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

Conditions Precedent to Initial Extensions of Credit. The obligation of each Lender to make its initial Advance and of each LC Issuing Bank to issue the initial Letter of Credit is subject to the conditions precedent that on or before the date of such Advance:

Conditions Precedent to Initial Extensions of Credit. The obligation of each Lender to make its initial an Advance and of each LC or any Issuing Bank to issue the initial a Letter of Credit on the occasion of the Initial Extensions of Credit hereunder is subject to the satisfaction of the following conditions precedent that on or before the date of such Advanceprecedent: