Common use of Initial and Subsequent Loans Clause in Contracts

Initial and Subsequent Loans. The obligation of any Lender to make any Loan to the Borrowers upon the occasion of each borrowing hereunder is subject to the further conditions precedent that, as of the date of such Loan and after giving effect thereto: (a) no Default shall have occurred and be continuing; and (b) the representations and warranties made by the Borrowers in Article III hereof shall be true in all material respects on and as of the date of the making of such Loan with the same force and effect as if made on and as of such date (except to the extent such representations or warranties expressly relate to an earlier date, in which case they shall be true in all material respects as of such earlier date). Each notice of or request for a Borrowing by a Borrower hereunder shall constitute a certification by the Borrowers to the effect set forth in the preceding sentence (both as of the date of such notice and, unless any of the Borrowers otherwise notifies the Payment Agent prior to the date of such borrowing, as of the date of such borrowing).

Appears in 2 contracts

Samples: 364 Day Revolving Credit Agreement (NNG Inc), Revolving Credit Agreement (NNG Inc)

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Initial and Subsequent Loans. The obligation of any Lender the Lenders ---------------------------- to make any Loan to the Borrowers Company upon the occasion of each borrowing hereunder (including the initial borrowing) is subject to the further conditions precedent that, as of both immediately prior to the date making of such Loan and also after giving effect theretothereto and to the intended use thereof: (a) no Default shall have occurred and be continuing; and (b) the representations and warranties made by the Borrowers Company in Article III Section 7 hereof shall be true in all material respects and complete on and as of the date of the making of such Loan with the same force and effect as if made on and as of such date (except or, if any such representation or warranty is expressly stated to the extent such representations or warranties expressly relate to an earlier have been made as of a specific date, in which case they shall be true in all material respects as of such earlier specific date). Each notice of or request for a Borrowing borrowing by a Borrower the Company hereunder shall constitute a certification by the Borrowers Company to the effect set forth in the preceding sentence (both as of the date of such notice and, unless any of the Borrowers Company otherwise notifies the Payment Administrative Credit Agreement ---------------- Agent prior to the date of such borrowing, as of the date of such borrowing).

Appears in 1 contract

Samples: Credit Agreement (Allmerica Financial Corp)

Initial and Subsequent Loans. The obligation of any Lender the Lenders to make any Loan Loans to the Borrowers Borrower upon the occasion of each borrowing hereunder is subject to the further conditions precedent that, as of the date of such Loan Loans and after giving effect thereto: (a) no Default or Event of Default shall have occurred and be continuingexist; and (b) the representations and warranties made by the Borrowers Borrower in Article III hereof VII and in the Security Instruments shall be true in all material respects on and as of the date of the making of such Loan 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 or and warranties are expressly relate limited to an earlier date, date or the Required Lenders may expressly consent in which case they shall be true in all material respects as of such earlier date)writing to the contrary. Each notice of or request for a Borrowing borrowing by a the Borrower hereunder shall constitute a certification by the Borrowers Borrower to the effect set forth in the preceding sentence Section 6.02(b) (both as of the date of such notice and, unless any of the Borrowers Borrower otherwise notifies the Payment Administrative Agent prior to the date of and immediately following such borrowing, borrowing as of the date of such borrowingthereof).

Appears in 1 contract

Samples: Credit Agreement (Callon Petroleum Co)

Initial and Subsequent Loans. The obligation of any Lender the Lenders to make any Loan to the Borrowers Borrower upon the occasion of each borrowing hereunder is subject to the further conditions precedent that, as of both immediately prior to the date making of such Loan and also after giving effect theretothereto and to the intended use thereof: (a) no Default shall have occurred and be continuing; and (b) the representations and warranties made by the Borrowers Borrower in Article III hereof Section 8, and by each Obligor in each of the other Loan Documents to which it is a party, shall be true in all material respects and complete on and as of the date of the making of such Loan with the same force and effect as if made on and as of such date (except or, if any such representation or warranty is expressly stated to the extent such representations or warranties expressly relate to an earlier have been made as of a specific date, in which case they shall be true in all material respects as of such earlier specific date); and (b) no Default shall have occurred and be continuing. Each notice of or request for a Borrowing borrowing by a the Borrower hereunder shall constitute a certification by the Borrowers Borrower to the effect set forth in the preceding sentence (both as of the date of such notice and, unless any of the Borrowers Borrower otherwise notifies the Payment Administrative Agent prior to the date of such borrowing, as of the date of such borrowing).

Appears in 1 contract

Samples: Credit Agreement (International Telecommunication Data Systems Inc)

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Initial and Subsequent Loans. The obligation of any Lender the Lenders to make any Loan to the Borrowers Company upon the occasion of each borrowing hereunder (including the initial borrowing) is subject to the further conditions precedent that, as of both immediately prior to the date making of such Loan and also after giving effect thereto: thereto and to the intended use thereof: (a) no Default shall have occurred and be continuing; and and (b) the representations and warranties made by the Borrowers Company in Article III Section 7 hereof shall be true in all material respects and complete on and as of the date of the making of such Loan with the same force and effect as if made on and as of such date (except or, if any such representation or warranty is expressly stated to the extent such representations or warranties expressly relate to an earlier have been made as of a specific date, in which case they shall be true in all material respects as of such earlier specific date). Each notice of or request for a Borrowing borrowing by a Borrower the Company hereunder shall constitute a certification by the Borrowers Company to the effect set forth in the preceding sentence (both as of the date of such notice and, unless any of the Borrowers Company otherwise notifies the Payment Administrative Agent prior to the date of such borrowing, as of the date of such borrowing).

Appears in 1 contract

Samples: Credit Agreement (Ohio Casualty Corp)

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