Common use of Credit Events Clause in Contracts

Credit Events. The obligation (i) of each Bank to make a Loan on the occasion of each Borrowing (except a Committed Borrowing pursuant to Section 2.09(i) to refund outstanding Swingline Loans), (ii) of an LC Issuing Bank to sell and of each Bank to purchase each participation in a Letter of Credit as and when provided in Section 2.08, (iii) of each LC Issuing Bank to extend (or allow the extension of) the expiry date of a Letter of Credit issued by it hereunder as and when provided in Section 2.08 and (iv) of the Swingline Bank to make any Swingline Loan are each subject to the satisfaction of the following conditions: (a) the fact that the Amendment Effective Date shall have occurred on or prior to April 15, 1997; (b) receipt by the Administrative Agent of notice of the relevant Credit Event as required by Section 2.02(a), 2.03(f), 2.08(d) or 2.09(b), as the case may be; (c) the fact that, immediately before and after such Credit Event, no Default shall have occurred and be continuing; and (d) the fact that each of the representations and warranties made by Vencor or any of its Subsidiaries in or pursuant to any Financing Document to which it is a party shall be true on and as of the date of such Credit Event as if made on and as of such date. Each Credit Event under this Agreement shall be deemed to be a representation and warranty by Vencor on the date of such Credit Event as to the facts specified in clauses (c) and (d) of this Section.

Credit Events. The obligation obligations (i) of each Bank Lender to make a Loan on the occasion of each Borrowing (except a Committed Borrowing pursuant to Section 2.09(i2.08(i) to refund outstanding Swingline Loans), (ii) of an LC Issuing Bank to sell and of each Bank Lender to purchase each participation in a Letter of Credit as and when provided in Section 2.082.07, (iii) of each LC Issuing Bank to extend (or allow the extension of) the expiry date of a Letter of Credit issued by it hereunder as and when provided in Section 2.08 2.07 and (iv) of the Swingline Bank to make any Swingline Loan are each subject to the satisfaction of the following conditions: (a) the fact that the Amendment Effective Closing Date shall have occurred on or prior to April May 15, 19971998; (b) receipt by the Administrative Agent of notice of the relevant Credit Event as required by Section 2.02(a), 2.03(f), 2.08(d2.07(d) or 2.09(b2.08(b), as the case may be; (c) the fact that, immediately before and after such Credit Event, no Default shall have occurred and be continuing; and (d) the fact that each of the representations and warranties made by Vencor the Borrower or any of its Subsidiaries in or pursuant to any Financing Document to which it is a party shall be true on and as of the date of such Credit Event as if made on and as of such date, except that after the Closing Date this clause (d) shall not apply to the representation and warranty in Section 4.05(c). Each Credit Event under this Agreement shall be deemed to be a representation and warranty by Vencor the Borrower on the date of such Credit Event as to the facts specified in clauses (c) and (d) of this Section.