Common use of Conditions to each Borrowing and each Letter of Credit Clause in Contracts

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b) through Section 7.2(e).

Appears in 4 contracts

Samples: Credit Agreement (Whiting Petroleum Corp), Credit Agreement (Denbury Resources Inc), Credit Agreement (Whiting Petroleum Corp)

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Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by (i) Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable), and (ii) Swing Line Bank (with a copy to Administrative Agent) of a Swing Line Notice (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or the issuance of such Letter Letter(s) of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter Letter(s) of Credit (as applicable) and all other Borrowings to be made and/or Letter(s) of Credit to be issued (as applicable) on the same day under this Agreement, shall be permitted by applicable Lawnot cause a Borrowing Base Deficiency; and (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit Exposure of all Banks shall not exceed $5,000,000. The funding of each Each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be constitute a representation and warranty by Borrower that on the date of such Borrowing and the date of or issuance of each such Letter of Credit (as to applicable) the facts specified statements contained in Section 7.2(bsubclauses (b), (c), (d) through Section 7.2(e)and (e) above are true.

Appears in 3 contracts

Samples: Credit Agreement (GeoMet, Inc.), Credit Agreement (GeoMet, Inc.), Credit Agreement (GeoMet, Inc.)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct in all material respects on and as of the date of such Borrowing or the issuance of such Letter(s) of Credit (as applicable), except to the extent such representations and warranties are expressly stated as of a certain date, in which case such representations and warranties shall be true and correct in all material respects as of such date; provided, however, that, notwithstanding the foregoing to the contrary, solely with respect to the making of the initial Loan hereunder on the Effective Date (and not with respect to any other matter including, without limitation, with respect to the making of any other Loan and the issuance of any Letter of Credit) the only representations and warranties relating to Broad Oak that are required to be true and correct as a condition to the Banks’ obligation to make the initial Loan hereunder on the Effective Date are the Broad Oak Representations; (d) the funding of such Borrowing or the issuance of such Letter(s) of Credit (as applicable) and all other Borrowings to be made and/or Letter(s) of Credit to be issued (as applicable) on the same day under this Agreement, shall not cause a Borrowing Base Deficiency; and (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit Exposure of all Banks shall not exceed $20,000,000. Each Borrowing and the issuance of each Letter of Credit hereunder shall constitute a representation and warranty by Borrower that on the date of such Borrowing or issuance of such Letter of Credit (as applicable) the statements contained in subclauses (b); , (c), (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; and (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b) through Section 7.2(e)above are true.

Appears in 2 contracts

Samples: Credit Agreement (Laredo Petroleum - Dallas, Inc.), Credit Agreement (Laredo Petroleum Holdings, Inc.)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct in all material respects on and as of the date of such Borrowing or the issuance of such Letter(s) of Credit (as applicable), except to the extent such representations and warranties (i) are expressly stated as of a certain date, in which case such representations and warranties shall be true and correct in all material respects as of such date or (ii) are already qualified by materiality, Material Adverse Effect or a similar qualification, in which case, such representations and warranties shall be true and correct in all respects. (d) the funding of such Borrowing or the issuance of such Letter(s) of Credit (as applicable) and all other Borrowings to be made and/or Letter(s) of Credit to be issued (as applicable) on the same day under this Agreement, shall not cause the total Outstanding Revolving Credit to exceed the Total Commitment; and (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit Exposure of all Banks shall not exceed $35,000,000. Each Borrowing and the issuance of each Letter of Credit hereunder shall constitute a representation and warranty by Borrower that on the date of such Borrowing or issuance of such Letter of Credit (as applicable) the statements contained in subclauses (b); , (c), (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; and (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b) through Section 7.2(e)above are true.

Appears in 1 contract

Samples: Credit Agreement (Laredo Petroleum, Inc.)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable)) in all material respects; (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b) through Section 7.2(e).

Appears in 1 contract

Samples: Credit Agreement (Whiting Petroleum Corp)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, (i) no Default or Event of Default shall have occurred and be continuing and the funding of continuing, (ii) neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of DefaultDefault and (iii) the Consolidated Cash Balance shall not exceed $50,000,000; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct in all material respects on and as of the date of such Borrowing or the issuance of such Letter(s) of Credit (as applicable), except to the extent such representations and warranties (i) are expressly stated as of a certain date, in which case such representations and warranties shall be true and correct in all material respects as of such date or (ii) are already qualified by materiality, Material Adverse Effect or a similar qualification, in which case, such representations and warranties shall be true and correct in all respects. (d) the funding of such Borrowing or the issuance of such Letter(s) of Credit (as applicable) and all other Borrowings to be made and/or Letter(s) of Credit to be issued (as applicable) on the same day under this Agreement, shall not cause the total Outstanding Revolving Credit to exceed the Total Commitment; and (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit Exposure of all Banks shall not exceed $80,000,000. Each Borrowing and the issuance of each Letter of Credit hereunder shall constitute a representation and warranty by Borrower that on the date of such Borrowing or issuance of such Letter of Credit (as applicable) the statements contained in subclauses (b); , (c), (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; and (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b) through Section 7.2(e)above are true.

Appears in 1 contract

Samples: Credit Agreement (Laredo Petroleum, Inc.)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party and Parent Guarantor contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance issuance, extension, amendment or renewal of such Letter of Credit (Credit, as applicable) , would not conflict with, or cause any Bank or the Letter of Credit Issuer to violate or exceed, any applicable Law, and no litigation shall be permitted pending or threatened, which does or, with respect to any threatened litigation, seeks to, enjoin, prohibit or restrain, the making or repayment of any Borrowing, the issuance, extension, amendment, renewal or repayment of any Letter of Credit or any participations therein or the consummation of the transactions contemplated by applicable Lawthis Agreement or any other Loan Paper. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b6.3(b) through Section 7.2(e(e).

Appears in 1 contract

Samples: Credit Agreement (Par Petroleum Corp/Co)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b6.2(b) through Section 7.2(e6.2(e).

Appears in 1 contract

Samples: Credit Agreement (Alliant Energy Corp)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance issuance, amendment, renewal or extension of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance issuance, amendment, renewal or extension of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct in all material respects on and as of the date of such Borrowing or issuance issuance, amendment, renewal or extension of such Letter of Credit (as applicable), except that any representation or warranty that is qualified by “material” or “Material Adverse Effect” references therein shall be true and correct in all respects; (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance issuance, amendment, renewal or extension of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance issuance, amendment, renewal or extension of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance issuance, amendment, renewal or extension of each Letter of Credit as to the facts specified in Section 7.2(b6.2(b) through Section 7.2(e6.2(e).

Appears in 1 contract

Samples: Credit Agreement (Denbury Resources Inc)

Conditions to each Borrowing and each Letter of Credit. The ------------------------------------------------------ obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer Administrative Agent to issue, extend, amend or renew any issue a Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(bSections 8.2(b) through Section 7.2(e(f).. --------------- ---

Appears in 1 contract

Samples: Credit Agreement (Quicksilver Resources Inc)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct in all material respects on and as of the date of such Borrowing or the issuance of such Letter(s) of Credit (as applicable), except to the extent such representations and warranties are expressly stated as of a certain date, in which case such representations and warranties shall be true and correct in all material respects as of such date; (d) the funding of such Borrowing or the issuance of such Letter(s) of Credit (as applicable) and all other Borrowings to be made and/or Letter(s) of Credit to be issued (as applicable) on the same day under this Agreement, shall not cause a Borrowing Base Deficiency; and (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit Exposure of all Banks shall not exceed $10,000,000. Each Borrowing and the issuance of each Letter of Credit hereunder shall constitute a representation and warranty by Borrower that on the date of such Borrowing or issuance of such Letter of Credit (as applicable) the statements contained in subclauses (b); , (c), (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; and (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b) through Section 7.2(e)above are true.

Appears in 1 contract

Samples: Credit Agreement (Laredo Petroleum, Inc.)

Conditions to each Borrowing and each Letter of Credit. The ------------------------------------------------------- obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer Administrative Agent to issue, extend, amend or renew any Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b) through Section 7.2(e).. -------------- --------------

Appears in 1 contract

Samples: Credit Agreement (Denbury Resources Inc)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurredoccurred since December 31, 2007; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b6.2(b) through Section 7.2(e6.2(f).

Appears in 1 contract

Samples: Credit Agreement (Delta Petroleum Corp/Co)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer Administrative Agent to issue, extend, amend or renew any issue a Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct in all material respects on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable), with the same effect as though such representations and warranties had been made on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable) or, if such representations and warranties are expressly limited to particular dates, as of such particular dates; (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability, and, immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, and all other Borrowings to be made and/or Letter(s) of Credit to be issued on the same day, the Outstanding Credit will not be in excess of the Borrowing Base; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b) through Section 7.2(e7.2(f).

Appears in 1 contract

Samples: Credit Agreement (Encore Acquisition Co)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by (i) Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable), and (ii) Swing Line Bank (with a copy to Administrative Agent) of a Swing Line Notice (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or the issuance of such Letter Letter(s) of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter Letter(s) of Credit (as applicable) and all other Borrowings to be made and/or Letter(s) of Credit to be issued (as applicable) on the same day under this Agreement, shall be permitted by applicable Lawnot cause a Borrowing Base Deficiency; and (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit Exposure of all Banks shall not exceed $10,000,000. The funding of each Each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be constitute a representation and warranty by Borrower that on the date of such Borrowing and the date of or issuance of each such Letter of Credit (as to applicable) the facts specified statements contained in Section 7.2(bsubclauses (b), (c). (d) through Section 7.2(e)and (e) above are true.

Appears in 1 contract

Samples: Credit Agreement (GeoMet, Inc.)

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Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer Administrative Agent to issue, extend, amend or renew any issue a Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct in all material respects on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable), with the same effect as though such representations and warranties had been made on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable) or, if such representations and warranties are expressly limited to particular dates, as of such particular dates; (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section Sections 7.2(b) through Section 7.2(e(f).

Appears in 1 contract

Samples: Credit Agreement (Encore Acquisition Co)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed is issued are subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested such Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers Documents shall be true and correct in all material respects on and as of the date of such Borrowing or the issuance of such Letter of Credit (as applicable), except to the extent such representations and warranties are expressly stated as of a certain date, in which case such representations and warranties shall be true and correct in all material respects as of such date; (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) and all other Borrowings to be made and/or Letters of Credit to be issued (as applicable) on the same day under this Agreement, shall be permitted by applicable Lawnot cause a Borrowing Base Deficiency; and (e) following the issuance of any Letters of Credit, the aggregate Letter of Credit Exposure of all Banks shall not exceed $4,000,000; (f) there has been no Material Adverse Change; and (g) there is no existing Default. The funding of each Each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be constitute a representation and warranty by Borrower that on the date of such Borrowing and the date of or issuance of each such Letter of Credit (as to applicable) the facts specified statements contained in Section 7.2(bsubclauses (b), (c), (d), (e), (f), and (g) through Section 7.2(e)above are true.

Appears in 1 contract

Samples: Credit Agreement (Castle Energy Corp)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank Lender to loan its the Commitment Percentage of with respect to each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent Lender of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers Documents shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower Borrowers on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b6.2(b) through Section 7.2(e6.2(f).

Appears in 1 contract

Samples: Credit Agreement (Credo Petroleum Corp)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank Lender to loan its the Commitment Percentage of with respect to each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent Lender of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers Documents shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b6.2(b) through Section 7.2(e6.2(f).

Appears in 1 contract

Samples: Credit Agreement (Earthstone Energy Inc)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer the Agent to issue, extend, amend or renew any issue a Letter of Credit on the date such Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of such Borrowing or the issuance of the requested Letter of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or issuance of such Letter of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(bSECTIONS 8.2(b) through Section 7.2(eTHROUGH (e).

Appears in 1 contract

Samples: Credit Agreement (Quicksilver Resources Inc)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by (i) Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable), and (ii) Swing Line Bank (with a copy to Administrative Agent) of a Swing Line Notice (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or the issuance of such Letter Letter(s) of Credit (as applicable); (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter Letter(s) of Credit (as applicable) and all other Borrowings to be made and/or Letter(s) of Credit to be issued (as applicable) on the same day under this Agreement, shall be permitted by applicable Lawnot cause a Borrowing Base Deficiency; and (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit Exposure of all Banks shall not exceed $5,000,000. The funding of each Each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be constitute a representation and warranty by Borrower that on the date of such Borrowing and the date of or issuance of each such Letter of Credit (as to applicable) the facts specified statements contained in Section 7.2(bsubclauses (b), (c). (d) through Section 7.2(e)and (e) above are true.

Appears in 1 contract

Samples: Credit Agreement (GeoMet, Inc.)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable)Credit; (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party Borrower contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or the issuance of such Letter Letter(s) of Credit (as applicable)Credit; (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter(s) of Credit and all other Borrowings to be made and/or Letter(s) of Credit to be issued on the same day under this Agreement, shall not cause a Borrowing Base Deficiency; (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit Exposure shall not exceed $10,000,000; and (as applicablef) within sixty (60) days after the Closing Date, Borrower shall be permitted by applicable Law. The funding have executed and delivered to Administrative Agent for the ratable benefit of each Bank, the Mortgages and other instruments required by SECTION 5.1(B) hereof. Each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be constitute a representation and warranty by Borrower that on the date of such Borrowing and the date of or issuance of each such Letter of Credit as to the facts specified statements contained in Section 7.2(bsubclauses (b), (c), (d) through Section 7.2(e).and (e) above are true. 1/230128.7

Appears in 1 contract

Samples: Credit Agreement (Snyder Oil Corp)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable)Credit; (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party Borrower contained in this Agreement and the other Loan Papers shall be true and correct on and as of the date of such Borrowing or the issuance of such Letter Letter(s) of Credit (as applicable)Credit; (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter(s) of Credit and all other Borrowings to be made and/or Letter(s) of Credit to be issued on the same day under this Agreement, shall not cause a Borrowing Base Deficiency; and (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit (as applicable) Exposure shall be permitted by applicable Lawnot exceed $10,000,000. The funding of each Each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be constitute a representation and warranty by Borrower that on the date of such Borrowing and the date of or issuance of each such Letter of Credit as to the facts specified statements contained in Section 7.2(bsubclauses (b), (c), (d) through Section 7.2(e)and (e) above are true.

Appears in 1 contract

Samples: Credit Agreement (Patina Oil & Gas Corp)

Conditions to each Borrowing and each Letter of Credit. The obligation of each Bank to loan its Commitment Percentage of each Borrowing and the obligation of any Letter of Credit Issuer to issue, extend, amend or renew any Letter issue Letters of Credit on the date such any Letter of Credit is to be issued, extended, amended or renewed issued is subject to the further satisfaction of the following conditions: (a) timely receipt by Administrative Agent of a Request for Borrowing or a Request for Letter Letter(s) of Credit (as applicable); (b) immediately before and after giving effect to such Borrowing or issuance of such Letter Letter(s) of Credit, no Default or Event of Default shall have occurred and be continuing and the funding of neither such Borrowing or nor the issuance of the requested Letter such Letter(s) of Credit (as applicable) shall not cause a Default or Event of Default; (c) the representations and warranties of each Credit Party contained in this Agreement and the other Loan Papers shall be true and correct in all material respects on and as of the date of such Borrowing or the issuance of such Letter(s) of Credit (as applicable), except to the extent such representations and warranties are expressly stated as of a certain date, in which case such representations and warranties shall be true and correct in all material respects as of such date. (d) the funding of such Borrowing or the issuance of such Letter(s) of Credit (as applicable) and all other Borrowings to be made and/or Letter(s) of Credit to be issued (as applicable) on the same day under this Agreement, shall not cause the total Outstanding Revolving Credit to exceed the Total Commitment; and (e) following the issuance of any Letter(s) of Credit, the aggregate Letter of Credit Exposure of all Banks shall not exceed $20,000,000. Each Borrowing and the issuance of each Letter of Credit hereunder shall constitute a representation and warranty by Borrower that on the date of such Borrowing or issuance of such Letter of Credit (as applicable) the statements contained in subclauses (b); , (c), (d) the amount of the requested Borrowing or the amount of the requested Letter of Credit (as applicable) shall not exceed the Availability; and (e) no Material Adverse Change shall have occurred; and (f) the funding of such Borrowing or the issuance of such Letter of Credit (as applicable) shall be permitted by applicable Law. The funding of each Borrowing and the issuance of each Letter of Credit hereunder shall be deemed to be a representation and warranty by Borrower on the date of such Borrowing and the date of issuance of each Letter of Credit as to the facts specified in Section 7.2(b) through Section 7.2(e)above are true.

Appears in 1 contract

Samples: Credit Agreement (Laredo Petroleum, Inc.)

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