Common use of Each Extension of Credit Clause in Contracts

Each Extension of Credit. As of the time of the making of each Loan hereunder (including the initial Loan): (a) each of the representations and warranties set forth in Section 5 hereof shall be and remain true and correct as of said time, except that the representations and warranties made under Section 5.2 shall be deemed to refer to the most recent financial statements furnished to the Banks pursuant to Section 7.4 hereof; (b) the Borrower shall be in full compliance with all of the terms and conditions hereof, and no Potential Default or Event of Default shall have occurred and be continuing; (c) with respect to each Loan requested by the Borrower, the aggregate amount of the Total Outstandings shall not exceed the Revolving Credit Commitments; (d) immediately after giving effect thereto, not more than 25% of the value of the Borrower's and its Subsidiaries' assets that are subject to Sections 7.9 and 7.12 hereof shall constitute margin stock (as defined in Regulation U promulgated by the Board of Governors of the Federal Reserve System); and (e) with respect to each Swingline Loan requested by the Borrower, the aggregate principal amount of all Swingline Loans outstanding after giving effect to the requested Swingline Loans shall not exceed $25,000,000; and the request by the Borrower, for any Loan pursuant hereto shall be and constitute a warranty to the foregoing effects.

Each Extension of Credit. As of the time of the making of each Loan hereunder (including the initial Loan): (a) each of the representations and warranties set forth in Section 5 hereof shall be and remain true and correct as of said time, except that the representations and warranties made under Section 5.2 shall be deemed to refer to the most recent financial statements furnished to the Banks pursuant to Section 7.4 hereof; (b) the Borrower Borrowers shall be in full compliance with all of the terms and conditions hereof, and no Potential Default or Event of Default shall have occurred and be continuing; (c) with respect to each Loan requested by the Chemical, for itself or any other Borrower, the aggregate amount of the Total Outstandings shall not exceed the Revolving Credit Commitments; (d) immediately after giving effect thereto, not more than 25% of the value of the Borrower's Borrowers' and its their Subsidiaries' assets that are subject to Sections 7.9 and 7.12 hereof shall constitute margin stock (as defined in Regulation U promulgated by the Board of Governors of the Federal Reserve System); and (e) with respect to each Swingline Loan requested by the Chemical, for itself or any other Borrower, the aggregate principal amount of all Swingline Loans outstanding after giving effect to the requested Swingline Loans shall not exceed $25,000,00020,000,000; and the request by the Chemical for itself or any other Borrower, for any Loan pursuant hereto shall be and constitute a warranty to the foregoing effects.

Each Extension of Credit. As of the time of the making The obligations of each Loan hereunder Lender (including the initial Loan):Swingline Lender and the Issuing Lender) to make any Extension of Credit or to convert or extend any Revolving Loan are subject to satisfaction of the following conditions in addition to satisfaction on the Closing Date of the conditions set forth in Section 5.01: (ai) each In the case of any Revolving Loan, the Administrative Agent shall have received an appropriate Notice of Borrowing or Notice of Extension/Conversion; (ii) in the case of any Swingline Loan, the Swingline Lender shall have received an appropriate notice of borrowing in accordance with the provisions of Section 2.02(b)(i); and (iii) in the case of any Letter of Credit the Issuing Lender shall have received an appropriate request for issuance of a Letter of Credit pursuant to Section 2.03(b); (b) The representations and warranties set forth in Section 5 hereof Article IX shall be and remain true and correct in all material respects on and as of said time, such date (except to the extent that the any such representations and warranties made under Section 5.2 shall be deemed expressly relate to refer to the most recent financial statements furnished to the Banks pursuant to Section 7.4 hereofan earlier date); (bc) the Borrower shall be in full compliance with all of the terms and conditions hereof, and no Potential No Default or Event of Default shall have occurred exist and be continuing; (c) with respect continuing either prior to each Loan requested by the Borrower, the aggregate amount of the Total Outstandings shall not exceed the Revolving Credit Commitments; (d) or immediately after giving effect thereto, not more than 25% of the value of the Borrower's and its Subsidiaries' assets that are subject to Sections 7.9 and 7.12 hereof shall constitute margin stock (as defined in Regulation U promulgated by the Board of Governors of the Federal Reserve System); and (ed) with respect to each Swingline Loan requested by the Borrower, the aggregate principal amount of all Swingline Loans outstanding Immediately after giving effect to the requested making of such Loan (and the application of the proceeds thereof) or to the issuance of such Letter of Credit, as the case may be, (i)(A) the sum of Revolving Loans outstanding plus Swingline Loans outstanding plus LOC Obligations ---- ---- outstanding plus Competitive Loans outstanding, shall not exceed $25,000,000; and (B) the request by the Borrower, for any Loan pursuant hereto shall be and constitute a warranty to the foregoing effects.---- Revolving Committed Amount;

Each Extension of Credit. As of the time of the making of each Loan hereunder (including the initial Loan): (a) each of the representations and warranties set forth in Section 5 hereof shall be and remain true and correct as of said time, except that the representations and warranties made under Section 5.2 shall be deemed to refer to the most recent financial statements furnished to the Banks pursuant to Section 7.4 hereof; (b) the Borrower shall be in full compliance with all of the terms and conditions hereof, and no Potential Default or Event of Default shall have occurred and be continuing; (c) with respect to each Loan requested by the Borrower, the aggregate amount of the Total Outstandings shall not exceed the lesser of the Borrowing Base, as most recently computed, and the Revolving Credit CommitmentsCommitments then in effect; (d) immediately after giving effect thereto, not more than 25% of the value of the Borrower's and its Subsidiaries' assets that are subject to Sections 7.9 and 7.12 hereof shall constitute margin stock (as defined in Regulation U promulgated by the Board of Governors of the Federal Reserve System); and; (e) with respect to each Swingline Loan requested by the Borrower, the aggregate principal amount of all Swingline Loans outstanding after giving effect to the requested Swingline Loans shall not exceed $25,000,00015,000,000; and (f) with respect to each B Loan requested by the Borrower, the aggregate principal amount of all B Loans outstanding after giving effect to the requested B Loan shall not exceed an amount equal to the difference between (x) 15% of the Borrower's Consolidated Net Tangible Assets as shown on the calculation thereof in the form of Exhibit P attached hereto delivered to the Administrative Agent by the Borrower in connection with the request for such B Loan and (y) the B Loan Availability Reserve; and the request by the Borrower, Borrower for any Loan pursuant hereto shall be and constitute a warranty to the foregoing effects.

Each Extension of Credit. As of the time of the making of each Loan hereunder (including the initial Loan): (a) each of the representations and warranties set forth in Section 5 hereof shall be and remain true and correct as of said time, except that (i) the representations and warranties made under Section 5.2 5.2(a) shall be deemed to refer to the most recent financial statements furnished to the Banks pursuant to Section 7.4 hereof, and (ii) after the Acquisition, every reference to a material adverse change in the Properties, business or operations of the Company and its Subsidiaries taken as a whole contained in Sections 5.1, 5.2(a), 5.3, 5.8, 5.11, 5.12 and 5.13 shall be deemed to refer to a material adverse change in the Properties, business or operations of Chemical and its Subsidiaries taken as a whole; (b) the Borrower Borrowers shall be in full compliance with all of the terms and conditions hereof, and no Potential Default or Event of Default shall have occurred and be continuing; (c) with respect to each Loan requested by the Company, for itself or any other Borrower, the aggregate amount of the Total Outstandings shall not exceed the Revolving Credit Commitments;; and (d) immediately after giving effect thereto, not more than 25% of the value of the Borrower's Borrowers' and its their Subsidiaries' assets that are subject to Sections 7.9 7.8 and 7.12 7.11 hereof shall constitute margin stock (as defined in Regulation U promulgated by the Board of Governors of the Federal Reserve System); and (e) with respect to each Swingline Loan requested by the Borrower, the aggregate principal amount of all Swingline Loans outstanding after giving effect to the requested Swingline Loans shall not exceed $25,000,000; and the request by the Borrower, Company for any Loan pursuant hereto shall be and constitute a warranty to the foregoing effects.

Each Extension of Credit. As of the time of the making of each Loan hereunder (including the initial Loan): (a) each of the representations and warranties set forth in Section 5 hereof shall be and remain true and correct as of said time, except that the representations and warranties made under Section 5.2 shall be deemed to refer to the most recent financial statements furnished to the Banks pursuant to Section 7.4 hereof; (b) the Borrower shall be in full compliance with all of the terms and conditions hereof, and no Potential Default or Event of Default shall have occurred and be continuing; (c) the applicable Financing Order shall be in full force and effect and the Debtors shall be in compliance with all the terms hereof and with respect to the Financing Order and it shall be final and non-appealable; (d) with respect to each Loan requested by the Borrower, the aggregate amount of the Total Outstandings shall not exceed the Revolving Credit Commitmentslesser of the Borrowing Base, as most recently computed, and the DIP Commitments then in effect; (de) immediately after giving effect thereto, not more than 25% of the value of the Borrower's and its Subsidiaries' assets that are subject to Sections 7.9 and 7.12 hereof shall constitute margin stock (as defined in Regulation U promulgated by the Board of Governors of the Federal Reserve System); and; (ef) with respect to each Swingline Loan requested by the Borrower, the aggregate principal amount of all Swingline Loans outstanding after giving effect to the requested Swingline Loans shall not exceed $25,000,00015,000,000; (g) the DIP Agent shall have received a certificate in the form of Exhibit H hereto executed by a responsible officer of the Company on behalf of the Company; and (h) in the case of a request for an L/C, the DIP Agent shall have received a duly completed application therefor; and the request by the Borrower, Borrower for any Loan or L/C pursuant hereto shall be and constitute a warranty to the foregoing effects.