Common use of An Opinion Clause in Contracts

An Opinion. directed to Agent and the Lenders and issued by the counsel to the Borrowers and Guarantor (who must be an independent attorney-at-law licensed to practice in Pennsylvania) that (i) Borrowers and Guarantor are duly organized, validly existing, and in good standing in the state of such entity’s formation and the Borrowers are authorized to do business in all jurisdictions where such authorization is required, (ii) each Borrower and Guarantor has the power to enter into the transactions contemplated by this Agreement and by the Loan Documents; (iii) the transactions contemplated by this Agreement and the Loan Documents do not violate any provision of any Organizational Document, or any other document known to such counsel, affecting any Borrower or Guarantor; (iv) the Loan Documents have been executed and delivered by, and constitute the valid and binding obligations of, Borrowers and Guarantor (to the extent executed thereby), enforceable in accordance with their terms, except as limited by applicable bankruptcy or other laws affecting creditor’s rights generally;; and (v) such other matters relating to the transactions contemplated herein as Agent or Agent’s counsel may reasonably request.

Appears in 2 contracts

Samples: Revolving Credit Loan Agreement (Orleans Homebuilders Inc), Revolving Credit Loan Agreement (Orleans Homebuilders Inc)

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An Opinion. directed to Agent and the Lenders and issued by the counsel to the Borrowers and Guarantor (who must be an independent attorney-at-law licensed to practice in Pennsylvania) that (i) Borrowers and Guarantor are duly organized, validly existing, and in good standing in the state of such entity’s 's formation and the Borrowers are authorized to do business in all jurisdictions where such authorization is required, (ii) each Borrower and Guarantor has the power to enter into the transactions contemplated by this Agreement and by the Loan Documents; (iii) the transactions contemplated by this Agreement and the Loan Documents do not violate any provision of any Organizational Document, or any other document known to such counsel, affecting any Borrower or Guarantor; (iv) the Loan Documents have been executed and delivered by, and constitute the valid and binding obligations of, Borrowers and Guarantor (to the extent executed thereby), enforceable in accordance with their terms, except as limited by applicable bankruptcy or other laws affecting creditor’s 's rights generally;; (v) the Facility and the repayment of the Indebtedness in accordance with the terms of this Agreement, the Line of Credit Notes and the Swing Line Note shall not violate any applicable usury laws; and (vvi) such other matters relating to the transactions contemplated herein as Agent or Agent’s 's counsel may reasonably request.

Appears in 2 contracts

Samples: Revolving Credit Loan Agreement (Orleans Homebuilders Inc), Revolving Credit Loan Agreement (Orleans Homebuilders Inc)

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An Opinion. directed to Agent and the Lenders and issued by the counsel to the Borrowers and Guarantor (who must be an independent attorney-at-law licensed to practice in Pennsylvania) that (i) Borrowers and Guarantor are duly organized, validly existing, and in good standing in the state of such entity’s formation and the Borrowers are authorized to do business in all jurisdictions where such authorization is required, (ii) each Borrower and Guarantor has the power to enter into the transactions contemplated by this Agreement Amendment and by the Loan DocumentsAgreement and Security Agreement, as amended; (iii) the transactions contemplated by this Amendment and by the Loan Agreement and the Loan Documents Security Agreement, as amended, do not violate any provision of any Organizational Document, or any other document known to such counsel, affecting any Borrower or Guarantor; (iv) the Loan Documents have this Amendment has been duly executed and delivered by, and this Amendment and the Loan Agreement and Security Agreement, as amended, constitute the valid and binding obligations of, Borrowers and Guarantor (to the extent executed thereby)Guarantor, enforceable in accordance with their terms, except as limited by applicable bankruptcy or other laws affecting creditor’s rights generally;; and (v) such other matters relating to the transactions contemplated herein as Agent or Agent’s counsel may reasonably request.

Appears in 1 contract

Samples: Loan Agreement and Security Agreement (Orleans Homebuilders Inc)

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