Borrowers' Integrated Operations Clause Samples
The 'Borrowers' Integrated Operations' clause defines how a borrower's various business units or subsidiaries are treated as a single, unified entity for the purposes of the agreement. In practice, this means that financial covenants, reporting requirements, or operational obligations may be assessed on a consolidated basis, rather than individually for each entity. This approach streamlines compliance and monitoring, ensuring that the lender has a comprehensive view of the borrower's overall financial health and reducing the risk of circumvention through internal restructuring.
Borrowers' Integrated Operations. Each Borrower represents and warrants to the Administrative Agent, the Lenders and the LC Issuers that the collective administration of the Loans is being undertaken by the Administrative Agent, the Lenders and the LC Issuers pursuant to this Agreement because Borrowers are integrated in their operation and administration and require financing on a basis permitting the availability of credit from time to time to the Borrowers. Each Borrower will derive benefit, directly and indirectly, from such collective administration and credit availability because the successful operation of each Borrower is enhanced by the continued successful performance of the integrated group.
Borrowers' Integrated Operations. Each Borrower represents and warrants to Bank that the collective administration of the Loans is being undertaken by Bank pursuant to this Agreement because Borrowers are integrated in their operation and administration and require financing on a basis permitting the availability of credit from time to time to Borrowers. Each Borrower will derive benefit, directly and indirectly, from such collective administration and credit availability because the successful operation of each Borrower is enhanced by the continued successful performance of the integrated group. * * * [remainder of this page intentionally left blank] * * *
Borrowers' Integrated Operations. Each Borrower represents and warrants to Lender that the collective administration of the Credit Facility is being undertaken by Lender pursuant to this Agreement because Borrowers are integrated in their operation and administration and require financing on a basis permitting the availability of credit from time to time to Borrowers. Each Borrower will derive benefit, directly and indirectly, from such collective administration and credit availability because the successful operation of each Borrower is enhanced by the continued successful performance of the integrated group.
Borrowers' Integrated Operations. 64 EXHIBITS AND SCHEDULES Exhibit 1.1B - Form of Borrowing Base Certificate Exhibit 1.1L-1 - Form of Commercial Letter of Credit Application and Agreement Exhibit 1.1L-2 - Form of Standby Letter of Credit Application and Agreement Exhibit 2.5(b) - Form of Notice of Borrowing Exhibit 2.6(b) - Form of Notice of Conversion or Continuation Exhibit 4.1(b) - Form of Opinions of Borrowers' Counsel Exhibit 6.3(d) - Form of Compliance Certificate Schedule 1.1E - Locations of Eligible Inventory Schedule 5.6 - Permitted Debt Schedule 5.7 - Litigation Schedule 5.9 - Subsidiaries Schedule 5.12 - Employee Benefit Plans Schedule 7.5 - Leases REVOLVING CREDIT AGREEMENT This REVOLVING CREDIT AGREEMENT, dated as of February 21, 2002, is entered into among Deckers Outdoor Corporation, a Delaware corporation ("Parent"), and UGG HOLDINGS, INC., California corporation ("UGG") (collectively sometimes referred to herein as "Borrowers" and individually as a "Borrower"), on the one hand, and Bank, on the other hand. The parties hereto hereby agree as follows:
Borrowers' Integrated Operations. 66 EXHIBITS AND SCHEDULES Exhibit 1 - Form of Addendum Exhibit 1.1A - Form of Assignment and Acceptance Exhibit 1.1L - Form of Letter of Credit Application Exhibit 2.5(b) - Form of Notice of Borrowing Exhibit 2.6(b) - Form of Notice of Conversion or Continuation Exhibit 2.11(a) - Form of Note Exhibit 4.1(b) - Form of Opinions of Borrowers' Counsel Exhibit 6.3(a) - Form of Compliance Certificate Schedule 1.1C - Commitments Schedule 1.1R - Real Property Collateral Schedule 5.6 - Permitted Debt Schedule 5.7 - Litigation Schedule 5.9 - Subsidiaries Schedule 5.12 - Employee Benefit Plans Schedule 5.17 - Environmental Condition Schedule 6.11 - Deposit Account Banks REVOLVING CREDIT AGREEMENT This REVOLVING CREDIT AGREEMENT, dated as of November 21, 2001, is entered into among NATIONAL TECHNICAL SYSTEMS, INC., a California corporation ("Parent"), NTS TECHNICAL SYSTEMS, a California corporation, dba National Technical Systems ("NTS"), XXCAL, INC., a California corporation ("XXCAL"), APPROVED ENGINEERING TEST LABORATORIES, INC., a California corporation ("AETL"), ETCR, INC., a California corporation ("ETCR"), ACTON ENVIRONMENTAL TESTING CORPORATION, a Massachusetts corporation ("Acton"), and one or more Subsidiaries of Parent, whether now existing or hereafter acquired or formed, which become party to this Agreement by executing an Addendum hereto in the form of Exhibit 1 (NTS, XXCAL, AETL, ATCR, Acton and such other Subsidiaries are sometimes individually referred to herein as a "Subsidiary Borrower" and collectively referred to herein as "Subsidiary Borrowers", and Subsidiary Borrowers and Parent are sometimes individually referred to herein as a "Borrower" and collectively referred to herein as "Borrowers"), the financial institutions from time to time parties hereto as Lenders, whether by execution hereof or an Assignment and Acceptance in accordance with Section 11.5(c), and Comerica Bank - California, in its capacity as contractual representative for itself and the other Lenders ("Agent"). The parties hereto agree as follows: