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

Conditions Precedent to the Initial Advance. The obligation of the Lender to make its initial Advance is subject to the fulfillment of: (i) the conditions precedent set forth in Section 5.2; and (ii) the following conditions precedent: (a) the Lender shall have received, in a form satisfactory to it: (i) copies certified by a senior officer of the Borrower of its Charter Documents, the resolutions of its board of directors approving the Credit Facility Documents and all documents evidencing any necessary corporate action of the Borrower with respect to the Credit Facility Documents; (ii) a certificate of good standing for the Borrower; and (iii) a favourable opinion of Borrower's counsel as to such matters as the Lender may require; (b) the Credit Facility Documents shall have been executed and delivered to the Lender, the Security shall have been created, and all registrations, filings or recordings necessary or desirable to preserve, protect or perfect the enforceability and priority of the Security shall have been completed, all in such form, content and manner as is satisfactory to the Lender; (c) all of the representations and warranties contained in Article 6 hereof shall be correct on and as of the Closing Date as though made on and as of such date; and (d) the Lender shall have received such other documents as it may reasonably request.

Conditions Precedent to the Initial Advance. The obligation of the Lender to make its initial Advance is subject to the fulfillment of: (i) the conditions precedent set forth in Section 5.2; and (ii) the following conditions precedent: (a) the Lender shall have received, in a form satisfactory to it: (i) copies certified by a senior officer of the Borrower of its Charter Documents, the resolutions of its board of directors approving the Credit Facility Documents to which it is a party and all documents evidencing any necessary corporate action of the Borrower with respect to the Credit Facility DocumentsDocuments to which it is a party; (ii) a certificate of good standing for the Borrower; and (iii) a favourable favorable opinion of Borrower's counsel as to such matters as the Lender may require; (b) the Credit Facility Documents other than the Guarantee shall have been executed and delivered to the Lender, the Security shall have been created, and all registrations, filings or recordings necessary or desirable to preserve, protect or perfect the enforceability and priority of the such Security shall have been completed, all in such form, content and manner as is satisfactory to the Lender; (c) all of the representations and warranties of the Borrower contained in Article 6 hereof shall be true and correct on and as of the Closing Date as though made on and as of such date; and and (d) the Lender shall have received such other documents as it may reasonably request.

Conditions Precedent to the Initial Advance. The obligation of the Lender to make its initial Advance is was subject to the fulfillment of: (i) the conditions precedent set forth in Section 5.2; and (ii) the following conditions precedent: (a) the Lender shall have received, in a form satisfactory to it: (i) copies certified by a senior officer of the Borrower of its Charter Documents, the resolutions of its board of directors approving the Credit Facility Documents to which it is a party and all documents evidencing any necessary corporate action of the Borrower with respect to the Credit Facility DocumentsDocuments to which it is a party; (ii) a certificate of good standing for the Borrower; and (iii) a favourable opinion of Borrower's counsel as to such matters as the Lender may require; (b) the Credit Facility Documents other than the Guarantee shall have been executed and delivered to the Lender, the Security other than the Security described in Section 4.1(d) hereof shall have been created, and all registrations, filings or recordings necessary or desirable to preserve, protect or perfect the enforceability and priority of the such Security shall have been completed, all in such form, content and manner as is satisfactory to the Lender; (c) all of the representations and warranties of the Borrower contained in Article 6 hereof shall be correct on and as of the Closing Date as though made on and as of such date; and (d) the Lender shall have received such other documents as it may reasonably request.