Benefit to Guarantors. The Loan Parties are mutually dependent on each other in the conduct of their respective businesses, with the credit needed from time to time by each often being provided by another or by means of financing obtained by one such Affiliate with the support of the other for their mutual benefit and the ability of each to obtain such financing is dependent on the successful operations of the other. The board of directors, manager or general partner or similar governing body, of each Guarantor has determined that such Guarantor’s execution, delivery and performance of this Agreement may reasonably be expected to directly or indirectly benefit such Guarantor and is in the best interests of such Guarantor.
Appears in 3 contracts
Samples: Credit Agreement (Venoco, Inc.), Second Lien Term Loan Agreement (Venoco, Inc.), Credit Agreement (Venoco, Inc.)
Benefit to Guarantors. The Loan Parties Company and each Guarantor are mutually dependent on each other in the conduct of their respective businesses, with the credit needed from time to time by each often being provided by another or by means of financing obtained by one such Affiliate with the support of the other for their mutual benefit and the ability of each to obtain such financing is dependent on the successful operations of the other. The board of directors, manager or general partner or similar governing bodypartner, where applicable, of each Guarantor has determined that such Guarantor’s 's execution, delivery and performance of this Agreement may reasonably be expected to directly or indirectly benefit such Guarantor and is in the best interests of such Guarantor.
Appears in 2 contracts
Samples: Term Loan Agreement (Venoco, Inc.), Credit Agreement (Venoco, Inc.)
Benefit to Guarantors. The Loan Parties are mutually dependent on each other in the conduct of their respective businesses, with the credit needed from time to time by each often being provided by another or by means of financing obtained by one such Affiliate with the support of the other for their mutual benefit and the ability of each to obtain such financing is dependent on the successful operations of the other. The board of directors, manager or general partner or similar governing bodypartner, where applicable, of each Guarantor has determined that such Guarantor’s execution, delivery and performance of this Agreement may reasonably be expected to directly or indirectly benefit such Guarantor and is in the best interests of such Guarantor.
Appears in 1 contract
Samples: Credit Agreement (Venoco, Inc.)
Benefit to Guarantors. The Loan Parties Company and each Guarantor are mutually dependent on each other in the conduct of their respective businesses, with the credit needed from time to time by each often being provided by another or by means of financing obtained by one such Affiliate with the support of the other for their mutual benefit and the ability of each to obtain such financing is dependent on the successful operations of the other. The board of directors, manager or general partner or similar governing bodypartner, where applicable, of each Guarantor has determined that such Guarantor’s execution, delivery and performance of this Agreement may reasonably be expected to directly or indirectly benefit such Guarantor and is in the best interests of such Guarantor.
Appears in 1 contract
Samples: Term Loan Agreement (Venoco, Inc.)
Benefit to Guarantors. The Loan Parties Company and each Guarantor are mutually dependent on each other in the conduct of their respective businesses, with the credit needed from time to time by each often being provided by another or by means of financing obtained by one such Affiliate with the support of the other for their mutual benefit and the ability of each to obtain such financing is dependent on the successful operations of the other. The board of directors, manager directors or general partner or similar governing bodypartner, where applicable, of each Guarantor has determined that such Guarantor’s 's execution, delivery and performance of this Agreement may reasonably be expected to directly or indirectly benefit such Guarantor and is in the best interests of such Guarantor.
Appears in 1 contract
Samples: Credit Agreement (BMC, Ltd.)