Common use of Conditions to Each Borrowing Clause in Contracts

Conditions to Each Borrowing. Without limitation to Section 2.2 with respect to any Stage 2 Loans, no Lender shall be obligated to make any Loan hereunder on or after the Closing Date (including, for the avoidance of doubt, the initial extension of credit hereunder) unless each of the following conditions precedent is satisfied or provided for in a manner reasonably satisfactory to the Administrative Agent, or duly waived in writing in accordance with Section 13.2. (a) All representations and warranties in this Agreement and each other Loan Document shall be true and correct in all material respects (except to the extent any representation or warranty is qualified by materiality, Material Adverse Effect or word of like import, in which case such representation or warranty shall be true and correct in all respects) as of the date such Loan is advanced to the Borrowers. (b) No Default or Event of Default shall have occurred and be continuing. (c) The average cost of U.S. Gulf Coast jet aviation fuel, as reported by Platts, over the thirty (30) days prior to the proposed date of such Loan, is not greater than $5.00 per gallon.