3213362v17_LIBC__-_NVCA_Model_Legal_Opinion

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1、ThissampledocumentistheproductofaWorkingGroupoflawyerswhospecializeinventurecapitalfinancings,actingundertheauspicesoftheNVCA.SeetheNVCAwebsiteforalistofWorkingGroupmembers.Thisdocumentisintendedtoserveasastartingpointonly,andshouldbetailoredtomeetthespecificrequirementsoftheStateinwhichyoupracti

2、ce,aswellastheopinionpracticesandproceduresofyourlawfirm.Thisdocumentshouldnotbeconstruedaslegaladvice,norshouldtheparticipationoflawyersintheWorkingGroupbeconstruedasanindicationoftheirwillingnesstogiveoradvisetheacceptanceofthisformofopinion.FORMOFLEGALOPINIONLastupdatedonNovember2,2009Belowisa

3、nexampleofthelegalopinionsthatmightbegiveninatypicalventure-backedpreferredstockfinancing.Asmostlawfirmshavetheirownformsandtheopinionsgivendependonthespecificcircumstances,thisismeantonlyasastartingpointforreferencepurposes.NOTE:ThefollowingassumesaDelawarecorporationheadquarteredinCalifornia.Ba

4、sedupontheforegoingandsubjecttotheadditionalqualificationssetforthbelow,weareoftheopinionthat:1.TheCompanyisvalidlyexistingasacorporationOpinionrecipientssometimesrequestanopinionthattheCompanyis“dulyincorporated.”Thisopinionrequirestheopinionpreparerstoconductamoreextensiveinquiryintothepastthan

5、anopinionthatthe“Companyisvalidlyexistingasacorporation”and,atleastintheventurefinancingcontext,oftenisnotcostjustified.SeeThird-Party“Closing”Opinions:AReportofTheTriBarOpinionCommittee,53Bus.Law591,651–652(1998).Ordinarily,anopinionthataCompanyhasbeen“dulyorganized”shouldbeavoidedbecauseofuncer

6、taintyastowhatadditionalmatters,ifany,itcovers.andingoodstandingunderDelawarelawandisqualifiedasaforeigncorporationandingoodstandingin[California].2.TheCompanyhasthecorporatepowertoexecuteanddelivertheTransactionDocumentsOpinionpreparersshouldtakecarethattheCompany’scertificateofincorporationisno

7、tincludedinthedefinitionof“TransactionDocuments.”Inclusionofthecertificateofincorporationwouldbebothillogical(e.g.,inthecaseofthedueexecutionanddeliveryopinion)andtroublesome(e.g.,inthecaseoftheenforceabilityopinion).i