Common use of Conditions Precedent to Each Tender Advance or Modification Clause in Contracts

Conditions Precedent to Each Tender Advance or Modification. The obligation of each Lender or LC Issuer to make any Tender Advance and of each LC Issuer to issue or modify any ▇▇▇▇ ▇▇ shall be subject to the conditions precedent that on the date of such Credit Extension, the following statements shall be true (and (x) on the date of each payment by any LC Issuer under a ▇▇▇▇ ▇▇ pursuant to a Tender Draft, and on the date of making any Tender Advance and (y) the request by the Borrower for the issuance or Modification of a ▇▇▇▇ ▇▇ shall constitute a representation and warranty by the Borrower that on the date of the making of such Tender Advances or the issuance or Modification of such ▇▇▇▇ ▇▇ (as applicable) such statements are true): (a) The representations and warranties of the Borrower contained in Section 3.1 are correct on and as of the date of such Credit Extension, before and after giving effect to such Credit Extension and, in the case of the making of Tender Advances, the application of the proceeds therefrom, as though made on and as of such date; (b) The representations and warranties of the Borrower contained in the Operative Documents for the related series of Bonds are correct on and as of the date of such Tender Advance or Modification (as the case may be), before and after giving effect to such Tender Advance or Modification (as the case may be) and as it relates to such Tender Advance, to the application of the proceeds therefrom, as though made on and as of such date, except for changes that would not materially adversely affect the ability of the Borrower to meet its obligations hereunder and under the Pledge Agreement; and (c) The conditions set forth in Section 3.02 of the Credit Agreement are satisfied.