Extract to table

Representations, Warranties, and Covenants Subscription credit agreements contain ongoing representations and warranties that the borrower is required to reaffirm each time it submits a borrowing request or borrowing base certificate

Nevertheless, the formal mechanics must be followed carefully

Both facilities must be addressed simultaneously

Lender consent must be obtained by this date

While the two processes are independent — lender consent is not conditioned on receipt of the PLR, and the PLR is not conditioned on lender consent — both must be completed before the reorganization can proceed

• Update the representations and warranties to reflect the post-reorganization organizational structure, and provide that the borrower's reaffirmation of representations and warranties following the reorganization shall be made on the basis of the amended credit agreement