term Loan Borrowing or Letter of Credit issuance such statements are true):

Appears in 1 contract

Samples: Borrowing Agreement (Sears Holdings Corp)

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