Common use of Initial and Subsequent Loans Clause in Contracts

Initial and Subsequent Loans. The obligation of the Lenders to make Loans to the Borrower upon the occasion of each borrowing hereunder (including the Initial Funding) is subject to the further conditions precedent that, as of the date of such Loans and after giving effect thereto: (a) no Default shall have occurred and be continuing; and (b) the representations and warranties made by the Borrower in Article VII and by the Borrower and each Guarantor in any other Loan Document shall be true on and as of the date of the making of such Loans with the same force and effect as if made on and as of such date and following such new borrowing, except to the extent such representations and warranties are expressly limited to an earlier date or the Required Lenders may expressly consent in writing to the contrary. Each request for a borrowing by the Borrower hereunder shall constitute a certification by the Borrower to the effect set forth in Section 6.02(b) (both as of the date of such notice and immediately following such borrowing).

Appears in 2 contracts

Samples: Credit Agreement (Buckeye Partners L P), Credit Agreement (Buckeye Partners L P)

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Initial and Subsequent Loans. The obligation of the Lenders to make Loans to the Borrower upon the occasion of each borrowing hereunder (including the Initial Funding) is subject to the further conditions precedent that, as of the date of such Loans and after giving effect thereto: (a) no Default shall have occurred and be continuing; and (b) the representations and warranties made by the Borrower in Article VII Sections 7.01(a), 7.05, 7.06, 7.07, 7.11, 7.12 and by the Borrower and each Guarantor in any other Loan Document 7.13 shall be true on and as of the date of the making of such Loans with the same force and effect as if made on and as of such date and following such new borrowing, except to the extent such representations and warranties are expressly limited to an earlier date or the Required Majority Lenders may expressly consent in writing to the contrary. Each request for a borrowing by the Borrower hereunder shall constitute a certification by the Borrower to the effect set forth in Section Sections 2.03 and 6.02(b) (both as of the date of such notice and, unless Borrower otherwise notifies the Administrative Agent, prior to the date of and immediately following such borrowing).

Appears in 1 contract

Samples: Credit Agreement (Callon Petroleum Co)

Initial and Subsequent Loans. The obligation of the Lenders Lender to make Loans to the Borrower upon the occasion of each borrowing hereunder (including the Initial Funding) is subject to the further conditions precedent that, as of the date of such Loans and after giving effect thereto: : (ai) no Default shall have occurred and be continuing; and (bii) no Material Adverse Effect shall have occurred; and (iii) the representations and warranties made by the Borrower in Article VII and by in the Borrower and each Guarantor in any other Loan Document Security Instruments shall be true on and as of the date of the making of such Loans with the same force and effect as if made on and as of such date and following such new borrowing, except to the extent such representations and warranties are expressly limited to an earlier date or the Required Lenders Lender may expressly consent in writing to the contrary. Each request for a borrowing by the Borrower hereunder shall constitute a certification by the Borrower to the effect set forth in Section 6.02(b) the preceding sentence (both as of the date of such notice and, unless the Borrower otherwise notifies the Lender prior to the date of and immediately following such borrowingborrowing as of the date thereof).

Appears in 1 contract

Samples: Credit Agreement (Edge Petroleum Corp)

Initial and Subsequent Loans. The obligation of the Lenders to make Loans to the Borrower upon the occasion of each borrowing hereunder (including the Initial Funding) is subject to the further conditions precedent that, as of the date of such Loans and after giving effect thereto: (a) no Default shall have occurred and be continuing; and (b) the representations and warranties made by the Borrower in Article VII and by the Borrower and each Guarantor in any other Loan Document shall be true on and as of the date of the making of such Loans with the same force and effect as if made on and as of such date and following such new borrowing, except to the extent such representations and warranties are expressly limited to an earlier date or the Required Lenders may expressly consent in writing to the contrary. Each request for a borrowing by the Borrower hereunder shall constitute a certification by the Borrower to the effect set forth in Section 6.02(b) (both 6.02(b)(both as of the date of such notice and immediately following such borrowing).

Appears in 1 contract

Samples: Credit Agreement (Buckeye Partners L P)

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Initial and Subsequent Loans. The obligation of the Lenders to make Loans to the Borrower upon the occasion of each borrowing hereunder (including the Initial Funding) is subject to the further conditions precedent that, as of the date of such Loans and after giving effect thereto: : (ai) no Default shall have occurred and be continuing; and (bii) no Material Adverse Effect shall have occurred; and (iii) the representations and warranties made by the Borrower in Article VII and by in the Borrower and each Guarantor in any other Loan Document Security Instruments shall be true on and as of the date of the making of such Loans with the same force and effect as if made on and as of such date and following such new borrowing, except to the extent such representations and warranties are expressly limited to an earlier date or the Required Majority Lenders may expressly consent in writing to the contrary. Each request for a borrowing by the Borrower hereunder shall constitute a certification by the Borrower to the effect set forth in Section 6.02(b) the preceding sentence (both as of the date of such notice and, unless the Borrower otherwise notifies the Agent prior to the date of and immediately following such borrowingborrowing as of the date thereof).

Appears in 1 contract

Samples: Senior Revolving Credit Agreement (Transcoastal Marine Services Inc)

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