Common use of Continuation Conditions Precedent Clause in Contracts

Continuation Conditions Precedent. The following conditions will be deemed to have been confirmed by the Borrower on 31 December of each year and on each date of issuance of a Facility LC (each such date, a "REPETITION DATE"): 4.2.1 there exists no Default or Unmatured Default and none would result from such issuance of such Facility LC; and 4.2.2 the representations and warranties (deemed to be made by reference to the facts and circumstances existing on each Repetition Date) contained in Clause 5 (Representations and Warranties) (other than Clause 5.6 (Material Adverse Change), paragraph (a) of Clause 5.8 (Litigation and Contingent Obligations) and sub-clause 5.14.1 of Clause 5.14 (Material Agreements)) are true and correct in all material respects as of such Issuance Date except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date.

Continuation Conditions Precedent. The following conditions will be deemed to have been confirmed by the Borrower on 31 December of each year and on each date of issuance or Modification of a Facility LC (each such date, a "REPETITION DATE"): 4.2.1 there exists no Default or Unmatured Default and none would result from such issuance or Modification of such Facility LC; and; 4.2.2 the representations and warranties (deemed to be made by reference to the facts and circumstances existing on each Repetition Date) contained in Clause 5 (Representations and Warranties) (other than Clause 5.6 (Material Adverse Change), paragraph (a) of Clause 5.8 (Litigation and Contingent Obligations) and sub-clause 5.14.1 of Clause 5.14 (Material Agreements)) are true and correct in all material respects as of such Issuance Date or Modification except to the extent any such representation or warranty is stated to relate solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date.