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) 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 honor any Request for Credit Extension (other than a Committed Loan requested Notice requesting only a conversion of Loans to be made by itthe other Type, including its initial Loanor a continuation of Term SOFR Loans but including, for the avoidance of doubt, Borrowings of Second Amendment Incremental Term Loans), and the obligation of the Issuing Bank any L/C Issuer to issue each Letter of Credit requested to be issued by it (includingissue, if no Loans have been made at such timeamend, the initial renew or extend any Letter of Credit) , is subject to the fulfillment of each of the following conditions: conditions precedent (a) the Agent andlimited, in the case of Incremental Facilities which will be used to finance a request for the issuance of a Letter of Credit, the Issuing Bank, shall have receivedLimited Condition Transaction, in the case of a Loan, a notice of borrowing with respect to such Loan complying with the requirements of manner set forth in 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(b2.14(e);): (ba) The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document Representation and Warranty shall be true and correct at in all material respects (or, with respect to any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, in all respects) on and as of the time date of such Credit Extension (except or, with respect to the extent such representations any representation and warranties expressly relate warranty that specifically refer to an earlier date, as of such 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;. (cb) no No Default shall have occurred and be continuing at the time of such Credit Extension continuing, or would result from the making of such proposed Credit Extension and all other Credit Extensions or from the application of the proceeds thereof;therefrom. (dc) such Bank The Administrative Agent and, if applicable, the relevant L/C Issuer, 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 a Request for Credit Extension will not contravene any Applicable Law applicable to such Bankin accordance with the requirements hereof. Except Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the extent that other Type or a continuation of Term SOFR Loans) submitted by 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(subject, in the case of Loansa Request for Credit Extension delivered with respect to any Incremental Facility, subject to Section 2.14(e)) be deemed to be a representation and warranty that 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 applicable conditions specified in clause Sections 4.02(a) and (b) or (c) above will not be fulfilled have been satisfied on and as of the requested time date of such the applicable 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: Credit Agreement (RingCentral, Inc.)

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: Revolving Credit Facility (Trigen Energy Corp)

Conditions to Each Credit Extension. The obligation of each Bank Lender to make each honor any Request for Credit Extension (other than (i) a Committed Loan requested Notice requesting only a conversion of Loans to the other Type, or a continuation of Eurocurrency Rate Loans or (ii) borrowings made pursuant to Section 2.14 or Section 2.15, which may be made subject to different conditions precedent and representations but only if so agreed by it, including its initial Loan, the Borrower 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 Creditapplicable Lenders) is subject to the fulfillment of each of the following conditionsconditions precedent: (a) The representations and warranties of the Agent and, Borrower and each other Loan Party contained 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 Article V or any other Loan Document Representation and Warranty shall be true and correct at in all material respects on and as of the time date of such Credit Extension (except Extension; provided that to the extent that such representations and warranties expressly relate specifically refer to an earlier date), both with they shall be true and without correct in all material respects as of such earlier date; provided, further, that any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language shall be true and correct (after giving effect to any qualification therein) in all respects on such Credit Extension and all other Credit Extensions and to the application of the proceeds thereof;respective dates. (cb) no No Default shall have occurred and be continuing at the time of such Credit Extension exist, or would result from the making of such proposed Credit Extension and all other Credit Extensions or from the application of the proceeds thereof;therefrom. (c) The Administrative Agent and, if applicable, the relevant L/C Issuer or the relevant Swing Line Lender shall have received a Request for Credit Extension in accordance with the requirements hereof. (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 The Borrower shall have disclosed be in pro forma compliance with the notice of borrowing or covenant forth 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 Section 7.09(b) after giving effect 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, . Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the other Type or a continuation of Eurocurrency Rate Loans) submitted by the Borrower shall be deemed to have made be a Representation representation and Warranty as of the time of such Credit Extension warranty 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 Sections 4.02(a) and (b) or (c) above will not be fulfilled have been satisfied on and as of the requested time date of a requested the applicable 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 timeExtension.

Appears in 1 contract

Sources: Credit Agreement (Duck Creek Technologies, Inc.)

Conditions to Each Credit Extension. The obligation of each Bank Lender to make each honor any Request for Credit Extension (other than a Committed Loan requested Notice requesting only a conversion of Loans to be made by itthe other Type, including its initial Loanor a continuation of Term SOFR Loans), and the obligation of the Issuing Bank any L/C Issuer to issue each Letter of Credit requested to be issued by it (includingissue, if no Loans have been made at such timeamend, the initial renew or extend any Letter of Credit) , is subject to the fulfillment of each of the following conditions: conditions precedent (a) the Agent andlimited, in the case of Incremental Facilities which will be used to finance a request for the issuance of a Letter of Credit, the Issuing Bank, shall have receivedLimited Condition Transaction, in the case of a Loan, a notice of borrowing with respect to such Loan complying with the requirements of manner set forth in 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(b2.14(e);): (ba) The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document Representation and Warranty shall be true and correct at in all material respects (or, with respect to any representation and warranty that is qualified as to “materiality,” “Material Adverse Effect” or similar language, in all respects) on and as of the time date of such Credit Extension (except or, with respect to the extent such representations any representation and warranties expressly relate warranty that specifically refer to an earlier date, as of such 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;. (cb) no No Default shall have occurred and be continuing at the time of such Credit Extension continuing, or would result from the making of such proposed Credit Extension and all other Credit Extensions or from the application of the proceeds thereof;therefrom. (dc) such Bank The Administrative Agent and, if applicable, the relevant L/C Issuer, 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 a Request for Credit Extension will not contravene any Applicable Law applicable to such Bankin accordance with the requirements hereof. Except Each Request for Credit Extension (other than a Committed Loan Notice requesting only a conversion of Loans to the extent that other Type or a continuation of Term SOFR Loans) submitted by 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(subject, in the case of Loansa Request for Credit Extension delivered with respect to any Incremental Facility, subject to Section 2.14(e)) be deemed to be a representation and warranty that 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 applicable conditions specified in clause Sections 4.02(a) and (b) or (c) above will not be fulfilled have been satisfied on and as of the requested time date of such the applicable 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: Credit Agreement (RingCentral, Inc.)