Common use of Effectiveness and Conditions Precedent Clause in Contracts

Effectiveness and Conditions Precedent. This Agreement will become effective on the date that the Initial Bridge Lenders notify the Borrower that the following conditions precedent have been fulfilled to their satisfaction: 3.1 this Agreement has been executed by all parties; 3.2 no Default exists; and 3.3 all fees and expenses owing by the Borrower to the Initial Bridge Lenders and their legal counsel due on the date of this Agreement shall have been paid and ▇▇▇▇▇▇▇▇▇▇ is authorized to debit the Borrower’s account and proceed to the payment of such fees and expenses.