Common use of Initial Credit Event Clause in Contracts

Initial Credit Event. On or before the Effective Date: (a) The Administrative Agent shall have received for each Bank the favorable written opinion of (i) Faegre Drinker ▇▇▇▇▇▇ & ▇▇▇▇▇ LLP, counsel to the Borrower, and (ii) General Counsel to the Borrower; provided, either such opinion shall include a legal opinion to the effect that the Borrower has obtained all necessary approvals under PUHCA in connection with its obligations under the Credit Documents, and such other related matters as the Administrative Agent may reasonably request; (b) The Administrative Agent shall have received for each Bank copies of the Borrower’s (i) Articles of Incorporation, together with all amendments, and (ii) bylaws (or comparable constituent documents) and any amendments thereto, certified in each instance by its Secretary or an Assistant Secretary; (c) The Administrative Agent shall have received for each Bank satisfactory evidence that the Borrower’s Board of Directors has authorized the execution and delivery of the Credit Documents and the consummation of the transactions contemplated thereby together with specimen signatures of the persons authorized to execute such documents on the Borrower’s behalf, all certified in each instance by its Secretary or Assistant Secretary; (d) The Administrative Agent shall have received for each Bank which has requested same such Bank’s duly executed Note of the Borrower dated the date hereof and otherwise in compliance with the provisions of Section 2.10(a) hereof; (e The Administrative Agent shall have received a duly executed set of the Credit Documents;

Initial Credit Event. On or before The obligations of the Lenders to make the initial Term Loans and Revolving Loans and of the Issuing Bank to issue Letters of Credit hereunder, in each case on the Effective Date, are subject only to the satisfaction (or waiver in accordance with Section 9.02) of the following conditions: (a) The Administrative Agent (or its counsel) shall have received for each Bank the favorable written opinion of (i) Faegre Drinker ▇▇▇▇▇▇ & ▇▇▇▇▇ LLP, counsel from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the Borrower, Administrative Agent (which may include telecopy or electronic transmission of a signed signature page of this Agreement) that such party has signed a counterpart of this Agreement and (ii) General Counsel duly executed copies of the Loan Documents and the other certificates, documents, instruments and agreements described in the list of closing documents attached as Exhibit E-1, all in form and substance reasonably satisfactory to the Borrower; provided, either such opinion shall include a legal opinion to the effect that the Borrower has obtained all necessary approvals under PUHCA in connection with its obligations under the Credit Documents, and such other related matters as the Administrative Agent may reasonably request;Agent. (b) The Administrative Agent shall have received a favorable written opinion (addressed to the Administrative Agent and the Lenders and dated the Effective Date) of ▇▇▇▇▇▇ ▇▇▇▇▇▇ LLP, counsel for each Bank copies of the Borrower’s (i) Articles , as are customary for transactions of Incorporation, together with all amendmentsthis type, and (ii) bylaws (covering such other matters relating to the Borrower, the Loan Documents or comparable constituent documents) and any amendments thereto, certified in each instance by its Secretary or an Assistant Secretary;the Transactions as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion. (c) The Administrative Agent Lenders shall have received for each Bank (i) satisfactory evidence that the Borrower’s Board of Directors has authorized the execution and delivery of the Credit Documents and the consummation of the transactions contemplated thereby together with specimen signatures of the persons authorized to execute such documents on the Borrower’s behalf, all certified in each instance by its Secretary or Assistant Secretary; (d) The Administrative Agent shall have received for each Bank which has requested same such Bank’s duly executed Note audited consolidated financial statements of the Borrower dated for the date hereof and otherwise in compliance with two most recent Fiscal Years ended prior to the provisions of Section 2.10(a) hereof; (e The Administrative Agent shall have received a duly executed set of the Credit Documents;Effective Date as to which such financial statements are available and