Common use of Conditions to Initial Extensions of Credit Clause in Contracts

Conditions to Initial Extensions of Credit. The effectiveness of this Agreement and the obligation of the L/C Issuer and each Lender to make any Loan or an L/C Credit Extension hereunder is subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions on or before the Closing Date:

Conditions to Initial Extensions of Credit. The effectiveness of this Agreement and the obligation of the L/C Issuer and each Lender to make any Loan or an L/C Credit Extension hereunder on the Closing Date is subject to the satisfaction, or waiver in accordance with Section 10.5, of the following conditions on or before the Closing Date: