Common use of Condition Precedent to Security Interest and Escrow Clause in Contracts

Condition Precedent to Security Interest and Escrow. Notwithstanding anything to the contrary in Section 2(b) and 2(c) above, the Company's obligations to grant the security interest as provided in Section 2(c), and to establish and fund the escrow account as provided in Section 2(b), are expressly conditioned upon and subject to the Company's receipt of a consent and/or waiver to such actions from each of its primary secured lenders in a form satisfactory to the Company. If such consents and/or waivers are not obtained by April 3, 1997, the parties shall in good faith attempt to negotiate an amendment to this Agreement which shall allow the parties to effectuate the purposes hereof in the absence of such consents and/or waivers.

Condition Precedent to Security Interest and Escrow. Notwithstanding anything to the contrary in Section 2(b) and 2(c) above, the Company's obligations to grant the security interest as provided in Section 2(c), and to establish and fund the escrow account as provided in Section 2(b), are expressly conditioned upon and subject to the Company's receipt of a consent and/or waiver to such actions from each of its primary secured lenders in a form satisfactory to the Company. If such consents and/or waivers are not obtained by April Aril 3, 1997, the parties shall in good faith attempt to negotiate an amendment to this Agreement which shall allow the parties to effectuate the purposes hereof in the absence of such consents and/or waivers.