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(c) prior to the issuance of any Debt Securities, shares of Common Stock, shares of Preferred Stock, Stock Purchase Contracts or Stock Purchase Units, the Board of Directors of the Company (the “Board”), a committee thereof, or the Chief Financial Officer of the Company pursuant to delegated authority from the Board, will have, as applicable: (i) authorized the Subordinated Debt Indenture and any supplemental indenture thereunder, any supplemental indenture under the Senior Debt Indenture, the Stock Purchase Contracts or the Stock Purchase Units; (ii) authorized the issuance of, and established the terms of, such Debt Securities, Preferred Stock, Stock Purchase Contracts or Stock Purchase Units; or (iii) authorized the issuance of such Common Stock;
(d) prior to the issuance of any Debt Securities, the applicable Indenture will have been qualified in accordance with the provisions of the Trust Indenture Act of 1939, as amended;
(e) prior to the issuance of any Debt Securities, Stock Purchase Contracts or Stock Purchase Units, the Subordinated Debt Indenture, any supplemental indenture under the Indentures, the Stock Purchase Contracts, Stock Purchase Units and all collateral and related agreements will have been properly executed and delivered by each of the parties thereto (including the Company), as applicable; and
(f) prior to the issuance of shares of Preferred Stock, a Certificate of Amendment to the Company’s Certificate of Incorporation setting forth the terms of the Preferred Stock will have been executed and filed with the State of New Jersey.
Based upon the foregoing and subject to the limitations herein, I am of the opinion that:
1. When the Debt Securities have been duly executed by the Company and authenticated by the applicable Trustee and when delivered against payment of the requisite consideration therefor, such Debt Securities will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
2. When shares of Common Stock have been duly executed by the Company and when delivered against payment of the requisite consideration therefor, such shares of Common Stock will be validly issued, fully paid and nonassessable.
3. When shares of Preferred Stock have been duly executed by the Company and when delivered against payment of the requisite consideration therefor, such shares of Preferred Stock will be validly issued, fully paid and nonassessable.
4. When the Stock Purchase Contracts have been delivered against payment of the requisite consideration therefor, such Stock Purchase Contracts will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
5. When the Stock Purchase Units have been delivered against payment of the requisite consideration therefor, such Stock Purchase Units will constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their terms.
With respect to enforceability, the above opinions in paragraphs 1, 4 and 5 are qualified to the extent that enforcement of the Indentures, the Debt Securities, the Stock Purchase Contracts and the Stock Purchase Units may be limited by applicable bankruptcy, insolvency, fraudulent conveyance, reorganization, moratorium and similar laws affecting creditors’ rights and remedies generally and subject, as to enforceability, to general principles of equity, including principles of commercial reasonableness, good faith and fair dealing (regardless of whether enforcement is sought in a proceeding at law or in equity).