Common use of Conditions to Each Credit Extension Clause in Contracts

Conditions to Each Credit Extension. The obligation of each Bank to make each Loan requested to be made by it, including its initial Loan, and the obligation of the Issuing Bank to issue each Letter of Credit requested to be issued by it (including, if no Loans have been made at such time, the initial Letter of Credit) is subject to the fulfillment of each of the following conditions: (a) the Agent and, in the case of a request for the issuance of a Letter of Credit, the Issuing Bank, shall have received, in the case of a Loan, a notice of borrowing with respect to such Loan complying with the requirements of Section 1.02(a) and, in the case of a Letter of Credit, a request for the issuance of such Letter of Credit complying with the requirements of Section 1.02(b); (b) each Loan Document Representation and Warranty shall be true and correct at and as of the time of such Credit Extension (except to the extent such representations and warranties expressly relate to an earlier date), both with and without giving effect to such Credit Extension and all other Credit Extensions and to the application of the proceeds thereof; (c) no Default shall have occurred and be continuing at the time of such Credit Extension or would result from the making of such Credit Extension and all other Credit Extensions or from the application of the proceeds thereof; (d) such Bank shall have received such material Information as it may have requested pursuant to Section 5.01(f); and (e) such Credit Extension will not contravene any Applicable Law applicable to such Bank. Except to the extent that the Borrower shall have disclosed in the notice of borrowing or in the request for the issuance of a Letter of Credit, as applicable, or in a subsequent notice given to, in the case of Loans, the Banks or, in the case of Letters of Credit, the Issuing Bank, prior to 10:00 a.m. (New York time) on the requested date of a Credit Extension, that a condition specified in clause (b) or (c) above will not be fulfilled as of the requested time of such Credit Extension, the Borrower shall be deemed to have made a Representation and Warranty as of the time of such Credit Extension that the conditions specified in such clauses have been fulfilled as of such time. No such disclosure by the Borrower that a condition specified in clause (b) or (c) above will not be fulfilled as of the requested time of a requested Credit Extension shall affect the right of each Bank or the Issuing Bank, as the case may be, not to make the Credit Extension requested to be made by it if, in such Person's determination, such condition has not been fulfilled at such time.

Appears in 1 contract

Sources: Revolving Credit Facility (Trigen Energy Corp)

Conditions to Each Credit Extension. The obligation of each Bank to make each Loan requested to be made by it, including its initial Loan, and the obligation of the Issuing Bank to issue each Letter of Credit requested to be issued by it (including, if no Loans have been made at such time, the initial Letter of Credit) is subject to the fulfillment of each of the following conditions: (a) the Agent and, in the case of a request for the issuance of a Letter of Credit, the Issuing Bank, shall have received, in the case of a Loan, a notice of borrowing with respect to such Loan complying with the requirements of Section 1.02(a) and, in the case of a Letter of Credit, a request for the issuance of such Letter of Credit complying with the requirements of Section 1.02(b); (b) each Loan Document Representation and Warranty shall be true and correct at and as of the time of such Credit Extension (except to the extent such representations and warranties expressly relate to an earlier date), both with and without giving effect to such Credit Extension and all other Credit Extensions and to the application of the proceeds thereof; (c) no Default shall have occurred and be continuing at the time of such Credit Extension or would result from the making of such Credit Extension and all other Credit Extensions or from the application of the proceeds thereof; (d) such Bank shall have received such material Information as it may have requested pursuant to Section 5.01(f)) of the Other Credit Facility; and (e) such Credit Extension will not contravene any Applicable Law applicable to such Bank. Except to the extent that the Borrower shall have disclosed in the notice of borrowing or in the request for the issuance of a Letter of Credit, as applicable, or in a subsequent notice given to, in the case of Loans, the Banks or, in the case of Letters of Credit, the Issuing Bank, prior to 10:00 a.m. (New York time) on the requested date of a Credit Extension, that a condition specified in clause (b) or (c) above will not be fulfilled as of the requested time of such Credit Extension, the Borrower shall be deemed to have made a Representation and Warranty as of the time of such Credit Extension that the conditions specified in such clauses have been fulfilled as of such time. No such disclosure by the Borrower that a condition specified in clause (b) or (c) above will not be fulfilled as of the requested time of a requested Credit Extension shall affect the right of each Bank or the Issuing Bank, as the case may be, not to make the Credit Extension requested to be made by it if, in such Person's determination, such condition has not been fulfilled at such time.

Appears in 1 contract

Sources: 364 Day Revolving Credit Facility (Trigen Energy Corp)

Conditions to Each Credit Extension. The obligation of each Bank Lender to make each fund its Term Loan requested to be made by itCommitment Percentage or Revolving Commitment Percentage of any Credit Extension on any Credit Date, including its initial Loanthe Closing Date, and the obligation of the Issuing Bank to issue each Letter of Credit requested to be issued by it (including, if no Loans have been made at such time, the initial Letter of Credit) is are subject to the fulfillment of each satisfaction, or waiver in accordance with Section 11.4, of the following conditions: conditions precedent: (a) the Administrative Agent and, in the case of a request for the issuance of a Letter of Credit, the Issuing Bank, shall have receivedreceived a fully executed and delivered Funding Notice, in together with the case of a Loan, a notice of borrowing documentation and certifications required therein with respect to such Loan complying with the requirements of Section 1.02(a) and, in the case of a Letter of Credit, a request for the issuance of such Letter of each Credit complying with the requirements of Section 1.02(b); Extension; (b) each after making the Credit Extension requested on such Credit Date, (i) the aggregate outstanding principal amount of the Revolving Loans shall not exceed the aggregate Revolving Commitments then in effect and (ii) the aggregate outstanding principal amount of the Term Loans shall not exceed the respective Term Loan Document Representation Commitments then in effect; (c) as of such Credit Date, the representations and Warranty warranties contained herein and in the other Credit Documents shall be true and correct at in all material respects on and as of that Credit Date to the time same extent as though made on and as of such Credit Extension (that date, except to the extent such representations and warranties expressly specifically relate to an earlier date), both with in which case such representations and without giving effect to warranties shall have been true and correct in all material respects on and as of such earlier date; and (d) as of such Credit Extension and all other Credit Extensions and to the application of the proceeds thereof; (c) Date, no Default event shall have occurred and be continuing at the time of such Credit Extension or would result from the making consummation of such the applicable Credit Extension that would constitute an Event of Default or a Default.; and all other Credit Extensions or from the application of the proceeds thereof; (d) such Bank shall have received such material Information as it may have requested pursuant to Section 5.01(f); and (e) such Credit Extension will not contravene any Applicable Law applicable to such Bank. Except solely with respect to the extent that funding of Revolving Loans and notwithstanding anything herein to the Borrower shall have disclosed in contrary, from and after the notice of borrowing or in Fifth Amendment Effective Date until the request for the issuance of a Letter of Credit, as applicable, or in a subsequent notice given to, in the case of Loans, the Banks or, in the case of Letters of Credit, the Issuing Bank, prior to 10:00 a.m. (New York time) on the requested date of a Credit Extension, that a condition specified in clause (b) or (c) above will not be fulfilled as of the requested time of such Credit Extension, the Borrower shall be deemed to have made a Representation and Warranty as of the time of such Credit Extension that the conditions specified in such clauses have been fulfilled as of such time. No such disclosure by the Borrower that a condition specified in clause (b) or (c) above will not be fulfilled as of the requested time of a requested Credit Extension shall affect the right of each Bank or the Issuing Bank, as the case may be, not to make the Credit Extension requested to be made by it if, in such Person's determination, such condition has not been fulfilled at such time.78

Appears in 1 contract

Sources: Credit Agreement (Orion Group Holdings Inc)

Conditions to Each Credit Extension. The obligation of each Bank Lender to make each Loan requested to be made by it, including its initial any Loan, and the obligation of the or Issuing Bank to issue each Letter of Credit requested to be issued by it (including, if no Loans have been made at such time, the initial Letter of Credit) is subject to the fulfillment of each of the following conditions: (a) the Agent and, in the case of a request for the issuance of a any Letter of Credit, on any Credit Date, including the Closing Date, or the obligation of Issuing Bank, shall have received, in Bank to extend the case maturity or increase the face amount of a Loan, a notice of borrowing with respect to such Loan complying with the requirements of Section 1.02(a) and, in the case of a Letter of Credit, a request for the issuance of such any Letter of Credit complying having a stated amount greater than $2,000,000 on the date of any such extension or increase, are subject to the satisfaction, or waiver in accordance with Section 11.05, of the requirements of Section 1.02(b)following conditions precedent: (i) Administrative Agent shall have received a fully executed and delivered Funding Notice or Issuance Notice and Application, as the case may be; (bii) each Loan Document Representation after making the Credit Extensions requested on such Credit Date, the Total Utilization of Revolving Commitments shall not exceed the Revolving Commitments then in effect; (iii) as of such Credit Date, the representations and Warranty warranties contained herein and in the other Credit Documents shall be true and correct at in all material respects on and as of that Credit Date to the time same extent as though made on and as of such Credit Extension (that date, except to the extent such representations and warranties expressly specifically relate to an earlier date), both with in which case such representations and without giving effect warranties shall have been true and correct in all material respects on and as of such earlier date; provided that, in each case, such materiality qualifier shall not be applicable to such Credit Extension any representations and all other Credit Extensions and to warranties that already are qualified or modified by materiality in the application of the proceeds text thereof; (civ) as of such Credit Date, no Default event shall have occurred and be continuing at the time of such Credit Extension or would result from the making consummation of such the applicable Credit Extension and all other Credit Extensions that would constitute an Event of Default or from the application of the proceeds thereof; (d) such Bank shall have received such material Information as it may have requested pursuant to Section 5.01(f)a Default; and (ev) such Credit Extension will not contravene any Applicable Law applicable to such Bank. Except to on or before the extent that the Borrower shall have disclosed in the notice date of borrowing or in the request for the issuance of a any Letter of Credit, as applicable, or in a subsequent notice given to, in the case of Loans, the Banks or, in the case of Letters of Credit, the Issuing Bank, prior to 10:00 a.m. (New York time) on the requested date of a Credit Extension, that a condition specified in clause (b) or (c) above will not be fulfilled as of the requested time of such Credit Extension, the Borrower Administrative Agent shall be deemed to have made a Representation and Warranty as of the time of such Credit Extension that the conditions specified in such clauses have been fulfilled as of such time. No such disclosure received all other information required by the Borrower that a condition specified in clause (b) or (c) above will not be fulfilled as of the requested time of a requested Credit Extension shall affect the right of each Bank or the Issuing Bank, as the case may be, not to make the Credit Extension requested to be made by it if, in such Person's determination, such condition has not been fulfilled at such timeapplicable Issuance Notice and Application.

Appears in 1 contract

Sources: Credit and Guaranty Agreement (Cypress Semiconductor Corp /De/)