SOLVENCY; NO LIENS. The Borrower is Solvent and will be Solvent upon the completion of all transactions contemplated to occur hereunder (including, without limitation, the Loan to be made on the Effective Date); the security interests granted herein constitute and shall at all times constitute the first and only liens on the Collateral other than Permitted Liens; and the Borrower is, or will be at the time additional Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer, and create a security interest therein, free and clear of any and all claims or liens in favor of any other Person other than Permitted Liens.
SOLVENCY; NO LIENS. The Borrower is Solvent and will be Solvent upon the completion of all transactions contemplated to occur hereunder (including, without limitation, the Loan to be made on the Effective Date); the security interests granted herein constitute and shall at all times constitute the first and only liens on the Collateral other than Permitted Liens, and, with respect to the Additional Collateral, the first lien other than the lien of Silicon Valley Bank; and the Borrower is, or will be at the time additional Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer, and create a security interest therein, free and clear of any and all claims or liens in favor of any other Person other than Permitted Liens.
SOLVENCY; NO LIENS. The Borrower is solvent, is paying its debts as they become due and has sufficient capital to conduct its business; the fair saleable value of the Borrower's assets is in excess of the total amount of its liabilities (including contingent liabilities) as they become absolute and --------------------------------------------------------------------------------
SOLVENCY; NO LIENS. On the date hereof, Company is solvent, is paying its debts as they become due and has sufficient capital to conduct its business; the security interests granted herein constitute and shall at all times constitute the first and only liens on the Collateral; and Subsidiary is, or will be at the time such Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer and create a security interest therein, free and clear of any and all claims or liens in favor of any other Person.
SOLVENCY; NO LIENS. The Borrower is Solvent and will be Solvent upon the completion of all transactions contemplated to occur hereunder (including. without limitation, the Loan to be made on the Effective Date); the security interests granted herein constitute and shall at all times constitute the first and only liens on the Collateral other than Permitted Liens and the security interests of Silicon Valley Bank ("SVB") which are junior to the security interests of the Lender as more particularly described in the Subordination Letter between SVB and the Lender; and the Borrower is, or will be at the time additional Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer and create a security interest therein, free and clear of any and all claims or liens in favor of any other Person other than Permitted Liens and the security interests of SVB which are junior to the security interests of the Lender.
SOLVENCY; NO LIENS. The Borrower and each Guarantor is solvent, is paying its debts as they become due and has sufficient capital to conduct its business; the fair salable value of the Borrower's and each Guarantor's assets is in excess of the total amount of its liabilities (including contingent liabilities) as they become absolute and matured; the security interests granted herein constitute and shall at all times constitute the first and only liens on the Collateral; and the Borrower is, or will be at the time additional Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer and create a security interest therein, free and clear of any and all claims or liens in favor of any other Person. For purposes of this provision, the term "Collateral" includes those items of Equipment listed on the attached Exhibit D with certificates of title currently reflecting Pattxxxxx Xxxrgy, Inc. as owner. Borrower and Guarantors represent that Borrower is or should be the true owner of such equipment and Borrower and Guarantors will do everything necessary, or will provide reasonable assistance to Lender, in whatever manner necessary in order to obtain new certificates of title for the equipment listed on the attached Exhibit D showing the owner of such equipment as Borrower and the Lender as first lienholder.
SOLVENCY; NO LIENS. The Borrower is Solvent and will be Solvent upon the completion of all transactions contemplated to occur hereunder (including, without limitation, the Loan to be made on the Effective Date); the security interests granted herein constitute and shall at all times constitute the first and only liens on the Collateral other than Permitted Liens (to the extent that such security interests can be perfected by the filing of Uniform Commercial Code financing statements (Form UCC-1)); and the Borrower is, or will be at the time additional Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer and create a security interest therein, free and clear of any and all claims or liens in favor of any other Person other than Permitted Liens.
SOLVENCY; NO LIENS. On the date hereof, each of SMF, H & W and SSI is solvent, is paying its debts as they become due and has sufficient capital to conduct its business. The security interests granted herein constitute and shall at all times constitute the first and only liens on the Collateral. Each of SMF, H & W and SSI is the absolute owner of the Collateral shown on Schedule A to be owned by it, with full right to pledge, sell, consign, transfer and create a security interest therein, free and clear of any and all claims or liens in favor of any other Person, subject only to the Wachovia Inventory Rights described in Section 3.8 hereof.
SOLVENCY; NO LIENS. The Borrower is Solvent and will be Solvent upon the completion of all transactions contemplated to occur hereunder (including, without limitation, the making of the Loans); the security interests granted herein constitute and shall at all times constitute the only Liens on the Collateral (other than Permitted Liens, of which those specified in clauses (a), (f), (g), (h), (i) and (k) of the definition of "Permitted Liens" may have priority over the Lender's Liens); and the Borrower is, or will be at the time additional Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer, and create a security interest therein, free and clear of any and all claims or Liens in favor of any other Person other than Permitted Liens.
SOLVENCY; NO LIENS. The Borrower is Solvent and will be Solvent upon the completion of all transactions contemplated to occur hereunder (including, without limitation, the Loan to be made on the Effective Date); the security interests granted herein constitute and shall at all times constitute the first and only liens on the Collateral other than Permitted Liens, to the extent a perfected first priority lien can be created by filing a Uniform Commercial Code financing statement or taking the other Required Actions described in Section 5.9 below; and the Borrower is, or will be at the time additional Collateral is acquired by it, the absolute owner of the Collateral with full right to pledge, sell, consign, transfer, and create a security interest therein, free and clear of any and all claims or liens in favor of any other Person other than Permitted Liens.
