Common use of Asset Purchases Clause in Contracts

Asset Purchases. Except as permitted by Section 2.1(a) of this Agreement, deliver to the Bank concurrently with any request for a Revolving Credit Loan or Term Loan to finance the cost of an Asset Purchase: (a) copies of all due diligence performed by the Borrowers with respect to such purchase, if requested by the Bank, provided however that the Borrowers shall in all cases provide the Bank with an environmental assessment with respect to any real property purchases; (b) financial information on the impact of the acquisition on the financial condition of the Borrowers including, without limitation, a twelve month management prepared pro forma financial statement and statement of cash flows for the Borrowers reflecting the acquisition, and such other financial information as the Bank may reasonably request; (c) all documents required, to the satisfaction of the Bank and its counsel, to grant the Bank a first priority security interest under the Uniform Commercial Code as security for such Loan in the fixed assets acquired (and in the fixed assets of any corporation the stock of which is acquired) including, without limitation, machinery and equipment (including, without limitation, fixtures, office equipment and furniture), accessions and proceeds of any of the foregoing; (d) all documents required, to the satisfaction of the Bank and its counsel, to grant the Bank a first lien in any real property acquired, including, without limitation, title insurance; and (e) evidence of insurance on all assets required in accordance with the provisions of Section 5.5 of this Agreement; provided however, that the Bank may request the Borrowers to deliver to the Bank any of the above after the funding of any Non-Approval Loan and that if collateral is delivered by Nutrition Management to the Bank under subsection (c) or (d) above, such collateral shall be held in escrow in accordance with Section 3.15 of this Agreement.