Common use of Conditions Precedent to Each Loan Clause in Contracts

Conditions Precedent to Each Loan. The obligation of the Bank to make each Loan or to provide for the issuance or extension of any Letter of Credit shall be subject to the conditions precedent that on the date of any such extension of credit the following statements shall be true, and the acceptance by any Borrower of any extension of credit shall be deemed to be a statement to the effect set forth in clauses (a) and (b), with the same effect as the delivery to the Bank of a certificate signed by the chief executive officer and chief financial officer of Parent, dated the date of such extension of credit, stating that: (a) The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material respects on and as of the date of such extension of credit as though made on and as of such date, except to the extent that (i) the Bank has been notified by the Parent that any representation or warranty is not correct and the Bank has explicitly waived in writing compliance with such representation or warranty or (ii) any inaccuracy in the representations and warranties, and the schedules referenced therein, results solely from an action or omission expressly permitted by this Agreement. (b) No Default or Event of Default has occurred and is continuing, or would result from such extension of credit.

Appears in 2 contracts

Samples: Loan and Security Agreement (Outlook Group Corp), Loan and Security Agreement (Outlook Group Corp)

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Conditions Precedent to Each Loan. The obligation of the Bank Lender to make each Loan or to provide for the issuance or extension of any Letter of Credit shall be subject to the conditions condition precedent that on the date of any such extension of credit the following statements shall be true, and the acceptance by any the Borrower of any extension of credit shall be deemed to be a statement to the effect set forth in clauses (a) and (b), with the same effect as the delivery to the Bank Lender of a certificate signed by the chief executive officer and chief financial officer of Parentthe Borrower, dated the date of such extension of credit, stating that: (a) The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material respects on and as of the date of such extension of credit as though made on and as of such date, except to the extent that (i) the Bank Lender has been notified by the Parent Borrower that any representation or warranty is not correct and the Bank Lender has explicitly waived in writing compliance with such representation or warranty or (ii) any inaccuracy in the representations and warranties, and the schedules referenced therein, results solely from an action or omission expressly permitted by this Agreement.warranty; and (b) No Default Event or Event of Default has occurred and is continuing, or would result from such extension of credit.

Appears in 1 contract

Samples: Loan and Security Agreement (Great Train Store Co)

Conditions Precedent to Each Loan. The obligation of the Bank Lender to make each Loan or to provide for the issuance or extension of any Letter of Credit Credit, shall be subject to the conditions precedent that on the date of any such extension of credit the following statements shall be true, and the acceptance by any the Borrower of any extension of credit shall be deemed to be a statement to the effect set forth in clauses (a) and (b), with the same effect as the delivery to the Bank Lender of a certificate signed by the chief executive officer and chief financial officer of Parentthe Borrower, dated the date of such extension of credit, stating that: (a) The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material respects on and as of the date of such extension of credit as though made on and as of such date, except to the extent that (i) the Bank Lender has been notified by the Parent Borrower that any representation or warranty is not correct and the Bank Lender has explicitly waived in writing compliance with such representation or warranty or (ii) any inaccuracy in the representations and warranties, and the schedules referenced therein, results solely from an action or omission expressly permitted by this Agreement.warranty; and (b) No Default Event or Event of Default has occurred and is continuing, or would result from such extension of credit.

Appears in 1 contract

Samples: Loan and Security Agreement (Globespan Semiconductor Inc)

Conditions Precedent to Each Loan. The obligation of the Bank Lender to make each Loan or to provide for the issuance or extension of any Letter of Credit after the Closing Date shall be subject to the further conditions precedent that on the date of any such extension of credit the following statements shall be true, and the acceptance by any the Borrower of any extension of credit shall be deemed to be a statement to the effect set forth in clauses (a) and (b), with the same effect as the delivery to the Bank Lender of a certificate signed by the chief executive officer and chief financial officer of Parentthe Borrower, dated the date of such extension of credit, stating that: (a) The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material respects on and as of the date of such extension of credit as though made on and as of such date, except to the extent that (i) the Bank Lender has been notified by the Parent Borrower that any representation or warranty is not correct and the Bank Lender has explicitly waived accepted in writing compliance with such amended representation or warranty or (ii) any inaccuracy in the representations and warranties, and the schedules referenced therein, results solely from an action or omission expressly permitted by this Agreement. (b) No Default or Event of Default has occurred and is continuing, or would result from such extension of credit.warranty; and

Appears in 1 contract

Samples: Loan and Security Agreement (Compression Labs Inc)

Conditions Precedent to Each Loan. The obligation of the Bank Lender --------------------------------- to make each Loan or to provide for the issuance or extension of any Letter of Credit shall be subject to the conditions precedent that on the date of any such extension of credit the following statements shall be true, and the acceptance by any either Borrower of any extension of credit shall be deemed to be a statement to the effect set forth in clauses (a) and (b), with the same effect as the delivery to the Bank Lender of a certificate signed by the chief executive officer and chief financial officer of ParentTrend-Lines, dated the date of such extension of credit, stating that: (a) The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material respects on and as of the date of such extension of credit as though made on and as of such date, except to the extent that (i) the Bank Lender has been notified by the Parent Trend-Lines that any representation or warranty is not correct and the Bank Lender has explicitly waived in writing compliance with such representation or warranty or (ii) any inaccuracy in the representations and warranties, and the schedules referenced therein, results solely from an action or omission expressly permitted by this Agreement.warranty; and (b) No Default Event or Event of Default has occurred and is continuing, continuing or would result from such extension of credit.

Appears in 1 contract

Samples: Loan and Security Agreement (Trend Lines Inc)

Conditions Precedent to Each Loan. The obligation of the Bank Lender to make each Loan or to provide for the issuance or extension of any Letter of Credit shall be subject to the conditions precedent that on the date of any such extension of credit the following statements shall be true, and the acceptance by any the Borrower of any extension of credit shall be deemed to be a statement to the effect set forth in clauses (a) and (b), with the same effect as the delivery to the Bank Lender of a certificate signed by the chief executive officer and chief financial officer of Parent, CCI dated the date of such extension of credit, stating that: (a) The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material respects on and as of the date of such extension of credit as though made on and as of such date, except to the extent that (i) the Bank Lender has been notified by the Parent CCI that any representation or warranty is not correct and the Bank Lender has explicitly waived in writing compliance with such representation or warranty or (ii) any inaccuracy in the representations and warranties, and the schedules referenced therein, results solely from an action or omission expressly permitted by this Agreement.warranty; and (b) No Default Event or Event of Default has occurred and is continuing, continuing or would result from such extension of credit.

Appears in 1 contract

Samples: Loan and Security Agreement (Cosmetic Center Inc)

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Conditions Precedent to Each Loan. The obligation of the Bank Lender to make each Revolving Loan or to provide for the issuance or extension of any Letter of Credit shall be subject to the conditions precedent that on the date of any such extension of credit the following statements shall be true, and the acceptance by any the Borrower of any extension of credit shall be deemed to be a statement to the effect set forth in clauses (a) and (b), with the same effect as the delivery to the Bank Lender of a certificate signed by the chief executive officer and chief financial officer of Parentthe Borrower, dated the date of such extension of credit, stating that: (a) The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material respects on and as of the date of such extension of credit as though made on and as of such date, except to the extent that (i) the Bank Lender has been notified by the Parent Borrower that any representation or warranty is not correct and the Bank Lender has explicitly waived in writing compliance with such representation or warranty or (ii) any inaccuracy in the representations and warranties, and the schedules referenced therein, results solely from an action or omission expressly permitted by this Agreement. (b) No Default or Event of Default has occurred and is continuing, or would result from such extension of credit.warranty; and

Appears in 1 contract

Samples: Loan and Security Agreement (Paradyne Corp)

Conditions Precedent to Each Loan. The obligation of the Bank Lender to make each Loan or to provide for the issuance or extension of any Letter of Credit (including any IRB Letter of Credit) shall be subject to the conditions precedent that on the date of any such extension of credit the following statements shall be true, and the acceptance by any Borrower of any extension of credit shall be deemed to be a statement to the effect set forth in clauses (a) and (b), with the same effect as the delivery to the Bank Lender of a certificate signed by the chief executive officer and chief financial officer of Parent, dated the date of such extension of credit, stating that: (a) The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material respects on and as of the date of such extension of credit as though made on and as of such date, except to the extent that (i) the Bank Lender has been notified by the Parent that any representation or warranty is not correct and the Bank Lender has explicitly waived in writing compliance with such representation or warranty or (ii) any inaccuracy in the representations and warranties, and the schedules referenced therein, results solely from an action or omission expressly permitted by this Agreement.warranty; and (b) No Default Event or Event of Default has occurred and is continuing, or would result from such extension of credit.

Appears in 1 contract

Samples: Loan and Security Agreement (Outlook Group Corp)

Conditions Precedent to Each Loan. The obligation of the Bank Lender to make each Loan or to provide for the issuance or extension of any Letter of Credit shall be subject to the conditions precedent that on the date of any such extension of credit the following statements shall be true, and the acceptance by any the Borrower of any extension of credit shall be deemed to be a statement to the effect set forth in clauses (a) and (b), with the same effect as the delivery to the Bank Lender of a certificate signed by the chief executive officer and chief financial officer of Parentthe Borrower, dated the date of such extension of credit, stating that: (a) The representations and warranties contained in this Agreement and the other Loan Documents are correct in all material respects on and as of the date of such extension of credit as though made on and as of such date, except to the extent that (i) the Bank Lender has been notified by the Parent Borrower that any representation or warranty is not correct and the Bank Lender has explicitly waived in writing compliance with such representation or warranty or (ii) any inaccuracy in the representations and warranties, and the schedules referenced therein, results solely from an action or omission expressly permitted by this Agreement.warranty; and (b) No Default or Event of Default has occurred and is continuing, or would result from such extension of credit.

Appears in 1 contract

Samples: Loan and Security Agreement (Intellicell Corp)

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