Common use of Conditions Precedent to First Loan Clause in Contracts

Conditions Precedent to First Loan. In addition to the provisions of Section 3.2, the obligation of each Lender to make its first Loan hereunder is subject to the receipt by the Lenders of a legal opinion, dated the date of Borrowing of the first Loan, from counsel to the Loan Parties, concerning due authorization, execution, delivery and the enforceability of this Agreement, the Notes and the Security Agreement, absence of conflicts with laws, articles, by-laws, agreements, absence of consents and approvals and the perfection of the Lenders' security interest in the Collateral, all in form and substance reasonably satisfactory to the Lenders.