Common use of Conditions of Borrowings Clause in Contracts

Conditions of Borrowings. The obligation of each Lender to make any Loans hereunder, is subject to the satisfaction of the following conditions precedent on the relevant Borrowing Date: (a) The Administrative Agent shall have received a Notice of Borrowing in accordance with Section 2.2(b); (b) Each of the representations and warranties contained in Article IV and in the other Credit Documents shall be true and correct on and as of such Borrowing Date, both immediately before and after giving effect to the Loans to be made on such date (except to the extent any such representation or warranty is expressly stated to have been made as of a specific date, in which case such representation or warranty shall be true and correct as of such date); and (c) No Default or Event of Default shall have occurred and be continuing on such date, both immediately before and after giving effect to the Loans to be made on such date. Each giving of a Notice of Borrowing and the consummation of each Borrowing shall be deemed to constitute a representation by the Borrowers that the statements contained in Sections 3.2(b) and 3.2(c) are true, both as of the date of such notice or request and as of the relevant Borrowing Date or date of issuance.