IRETS » Topics » Reliance Letter

This excerpt taken from the IRETS 8-K filed Apr 7, 2009.
Reliance Letter”) to the effect that Baird may rely on a prior opinion delivered under this Section 7(o) to the same extent as if it were dated the date of such letter (except that statements in such prior opinion shall be deemed to relate to the Registration Statement and the Prospectus as amended or supplemented at such Representation Date).  With respect to any matter covered by the laws of the State of North Dakota, Company Counsel may rely on the opinion of counsel (which counsel shall be reasonably acceptable to Baird and its counsel) duly licensed to practice in such state in connection with the opinions required under this Section 7(o).  In the alternative, the Company may request such North Dakota counsel to deliver its opinion directly to Baird, in which event, Company Counsel shall be relieved of its obligation to deliver its opinion with respect to such matters.

(p)           Comfort Letter.  On or prior to the date that the first Shares are sold pursuant to the terms of this Agreement and within three (3) Trading Days of each Representation Date with respect to which the Company is obligated to deliver a certificate in the form attached hereto as Exhibit 7(n) for which no waiver is applicable, the Company shall cause its independent accountants (and any other independent accountants whose report is included in the Registration Statement or the Prospectus) to furnish Baird letters (the “
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