Common use of Conditions Precedent to Effectiveness and Initial Credit Extension Clause in Contracts

Conditions Precedent to Effectiveness and Initial Credit Extension. (a) As conditions precedent to the effectiveness of this Agreement, (i) the Facility Agents shall have received each of the documents, instruments, legal opinions and other agreements listed on Exhibit G, together with all fees due and payable on the date hereof and on the Effective Date; (ii) since December 31, 2019, no event has occurred which would have a Material Adverse Effect and (iii) each Facility Agent shall have completed satisfactory due diligence and audits with respect to each Originator, the Borrower, the Servicer, the Performance Guarantor and the Receivables and each Lender and LC Issuer shall have received all necessary credit approvals in order to consummate the transactions contemplated by this Agreement; provided that the foregoing clause (iii) shall be deemed to be satisfied with respect to each Facility Agent upon execution and delivery of this Agreement by such Facility Agent. (b) As conditions precedent to the Initial Credit Extension hereunder, (i) all of the conditions precedent to the effectiveness of this Agreement set forth in paragraph (a) above shall have been satisfied; and (ii) since December 31, 2019, no event has occurred which would have a Material Adverse Effect.