Shake Shack 2015 Annual Report Download - page 159

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(f)
No Default Certificate
. The Administrative Agent shall have received a certificate, signed by the chief financial officer of the Borrower and
each other Loan Party, on the initial Borrowing date (i) stating that no Default has occurred and is continuing and (ii) stating that the representations and
warranties contained in Article III are true and correct in all material respects as of such date (or if any representation or warranty is expressly stated to
have been made as of a specific date, as of such specific date).
(g)
Expenses
. The Lenders and the Administrative Agent shall have received all expenses for which invoices have been presented (including
the reasonable fees and expenses of legal counsel), on or before the Effective Date. All such amounts will be paid with proceeds of Loans made on the
Effective Date and will be reflected in the funding instructions given by the Borrower to the Administrative Agent on or before the Effective Date.
(h)
Solvency . The Administrative Agent shall have received a solvency certificate from a Financial Officer.
(i)
Shake Shack IPO . The Shake Shack IPO shall have been consummated.
(j)
Schedules
. The Administrative Agent shall have received Schedules to this Agreement in form and substance satisfactory to the
Administrative Agent.
(k)
Other Documents
. The Administrative Agent shall have received such other documents as the Administrative Agent, the Issuing Bank, any
Lender or their respective counsel may have reasonably requested.
The Administrative Agent shall notify the Borrower and the Lenders of the Effective Date, and such notice shall be conclusive and binding.
SECTION 4.02.
Delayed Commitment Effective Date . The obligations of the Lenders to increase the Initial Revolving Commitment by the
Delayed Commitment Amount shall be subject to the conditions that (a) the Delayed Commitment Effective Date shall have occurred, and (a) no Default
shall have occurred and be continuing.
SECTION 4.03.
Each Credit Event . The obligation of each Lender to make a Loan on the occasion of any Borrowing or increase the Initial
Revolving Commitment by the Delayed Commitment Amount on the Delayed Commitment Effective Date, and of the Issuing Bank to issue, amend,
renew or extend any Letter of Credit, is subject to the satisfaction of the following conditions:
(b)
The representations and warranties of each Loan Party set forth in Article III of this Agreement shall be true and correct in all material
respects on and as of the date of such Borrowing or the date of issuance, amendment, renewal or extension of such Letter of Credit, as applicable (except,
in each case, for a representation or warranty expressly stated to have been made as of a specific date, which representation or warranty shall be true and
correct in all material respects as of such specific date).
54