Common use of Borrowings and Issuance of Letters of Credit Clause in Contracts

Borrowings and Issuance of Letters of Credit. The obligation of any Bank to make a Loan on the occasion of any Borrowing and the obligation of an Issuing Bank to issue (or renew or extend the term of ) any Letter of Credit, is subject to the satisfaction of the following conditions: (a) receipt by the Administrative Agent of (i) a Notice of Borrowing as required by Section 2.02 or (ii) a Notice of Issuance as required by Section 2.13(b); (b) the fact that, immediately after such Borrowing or issuance (or renewal or extension), the Outstandings of each Bank will not exceed its Commitment (and the aggregate amount of the Letter of Credit Liabilities shall not exceed $10,000,000); (c) in the case of a Borrowing, the fact that immediately after such Borrowing, the "Working Capital Commitments" under the Original Credit Agreement are fully drawn; (d) the fact that, immediately before and after such Borrowing or issuance, no Event of Default (and to the actual knowledge of all Authorized Officers, no Default, other than a Default arising under Section 6.01(e) which did not arise from the willful misconduct or gross negligence of the Borrower, which is susceptible of being cured and which the Borrower is diligently taking steps to cure) shall have occurred and be continuing; and (e) the fact that the representations and warranties of the Borrower contained in this Agreement (except for those set forth in Section 4.03(a) and Section 4.03(b) of this Agreement and except for any representation or warranty which is rendered untrue solely by reason of a Default which does not prevent satisfaction of the condition specified in Section 3.01(d)) shall be true in all material respects on and as of the date of such Borrowing or issuance. Each Borrowing or issuance hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Borrowing or issuance as to the facts specified in clauses (b), (c), (d) and (e) of this Section as applicable.