Common use of Conditions to Initial Term Loans Clause in Contracts

Conditions to Initial Term Loans. The obligation of each Lender to honor the request for the Initial Term Loans on the Delayed Draw Funding Date is subject to the following conditions precedent: (a) The Delayed Draw Funding Date shall have occurred on or prior to the Delayed Draw Termination Date. (b) If such Delayed Draw Funding Date has occurred after the date that is forty-five days after the Closing Date, the Administrative Agent shall have received the Delayed Draw Ticking Fee. (c) The representations and warranties of the Borrower and each other Loan Party contained in Article V or any other Loan Document shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) on and as of the date of such Credit Extension, except to the extent that such representations and warranties specifically refer to an earlier date, in which case they shall be true and correct in all material respects (and in all respects if any such representation or warranty is already qualified by materiality) as of such earlier date, and except that for purposes of this Section 4.03, the representations and warranties contained in Sections 5.05(a) and 5.05(b) shall be deemed to refer to the most recent financial statements furnished pursuant to Section 6.01(a) and (b), respectively, prior to such proposed Credit Extension. (d) No Default or Event of Default shall exist, or would result from such proposed Credit Extension or from the application of the proceeds therefrom. (e) The Administrative Agent shall have received a Committed Loan Notice in accordance with the requirements hereof.