Each Borrower Sample Clauses
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Each Borrower. (a) agrees to comply with all acts, rules, regulations and orders of any legislative, administrative or judicial body or official, which the failure to comply with would have a material and adverse impact on the Collateral, or any material part thereof, or on the business or operations of any Borrower, provided that the applicable Borrower may contest any acts, rules, regulations, orders and directions of such bodies or officials in any reasonable manner which will not, in CIT's reasonable opinion, materially and adversely effect CIT's rights or priority in the Collateral; (b) agrees to comply with all environmental statutes, acts, rules, regulations or orders as presently existing or as adopted or amended in the future, applicable to the Collateral, the ownership and/or use of its real property and operation of its business, which the failure to comply with would have a material and adverse impact on the Collateral, or any material part thereof, or on the operation of the business of any Borrower; and (c) shall not be deemed to have breached any provision of this Paragraph 7.7 if (i) the failure to comply with the requirements of this Paragraph 7.7 resulted from good faith error or innocent omission, (ii) each Borrower promptly commences and diligently pursues a cure of such breach, and (iii) such failure is cured within (30) days following the applicable Borrower's receipt of notice of such failure, or if such cannot in good faith be cured within thirty (30) days, then such breach is cured within a reasonable time frame based upon the extent and nature of the breach and the necessary remediation, and in conformity with any applicable consent order, consensual agreement and applicable law.
Each Borrower. Each Borrower shall at all times, measured and documented quarterly, maintain a positive Working Capital.
Each Borrower. (a) irrevocably authorises the Lender to make any payment demanded from it pursuant to an Instalment Guarantee if that demand is made in accordance with its terms;
(b) accepts that any demand for payment made by the Builder pursuant to an Instalment Guarantee and which is made in accordance with its terms shall be conclusive evidence that the Lender was liable to make payment under such Instalment Guarantee and any payment which the Lender makes pursuant to any such demand shall be accepted by the Borrowers as binding upon the Borrowers; and
(c) acknowledges and agrees that the Lender shall in no circumstances whatsoever be liable to the Borrowers in respect of any loss or damage suffered by the Borrowers by reason of the Lender making a payment to the Builder in connection with any payment demanded under an Instalment Guarantee.
Each Borrower. EXPRESSLY WAIVES THE RIGHT TO REQUIRE THE AGENT, THE COLLATERAL AGENT OR ANY EXISTING LENDER FIRST TO PURSUE THE OTHER BORROWER OR ANY OTHER PERSON, THE COLLATERAL, OR ANY OTHER SECURITY OR GUARANTY THAT MAY BE HELD FOR THE OBLIGATIONS, OR TO APPLY ANY SUCH SECURITY OR GUARANTY TO THE OBLIGATIONS BEFORE SEEKING FROM SUCH BORROWER PAYMENT IN FULL OF ITS OBLIGATIONS TO THE AGENT AND THE EXISTING LENDERS OR PROCEEDING AGAINST SUCH BORROWER FOR SAME;
Each Borrower is a corporation duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization;