Common use of SECTION Credit Extensions Clause in Contracts

SECTION Credit Extensions. The obligation of any Bank to make a Credit Extension on the occasion of any Borrowing or issuance of a Facility LC is subject to the satisfaction of the following conditions: (a) receipt by the Administrative Agent of a Notice of Borrowing or receipt by the applicable LC Issuer and the Administrative Agent of a Facility LC Application as required by Section 2.02 or 2.16, as the case may be; (b) the fact that, immediately after such Credit Extension the Aggregate Outstanding Credit Exposure will not exceed the Aggregate Commitment; (c) the fact that, immediately after such Credit Extension, no Default shall have occurred and be continuing; (d) the fact that the representations and warranties of the Borrower contained in this Agreement (except the representations and warranties set forth in Sections 4.04(b) and 4.06) shall be true on and as of the date of such Credit Extension; and (e) the fact that the Borrower's Credit Ratings are BBB, Baa2 or the equivalent from at least two of S&P, ▇▇▇▇▇'▇ and ▇▇▇▇▇, Inc. Each Credit Extension hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Credit Extension as to the facts specified in clauses (b), (c), (d) and (e) of this Section.

SECTION Credit Extensions. The obligation of any Bank to make a Credit Extension on the occasion of any Borrowing or issuance of a Facility LC is subject to the satisfaction of the following conditions: (a) receipt by the Administrative Agent of a Notice of Borrowing or receipt by the applicable LC Issuer and the Administrative Agent of a Facility LC Application as required by Section 2.02 or 2.16, as the case may be; (b) the fact that, immediately after such Credit Extension the Aggregate Outstanding Credit Exposure will not exceed the Aggregate Commitment; (c) the fact that, immediately after such Credit Extension, no Default shall have occurred and be continuing;; and (d) the fact that the representations and warranties of the Borrower contained in this Agreement (except the representations and warranties set forth in Sections 4.04(b) and 4.06) shall be true on and as of the date of such Credit Extension; and (e) the fact that the Borrower's Credit Ratings are BBB, Baa2 or the equivalent from at least two of S&P, ▇▇▇▇▇'▇ and ▇▇▇▇▇, Inc. . Each Credit Extension hereunder shall be deemed to be a representation and warranty by the Borrower on the date of such Credit Extension as to the facts specified in clauses (b), (c), (d) and (ed) of this Section.