Common use of Conditions Precedent to the Initial Credit Event Clause in Contracts

Conditions Precedent to the Initial Credit Event. The obligation of each Lender to make its initial Loan or of the Issuing Bank to issue the initial Letter of Credit is subject to the following conditions: (a) The Agent shall have received the following, each dated the initial Borrowing Date, except for this Agreement and the Notes which shall be dated the Execution Date: (i) this Agreement executed by each party hereto; (ii) a Note executed by the Company and payable to the order of each Lender;