Common use of CONDITIONS OF EACH EXTENSION OF CREDIT Clause in Contracts

CONDITIONS OF EACH EXTENSION OF CREDIT. The obligation of Bank to make any Loan (including any Loan being made by Bank on the Closing Date) and of Bank to issue any Letter of Credit shall be subject to the further conditions precedent that: (a) the following statements shall be true on the date of such Loan or issuance or renewal, both before and after giving effect thereto and to the application of the proceeds therefrom (and the acceptance by Borrowers of the proceeds of such Loan or by the beneficiary thereof or its designee of such Letter of Credit shall constitute a representation and warranty by Borrowers that on the date of such Loan or such issuance such statements are true): (i) the representations and warranties of each Borrower contained in the Loan Documents are correct in all material respects on and as of such date as though made on and as of such date or, as to those representations and warranties limited by their terms to a specified date, were correct in all material respects on and as of such date; and (ii) no Default is continuing or would result from the Loans being made or the Letter of Credit being issued on such date; (b) the making of the Loans or the issuance of such Letter of Credit on such date does not violate any Governmental Rule and is not enjoined, temporarily, preliminarily or permanently; (c) Bank shall have received such additional documents,information and materials as Bank may reasonably request; and (d) no event or circumstance exists which can reasonably be expected to have a Material Adverse Effect.

CONDITIONS OF EACH EXTENSION OF CREDIT. The obligation of Bank to make any Loan (including any Loan being made by Bank on the Closing Date) and of Bank to issue any Letter of Credit shall be subject to the further conditions precedent that: (a) the following statements shall be true on the date of such Loan or issuance or renewal, both before and after giving effect thereto and to the application of the proceeds therefrom (and the acceptance by Borrowers of the proceeds of such Loan or by the beneficiary thereof or its designee of such Letter of Credit shall constitute a representation and warranty by Borrowers that on the date of such Loan or such issuance such statements are true):): P41 (i) the representations and warranties of each Borrower contained in the Loan Documents are correct in all material respects on and as of such date as though made on and as of such date or, as to those representations and warranties limited by their terms to a specified date, were correct in all material respects on and as of such date; and (ii) no Default is continuing or would result from the Loans being made or the Letter of Credit being issued on such date; (b) the making of the Loans or the issuance of such Letter of Credit on such date does not violate any Governmental Rule and is not enjoined, temporarily, preliminarily or permanently; (c) Bank shall have received such additional documents,, information and materials as Bank may reasonably request; and (d) no event or circumstance exists which can reasonably be expected to have a Material Adverse Effect.

CONDITIONS OF EACH EXTENSION OF CREDIT. The obligation of Bank to make any Loan (including any Loan being made by Bank on the Closing Date) and of Bank to issue any Letter of Credit shall be subject to the further conditions precedent that: (a) the following statements shall be true on the date of such Loan or issuance or renewalissuance, both before and after giving effect thereto and to the application of the proceeds therefrom (and the acceptance by Borrowers Borrower of the proceeds of such Loan or by the beneficiary thereof or its designee of such Letter of Credit shall constitute a representation and warranty by Borrowers Borrower that on the date of such Loan or such issuance such statements are true): (i) the representations and warranties of each Borrower contained in the Loan Documents are correct in all material respects on and as of such date as though made on and as of such date or, as to those representations and warranties limited by their terms to a specified date, were correct in all material respects on and as of such date; and (ii) no Default is continuing or would result from the Loans being made or the Letter of Credit being issued on such date; (b) the making of the Loans or the issuance of such Letter of Credit on such date does not violate any Governmental Rule and is not enjoined, temporarily, preliminarily or permanently; (c) Bank shall have received a Borrowing Base Certificate and such additional documents,, information and materials as Bank may reasonably request; and (d) no event or circumstance exists which that can reasonably be expected to have a Material Adverse Effect.