Common use of Conditions Precedent to Closing and the Initial Advance Clause in Contracts

Conditions Precedent to Closing and the Initial Advance. The effectiveness of this Debenture and the obligation of the Creditor to make the Initial Advance under this Debenture will be subject to the completion of each of the following conditions precedent to the satisfaction of the Creditor: (a) the execution and delivery of each of the Transaction Documents to which it is a party by the Corporation in form and substance satisfactory to the Creditor; (b) the Corporation shall have obtained and provided evidence to the Creditor of all necessary corporate approvals; (c) the Corporation shall have delivered an officer's certificate attaching certified copies of its constating documents, a certificate of incumbency and certified directors' resolutions of the Corporation authorizing the transactions contemplated hereby; (d) all required filings and registrations shall have been made which, in the reasonable opinion of the Creditor's counsel, are desirable or required to make effective the Security Interest created or intended to be created by the Corporation in favour of the Creditor and to ensure the perfection and priority of the Security Interest; and (e) confirmation that no default or Event of Default exists under any of the Transaction Documents.

Conditions Precedent to Closing and the Initial Advance. The effectiveness of this Debenture and the obligation of the Creditor to make the Initial Advance under this Debenture will be subject to the completion of each of the following conditions precedent to the satisfaction of the Creditor: (a) the execution and delivery of each of the Transaction Documents to which it is a party by the Corporation in form and substance satisfactory to the Creditor; (b) the Corporation shall have obtained and provided evidence to the Creditor of all necessary corporate approvals; (c) the Corporation shall have delivered an officer's ’s certificate attaching certified copies of its constating documents, a certificate of incumbency and certified directors' ’ resolutions of the Corporation authorizing the transactions contemplated hereby; (d) all required filings and registrations shall have been made which, in the reasonable opinion of the Creditor's ’s counsel, are desirable or required to make effective the Security Interest created or intended to be created by the Corporation in favour of the Creditor and to ensure the perfection and priority of the Security Interest; and (e) confirmation that no default or Event of Default exists under any of the Transaction Documents.