Common use of Conditions to Forbearance Clause in Contracts

Conditions to Forbearance. This Agreement shall not be effective unless and ------------------------- until each of the following conditions shall have been satisfied in the Lender's sole discretion, which Borrower agrees to satisfy concurrently herewith: (a) The Lender shall have received executed counterparts of this Agreement duly executed by the Borrower; (b) The Borrower shall pay all of the costs and expenses of the Lender incurred in connection with the preparation, negotiation and delivery of this Agreement, including, without limitation, the reasonable fees and expenses of its counsel; (c) The Lender shall have received a resolution authorizing this Agreement, the matters covered hereby and the transactions contemplated hereby; (d) The Lender shall have received from the Borrower $61,000, by wire transfer, representing the initial installment of the Forbearance Fee, as defined below; and (e) Borrower shall pay the Lender the sum of $5,000,000, by wire transfer, to be applied to the outstanding Obligations in such manner as Lender shall determine in its discretion.