Common use of Conditions to the Parties’ Obligations Clause in Contracts

Conditions to the Parties’ Obligations. (a) The obligations of the Company and the Purchaser to consummate the transactions contemplated hereunder in connection with the Backstop Offering are subject to the fulfillment or waiver, on or before the Commencement Date, of the following conditions: (i) the Rights Offering shall have been consummated in accordance with the terms and conditions described in the Prospectus; (ii) no judgment, injunction, decree, regulatory proceeding or other legal restraint shall prohibit, or have the effect of rendering unachievable, the consummation of the Backstop Offering or the transactions contemplated by this Agreement; and (iii) Purchaser shall have executed the Securities Purchase Agreement and the Closing shall have occurred thereunder.