Common use of Conditions Precedent to Each Credit Event Clause in Contracts

Conditions Precedent to Each Credit Event. The obligation of each Revolving Lender to make a Revolving Advance on the occasion of each Borrowing (including the initial Borrowing), the obligation of each Bridge Lender to make the Bridge Loans, the obligation of each Revolving Lender to Convert to or Continue a Eurodollar Advance, and the obligation of the Issuing Bank to issue, extend or increase Letters of Credit shall be subject to the further conditions precedent that on the Borrowing Date, the date of Continuation or Conversion, or issuance, extension or increase date of such Letters of Credit, the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Notice of Conversion or Continuation and the acceptance by the applicable Borrower of the proceeds of such Revolving Advance or Bridge Loan or the request for the issuance, extension or increase of a Letter of Credit shall constitute a representation and warranty by such Borrower that on the date of such Revolving Advance or Bridge Loan, the date of such Conversion or Continuation, or the date of such issuance, extension or increase such statements are true): (a) the representations and warranties contained in Article IV and in each other Loan Document are true and correct in all material respects on and as of the date of such Revolving Advance, Bridge Loan, Continuation or Conversion, or the issuance, extension or increase of such Letter of Credit before and after giving effect to such Revolving Advance, Bridge Loan, Continuation or Conversion, or the issuance, extension or increase of such Letter of Credit, or to the application of the proceeds from such Revolving Advance, Bridge Loan, Continuation or Conversion, or the issuance, extension or increase of such Letter of Credit, as applicable, as though made on, and as of such date; (b) no Default has occurred and is continuing or would result from such Revolving Advance or Bridge Loan or from the application of the proceeds therefrom or from such issuance, extension or increase of such Letter of Credit; (c) the Borrowing Base Availability is greater than or equal to zero after giving effect to such Borrowing or the issuance, increase, or extension of such Letter of Credit; (d) no material adverse change has occurred and is continuing with respect to the Collateral detailed in the then current Borrowing Base Report; and (e) in the case of making any Revolving Advances, the Borrowers shall have drawn in full the entire available amount under the Sowood Documents before the date of such Revolving Advances.

Conditions Precedent to Each Credit Event. The obligation of each Revolving Lender to make a Revolving Advance on the occasion of each Borrowing (including the initial Borrowing), the obligation of each Bridge Lender to make the Bridge Loans, the obligation of each Revolving Lender to ) or Convert to or Continue a Eurodollar Advance, the obligation of the Swing Line Lender to make any Swing Line Advance, and the obligation of the Issuing Bank to issue, extend or increase Letters of Credit shall be subject to the further conditions precedent that on the Borrowing Date, the date of Continuation or Conversion, the date of the Swing Line Advance, or issuance, extension or increase date of such Letters of Credit, the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Notice of Conversion or Continuation and the acceptance by the applicable Borrower of the proceeds of such Revolving Advance or Bridge Loan Swing Line Advance or the request for the issuance, extension or increase of a Letter of Credit shall constitute a representation and warranty by such Borrower that on the date of such Revolving Advance or Bridge LoanSwing Line Advance, the date of such Conversion or Continuation, or the date of such issuance, extension or increase such statements are true): (a) the representations and warranties contained in Article IV and in each other Loan Document are true and correct in all material respects on and as of the date of such Revolving Advance or Swing Line Advance, Bridge Loan, Continuation or Conversion, or the issuance, extension or increase of such Letter of Credit before and after giving effect to such Revolving Advance, Bridge Loan, Continuation Advance or Conversion, or the issuance, extension or increase of such Letter of Credit, or Swing Line Advance and to the application of the proceeds from such Revolving Advance or Swing Line Advance, Bridge Loan, such Continuation or Conversion, or to the issuance, extension or increase of such Letter of Credit, as applicable, as though made on, and as of such date; (b) no Default has occurred and is continuing or would result from such Revolving Advance or Bridge Loan Swing Line Advance or from the application of the proceeds therefrom or from such issuance, extension or increase of such Letter of Credit; (c) the Borrowing Base Availability is greater than or equal to zero after giving effect to such Borrowing or the issuance, increase, or extension of such Letter of Credit;; and (d) no material adverse change has occurred and is continuing with respect to the Collateral detailed in the then current Borrowing Base Report; and (e) in the case of making any Revolving Advances, the Borrowers shall have drawn in full the entire available amount under the Sowood Documents before the date of such Revolving Advances.

Conditions Precedent to Each Credit Event. The obligation of each Revolving Lender to make a Revolving Advance on the occasion of each Borrowing (including the initial Borrowing), the obligation of each Bridge Lender to make the Bridge Loans, the obligation of each Revolving Lender to ) or Convert to or Continue a Eurodollar Advance, the obligation of the Swing Line Lender to make any Swing Line Advance, and the obligation of the Issuing Bank to issue, extend or increase Letters of Credit shall be subject to the further conditions precedent that on the Borrowing Date, the date of Continuation or Conversion, the date of the Swing Line Advance, or issuance, extension or increase date of such Letters of Credit, the following statements shall be true (and each of the giving of the applicable Notice of Borrowing or Notice of Conversion or Continuation and the acceptance by the applicable Borrower of the proceeds of such Revolving Advance or Bridge Loan Swing Line Advance or the request for the issuance, extension or increase of a Letter of Credit shall constitute a representation and warranty by such Borrower that on the date of such Revolving Advance or Bridge LoanSwing Line Advance, the date of such Conversion or Continuation, or the date of such issuance, extension or increase such statements are true): (a) the representations and warranties contained in Article IV and in each other Loan Document are true and correct in all material respects on and as of the date of such Revolving Advance or Swing Line Advance, Bridge Loan, Continuation or Conversion, or the issuance, extension or increase of such Letter of Credit before and after giving effect to such Revolving Advance, Bridge Loan, Continuation Advance or Conversion, or the issuance, extension or increase of such Letter of Credit, or Swing Line Advance and to the application of the proceeds from such Revolving Advance or Swing Line Advance, Bridge Loan, such Continuation or Conversion, or to the issuance, extension or increase of such Letter of Credit, as applicable, as though made on, and as of such date; (b) no Default has occurred and is continuing or would result from such Revolving Advance or Bridge Loan Swing Line Advance or from the application of the proceeds therefrom or from such issuance, extension or increase of such Letter of Credit; (c) the Borrowing Base Availability is greater than or equal to zero after giving effect to such Borrowing or the issuance, increase, or extension of such Letter of Credit; (d) no material adverse change has occurred and is continuing with respect to the Collateral detailed in the then current Borrowing Base Report; and (e) in the case of making any Revolving Advances or Swing Line Advances, the Borrowers shall have drawn in full the entire available amount under the Sowood Documents before the date of such Revolving Advances or Swing Line Advances.