Common use of Representations and Warranties; No Default or Event of Default Clause in Contracts

Representations and Warranties; No Default or Event of Default. The following statements shall be true and correct on the Issuance Date, and the Bank shall have received a certificate incorporating by reference the definitions of the capitalized terms defined in this Agreement, signed by an Authorized Representative of the City, dated the Issuance Date, stating that: (a) the representations and warranties of the City contained in each of the Program Documents and each certificate, letter, other writing or instrument delivered by the City to the Bank pursuant hereto or thereto are true and correct on and as of the Issuance Date as though made on and as of such date (except to the extent that such representations or warranties expressly relate to an earlier date and if such representations and warranties expressly relate to an earlier date, such representations and warranties shall be true and correct as of such date); and (b) no Default or Event of Default has occurred and is continuing or would result from the issuance of the Letter of Credit.