Common use of No Default; Representations and Warranties; Covenant Compliance Clause in Contracts

No Default; Representations and Warranties; Covenant Compliance. At the time of each Credit Event (other than to the extent that proceeds of any Incremental Revolving Loan are being used to finance a Limited Conditionality Transaction) and immediately after giving effect thereto, (i) there shall exist no Default or Event of Default; (ii) all representations and warranties of the Loan Parties contained herein or in the other Loan Documents shall be true and correct in all material respects (or, if qualified by “materiality,” “Material Adverse Effect” or similar language, in all respects (after giving effect to such qualification)) with the same effect as though such representations and warranties had been made on and as of the date of such Credit Event, except to the extent that such representations and warranties expressly relate to an earlier specified date or period, in which case such representations and warranties shall have been true and correct in all material respects as of the date when made or for the respective period, as the case may be; and (iii) on a Pro Forma Basis, either (i) Excess Availability shall not be less than the greater of (A) 10% of the Maximum Borrowing Amount and (B) $80 million or (ii) the Fixed Charge Coverage Ratio shall be at least 1.00:1.00. Notwithstanding the foregoing, Loans and Letters of Credit shall not be available during (x) any Specified Contribution Period unless and until such time as a Specified Equity Contribution has been made and (y) any Representation Cure Period unless and until the applicable curable representation and warranty Default has been cured within the 30 day grace period set forth in Section 8.01(c). Each Notice of Borrowing submitted by a Borrower after the Closing Date shall be deemed to be a representation and warranty that the conditions specified in Section 4.02(b) have been satisfied on and as of the date of the applicable Credit Event.