Common use of Conditions Precedent to Initial Draw Clause in Contracts

Conditions Precedent to Initial Draw. The Lender shall have no obligation to make the initial Draw hereunder unless at the time of making such draw the following terms and conditions shall have been satisfied: (a) the Lender has received, in form, substance, scope and dated a date satisfactory to it and its counsel: (i) an executed copy of each of the Loan Documents; and (ii) evidence of registration of the Security Documents in such jurisdictions as the Lender may reasonably require, including all required consents to obtain such registrations.

Conditions Precedent to Initial Draw. The Lender shall have no obligation to make the initial Draw hereunder unless at the time of making such draw the following terms and conditions shall have been satisfied: (a) the Lender has received, in form, substance, scope and dated a date satisfactory to it and its counsel: (i) an executed copy of each of the Loan Documents; and (ii) evidence of registration of the Security Documents in such jurisdictions as the Lender may reasonably require, including all required consents to obtain such registrations.