Common use of Substantial Benefits Clause in Contracts

Substantial Benefits. The Credit Extensions provided to or for the benefit of Borrowers hereunder by Lending Parties have been and are to be contemporaneously used for the benefit of Borrowers and each Guarantor. It is the position, intent and expectation of the parties that Borrowers and each Guarantor have derived and will derive significant and substantial benefits from the Credit Extensions to be made available by Lending Parties under the Loan Documents. Each Guarantor has received at least “reasonably equivalent value” (as such phrase is used in Section 548 of the Bankruptcy Code and in comparable provisions of other applicable Laws) and more than sufficient consideration to support its obligations hereunder in respect of the Guaranteed Obligations. Immediately prior to and after and giving effect to the incurrence of each Guarantor’s obligations under this Guaranty, such Guarantor will be Solvent.

Appears in 2 contracts

Samples: Loan and Security Agreement (Live Oak Acquisition Corp), Loan and Security Agreement (Live Oak Acquisition Corp)

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Substantial Benefits. The Credit Extensions provided to or for the benefit of Borrowers Borrower hereunder by Lending Parties have been and are to be contemporaneously used for the benefit of Borrowers Borrower and each Subsidiary Guarantor. It is the position, intent and expectation of the parties that Borrowers Borrower and each Subsidiary Guarantor have derived and will derive significant and substantial benefits from the Credit Extensions to be made available by Lending Parties under the Loan Documents. Each Subsidiary Guarantor has received at least “reasonably equivalent value” (as such phrase is used in Section 548 of the Bankruptcy Code and in comparable provisions of other applicable Lawslaw) and more than sufficient consideration to support its obligations hereunder in respect of the Guaranteed Obligations. Immediately prior to and after and giving effect to the incurrence of each Subsidiary Guarantor’s obligations under this Guaranty, such Subsidiary Guarantor will be Solvent.

Appears in 1 contract

Samples: Credit Agreement (American Reprographics CO)

Substantial Benefits. The Credit Extensions provided to or for the benefit of Borrowers Borrower hereunder by Lending Parties have been and are to be contemporaneously used for the benefit of Borrowers Borrower and each Applicable Guarantor. It is the position, intent and expectation of the parties that Borrowers Borrower and each Applicable Guarantor have derived and will derive significant and substantial benefits from the Credit Extensions to be made available by Lending Parties under the Loan Documents. Each Applicable Guarantor has received at least “reasonably equivalent value” (as such phrase is used in Section 548 of the Bankruptcy Code and in comparable provisions of other applicable Laws) and more than sufficient consideration to support its obligations hereunder in respect of the Guaranteed Obligations. Immediately prior to and after and giving effect to the incurrence of each Applicable Guarantor’s obligations under this Guaranty, such Applicable Guarantor will be Solvent.

Appears in 1 contract

Samples: Loan and Security Agreement (Intercloud Systems, Inc.)

Substantial Benefits. The Credit Extensions provided to or for the benefit of Borrowers hereunder by Lending Parties have been and are to be contemporaneously used for the benefit of Borrowers each Borrower and each Guarantor. It is the position, intent and expectation of the parties that Borrowers each Borrower and each Guarantor have derived and will derive significant and substantial benefits from the Credit Extensions to be made available by Lending Parties under the Loan Documents. Each Guarantor has received at least “reasonably equivalent value” (as such phrase is used in Section 548 of the Bankruptcy Code and in comparable provisions of other applicable Laws) and more than sufficient consideration to support its obligations hereunder in respect of the Guaranteed Obligations. Immediately prior to and after and giving effect to the incurrence of each Guarantor’s obligations under this Guaranty, such Guarantor will be Solvent.. 159

Appears in 1 contract

Samples: Loan and Security Agreement (Alliance Entertainment Holding Corp)

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Substantial Benefits. The Credit Extensions provided to or for the benefit of Borrowers Borrower hereunder by Lending Parties Lender have been and are to be contemporaneously used for the benefit of Borrowers Borrower and each Guarantor. It is the position, intent and expectation of the parties that Borrowers Borrower and each Guarantor have derived and will derive significant and substantial benefits from the Credit Extensions to be made available by Lending Parties Lender under the Loan Documents. Each Guarantor has received at least “reasonably equivalent value” (as such phrase is used in Section 548 of the Bankruptcy Code and in comparable provisions of other applicable Laws) and more than sufficient consideration to support its obligations hereunder in respect of the Guaranteed Obligations. Immediately prior to and after and giving effect to the incurrence of each Guarantor’s obligations under this Guaranty, such Guarantor will be Solvent.

Appears in 1 contract

Samples: Loan and Security Agreement (Attis Industries Inc.)

Substantial Benefits. The Credit Extensions provided to or for the benefit of Borrowers Borrower hereunder by Lending Parties have been and are to be contemporaneously used for the benefit of Borrowers and Borrower sand each Guarantor. It is the position, intent and expectation of the parties that Borrowers and each Guarantor have derived and will derive significant and substantial benefits from the Credit Extensions to be made available by Lending Parties under the Loan Documents. Each Guarantor has received at least "reasonably equivalent value" (as such phrase is used in Section 548 of the Bankruptcy Code and in comparable provisions of other applicable Laws) and more than sufficient consideration to support its obligations hereunder in respect of the Guaranteed Obligations. Immediately prior to and after and giving effect to the incurrence of each Guarantor’s 's obligations under this Guaranty, such Guarantor will be Solvent.

Appears in 1 contract

Samples: Loan and Security Agreement (INVACARE HOLDINGS Corp)

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