Common use of Conditions Precedent to Each Loan and Letter of Credit Clause in Contracts

Conditions Precedent to Each Loan and Letter of Credit. The obligation of each Lender to make any Loan (including the Loan being made by such Lender on the Closing Date) and of the Issuer to issue any Letter of Credit (including any Letter of Credit being issued on the Closing Date) shall be subject to the satisfaction of the following additional conditions precedent: (a) Receipt by the Administrative Agent of a Notice of Borrowing (except in the case of a Tranche D Term Loan) or a Notice of Issuance, as the case may be; (b) Immediately before and after the making of such Loan or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing; (c) Each of the representations and warranties of the Credit Parties contained in the Financing Documents shall be true in all material respects on and as of the date of the making of such Loan or issuance of such Letter of Credit, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true in all material respects as of such earlier date; and (d) The making of such Loan and the issuance of such Letter of Credit on such date does not violate any Requirement of Law and is not enjoined, temporarily, preliminarily or permanently. The Borrower's acceptance of the proceeds of each Loan or of the issuance of each Letter of Credit shall be deemed to be a representation and warranty by the Borrower on the thereof as to the facts specified in clauses (b) through (d) of this Section.

Appears in 1 contract

Samples: Credit Agreement (Cogentrix Energy Inc)

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Conditions Precedent to Each Loan and Letter of Credit. The obligation of each Lender to make any Loan (including the Loan being made by such Lender on the Closing Date) and of the Issuer to issue any Letter of Credit (including any Letter of Credit being issued on the Closing Date) shall be subject to the satisfaction of the following additional conditions precedent: (a) Receipt by the Administrative Agent of a Notice of Borrowing (except in the case of a Tranche D Term Loan) or a Notice of Issuance, as the case may be; (b) Immediately before and after the making of such Loan or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing; (c) Each of the representations and warranties of the Credit Parties contained in the Financing Documents shall be true in all material respects on and as of the date of the making of such Loan or issuance of such Letter of Credit, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true in all material respects as of such earlier date; and (d) The making of such Loan and the issuance of such Letter of Credit on such date does not violate any Requirement of Law and is not enjoined, temporarily, preliminarily or permanently. The Borrower's ’s acceptance of the proceeds of each Loan or of the issuance of each Letter of Credit shall be deemed to be a representation and warranty by the Borrower on the thereof as to the facts specified in clauses (b) through (d) of this Section.

Appears in 1 contract

Samples: Credit Agreement (Cogentrix Energy Inc)

Conditions Precedent to Each Loan and Letter of Credit. The obligation of each Lender to make any Loan (including the Loan being made by such Lender on the Closing Date) and or of the each Issuer to issue any Letter of Credit shall be subject to the further conditions precedent that: (including a) The following statements shall be true on the date of such Loan or issuance, before and after giving effect thereto and to the application of the proceeds therefrom and to such issuance (and the acceptance by the Borrower of the proceeds of such Loan or of the issuance by such Issuer of such Letter of Credit shall constitute a representation and warranty by the Borrower that on the date of such Loan or issuance such statements are true): (i) The representations and warranties of the Borrower contained in Article IV and of each Loan Party in the other Loan Documents are correct on and as of such date as though made on and as of such date except insofar as such representations and warranties speak only as of a prior date or reflect -50- transactions and events after the Effective Date permitted by the Loan Documents; and (ii) No Default or Event of Default has occurred and is continuing or would result from the Loans being made or any Letter of Credit being issued on the Closing Date) shall be subject to the satisfaction of the following additional conditions precedent: (a) Receipt by the Administrative Agent of a Notice of Borrowing (except in the case of a Tranche D Term Loan) or a Notice of Issuance, as the case may be;such date. (b) Immediately before and after the making of such Loan or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing; (c) Each of the representations and warranties of the Credit Parties contained in the Financing Documents shall be true in all material respects on and as of the date of the making of such Loan or issuance of such Letter of Credit, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true in all material respects as of such earlier date; and (d) The making of such Loan and the Loans or the issuance of such Letter of Credit on such date does not violate any Requirement of Law and is not enjoined, temporarily, preliminarily or permanently. The Borrower's acceptance of . (c) No Revolving Credit Loans shall be made if any Swing Loans are outstanding unless the proceeds of each Loan such Revolving Credit Loans are being used to repay in full the Swing Loans or of the issuance of each Letter of Credit shall be deemed to be a representation and warranty by the Borrower on the thereof as to the facts specified in clauses (b) through Swing Bank otherwise consents. (d) of this SectionThe Agent shall have received such additional documents, information and materials as any Lender Party, through the Agent, may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Wheeling Pittsburgh Corp /De/)

Conditions Precedent to Each Loan and Letter of Credit. The obligation of each Lender to make any Loan (including the Loan being made by such Lender on the Closing Date) and of the each Issuer to issue any Letter of Credit (including any Letter of Credit being issued on the Closing Date) shall be subject to the satisfaction of the following additional further conditions precedentprecedent that: (a) Receipt by The following statements shall be true on the Administrative Agent Effective Date and on the date of a Notice of Borrowing (except in the case of a Tranche D Term Loan) such Loan or a Notice of Issuanceissuance, as the case may be; (b) Immediately before and after giving effect thereto and to the making application of the proceeds therefrom and to such issuance (and the acceptance by the relevant Borrower of the proceeds of such Loan or such Letter of Credit shall constitute a representation and warranty by the Company that on the date of such Loan or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing;statements are true): (ci) Each of the The representations and warranties of the Credit Parties each Loan Party contained in Article IV and in the Financing other Loan Documents shall be true in all material respects are correct on and as of the such date of the making as though made on and as of such Loan or issuance of such Letter of Creditdate, except to the extent that such representations and warranties specifically refer relate solely to an earlier date, in which case they shall be true in all material respects such representations and warranties were correct on and as of such earlier date; and (dii) No Default or Event of Default will result from any Loan being made or Letter of Credit being issued on such date. (b) The making of such Loan and or the issuance of such Letter of Credit on such date does not violate any Requirement of Law and is not enjoined, temporarily, preliminarily or permanently. . (c) The Borrower's acceptance of Administrative Agent shall have received such additional documents, information and materials as any Lender or any Issuer, through the proceeds of each Loan or of the issuance of each Letter of Credit shall be deemed to be a representation and warranty by the Borrower on the thereof as to the facts specified in clauses (b) through (d) of this SectionAdministrative Agent, may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (Nine West Group Inc /De)

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Conditions Precedent to Each Loan and Letter of Credit. The obligation of each Lender to make any Loan (including the Loan being made by such Lender on the Closing Date) and or of the each Issuer to issue any Letter of Credit shall be subject to the further conditions precedent that: (including a) The following statements shall be true on the date of such Loan or issuance, before and after giving effect thereto and to the application of the proceeds therefrom and to such issuance (and the acceptance by the Borrower of the proceeds of such Loan or of the issuance by such Issuer of such Letter of Credit shall constitute a representation and warranty by the Borrower that on the date of such Loan or issuance such statements are true): (i) The representations and warranties of the Borrower contained in Article IV and of each Loan Party in the other Loan Documents are correct on and as of such date as though made on and as of such date except insofar as such representations and warranties speak only as of a prior date or reflect transactions and events after the Effective Date permitted by the Loan Documents; and (ii) No Default or Event of Default has occurred and is continuing or would result from the Loans being made or any Letter of Credit being issued on the Closing Date) shall be subject to the satisfaction of the following additional conditions precedent: (a) Receipt by the Administrative Agent of a Notice of Borrowing (except in the case of a Tranche D Term Loan) or a Notice of Issuance, as the case may be;such date. (b) Immediately before and after the making of such Loan or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing; (c) Each of the representations and warranties of the Credit Parties contained in the Financing Documents shall be true in all material respects on and as of the date of the making of such Loan or issuance of such Letter of Credit, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true in all material respects as of such earlier date; and (d) The making of such Loan and the Loans or the issuance of such Letter of Credit on such date does not violate any Requirement of Law and is not enjoined, temporarily, preliminarily or permanently. The Borrower's acceptance of . (c) No Revolving Credit Loans shall be made if any Swing Loans are outstanding unless the proceeds of each Loan such Revolving Credit Loans are being used to repay in full the Swing Loans or of the issuance of each Letter of Credit shall be deemed to be a representation and warranty by the Borrower on the thereof as to the facts specified in clauses (b) through Swing Bank otherwise consents. (d) of this SectionThe Agent shall have received such additional documents, information and materials as any Lender Party, through the Agent, may reasonably request.

Appears in 1 contract

Samples: Credit Agreement (WHX Corp)

Conditions Precedent to Each Loan and Letter of Credit. The obligation of each Lender to make any Loan (including the Loan being made by such Lender on the Closing Effective Date) and the obligation of the Issuer Issuing Lender to issue any a Letter of Credit shall be subject to the further conditions precedent that: (including a) The following statements shall be true on the date of such Loan or issuance, before and after giving effect thereto and to the application of the proceeds therefrom (and the acceptance by the Borrower of the proceeds of such Loan or such Letter of Credit shall constitute a representation and warranty by the Borrower that on the date of such Loan or issuance such statements are true): (i) The representations and warranties of the Borrower contained in Article IV and of each Loan Party in the other Loan Documents are correct on and as of such date as though made on and as of such date (it being understood and agreed that any Letter representation or warranty which by its terms is made on a specified date shall be required to be true and correct only as of such specified date); and (ii) No Default or Event of Default exists or will result from the Loans being made or the Letters of Credit being issued on the Closing Date) shall be subject to the satisfaction of the following additional conditions precedent: (a) Receipt by the Administrative Agent of a Notice of Borrowing (except in the case of a Tranche D Term Loan) or a Notice of Issuance, as the case may be;such date. (b) Immediately before and after the making of such Loan or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing; (c) Each of the representations and warranties of the Credit Parties contained in the Financing Documents shall be true in all material respects on and as of the date of the making of such Loan or issuance of such Letter of Credit, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true in all material respects as of such earlier date; and (d) The making of such Loan and the Loans or the issuance of such Letter the Letters of Credit on such date does not violate any Requirement of Law and is not enjoined, temporarily, preliminarily or permanently. . (c) The Borrower's acceptance Administrative Agent shall have received a Compliance Certificate, executed by a Responsible Officer of the proceeds of each Loan or of Borrower, satisfactory to the issuance of each Letter of Credit shall be deemed to be a representation Administrative Agent, and warranty if requested by the Borrower on the thereof as to the facts specified in clauses (b) through (d) of this Section.Administrative Agent, together

Appears in 1 contract

Samples: Credit Agreement (Felcor Lodging Trust Inc)

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