Common use of Deemed Representations Clause in Contracts

Deemed Representations. Each request by any Borrower for, and acceptance by any Borrower of, an advance of proceeds of the Loans or the issuance of a Letter of Credit shall constitute a representation and warranty by each Borrower that, as of both the date of such request and the date of the advance or issuance, as the case may be, (1) no Default or Event of Default has occurred and is continuing or would result from the making of the advance or issuance of the Letter of Credit and (2) if any representation or warranty contained in this Agreement or the other Loan Documents is untrue or incorrect, the condition giving rise to such untruthfulness or incorrectness is not likely to result in a Material Adverse Change.

Deemed Representations. Each request by any Borrower for, and acceptance by any Borrower of, an advance of proceeds of the Loans or the issuance of a Letter of Credit shall constitute a representation and warranty by Borrower and each Borrower Mortgagor that, as of both the date of such request and the date of the advance or issuance, as the case may be, (1) no Default or Event of Default has occurred and is continuing or would result from the making of the advance or issuance of the Letter of Credit and (2) if any representation or warranty contained in this Agreement or the other Loan Documents is untrue or incorrect, the condition giving rise to such untruthfulness or incorrectness is not likely to result in a Material Adverse Change.