Business and Property of Borrowers Clause Samples
The 'Business and Property of Borrowers' clause defines the requirements and restrictions regarding the conduct of the borrower's business operations and the management or disposition of their property. Typically, this clause obligates the borrower to maintain their business in good standing, operate in accordance with applicable laws, and refrain from selling, transferring, or encumbering significant assets without lender consent. For example, it may prevent the borrower from merging with another company or selling key equipment unless approved by the lender. The core function of this clause is to protect the lender's interests by ensuring the borrower remains financially stable and retains sufficient assets to repay the loan.
Business and Property of Borrowers. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than business in substantially the same fields conducted by them prior to the Closing Date and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the material property and possess all of the material rights and material Consents necessary for the conduct of the business of such Borrower.
Business and Property of Borrowers. Upon and after the Closing Date, Borrowers do not propose to engage in any material line of business other than the sales, marketing and distribution of consumer products through television programming and other electronic media and activities reasonably incidental to the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower as presently conducted.
Business and Property of Borrowers. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than wholesale and retail of petroleum products, retail of convenience store merchandise and related and ancillary activities and services, and operation of fast food franchises, leasing or subleasing portions of properties upon which convenience stores are located or vacant parcels to third parties, the supply of fuel to third parties, and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own or lease all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.
Business and Property of Borrowers. Upon and after the Restatement Date, Borrowers do not propose to engage in any business (other than as set forth in Section 7.9) the business of manufacturing to supplying equipment and furniture to schools and activities necessary to conduct the foregoing. On the Restatement Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.
Business and Property of Borrowers. Upon the Closing Date, Borrowers do not propose to engage in any business other than wholesale of petroleum products, including the distribution of petroleum products to Persons that will sell such fuels on a consignment basis, and related and ancillary activities and services and activities and services necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.
Business and Property of Borrowers. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than wholesale and retail of petroleum products, retail of convenience store merchandise and related and ancillary activities and services, leasing or subleasing properties or portions of properties upon which convenience stores are located or vacant parcels to third parties, the supply of fuel to third parties, the operation of proprietary and third-party cardlock locations, the operation of bulk plants, the sale of lubricants, the issuance of fuel cards, and the operation of transportation division and activities necessary to conduct each of the foregoing. On the Closing Date, each Borrower will own or lease all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.
Business and Property of Borrowers. Upon and after the Closing Date, none of the Borrowers proposes to engage in any business other than that engaged in by them immediately prior to and on the Closing Date.
Business and Property of Borrowers. Upon and after the Closing Date, the Credit Parties do not propose to engage in any business other than wholesale and retail of petroleum products, retail of convenience store merchandise and related and ancillary activities and services, and operation of fast food and quick service restaurants (both franchised and proprietary), leasing or subleasing portions of properties upon which convenience stores are located or vacant parcels to third parties, the supply of fuel to third parties, and activities and services necessary to conduct the foregoing. On the Closing Date, each Credit Party will own or lease all the property and possess all of the rights and consents materially necessary for the conduct of the business of such Credit Party.
Business and Property of Borrowers. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than the retail and wholesale sale of perfumes and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.
Business and Property of Borrowers. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than the acquisition and processing of high resolution seismic data for the petroleum industry in North America and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.