Common use of Conditions Precedent to Each A Borrowing Clause in Contracts

Conditions Precedent to Each A Borrowing. The obligation of each Lender to make an A Advance on the occasion of each A Borrowing shall be subject to the conditions precedent that the Restatement Date shall have occurred and on the date of such A Borrowing: (a) the following statements shall be true (and each of the giving of the applicable Notice of A Borrowing and the acceptance by the relevant Borrower of the proceeds of such A Borrowing shall constitute a representation and warranty by the Company that on the date of such A Borrowing such statements are true): (i) the representations and warranties contained in Section 4.01 (except the Excluded Representations) are correct on and as of the date of such A Borrowing, before and after giving effect to such A Borrowing and to the application of the proceeds therefrom, as though made on and as of such date; and (ii) no event has occurred and is continuing, or would result from such A Borrowing or from the application of the proceeds therefrom, that constitutes a Default; (b) the Administrative Agent shall have received such other approvals, opinions or documents as any Lender through the Administrative Agent may reasonably request; and (c) in the case of the first Borrowing by a Designated Borrower, such Borrower shall have furnished to the Administrative Agent such corporate documents, resolutions and legal opinions relating to such Designated Borrower as the Administrative Agent may reasonably require.

Appears in 1 contract

Sources: Five Year Credit Agreement (Solutia Inc)

Conditions Precedent to Each A Borrowing. The obligation of each Lender to make an A Advance on the occasion of each A Borrowing (including the initial Borrowing) shall be subject to the further conditions precedent that the Restatement Date shall have occurred and on the date of such A Borrowing: Borrowing (a) the following statements shall be true (and each the Administrative Agent shall have received for the account of such Lender a certificate signed by an Authorized Financial Officer of the giving of the applicable Notice of A Borrowing and the acceptance by the relevant Borrower of the proceeds of such A Borrowing shall constitute a representation and warranty by the Company that on Borrower, dated the date of such A Borrowing such statements are trueBorrowing, stating that): (i) the The representations and warranties contained in Article IV (excluding, except in the case of the initial Borrowing, those contained in Section 4.01 (except the Excluded Representations4.01(e)(ii) and Section 4.02(e)(ii)) are correct on and as of the date of such A Borrowing, before and after giving effect to such A Borrowing and to the application of the proceeds therefrom, as though made on and as of such date; provided that after the Interim Guaranty Release Date, this paragraph (i) shall not apply to any representation or warranty of the Interim Guarantor, and (ii) no No event has occurred and is continuing, or would result from such A Borrowing or from the application of the proceeds therefrom, which constitutes an Event of Default or would constitute an Event of Default but for the requirement that constitutes a Default; notice be given or time elapse or both; and (b) the Administrative Agent shall have received such other approvals, opinions or documents as any Lender (other than a Designated Bidder) through the Administrative Agent may reasonably request; and (c) in the case of the first Borrowing by a Designated Borrower, such Borrower shall have furnished to the Administrative Agent such corporate documents, resolutions and legal opinions relating to such Designated Borrower as the Administrative Agent may reasonably require.

Appears in 1 contract

Sources: Revolving Credit Agreement (Corn Products International Inc)