Common use of Conditions to Each Credit Event Clause in Contracts

Conditions to Each Credit Event. The obligation of the Bank to issue or extend a Letter of Credit or to consent to the issuance of Commercial Paper Notes and of the Lenders to make Loans hereunder, if the effect thereof is not to increase the amount of Outstandings, is further subject to the condition precedent that at the time of such Credit Event (a) no Event of Default shall have occurred and be continuing and (b) if the Lenders are to make Loans, a Borrowing Request shall have been received by the Bank in accordance with Section 4.01(b), and, if the Bank is to issue a Letter of Credit, a notice pursuant to Section 2.04(a) shall have been received by the Bank.

Conditions to Each Credit Event. The obligation of the Bank to issue or extend a Letter of Credit or to consent to the issuance of Commercial Paper Notes and of the Lenders to make Loans hereunder, if the effect thereof is not to increase the amount of Outstandings, is further subject to the condition conditions precedent that at the time of such Credit Event (a) no Event of Default shall have occurred and be continuing and (b) if the Lenders are to make Loans, a Borrowing Request shall have been received by the Bank in accordance with Section 4.01(b), and, if the Bank is to issue a Letter of Credit, a notice pursuant to Section 2.04(a) shall have been received by the Bank.