Common use of Authorization of Borrowing; No Conflict as to Law or Agreements Clause in Contracts

Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the Borrower of the Loan Documents and the borrowings from time to time hereunder have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of the Borrower's stockholders; (ii) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing or notice as has been obtained, accomplished or given prior to the date hereof; (iii) violate any provision of any law, rule or regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the Borrower or of the Borrower's articles of incorporation or bylaws; (iv) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the Borrower is a party or by which it or its properties may be bound or affected; or (v) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the Borrower.

Appears in 17 contracts

Samples: Credit and Security Agreement (Medical Graphics Corp /Mn/), Credit and Security Agreement (Naturade Inc), Credit and Security Agreement (Seair Group Inc)

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Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the Borrower of the Loan Documents and the borrowings from time to time hereunder have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of the Borrower's stockholdersshareholders; (ii) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing or notice as has been obtained, accomplished or given prior to the date hereof; (iii) violate any provision of any law, rule or regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the Borrower or of the Borrower's articles of incorporation or and bylaws; (iv) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the Borrower is a party or by which it or its properties may be bound or affected; or (v) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the Borrower.

Appears in 3 contracts

Samples: Credit and Security Agreement (Fourth Shift Corp), Credit and Security Agreement (Micro Component Technology Inc), Credit and Security Agreement (Meteor Industries Inc)

Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the each Borrower of the Loan Documents and the borrowings from time to time hereunder have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of the such Borrower's stockholders; (ii) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing or notice as has been obtained, accomplished or given prior to the date hereof; (iii) violate any provision of any law, rule or regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the such Borrower or of the such Borrower's articles of incorporation or bylaws; (iv) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the such Borrower is a party or by which it or its properties may be bound or affected; or (v) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the such Borrower.

Appears in 2 contracts

Samples: Credit and Security Agreement (Microtel International Inc), Credit and Security Agreement (Pemco Aviation Group Inc)

Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the Borrower each Credit Party of the Loan Documents to which it is a party and the borrowings from time to time borrowing of the Term Advance hereunder by each Borrower have been duly authorized by all necessary corporate action and do not and will not (ia) require any consent or approval of the Borrower's stockholdersany Credit Party’s Owners; (iib) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing or notice as has been obtained, accomplished or given prior to the date hereofhereof and except as may be required by or in the performance of the Warrant Documents; (iiic) assuming the accuracy of all of the Lender’s representations and warranties set forth in the Loan Documents, violate any provision of any law, rule or regulation (including, without limitation, including Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the Borrower any Credit Party or of the Borrower's articles of incorporation or bylawsany Credit Party’s Constituent Documents; (ivd) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the Borrower any Credit Party is a party or by which it or its properties may be bound or affected; or (ve) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature Lien (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the Borrowerany Credit Party.

Appears in 1 contract

Samples: Loan and Security Agreement (Workstream Inc)

Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the Borrower and any Guarantor of the Loan Documents and the borrowings from time to time hereunder have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of the Borrower's stockholders’s Owners or such Guarantor’s shareholders; (ii) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing or notice as has been obtained, accomplished or given prior to the date hereof; (iii) violate any provision of any law, rule or regulation (including, without limitation, including Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the Borrower or such Guarantor or of the Borrower's articles of incorporation ’s Constituent Documents or bylawssuch Guarantor’s Constituent Documents; (iv) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the Borrower or such Guarantor is a party or by which it or its properties may be bound or affected; or (v) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature Lien (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the BorrowerBorrower or such Guarantor.

Appears in 1 contract

Samples: Credit and Security Agreement (Ciber Inc)

Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the Borrower each Credit Party of the Loan Documents to which it is a party and the borrowings from time to time borrowing of each Advance hereunder by each Borrower have been duly authorized by all necessary corporate action and do not and will not (ia) require any consent or approval of the Borrower's stockholdersany Credit Party’s Owners; (iib) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing or notice as has been obtained, accomplished or given prior to the date hereofhereof and except as may be required by or in the performance of the Warrant Documents; (iiic) assuming the accuracy of all of the Lender’s representations and warranties set forth in the Loan Documents, violate any provision of any law, rule or regulation (including, without limitation, including Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the Borrower any Credit Party or of the Borrower's articles of incorporation or bylawsany Credit Party’s Constituent Documents; (ivd) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the Borrower any Credit Party is a party or by which it or its properties may be bound or affected; or (ve) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature Lien (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the Borrowerany Credit Party.

Appears in 1 contract

Samples: Loan and Security Agreement (Workstream Inc)

Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the Borrower each Obligor of the Loan Documents and the borrowings from time to time hereunder have been duly authorized by all necessary corporate action on the part of each Obligor and do not and will not not: (i) require any consent or approval of the Borrower's stockholdersany Obligor’s Owners; (ii) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorizationauthorizations, consentconsents, approvalapprovals, registrationregistrations, declarationdeclarations, filing filings or notice notices as has have been obtained, accomplished or given prior to the date hereof; (iii) violate any provision of any law, rule or regulation (including, without limitation, including Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the Borrower any Obligor or of the Borrower's articles of incorporation or bylawsany Obligor’s Constituent Documents; (iv) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the Borrower any Obligor is a party or by which it or its properties may be bound or affected; or (v) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature Lien (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the Borrowerany Obligor.

Appears in 1 contract

Samples: Credit and Security Agreement (Infotech Usa Inc)

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Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery delivery, and performance by the Borrower of the Loan Documents and the borrowings from time to time hereunder have been duly authorized by all necessary corporate or organizational action and do not and will not (i) shall not: i. require any consent or approval of the stockholders or constituent members of Borrower's stockholders; (ii) . require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental or quasi- governmental department, commission, board, bureau, agency agency, or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing filing, or notice as has been obtained, accomplished accomplished, or given prior to the date hereof; (iii) . violate any provision of any law, rule rule, or regulation (including, including without limitation, Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction injunction, or decree presently in effect having applicability to the Borrower or of the Borrower's articles of incorporation incorporation, bylaws, articles of organization, or bylawsoperating agreement (as applicable) of Borrower; (iv) . result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease lease, or instrument to which the Borrower is a party or by which it or its properties may be bound or affected; or (v) v. result in, in or require, require the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest interest, or other charge or encumbrance of any nature (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the BorrowerBorrower (except those in favor of Lenders).

Appears in 1 contract

Samples: Credit Agreement (Fortress Group Inc)

Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the each Borrower of the Loan Documents and the borrowings from time to time hereunder have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of the such Borrower's stockholders; (ii) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing or notice as has been obtained, accomplished or given prior to the date hereof; (iii) violate any provision of any law, rule or regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the such Borrower or of the such Borrower's articles of incorporation or bylaws; (iv) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the such Borrower is a party or by which it or its properties may be bound or affected; or (v) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the such Borrower.. Section 1.33

Appears in 1 contract

Samples: Credit and Security Agreement

Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the Borrower of the Loan Documents and the borrowings from time to time hereunder have been duly authorized by all necessary corporate action and do not and will not (i) require any consent or approval of the Borrower's stockholdersstockholders of either FMM or FMS; (ii) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing or notice as has been obtained, accomplished or given prior to the date hereof; (iii) violate any provision of any law, rule or regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the Borrower either FMM or FMS or of the Borrower's articles of incorporation or bylawsbylaws of either FMM or FMS; (iv) to the best of Borrower's knowledge after due inquiry, result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the Borrower either FMM or FMS is a party or by which it or its properties may be bound or affected; or (v) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the Borrowereither FMM or FMS.

Appears in 1 contract

Samples: Credit and Security Agreement (Royal Precision Inc)

Authorization of Borrowing; No Conflict as to Law or Agreements. The execution, delivery and performance by the Borrower Borrowers of the Loan Documents and the borrowings from time to time hereunder have been duly authorized by all necessary corporate organizational action and do not and will not (i) require any further consent or approval of the any Borrower's stockholdersshareholders or, as applicable, members; (ii) require any authorization, consent or approval by, or registration, declaration or filing with, or notice to, any governmental department, commission, board, bureau, agency or instrumentality, domestic or foreign, or any third party, except such authorization, consent, approval, registration, declaration, filing or notice as has been obtained, accomplished or given prior to the date hereof; (iii) violate any provision of any law, rule or regulation (including, without limitation, Regulation X of the Board of Governors of the Federal Reserve System) or of any order, writ, injunction or decree presently in effect having applicability to the any Borrower or of the Borrower's articles of incorporation or bylawsits Organizational Documents; (iv) result in a breach of or constitute a default under any indenture or loan or credit agreement or any other material agreement, lease or instrument to which the any Borrower is a party or by which it or its properties may be bound or affectedaffected except for breaches or defaults which will not have a material adverse effect on the Borrowers taken as a whole; or (v) result in, or require, the creation or imposition of any mortgage, deed of trust, pledge, lien, security interest or other charge or encumbrance of any nature (other than the Security Interest) upon or with respect to any of the properties now owned or hereafter acquired by the any Borrower.

Appears in 1 contract

Samples: Credit and Security Agreement (Luminant Worldwide Corp)

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