Common use of Fundamental Changes, Line of Business Clause in Contracts

Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents or change its Fiscal Year unless (w) such actions would not have a Material Adverse Effect; (x) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and Lenders; (y) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents and (z) Administrative Agent has received five (5) days’ prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 2 contracts

Samples: Loan and Security Agreement (WESTMORELAND COAL Co), Loan and Security Agreement (WESTMORELAND COAL Co)

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Fundamental Changes, Line of Business. No Borrower shall not (i) amend its organizational documents or change its Fiscal Year unless (w) such actions would not have a Material Adverse EffectEffect on the Borrower; (x) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and LendersLender; (y) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Other Agreements and (z) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; change or (ii) enter into a new line of business materially different from the Borrowers’ Borrower’s current businessesbusiness.

Appears in 2 contracts

Samples: Loan and Security Agreement (Sri Surgical Express Inc), Loan and Security Agreement (Sri Surgical Express Inc)

Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (wi) such actions would not have a Material Adverse EffectEffect on such Borrower; (xii) such actions would not adversely affect the obligations of any such Borrower or any Loan Party to Administrative Agent and LendersLender; (yiii) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Other Agreements and (ziv) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 2 contracts

Samples: Loan and Security Agreement (Novitron International Inc), Loan and Security Agreement (Digital Recorders Inc)

Fundamental Changes, Line of Business. No Borrower shall (i) not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from Borrower's current business unless (wi) such actions would not have a Material Adverse EffectEffect on the Borrower; (xii) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and LendersLender; (yiii) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Other Agreements and (ziv) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (Obsidian Enterprises Inc)

Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business, unless (wi) such actions would not have a Material Adverse Effect; Effect on such Borrower, (xii) such actions would not adversely affect the obligations of any such Borrower or any Loan Party to Administrative Agent and Lenders; Lender, (yiii) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Other Agreements and (ziv) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (Smithway Motor Xpress Corp)

Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents or change its Fiscal Year unless (w) such actions would not have a Material Adverse Effect; (x) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and Lenders; (y) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents and (z) Administrative Agent has received five (5) daysBusiness Days’ prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (Westmoreland Resource Partners, LP)

Fundamental Changes, Line of Business. No Borrower shall (i) not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from Borrower's current business, unless (wi) such actions would not have a Material Adverse Effect; Effect on the Borrower, (xii) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and Lenders; Lender, (yiii) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Other Agreements and (ziv) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (Allied Healthcare Products Inc)

Fundamental Changes, Line of Business. No Borrower shall (i) not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from Borrower's current business unless (wi) such actions would not have a Material Adverse EffectEffect on the Borrower; (xii) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and LendersLender; (yiii) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Other Agreements; and (ziv) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (American Church Mortgage Co)

Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents or change its Fiscal Year unless (w) such actions would not have a Material Adverse Effect; (x) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and Lenders; (y) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents and (z) Administrative Agent has received five (5) days’ prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from that Borrower’s current business unless (i) such actions would not have a Material Adverse Effect on the Borrowers’ current businessesability of the Borrowers to perform their material obligations under this Agreement or the Other Agreements; and (ii) Lender has received ten (10) days prior written notice of such change.

Appears in 1 contract

Samples: Loan and Security Agreement (Coast Distribution System Inc)

Fundamental Changes, Line of Business. No Borrower Borrowers shall (i) not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from Borrowers’ current business unless (wa) such actions would not have a Material Adverse Effect; (xb) such actions would not adversely affect the obligations of any Borrower or any Loan Party Borrowers to Administrative Agent and LendersLender; (yc) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents and (zd) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Credit and Security Agreement (Clark Holdings Inc.)

Fundamental Changes, Line of Business. No Borrower shall (i) not amend its organizational documents in an manner adverse to the Lender’s interest in any respect, or change its Fiscal Year or enter into a new line of business materially different from Borrower’s current business unless (wa) such actions would not have a Material Adverse Effect; (xb) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and LendersLender; (y) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents and (zc) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Credit and Security Agreement (LIVE VENTURES Inc)

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Fundamental Changes, Line of Business. No Borrower shall (i) not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from Borrower’s current business unless (wi) such actions would not have a Material Adverse EffectEffect on the Borrower; (xii) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent under this Agreement and Lenders; the Other Agreements, (yiii) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Other Agreements and (ziv) Administrative Agent has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (Perry-Judds Inc)

Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (wi) such actions would not have a Material Adverse EffectEffect on any Borrower; (xii) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and LendersLender; (yiii) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Other Agreements and (ziv) Administrative Agent Lender has received five ten (510) days' prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (Cti Industries Corp)

Fundamental Changes, Line of Business. No Borrower shall (i) not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from Borrower’s current business, unless (wi) such actions would not have a Material Adverse Effect; Effect on the Borrower, (xii) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent Lender under this Agreement and Lenders; the Other Agreements, (yiii) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Other Agreements and (ziv) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (Perry-Judds Inc)

Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower’s current business unless (wa) such actions would not have a Material Adverse Effect; (xb) such actions would not adversely affect the obligations of any such Borrower or any Loan Party to Administrative Agent and LendersLender; (yc) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents and (zd) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Credit and Security Agreement (Mendocino Brewing Co Inc)

Fundamental Changes, Line of Business. No The Borrowers shall not and shall not permit any other Borrower shall to (i) amend its organizational documents or change its Fiscal Year unless (w) such actions would not have a Material Adverse Effect; (x) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and LendersLender; (y) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents and (z) Administrative Agent Lender has received five (5) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (WESTMORELAND COAL Co)

Fundamental Changes, Line of Business. No Borrower shall (i) not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from Borrower’s current business unless (wa) such actions would not have a Material Adverse Effect; (xb) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and LendersLender; (yc) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents Documents; and (zd) Administrative Agent Lender has received five ten (510) days’ prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Credit and Security Agreement (Singing Machine Co Inc)

Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents in a manner adverse to the Lender’s interest in any respect, or change its Fiscal Year or enter into a new line of business materially different from such Borrower’s current business unless (wa) such actions would not have a Material Adverse Effect; (xb) such actions would not adversely affect the obligations of any Borrower or any Loan Party to Administrative Agent and LendersLender; (y) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the other Loan Documents and (zc) Administrative Agent Lender has received five ten (510) days’ days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Credit and Security Agreement (LIVE VENTURES Inc)

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