Common use of Each Advance Clause in Contracts

Each Advance. The Lenders shall not be required to make any Loans nor shall any Issuer be required to issue any Letter of Credit, unless on the applicable Borrowing Date, both before and after giving effect on a pro forma basis to such Loan or Letter of Credit: (a) There exists no Default or Unmatured Default. (b) The representations and warranties contained in Article V are true and correct as of such Borrowing Date except to the extent any such representation or warranty relates solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date. (c) If such Loan is an initial Loan to a Subsidiary Borrower, the Administrative Agent shall have received a Foreign Subsidiary Opinion or Domestic Subsidiary Opinion, as the case may be, in respect of such Subsidiary Borrower and such other documents reasonably requested by the Administrative Agent. Each Borrowing notice with respect to each borrowing by a Borrower hereunder or each request for an issuance of a Facility Letter of Credit shall constitute a representation and warranty by the Company and such Borrower that the conditions contained in Sections 4.2(a), (b) and (c) have been satisfied.

Appears in 3 contracts

Sources: Credit Agreement and Guaranty (Diebold Inc), Credit Agreement (Diebold Inc), Credit Agreement (Diebold Inc)

Each Advance. The Lenders shall not be required to make any Loans nor shall any Issuer be required to issue any Letter of Credit, unless on the applicable Borrowing Date, both before and after giving effect on a pro forma basis to such Loan or Letter of Credit: (a) There exists no Default or Unmatured Default. (b) The representations and warranties contained in Article V are true and correct as of such Borrowing Date except to the extent any such representation or warranty relates 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. (c) All legal matters incident to the making of such Loans or the issuance of such Facility Letter of Credit shall be satisfactory to the Agent and its counsel. (d) If such Loan is an initial Loan to a Foreign Subsidiary Borrower, the Administrative Agent shall have received a Foreign Subsidiary Opinion or Domestic Subsidiary Opinion, as the case may be, in respect of such Foreign Subsidiary Borrower and such other documents reasonably requested by the Administrative Agent. Each Borrowing notice with respect to each borrowing by a Borrower hereunder or each request for an issuance of a Facility Letter of Credit shall constitute a representation and warranty by the Company and such Borrower that the conditions contained in Sections 4.2(a), (b) and (c) have been satisfied.

Appears in 3 contracts

Sources: Loan Agreement (Myers Industries Inc), Loan Agreement (Myers Industries Inc), Loan Agreement (Myers Industries Inc)

Each Advance. The Lenders shall not be required to make any Loans nor shall any Issuer be required to issue any Letter of Credit, unless on the applicable Borrowing Date, both before and after giving effect on a pro forma basis to such Loan or Letter of Credit: (a) There exists no Default or Unmatured Default. (b) The representations and warranties contained in Article V (except Section 5.5) are true and correct as of such Borrowing Date except to the extent any such representation or warranty relates 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. (c) All legal matters incident to the making of such Loans or the issuance of such Facility Letter of Credit shall be satisfactory to the Agents and their counsel. (d) If such Loan is an initial Loan to a Foreign Subsidiary Borrower, the Administrative Documentation Agent shall have received a Foreign Subsidiary Opinion or Domestic Subsidiary Opinion, as the case may be, in respect of such Foreign Subsidiary Borrower and such other documents reasonably requested by the Administrative Documentation Agent. Each Borrowing notice with respect to each borrowing by a Borrower hereunder or each request for an issuance of a Facility Letter of Credit shall constitute a representation and warranty by the Company and such Borrower that the conditions contained in Sections 4.2(a), (b4.1(a) and (cb) have been satisfied.

Appears in 2 contracts

Sources: Credit Agreement (Meritor Automotive Inc), Credit Agreement (Meritor Automotive Inc)

Each Advance. The Lenders shall not be required to make any Loans nor shall any Issuer be required to issue any Letter of Credit, unless on the applicable Borrowing Date, both before Date and after giving effect on a pro forma basis to such Loan or Letter extension of Creditcredit: (a) There exists no Default or Unmatured Default. (b) The representations and warranties contained in Article V (except Section 5.5, which shall only apply as a condition to the initial Loans hereunder) are true and correct as of such Borrowing Date except to the extent any such representation or warranty relates 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. (c) All legal matters incident to the making of such Loans or the issuance of such Facility Letter of Credit shall be satisfactory to the Administrative Agent and the Syndication Agent and their counsel. (d) If such Loan is an initial Loan to a Foreign Subsidiary Borrower, the Administrative Agent Agents shall have received a Foreign Subsidiary Opinion or Domestic Subsidiary Opinion, as the case may be, in respect of such Foreign Subsidiary Borrower and such other documents reasonably requested by the Administrative AgentAgents. Each Borrowing borrowing notice with respect to each borrowing by a Borrower hereunder or each request for an issuance of a Facility Letter of Credit shall constitute a representation and warranty by the Company and such Borrower that the conditions contained in Sections 4.2(a), (b) and (cb) have been satisfied.

Appears in 1 contract

Sources: 5 Year Revolving Credit Agreement (Arvinmeritor Inc)

Each Advance. The Lenders shall not be required to make any Loans nor shall any Issuer be required to issue any Facility Letter of Credit, unless on the applicable Borrowing Date, both before and after giving effect on a pro forma basis to such Loan or Facility Letter of Credit: (a) There exists no Default or Unmatured Default. (b) The representations and warranties contained in Article V are true and correct as of such Borrowing Date except to the extent any such representation or warranty relates solely to an earlier date, in which case such representation or warranty shall be true and correct on and as of such earlier date. (c) If such Loan is an initial Loan to a Subsidiary Borrower, the Administrative Agent shall have received a Foreign Subsidiary Opinion or Domestic Subsidiary Opinion, as the case may be, in respect of such Subsidiary Borrower and such other documents reasonably requested by the Administrative Agent. Each Borrowing notice with respect to each borrowing by a Borrower hereunder or each request for an issuance of a Facility Letter of Credit shall constitute a representation and warranty by the Company and such Borrower that the conditions contained in Sections 4.2(a), (b) and (c) have been satisfied.

Appears in 1 contract

Sources: Credit Agreement (Diebold Inc)

Each Advance. The Lenders shall not be required to make any Loans nor shall any Issuer be required to issue any Letter of Credit, unless on the applicable Borrowing Date, both before Date and after giving effect on a pro forma basis to such Loan or Letter extension of Creditcredit: (a) There exists no Default or Unmatured Default. (b) The representations and warranties contained in Article V (except Section 5.5, which shall only apply as a condition to the initial Loans hereunder) are true and correct as of such Borrowing Date except to the extent any such representation or warranty relates 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. (c) All legal matters incident to the making of such Loans or the issuance of such Facility Letter of Credit shall be satisfactory to the Administrative Agent and the Syndication Agent and their counsel. (d) If such Loan is an initial Loan to a Foreign Subsidiary Borrower, the Administrative Agent Agents shall have received a Foreign Subsidiary Opinion or Domestic Subsidiary Opinion, as the case may be, in respect of such Foreign Subsidiary Borrower and such other documents reasonably requested by the Administrative AgentAgents. Each Borrowing borrowing notice with respect to each borrowing by a Borrower hereunder or each request for an issuance of a Facility Letter of Credit shall constitute a representation and warranty by the Company and such Borrower that the conditions contained in Sections 4.2(a), (b4.1(a) and (cb) have been satisfied.

Appears in 1 contract

Sources: Revolving Credit Agreement (Arvinmeritor Inc)

Each Advance. The Lenders shall not be required to make any Loans nor shall any Issuer be required Advance (other than an Advance that, after giving effect thereto and to issue any Letter the application of Creditthe proceeds thereof, does not increase the aggregate amount of outstanding Advances), unless on the applicable Borrowing Date, both before and after giving effect on a pro forma basis to such Loan or Letter of Credit: (a) There exists no Default or Unmatured Default. (b) The representations and warranties contained in Article V the Loan Documents are true and correct in all material respects as of such Borrowing Date except to the extent any such representation or warranty relates is stated to relate solely to an earlier date, in which case such representation or warranty shall be have been true and correct on and as of such earlier date. (c) If such Loan is an initial Loan All legal matters incident to a Subsidiary Borrower, the Administrative Agent shall have received a Foreign Subsidiary Opinion or Domestic Subsidiary Opinion, as the case may be, in respect making of such Subsidiary Borrower Advance shall be reasonably satisfactory to the Lenders and such other documents reasonably requested by the Administrative Agenttheir counsel. Each Borrowing notice Notice and/or Conversion/Continuation Notice with respect to each borrowing by a Borrower hereunder or each request for an issuance of a Facility Letter of Credit such Advance shall constitute a representation and warranty by the Company and such Borrower that the conditions contained in Sections 4.2(a), (bSECTION 4.2(A) and (cB) have been satisfied. Any Lender may require a duly completed compliance certificate in substantially the form of EXHIBIT A as a condition to making an Advance.

Appears in 1 contract

Sources: Credit Agreement (American Medical Security Group Inc)