Common use of Conditions Precedent to Term Loans Clause in Contracts

Conditions Precedent to Term Loans. The obligation of the Bank to convert principal owed to the Bank for Unreimbursed Drawings to Term Loans shall be subject to the fulfillment of each of the following conditions precedent on the Drawing Maturity Date, in a manner satisfactory to the Bank. (a) The following statements shall be true and correct on the Drawing Date: (i) the representations and warranties of the City contained in each of the Program Documents and each certificate, letter, other writing or instrument delivered by the City to the Bank pursuant hereto or thereto are true and correct on and as of the Drawing Date as though made on and as of such date (except to the extent that such representations or warranties expressly relate to an earlier date and if such representations and warranties expressly relate to an earlier date, such representations and warranties shall be true and correct as of such date); and (ii) no Default or Event of Default has occurred and is continuing or would result from converting the Unreimbursed Drawing to a Term Loan.

Conditions Precedent to Term Loans. The obligation of the Bank to convert principal owed to the Bank for Unreimbursed Drawings to Term Loans shall be subject to the fulfillment of each of the following conditions precedent on the Drawing Maturity Date, in a manner satisfactory to the Bank. (a) The following statements shall be true and correct on the Drawing Date: (i) the representations and warranties of the City contained in each of the Program Documents and each certificate, letter, other writing or instrument delivered by the City to the Bank pursuant hereto or thereto are true and correct on and as of the Drawing Date as though made on and as of such date (except to the extent that such representations or warranties expressly relate to an earlier date and if such representations and warranties expressly relate to an earlier date, such representations and warranties shall be true and correct as of such date); and (ii) no Default or Event of Default has occurred and is continuing or would result from converting the Unreimbursed Drawing to a Term Loan.