Common use of Conditions Precedent to Liquidity Advances Clause in Contracts

Conditions Precedent to Liquidity Advances. Following any payment by the Bank under the Letter of Credit, a Liquidity Advance shall be made available to the Applicant only if on the date of payment of such drawing by the Bank the following statements shall be true: (a) the representations and warranties of the Applicant contained in Article Four of this Agreement and in the other Related Documents are correct in all material respects on and as of the date of such payment as though made on and as of such date; and (b) no event has occurred and is continuing, or would result from such payment, which constitutes a Potential Default or Event of Default. Unless the Applicant shall have previously advised the Bank in writing that one or both of the above statements is no longer true, the Applicant shall be deemed to have represented and warranted, to the best of their knowledge, on the date of such payment that both of the above statements are true and correct.

Conditions Precedent to Liquidity Advances. Following any payment by the Bank of a Liquidity Drawing under the Letter of Credit, a Liquidity Advance shall be made available to the Applicant Company only if on the date of payment of such drawing by the Bank the following statements shall be true: (a) the representations and warranties of the Applicant Company contained in Article Four of this Agreement and in the other Related Documents IV are correct in all material respects on and as of the date of such payment as though made on and as of such date; and (b) no event has occurred and is continuing, or would result from such payment, which constitutes a Potential Default or Event of Default. Unless the Applicant Company shall have previously advised the Bank in writing that one or both of the above statements is no longer true, the Applicant Company shall be deemed to have represented and warranted, to the best of their knowledge, warranted on the date of such payment that both of the above statements are true and correct.

Conditions Precedent to Liquidity Advances. Following any Upon payment by the Bank of a Liquidity Drawing under the Letter of Credit, such Liquidity Drawing shall constitute a Liquidity Advance shall be made available to the Applicant Company only if on the date of payment of such drawing by the Bank the following statements shall be true: (a) the representations and warranties of the Applicant Company contained in Article Four of this Agreement and in the other Related Documents IV are correct in all material respects on and as of the date of such payment as though made on and as of such date; and (b) no event has occurred and is continuing, or would result from such payment, which constitutes a Potential Default or Event of Default. Unless the Applicant Company shall have previously advised the Bank in writing that one or both of the above statements is no longer true, the Applicant Company shall be deemed to have represented and warranted, to the best of their knowledge, warranted on the date of such payment that both of the above statements are true and correct.