{"component": "clause", "props": {"groups": [{"snippet": "Before or concurrently with the initial Credit Event:\n(a) the Administrative Agent shall have received this Agreement duly executed by the Borrower, the Material Subsidiaries, as Guarantors, and the Lenders;\n(b) if requested by any Lender, the Administrative Agent shall have received for such Lender such Lender\u2019s duly executed Notes of the Borrower dated the date hereof and otherwise in compliance with the provisions of Section 1.10 hereof;\n(c) the Administrative Agent shall have received evidence of insurance required to be maintained under the Loan Documents;\n(d) the Administrative Agent shall have received copies of Whitestone REIT\u2019s, the Borrower\u2019s and each Material Subsidiary\u2019s articles of incorporation and bylaws (or comparable organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary;\n(e) the Administrative Agent shall have received copies of resolutions of Whitestone REIT\u2019s, the Borrower\u2019s and each Material Subsidiary\u2019s Board of Directors (or similar governing body) authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, together with specimen signatures of the persons authorized to execute such documents on Whitestone REIT\u2019s, the Borrower\u2019s and each Material Subsidiary\u2019s behalf, all certified in each instance by its Secretary or Assistant Secretary or other Authorized Representative;\n(f) the Administrative Agent shall have received copies of the certificates of good standing for Whitestone REIT, the Borrower and each Material Subsidiary (dated no earlier than 30 days prior to the date hereof) from the office of the secretary of the state of its incorporation or organization and of each state in which it is qualified to do business as a foreign corporation or organization;\n(g) the Administrative Agent shall have received a list of the Borrower\u2019s Authorized Representatives;\n(h) the Administrative Agent shall have received the initial fees called for by Section 2.1 hereof;\n(i) the capital and organizational structure of Whitestone REIT, the Borrower and its Subsidiaries shall be satisfactory to the Administrative Agent, the Lenders, and the L/C Issuer;\n(j) the Lenders shall have received a Closing Date Borrowing Base Certificate;\n(k) the Administrative Agent shall have received financing statement and federal tax lien searches against the Borrower, Whitestone REIT and each Material Subsidiary evidencing the absence of Liens on its Property except for Permitted Liens or as otherwise permitted by Section 8.8 hereof;\n(l) the Administrative Agent shall have received a written opinion of counsel to Whitestone REIT, the Borrower and each Material Subsidiary, in form and substance reasonably satisfactory to the Administrative Agent;\n(m) the Administrative Agent shall have received a fully executed Internal Revenue Service Form W-9 for the Borrower and each Guarantor;\n(n) the Administrative Agent shall have received such other agreements, instruments, documents, certificates, and opinions as the Administrative Agent may reasonably request; and\n(o) the Administrative Agent and any Lender shall have received any information or materials reasonably required by the Administrative Agent or such Lender in order to assist the Administrative Agent or such Lender in maintaining compliance with (i) the Act (as hereinafter defined) and (ii) any applicable \u201cknow your customer\u201d or similar rules or regulations.", "size": 261, "samples": [{"hash": "6dYq58cSR3Q", "uri": "/contracts/6dYq58cSR3Q#initial-credit-event", "label": "Credit Agreement (Pillarstone Capital Reit)", "score": 27.9486656189, "published": true}, {"hash": "gcylUZGFM0W", "uri": "/contracts/gcylUZGFM0W#initial-credit-event", 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"clause", "offset": [2184, 2213]}, {"key": "closing-date-borrowing-base-certificate", "type": "clause", "offset": [2336, 2375]}, {"key": "financing-statement", "type": "clause", "offset": [2426, 2445]}, {"key": "lien-searches", "type": "definition", "offset": [2462, 2475]}, {"key": "absence-of-liens", "type": "clause", "offset": [2558, 2574]}, {"key": "except-for-permitted-liens", "type": "clause", "offset": [2591, 2617]}, {"key": "section-88", "type": "clause", "offset": [2647, 2658]}, {"key": "opinion-of-counsel-to", "type": "clause", "offset": [2726, 2747]}, {"key": "form-and-substance", "type": "clause", "offset": [2811, 2829]}, {"key": "fully-executed", "type": "definition", "offset": [2934, 2948]}, {"key": "internal-revenue-service-form-w-9", "type": "clause", "offset": [2949, 2982]}, {"key": "for-the-borrower", "type": "clause", "offset": [2983, 2999]}, {"key": "other-agreements", "type": "clause", "offset": [3074, 3090]}, {"key": "reasonably-request", "type": "definition", "offset": [3175, 3193]}, {"key": "required-by", "type": "definition", "offset": [3303, 3314]}, {"key": "assist-the", "type": "clause", "offset": [3367, 3377]}, {"key": "maintaining-compliance", "type": "clause", "offset": [3417, 3439]}, {"key": "the-act", "type": "clause", "offset": [3449, 3456]}, {"key": "know-your-customer", "type": "clause", "offset": [3507, 3525]}, {"key": "rules-or-regulations", "type": "clause", "offset": [3538, 3558]}], "hash": "7cf26b203e561f92b2d4776e9fb3fe8a", "id": 1}, {"snippet": "The obligation of Bank to participate in any initial Credit Event hereunder is subject to satisfaction or waiver by Bank of the following conditions precedent:\n(a) Bank shall have received each of the following, in each case (i) duly executed by all applicable parties, (ii) dated a date satisfactory to Bank and (iii) in form and substance satisfactory to Bank:\n(i) this Agreement duly executed by \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 and Bank;\n(ii) duly executed Notes of \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 dated the date hereof and otherwise in compliance with the provisions of Section 2.10;\n(iii) the Assignment of and Amendment to Security Agreement, the Assignment of and Amendment to IP Security Agreement, the Assignment of and Amendment to Pledge Agreement, the Assignment of and Amendment to Perfection Certificate, the Collateral Assignment of Rights under Purchase Documents, the Assignment of and Amendment to Negative Pledge Agreement, the Assignment of and Amendment to Agreement as Liens and Encumbrances and each of the other Collateral Documents required by Bank, together with (A) UCC financing statements to be filed against TDI, as debtor, in favor of Bank, as secured party, (B) PPSA financing statement to be filed against Canadian Borrower and \u2587\u2587\u2587\u2587\u2587\u2587 Purchaser, as debtors, in favor of Bank, as secured party (C) patent, trademark, industrial design and copyright collateral agreements to the extent requested by Bank, and (D) deposit account, securities account, and commodity account control agreements to the extent requested by Bank;\n(iv) copies of TDI\u2019s and \u2587\u2587\u2587\u2587\u2587\u2587 Purchaser\u2019s articles of incorporation and bylaws (or comparable organizational documents) and any amendments thereto, certified in each instance by its Secretary or Assistant Secretary;\n(v) copies of resolutions of TDI\u2019s and \u2587\u2587\u2587\u2587\u2587\u2587 Purchaser\u2019s Board of Directors (or similar governing body) authorizing the execution, delivery and performance of this Agreement and the other Loan Documents to which it is a party and the consummation of the transactions contemplated hereby and thereby, together with specimen signatures of the persons authorized to execute such documents on TDI\u2019s and \u2587\u2587\u2587\u2587\u2587\u2587 Purchaser\u2019s behalf, all certified in each instance by its Secretary or Assistant Secretary;\n(vi) such documents and certifications as Bank may reasonably require to evidence that TDI, \u2587\u2587\u2587\u2587\u2587\u2587 Purchaser and \u2587\u2587\u2587\u2587\u2587\u2587 Target are validly existing, in good standing or active status (as applicable), and qualified to engage in business in its jurisdiction of organization and in any other jurisdiction in which the nature of TDI and \u2587\u2587\u2587\u2587\u2587\u2587 Purchaser\u2019s business requires such qualification;\n(vii) a list of \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2019s Authorized Representatives;\n(viii) a pro forma Borrowing Base Certificate in the form attached hereto as Exhibit B showing the computation of the Borrowing Base in reasonable detail as of the close of business on February 14, 2025, after giving effect to the \u2587\u2587\u2587\u2587\u2587\u2587 Acquisition;\n(ix) financing statement, tax, and judgment lien search results against the Property of \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 and each Guarantor, evidencing the absence of Liens on its Property except as permitted by Section 7.2;\n(x) pay off and lien release or amendment letters from secured creditors of \u2587\u2587\u2587\u2587\u2587\u2587 Target and \u2587\u2587\u2587\u2587\u2587\u2587 Sellers (as defined in the \u2587\u2587\u2587\u2587\u2587\u2587 Purchase Document) setting forth, among other things, the total amount of indebtedness outstanding and owing to them (or outstanding letters of credit issued for the account of TDI and/or \u2587\u2587\u2587\u2587\u2587\u2587 Target) (collectively, the \u201cPayoff Amount\u201d) and containing a confirmation that upon receipt of the Payoff Amount that (i) all indebtedness, liabilities and obligations have been satisfied in full, (ii) all Liens have been discharged and released (in the case of the \u2587\u2587\u2587\u2587\u2587\u2587 Sellers, only Liens on the \u201cPurchased Shares\u201d as defined in the \u2587\u2587\u2587\u2587\u2587\u2587 Purchase Document), (iii) all loan, guarantee and security documents delivered by the Kobelt Target are terminated and released, (iv) they shall cause to be delivered to Bank UCC amendment or termination statements and PPSA financing change statements or full discharges of any financing statements registered against the Kobelt Target and the \u2587\u2587\u2587\u2587\u2587\u2587 Sellers (but in the case of the \u2587\u2587\u2587\u2587\u2587\u2587 Sellers, only to the extent any such financing statements perfect a security interest the \u201cPurchased Shares\u201d as defined in the \u2587\u2587\u2587\u2587\u2587\u2587 Purchase Document), together with any other lien amendment or release instruments necessary to amend or release their Liens on the assets of \u2587\u2587\u2587\u2587\u2587\u2587 Target (including the discharges of Intellectual Property Security Agreements to be filed with the applicable governmental offices in which Lien filings were made, and termination notices for any bank account control agreements) or the \u201cPurchased Shares\u201d (as defined in the \u2587\u2587\u2587\u2587\u2587\u2587 Purchase Document); and (v) the return of any physical Collateral (including share certificates);\n(xi) evidence reasonably satisfactory to Bank that all indebtedness to creditors referenced in the preceding paragraph has been (or concurrently with the initial Borrowing will be) paid in full, and that all agreements and instruments governing indebtedness and that all Liens securing such indebtedness have been (or concurrently with the initial Borrowing will be) terminated or amended.\n(xii) a favorable written opinion of counsel to TDI and \u2587\u2587\u2587\u2587\u2587\u2587 Purchaser;\n(xiii) evidence satisfactory to Bank that all due diligence with respect to TDI, \u2587\u2587\u2587\u2587\u2587\u2587 Purchaser and \u2587\u2587\u2587\u2587\u2587\u2587 Target has been completed, including confirmatory third-party due diligence consisting of a third-party due diligence report, quality of earnings, a legal and tax review, an industry and technology review, inventory appraisal, management background checks, an insurance review, and customer and supplier calls, all conducted by firms acceptable to Bank;\n(xiv) five-year projected financial statements for Borrower and a closing balance sheet for Borrower adjusted to give effect to the \u2587\u2587\u2587\u2587\u2587\u2587 Acquisition in form and substance previously provided to Bank;\n(xv) complete, signed copies of the \u2587\u2587\u2587\u2587\u2587\u2587 Purchase Documents;\n(xvi) the Post-\u2587\u2587\u2587\u2587\u2587\u2587 Amalgamation Deliveries (other than the certificate and articles of amalgamation and a certificate of good standing of the Canadian Borrower, each of which shall be delivered to Bank as soon as possible upon receipt) delivered in escrow to be released from escrow automatically and with no further action by any party hereto upon the Canadian Borrower providing satisfactory evidence to Bank of the consummation of the \u2587\u2587\u2587\u2587\u2587\u2587 Amalgamation, which the Canadian Borrower shall provide forthwith upon completion of same; and\n(xvii) such other agreements, instruments, documents, certificates, and opinions as Bank may reasonably request.\n(b) Bank shall have received the initial fees called for by Section 2.11, together with all other fees, costs and expenses required to be paid by Borrower at or before closing;\n(c) The capital and organizational structure of Borrower and its Subsidiaries shall be satisfactory to Bank; and\n(d) After giving effect to the \u2587\u2587\u2587\u2587\u2587\u2587 Acquisition, each initial Credit Event, payment of all fees and expenses in connection therewith, and any payables stretched beyond their customary payment practices, the Availability shall be at least $5,000,000.00.", "size": 18, "samples": [{"hash": "fpB8lmNBTmM", "uri": "/contracts/fpB8lmNBTmM#initial-credit-event", "label": "Credit Agreement (Twin Disc Inc)", 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"insurance-review", "type": "definition", "offset": [5681, 5697]}, {"key": "customer-and-supplier", "type": "clause", "offset": [5703, 5724]}, {"key": "projected-financial-statements", "type": "clause", "offset": [5791, 5821]}, {"key": "closing-balance-sheet", "type": "definition", "offset": [5841, 5862]}, {"key": "give-effect-to", "type": "definition", "offset": [5888, 5902]}, {"key": "copies-of-the", "type": "clause", "offset": [5999, 6012]}, {"key": "the-certificate", "type": "clause", "offset": [6098, 6113]}, {"key": "articles-of-amalgamation", "type": "clause", "offset": [6118, 6142]}, {"key": "a-certificate-of-good-standing", "type": "clause", "offset": [6147, 6177]}, {"key": "the-canadian", "type": "clause", "offset": [6181, 6193]}, {"key": "as-soon-as-possible", "type": "definition", "offset": [6245, 6264]}, {"key": "party-hereto", "type": "definition", "offset": [6374, 6386]}, {"key": "satisfactory-evidence", "type": "definition", "offset": [6424, 6445]}, {"key": "borrower-shall", "type": "clause", "offset": [6521, 6535]}, {"key": "completion-of", "type": "definition", "offset": [6559, 6572]}, {"key": "other-agreements", "type": "clause", "offset": [6595, 6611]}, {"key": "reasonably-request", "type": "definition", "offset": [6676, 6694]}, {"key": "initial-fees", "type": "clause", "offset": [6729, 6741]}, {"key": "all-other-fees", "type": "definition", "offset": [6784, 6798]}, {"key": "costs-and-expenses", "type": "definition", "offset": [6800, 6818]}, {"key": "by-borrower", "type": "clause", "offset": [6839, 6850]}, {"key": "at-or-before-closing", "type": "clause", "offset": [6851, 6871]}, {"key": "borrower-and-its-subsidiaries", "type": "clause", "offset": [6921, 6950]}, {"key": "payment-of-all-fees-and-expenses", "type": "clause", "offset": [7064, 7096]}, {"key": "in-connection", "type": "definition", "offset": [7097, 7110]}, {"key": "payment-practices", "type": "clause", "offset": [7172, 7189]}], "hash": "94b1c9eb654d18c8728d1277d2bc7250", "id": 2}, {"snippet": "Before or concurrently with the first Credit Event:\n(a) The Administrative Agent shall have received this Agreement duly executed by Borrower, each Guarantor, and each Lender;\n(b) The Administrative Agent shall have received for each Lender in form and substance satisfactory to the Administrative Agent the favorable written opinion of (i) \u2587\u2587\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, Esquire, Global General Counsel to the Borrower and Guarantors, (ii) Loyens & Loeff, Dutch counsel to the Borrower, (iii) \u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, English counsel to \u2587\u2587\u2587\u2587\u2587 Lang LaSalle Limited, and (iv) \u2587\u2587\u2587\u2587\u2587 Lovells International LLP, German counsel to \u2587\u2587\u2587\u2587\u2587 Lang LaSalle GmbH;\n(c) The Administrative Agent shall have received for each Lender copies of the notarial deed of incorporation (including the articles of association) of the Borrower, certified by a Dutch civil law notary to be true copies and an extract of the commercial register of the chamber of commerce of Amsterdam relating to the Borrower;\n(d) The Administrative Agent shall have received copies of the Certificate of Incorporation and bylaws (or equivalent) of each Guarantor, certified in each instance by its secretary or an assistant secretary (or its equivalent);\n(e) The Administrative Agent shall have received copies, certified by the secretary or assistant secretary (or its equivalent) of the Borrower\u2019s and each Guarantor\u2019s board of directors\u2019 resolutions (or its equivalent) authorizing the execution of the Credit Documents to which it is a party;\n(f) The Administrative Agent shall have received certificates, executed by the secretary or assistant secretary of each Guarantor, which shall identify by name and title and bear the signature of the partners or officers authorized to sign the Credit Documents to which it is a party;\n(g) The Administrative Agent shall have received copies of the certificates of good standing (to the extent relevant) for each Guarantor (dated no earlier than 30 days prior to the date hereof) from the office of the secretary of the state of its incorporation or organization;\n(h) The Administrative Agent shall have received to the extent requested by any Lender, such Lender\u2019s duly executed Notes of the Borrower dated the date hereof and otherwise in compliance with the provisions of Section 1.11(d) hereof;\n(i) The Administrative Agent shall have received a list of the Borrower\u2019s Authorized Representatives;\n(j) All legal matters incident to the execution and delivery of the Credit Documents shall be satisfactory to the Lenders;\n(k) The Administrative Agent and each Lender shall have received for each fiscal year of the Parent through the fiscal year ending December 31, 2020, a business plan showing in reasonable detail projected operating budgets, consolidated revenues, expenses, and balance sheets on an annual basis, such business plan to be in form and substance satisfactory to the Administrative Agent and each Lender and shall include a summary of all assumptions made in preparing such business plan; and\n(l) The Administrative Agent and each Lender shall have received, sufficiently in advance of the Effective Date, all documentation and other information required by applicable regulatory authorities under applicable \u201cknow your customer\u201d and anti-money laundering rules and regulations, including the Act.", "size": 9, "samples": [{"hash": "kOi0kE5vu46", "uri": "/contracts/kOi0kE5vu46#initial-credit-event", "label": "Multicurrency Credit Agreement (Jones Lang Lasalle Inc)", "score": 26.1526355743, "published": true}], "snippet_links": [{"key": "first-credit-event", "type": "clause", "offset": [32, 50]}, {"key": "agent-shall", "type": "definition", "offset": [75, 86]}, {"key": "by-borrower", "type": "clause", "offset": [130, 141]}, {"key": "each-lender", "type": "clause", "offset": [163, 174]}, {"key": "form-and-substance", "type": "clause", "offset": [244, 262]}, {"key": "written-opinion", "type": "definition", "offset": [318, 333]}, {"key": "borrower-and-guarantors", "type": "clause", "offset": [398, 421]}, {"key": "copies-of-the", "type": "clause", "offset": [696, 709]}, {"key": "deed-of-incorporation", "type": "definition", "offset": [719, 740]}, {"key": "the-articles-of-association", "type": "definition", "offset": [752, 779]}, {"key": "of-the-borrower", "type": "clause", "offset": [781, 796]}, {"key": "certified-by", "type": "definition", "offset": [798, 810]}, {"key": "dutch-civil-law-notary", "type": "definition", "offset": [813, 835]}, {"key": "true-copies", "type": "clause", "offset": [842, 853]}, {"key": "commercial-register", "type": "definition", "offset": [876, 895]}, {"key": "chamber-of-commerce", "type": "definition", "offset": [903, 922]}, {"key": "relating-to", "type": "definition", "offset": [936, 947]}, {"key": "the-certificate-of-incorporation-and-bylaws", "type": "clause", "offset": [1021, 1064]}, {"key": "or-equivalent", "type": "definition", "offset": [1066, 1079]}, {"key": "secretary-or-assistant-secretary", "type": "clause", "offset": [1265, 1297]}, {"key": "board-of-directors", "type": "definition", "offset": [1357, 1375]}, {"key": "the-execution", "type": "clause", "offset": [1421, 1434]}, {"key": "the-credit-documents", "type": "clause", "offset": [1438, 1458]}, {"key": "a-party", "type": "clause", "offset": [1474, 1481]}, {"key": "name-and-title", "type": "definition", "offset": [1638, 1652]}, {"key": "the-partners", "type": "clause", "offset": [1679, 1691]}, {"key": "authorized-to-sign", "type": "clause", "offset": [1704, 1722]}, {"key": "certificates-of-good-standing", "type": "definition", "offset": [1831, 1860]}, {"key": "to-the-extent", "type": "clause", "offset": [1862, 1875]}, {"key": "prior-to-the", "type": "clause", "offset": [1936, 1948]}, {"key": "date-hereof", "type": "clause", "offset": [1949, 1960]}, {"key": "state-of", "type": "definition", "offset": [2002, 2010]}, {"key": "requested-by", "type": "definition", "offset": [2109, 2121]}, {"key": "executed-notes", "type": "clause", "offset": [2153, 2167]}, {"key": "the-provisions-of-section", "type": "clause", "offset": [2239, 2264]}, {"key": "a-list", "type": "definition", "offset": [2330, 2336]}, {"key": "authorized-representatives", "type": "clause", "offset": [2355, 2381]}, {"key": "legal-matters", "type": "definition", "offset": [2391, 2404]}, {"key": "incident-to", "type": "definition", "offset": [2405, 2416]}, {"key": "delivery-of-the", "type": "clause", "offset": [2435, 2450]}, {"key": "the-lenders", "type": "clause", "offset": [2493, 2504]}, {"key": "the-parent", "type": "definition", "offset": [2595, 2605]}, {"key": "fiscal-year-ending", "type": "definition", "offset": [2618, 2636]}, {"key": "business-plan", "type": "definition", "offset": [2658, 2671]}, {"key": "operating-budgets", "type": "clause", "offset": [2711, 2728]}, {"key": "consolidated-revenues", "type": "definition", "offset": [2730, 2751]}, {"key": "balance-sheets", "type": "definition", "offset": [2767, 2781]}, {"key": "annual-basis", "type": "clause", "offset": [2788, 2800]}, {"key": "in-advance", "type": "clause", "offset": [3074, 3084]}, {"key": "the-effective-date", "type": "clause", "offset": [3088, 3106]}, {"key": "required-by", "type": "definition", "offset": [3148, 3159]}, {"key": "applicable-regulatory-authorities", "type": "definition", "offset": [3160, 3193]}, {"key": "know-your-customer", "type": "clause", "offset": [3212, 3230]}, {"key": "rules-and-regulations", "type": "clause", "offset": [3258, 3279]}, {"key": "the-act", "type": "clause", "offset": [3291, 3298]}], "hash": "cd3418e086aa9c83fefb6ca729dead31", "id": 3}, {"snippet": "The obligation of each Lender and the L/C Issuer to participate in the initial Credit Event hereunder is subject to satisfaction or waiver by the applicable party of the following conditions precedent: (a) The transactions contemplated by the Closing Date Acquisition Agreement shall be consummated substantially concurrently with the initial funding under the Credits in accordance with the terms of the draft Closing Date Acquisition Agreement (without any amendment, modification or waiver of any of the provisions thereof that would be materially adverse to the Lenders without the consent of Administrative Agent); provided that (i) a reduction in the purchase price under the Closing Date Acquisition Agreement shall not be deemed to be materially adverse to the Lenders or the Administrative Agent so long as such decrease is allocated to reduce the Term Loan Commitments, (ii) any purchase price adjustment expressly contemplated by the Closing Date Acquisition Agreement (including any working capital purchase price adjustment) shall not be considered an amendment or waiver of the Closing Date Acquisition Agreement and (iii) (A) any change to the definition of \u201cMaterial Adverse Effect\u201d contained in the Closing Date Acquisition Agreement shall be deemed to be materially adverse to Lenders, (B) any amendment of the minimum inside date for the \u201cClosing Date\u201d as defined and set forth in the Closing Date Acquisition Agreement shall be deemed to be materially adverse to the interests of the Lenders and the Administrative Agent, and (C) any amendment or modification to any of the provisions relating to the liability, jurisdiction or status as a third party beneficiary under the Closing Date Acquisition Agreement of the Lenders or the Administrative Agent shall be deemed to be", "size": 5, "samples": [{"hash": "dudqyKDPSyp", "uri": "/contracts/dudqyKDPSyp#initial-credit-event", "label": "Credit Agreement (Sterling Infrastructure, Inc.)", "score": 32.9876785278, "published": true}, {"hash": "9tzMQpEFqgF", "uri": "/contracts/9tzMQpEFqgF#initial-credit-event", "label": "Credit Agreement (Sterling Infrastructure, Inc.)", "score": 32.598903656, "published": true}], "snippet_links": [{"key": "the-obligation", "type": "clause", "offset": [0, 14]}, {"key": "each-lender", "type": "clause", "offset": [18, 29]}, {"key": "participate-in", "type": "definition", "offset": [52, 66]}, {"key": "party-of-the", "type": "clause", "offset": [157, 169]}, {"key": "conditions-precedent", "type": "definition", "offset": [180, 200]}, {"key": "transactions-contemplated", "type": "clause", "offset": [210, 235]}, {"key": "closing-date-acquisition-agreement", "type": "definition", "offset": [243, 277]}, {"key": "initial-funding", "type": "clause", "offset": [335, 350]}, {"key": "the-credits", "type": "clause", "offset": [357, 368]}, {"key": "in-accordance-with", "type": "definition", "offset": [369, 387]}, {"key": "terms-of-the", "type": "clause", "offset": [392, 404]}, {"key": "any-amendment", "type": "definition", "offset": [455, 468]}, {"key": "modification-or-waiver", "type": "clause", "offset": [470, 492]}, {"key": "the-provisions", "type": "clause", "offset": [503, 517]}, {"key": "materially-adverse", "type": "definition", "offset": [540, 558]}, {"key": "consent-of-administrative-agent", "type": "clause", "offset": [586, 617]}, {"key": "provided-that", "type": "definition", "offset": [620, 633]}, {"key": "reduction-in", "type": "definition", "offset": [640, 652]}, {"key": "the-purchase-price", "type": "clause", "offset": [653, 671]}, {"key": "the-administrative-agent", "type": "definition", "offset": [780, 804]}, {"key": "allocated-to", "type": "definition", "offset": [833, 845]}, {"key": "the-term-loan-commitments", "type": "clause", "offset": [853, 878]}, {"key": "working-capital-purchase-price-adjustment", "type": "clause", "offset": [995, 1036]}, {"key": "waiver-of-the", "type": "clause", "offset": [1078, 1091]}, {"key": "change-to", "type": "definition", "offset": [1145, 1154]}, {"key": "the-definition-of", "type": "definition", "offset": [1155, 1172]}, {"key": "material-adverse-effect", "type": "definition", "offset": [1174, 1197]}, {"key": "contained-in", "type": "definition", "offset": [1199, 1211]}, {"key": "to-lenders", "type": "definition", "offset": [1292, 1302]}, {"key": "amendment-of-the", "type": "clause", "offset": [1312, 1328]}, {"key": "inside-date", "type": "clause", "offset": [1337, 1348]}, {"key": "the-interests", "type": "clause", "offset": [1483, 1496]}, {"key": "modification-to", "type": "clause", "offset": [1567, 1582]}, {"key": "the-liability", "type": "clause", "offset": [1617, 1630]}, {"key": "third-party-beneficiary", "type": "clause", "offset": [1660, 1683]}, {"key": "agreement-of-the-lenders", "type": "clause", "offset": [1719, 1743]}, {"key": "agent-shall", "type": "definition", "offset": [1766, 1777]}], "hash": "763ad53da14b23ecf18524bd6f088534", "id": 4}, {"snippet": "Before or concurrently with the first Credit Event:\n(a) The Administrative Agent shall have received this Agreement duly executed by Borrower, each Guarantor, and each Lender; (b) The Administrative Agent shall have received for each Lender in form and substance satisfactory to the Administrative Agent the favorable written opinion of (i) \u2587\u2587\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, Esquire, Global General Counsel to the Borrower and Guarantors, (ii) Loyens & Loeff, Dutch counsel to the Borrower, (iii) \u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587, English counsel to \u2587\u2587\u2587\u2587\u2587 Lang LaSalle Limited, (iv) \u2587\u2587\u2587\u2587\u2587 Lovells International LLP, German counsel to \u2587\u2587\u2587\u2587\u2587 Lang LaSalle SE, and (v) the opinion of Skadden, Arps, Slate, \u2587\u2587\u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587 LLP, special Illinois counsel to the Borrower and Guarantors;", "size": 4, "samples": [{"hash": "hcnHLDBqvDF", "uri": "/contracts/hcnHLDBqvDF#initial-credit-event", "label": "Credit Agreement (Jones Lang Lasalle Inc)", "score": 31.585899353, "published": true}, {"hash": "aZMfMkmbOCy", "uri": "/contracts/aZMfMkmbOCy#initial-credit-event", "label": "Credit Agreement (Jones Lang Lasalle Inc)", "score": 30.2881584167, "published": true}], "snippet_links": [{"key": "first-credit-event", "type": "clause", "offset": [32, 50]}, {"key": "agent-shall", "type": "definition", "offset": [75, 86]}, {"key": "by-borrower", "type": "clause", "offset": [130, 141]}, {"key": "each-lender", "type": "clause", "offset": [163, 174]}, {"key": "form-and-substance", "type": "clause", "offset": [244, 262]}, {"key": "written-opinion", "type": "definition", "offset": [318, 333]}, {"key": "borrower-and-guarantors", "type": "clause", "offset": [398, 421]}], "hash": "97710fa8d312e1460a6d17388e41b990", "id": 5}, {"snippet": "Before or concurrently with the initial Credit Event:", "size": 4, "samples": [{"hash": "hryhod9FY2Q", "uri": "/contracts/hryhod9FY2Q#initial-credit-event", "label": "Credit Agreement (Globe Specialty Metals Inc)", "score": 21.4284744263, "published": true}, {"hash": "jhxErcCJ7Qe", "uri": "/contracts/jhxErcCJ7Qe#initial-credit-event", "label": "Revolving Credit Agreement (K12 Inc)", "score": 21.0, "published": true}], "snippet_links": [], "hash": "635f9177fc6a15665d8a598ae6b167e2", "id": 6}, {"snippet": "On or before the Effective Date:\n(a) The Administrative Agent shall have received for each Bank the favorable written opinion of (i) Faegre Drinker \u2587\u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587 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;\n(b) The Administrative Agent shall have received for each Bank copies of the Borrower\u2019s (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;\n(c) The Administrative Agent shall have received for each Bank satisfactory evidence that the Borrower\u2019s 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\u2019s behalf, all certified in each instance by its Secretary or Assistant Secretary;\n(d) The Administrative Agent shall have received for each Bank which has requested same such Bank\u2019s 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;", "size": 4, "samples": [{"hash": "4OQOL6NJJTk", "uri": "/contracts/4OQOL6NJJTk#initial-credit-event", "label": "Credit Agreement (Black Hills Corp /Sd/)", "score": 32.5455169678, "published": true}], "snippet_links": [{"key": "the-effective-date", "type": "clause", "offset": [13, 31]}, {"key": "agent-shall", "type": "definition", "offset": [56, 67]}, {"key": "each-bank", "type": "clause", "offset": [86, 95]}, {"key": "written-opinion", "type": "definition", "offset": [110, 125]}, {"key": "faegre-drinker", "type": "definition", "offset": [133, 147]}, {"key": "to-the-borrower", "type": "definition", "offset": [176, 191]}, {"key": "general-counsel", "type": "clause", "offset": [202, 217]}, {"key": "legal-opinion", "type": "definition", "offset": [281, 294]}, {"key": "all-necessary-approvals", "type": "clause", "offset": [340, 363]}, {"key": "in-connection-with", "type": "clause", "offset": [376, 394]}, {"key": "the-credit-documents", "type": "clause", "offset": [417, 437]}, {"key": "other-related-matters", "type": "clause", "offset": [448, 469]}, {"key": "reasonably-request", "type": "definition", "offset": [502, 520]}, {"key": "copies-of-the-borrower", "type": "clause", "offset": [585, 607]}, {"key": "articles-of-incorporation", "type": "clause", "offset": [614, 639]}, {"key": "constituent-documents", "type": "clause", "offset": [702, 723]}, {"key": "satisfactory-evidence", "type": "definition", "offset": [887, 908]}, {"key": "board-of-directors", "type": "definition", "offset": [929, 947]}, {"key": "delivery-of-the", "type": "clause", "offset": [981, 996]}, {"key": "contemplated-thereby", "type": "clause", "offset": [1055, 1075]}, {"key": "specimen-signatures", "type": "clause", "offset": [1090, 1109]}, {"key": "the-persons", "type": "clause", "offset": [1113, 1124]}, {"key": "secretary-or-assistant-secretary", "type": "clause", "offset": [1226, 1258]}, {"key": "duly-executed", "type": "clause", "offset": [1360, 1373]}, {"key": "date-hereof", "type": "clause", "offset": [1405, 1416]}, {"key": "the-provisions-of-section", "type": "clause", "offset": [1450, 1475]}], "hash": "36c2bfa52578c5f063fd0d91b3aa0fc6", "id": 7}, {"snippet": "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:\n(a) The Administrative Agent (or its counsel) shall have received (i) from each party hereto either (A) a counterpart of this Agreement signed on behalf of such party or (B) written evidence satisfactory to the 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) 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 Administrative Agent.\n(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 Sidley Austin LLP, counsel for the Borrower, as are customary for transactions of this type, and covering such other matters relating to the Borrower, the Loan Documents or the Transactions as the Administrative Agent shall reasonably request. The Borrower hereby requests such counsel to deliver such opinion.\n(c) The Lenders shall have received (i) satisfactory audited consolidated financial statements of the Borrower for the two most recent Fiscal Years ended prior to the Effective Date as to which such financial statements are available and (ii) satisfactory unaudited interim consolidated financial statements of the Borrower for the quarterly periods ended March 31, 2018 and June 30, 2018.\n(d) Each Regulated Insurance Company (other than (i) those Regulated Insurance Companies that do not have an A.M. Best Company financial strength rating and (ii) those Regulated Insurance Companies that (x) have an A.M. Best Company financial strength rating and (y) were acquired within one year prior to the Effective Date) shall have an A.M. Best Company financial strength rating of at least \u201cA-\u201d.\n(e) The Administrative Agent shall have received (x) such officer\u2019s certificates, resolutions, borrowing requests and good standing certificates, and documents and other instruments relating to the organization, existence and good standing of the Borrower, the authorization of the Transactions and any other legal matters relating to the Borrower, the Loan Documents or the Transactions, as are customary for transactions of this type as further described in the list of closing documents attached as Exhibit E-1 and (y) a solvency certificate in the form attached hereto as Exhibit E-2.\n(f) The Administrative Agent shall have received evidence satisfactory to it that the Existing Credit Facility shall have been terminated and cancelled and all indebtedness thereunder shall have been fully repaid (except to the extent being so repaid with the initial Loans) and any and all liens thereunder shall have been terminated.\n(g) The Administrative Agent shall have received, at least three (3) Business Days prior to the Effective Date, (i) all documentation and other information regarding the Borrower requested in connection with applicable \u201cknow your customer\u201d and anti-money laundering rules and regulations, including the Patriot Act, to the extent requested in writing of the Borrower at least ten (10) Business Days prior to the Effective Date and (ii) to the extent (x) the Borrower qualifies as a \u201clegal entity customer\u201d under the Beneficial Ownership Regulation and (y) any Lender has requested in a written notice to the Borrower at least ten (10) Business Days prior to the Effective Date, a Beneficial Ownership Certification in relation to the Borrower.\n(h) The Administrative Agent and the Lenders shall have received all fees and other amounts due and payable on or prior to the Effective Date, including to the extent invoiced and presented to the Borrower at least two (2) Business Days prior to the Effective Date, reimbursement or payment of all out-of-pocket expenses required to be reimbursed or paid by the Borrower hereunder.\n(i) The Administrative Agent shall have received evidence reasonably satisfactory to it (it being understood that a certificate of an officer of the Borrower as to the satisfaction of such conditions shall be deemed to constitute satisfactory evidence) that:\n(A) the Merger shall have been consummated or shall be consummated simultaneously or substantially concurrently with the closing under this Agreement on the terms described in the Merger Agreement, without giving effect to any amendment, waiver, consent or other modification thereof by the Borrower that is materially adverse to the interests of the Lenders (in their capacities as such), unless such amendment, waiver, consent or other modification has been approved by the Administrative Agent;\n(B) any consent or approval of, completion of any registration or filing with, and any other action by, any Governmental Authority, required in connection with the consummation of the Transactions by Borrower shall have been received and be in full force and effect; and\n(C) since March 1, 2018, there shall not have occurred any \u201cMaterial Adverse Effect\u201d (as defined in the Merger Agreement as in effect on August 27, 2018).\n(j) The Administrative Agent shall have received evidence reasonably satisfactory to it (it being understood that a certificate of an officer of the Borrower as to the satisfaction of such conditions shall be deemed to constitute satisfactory evidence) that:\n(A) the Specified Representations and the Specified Merger Representations shall be true and correct in all material respects as of the Effective Date (except, in the case of any such representation which expressly relates to a given date or period, such representation and warranty shall be true and correct in all material respects as of the respective date or for the respective period, as the case may be); provided that any such representation qualified by or subject to \u201cmaterial adverse effect,\u201d \u201cmaterial adverse change\u201d or similar term or qualification shall be true and correct in all respects (after giving effect to any such qualification or materiality threshold); and\n(B) at the time of and immediately after giving effect to the initial Borrowing and the initial issuance of Letters of Credit, as applicable, on the Effective Date, no Default or Event of Default shall have occurred and be continuing. For purposes of determining compliance with the conditions specified in this Section 4.01, each Lender that has signed this Agreement on the Effective Date shall be deemed to have consented to, approved or accepted, or to be satisfied with, each document or other matter required hereunder to be consented to or approved by or acceptable or satisfactory to such Lenders. For the avoidance of doubt, there is no representation or warranty (other than the Specified Representations and Specified Merger Representations) the making or accuracy of which is a condition to any Borrowing that occurs on the Effective Date, or otherwise any condition precedent (other than as expressly set forth in this Section 4.01) directly or indirectly relating to the Borrower or any of its Subsidiaries, the satisfaction of which is a condition precedent to any Borrowing that occurs on the Effective Date.", "size": 4, "samples": [{"hash": "3HViJ4NU11y", "uri": "/contracts/3HViJ4NU11y#initial-credit-event", "label": "Credit Agreement (Amtrust Financial Services, Inc.)", "score": 29.9089660645, "published": true}], "snippet_links": [{"key": "obligations-of-the-lenders", "type": "clause", "offset": [4, 30]}, {"key": "term-loans-and-revolving-loans", "type": "clause", "offset": [51, 81]}, {"key": "the-issuing-bank", "type": "clause", "offset": [89, 105]}, {"key": "to-issue", 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"compliance-with-the-conditions", "type": "clause", "offset": [6653, 6683]}, {"key": "each-lender", "type": "clause", "offset": [6716, 6727]}, {"key": "signed-this", "type": "definition", "offset": [6737, 6748]}, {"key": "consented-to", "type": "definition", "offset": [6805, 6817]}, {"key": "for-the-avoidance-of-doubt", "type": "clause", "offset": [6996, 7022]}, {"key": "no-representation-or-warranty", "type": "clause", "offset": [7033, 7062]}, {"key": "condition-precedent", "type": "definition", "offset": [7259, 7278]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [7336, 7358]}], "hash": "d6d0d2b84ad8c507d3345d1a52b8f921", "id": 8}, {"snippet": "On the Closing Date:\n(a) The Arrangers and the Administrative Agent shall have received, on behalf of itself, the Lenders and the Issuing Bank, favorable written opinions of (i) \u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587. \u2587\u2587\u2587\u2587\u2587\u2587, Esq., General Counsel of the Borrower, substantially to the effect set forth in Exhibit H-1, (ii) Akin, Gump, Strauss, \u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587, L.L.P., special counsel for the Parent and the Borrower, substantially to the effect set forth in Exhibit H-2, (iii) \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587, Puerto Rican counsel for the Parent and the Borrower, substantially to the effect set forth in Exhibit H-3 and (iv) \u2587\u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587\u2587\u2587, special counsel for the Borrower, substantially to the effect set forth in Exhibit H-4, in each case dated the Closing Date, addressed to the Administrative Agent, the Lenders and the Issuing Bank, and covering such other matters relating to the Loan Documents and the Transactions as the Arrangers and the Administrative Agent shall reasonably request, and the Parent and the Borrower hereby request such counsel to deliver such opinion.\n(b) The Arrangers and the Administrative Agent shall have received (i) a copy of the certificate or articles of incorporation, including all amendments thereto, of each Loan Party, certified as of a recent date by the Secretary of State or comparable official of the state or other jurisdiction of its organization, and, except with respect to jurisdictions that do not issue such certificates for persons organized in the manner of such Loan Party, a certificate as to the good standing of each Loan Party as of a recent date, from such Secretary of State or other official; (ii) a certificate of the Secretary or Assistant Secretary of each Loan Party dated the Closing Date and certifying (A) that attached thereto is a true and complete copy of the by-laws of such Loan Party as in effect on the Closing Date and at all times since a date prior to the date of the resolutions described in clause (B) below, (B) that attached thereto is a true and complete copy of resolutions duly adopted by the Board of Directors of such Loan Party authorizing the execution, delivery and performance of the Loan Documents to which such person is a party and, in the case of the Borrower, the Borrowings hereunder, and that such resolutions have not been modified, rescinded or amended and are in full force and effect, (C) that the certificate or articles of incorporation of such Loan Party have not been amended since the date of the last amendment thereto shown on the certified copy thereof furnished pursuant to clause (i) above, and (D) as to the incumbency and specimen signature of each officer executing any Loan Document or any other document delivered in connection herewith on behalf of such Loan Party; (iii) a certificate of another officer as to the incumbency and specimen signature of the Secretary or Assistant Secretary executing the certificate pursuant to (ii) above; and (iv) such other documents as the Lenders, the Issuing Bank or the Arrangers or the Administrative Agent, may reasonably request.\n(c) The Arrangers and the Administrative Agent shall have received a certificate, dated the Closing Date and signed by a Financial Officer of the Borrower, confirming compliance with the conditions precedent set forth in paragraphs (b) and (c) of Section 4.01.\n(d) The Arrangers and the Administrative Agent shall have received all Fees and other amounts due and payable on or prior to the Closing Date, including, to the extent invoiced, reimbursement or payment of all out-of- pocket expenses required to be reimbursed or paid by the Borrower hereunder or under any other Loan Document.\n(e) The Parent Equity Contribution shall have been or shall simultaneously be completed; the issued and outstanding Equity Interests of the Parent shall consist only of common stock of a single class and, if the Sponsors shall so determine, Rights with respect thereto; Apollo and Bastion taken together shall own, directly or indirectly, 50.1% of such common stock (taking into account all Rights on a fully diluted basis), and Liberty and SPE taken together shall own, directly or indirectly, 49.9% of such common stock (taking into account all Rights on a fully diluted basis); and no other person shall own any of such common stock or any Rights with respect thereto.\n(f) The Senior Discount Note Sale shall have been or shall substantially simultaneously be completed.\n(g) The Borrower Equity Contribution shall have been or shall substantially simultaneously be completed.\n(h) The Merger shall have been, or substantially simultaneously with the initial Credit Event shall be, consummated in accordance with the Merger Agreement and applicable law, without any amendment to or waiver of any material terms or conditions of the Merger Agreement not approved by the Lenders. The Lenders and the Issuing Bank shall have received executed copies of the Merger Agreement and all certificates, opinions and other documents delivered in connection therewith, all certified by a Financial Officer as complete and correct.\n(i) The Network Sale shall have been or shall substantially simultaneously be completed and the Borrower and the Network Company shall have entered into the Network Affiliation Agreement.\n(j) The Refinancing shall have been or shall substantially simultaneously be completed; provided that an aggregate principal amount of the Company's Senior Notes due 2006 acceptable to the Required Lenders may remain outstanding if (i) the Company or the Borrower shall have made a tender offer for the purchase of such Notes but such Notes shall not have been tendered by the holders thereof for purchase by the Company or the Borrower, (ii) the indenture under which such Notes are outstanding shall have been amended as contemplated in the Offer to Purchase, and (iii) either (A) sufficient cash (which may represent the proceeds of Revolving Loans made hereunder) shall have been or shall simultaneously with the initial borrowings hereunder be deposited with the trustee for such Notes, in accordance with the terms of such indenture, to defease all obligations of the Company to pay the principal thereof and premium and interest thereon when and as due or (B) the Borrower shall have given irrevocable instructions to the Administrative Agent that an amount of the Total Revolving Credit Commitment sufficient to pay the principal of and premium and interest on such Notes when and as due shall be restricted and made available to the Borrower (subject to the conditions set forth in this Article IV) solely for the purpose of discharging such principal, premium and interest (and the Borrower shall be deemed to have given such instructions if, at the time of the initial borrowings hereunder, such Notes shall not be defeased as contemplated in the preceding clause (A)).\n(k) Subject only to the processing by the State Department of the Commonwealth of Puerto Rico of the Charter Amendment (as defined in Section 3.19(e)) of the Puerto Rican Subsidiary, the Collateral Requirement shall be satisfied, and the capitalization of the Puerto Rican Subsidiary shall have been restructured so that substantially all the economic interest therein is represented by the non-voting capital stock thereof. The Collateral Agent shall have received a Federal Reserve Form U-1 duly completed and executed by the Borrower demonstrating compliance with Regulation U of the Board.\n(l) The Collateral Agent shall have received the results of a search of the Uniform Commercial Code (or equivalent) filings made with respect to the Loan Parties in the states (or other jurisdictions) in which the chief executive office of each such person is located, any offices of such persons in which records have been kept relating to accounts receivable and the other jurisdictions in which Uniform Commercial Code filings (or equivalent filings) are to be made pursuant to clause (b) of the definition of \"Collateral Requirement\", together with copies of the financing statements (or similar documents) disclosed by such search, and accompanied by evidence satisfactory to the Collateral Agent that the Liens indicated in any such financing statement (or similar document) would be permitted under Section 6.02 or have been released.\n(m) The Collateral Agent shall have received a Perfection Certificate dated the Closing Date and duly executed by a Responsible Officer of the Borrower.\n(n) The Guarantee Requirement shall be satisfied.\n(o) All requisite Governmental Authorities (including the FCC and any antitrust or banking authorities) and third parties shall have approved or consented to the Transactions to the extent required, in each case to the extent failure to obtain such approvals or consents could, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect, and there shall be no action by any Governmental Authority, actual or threatened, that has a reasonable likelihood of materially restraining, preventing or imposing burdensome conditions on the Transactions or the other transactions contemplated hereby (it being understood that FCC approval shall be deemed to have been obtained upon receipt of an initial favorable ruling from the FCC unless the Arrangers in good faith believe that it is reasonably uncertain that such initial ruling will become final and nonappealable).\n(p) The Arrangers and the Administrative Agent shall have received an opinion (and related going-concern valuation) reasonably satisfactory in all respects to the Arrangers from \u2587\u2587\u2587\u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587 \u2587\u2587\u2587\u2587\u2587\u2587 & \u2587\u2587\u2587\u2587\u2587 Inc. as to the solvency of the Parent and the Subsidiaries on a consolidated basis after giving effect to the Closing Date Transactions.\n(q) The Arrangers and the Administrative Agent shall have received pro forma computations satisfactory to them indicating that the Consolidated Leverage Ratio at the end of the most recently ended period of four fiscal quarters prior to the Closing Date for which financial statements are available, giving pro forma effect to the Closing Date Transactions as if they had occurred at the beginning of such period (and reflecting such adjustments resulting from the Network Sale and the Network Affiliation Agreement as shall have been reflected in the Pro Forma Financial Information), shall have been not greater than 7.0 to 1.0.\n(r) The Arrangers shall be satisfied that, after giving effect to the Closing Date Transactions, the Borrower will have not less than $25,000,000 (subject to reduction by the amount of any outstanding principal balance under the Existing Credit Facility on the Closing Date) of available Revolving Credit Commitments to provide for its working capital needs.\n(s) The terms on which the Closing Date Transactions shall have been completed and the capitalization (including Indebtedness) of the Parent and the Borrower after giving effect to the Closing Date Transactions shall be consistent in all material respects with the pro forma financial statements and projections provided to the Lenders prior to the date hereof (including all updates of such projections provided 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