Common use of Business and Property of Borrower Clause in Contracts

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than business conducted by the Borrowers on the Closing Date and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 3 contracts

Samples: Credit and Security Agreement (Memry Corp), Credit and Security Agreement (Omni Energy Services Corp), Credit and Security Agreement (Omni Energy Services Corp)

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Business and Property of Borrower. Upon and after the Closing Date, Borrowers do --------------------------------- Borrower does not propose to engage in any business other than business conducted by the Borrowers on the Closing Date manufacturing, marketing and sale of textiles and related accessories and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 2 contracts

Samples: Revolving Credit and Security Agreement (Delta Woodside Industries Inc /Sc/), Revolving Credit and Security Agreement (Delta Mills Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business conducted by the Borrowers on the Closing Date manufacturing of aircraft structural parts and assemblies and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 2 contracts

Samples: Term Loan and Security Agreement (Air Industries Group, Inc.), Revolving Credit, Term Loan, Equipment Line of Credit and Security Agreement (Ashlin Development Corp)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do such Borrower does not currently propose to engage in any business other than the business conducted by the Borrowers on the Closing Date in which it (directly or through any Subsidiary or Affiliate) is currently engaged or similar businesses and activities necessary to conduct the foregoing. On the Closing Date, each such Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (HMG Worldwide Corp)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than its business currently conducted by as described in its filings with the Borrowers Commission. Except as set forth on the Closing Date and activities necessary to conduct the foregoing. On SCHEDULE 5.21, on the Closing Date, each Borrower will own all the property and possess all of the rights and material Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Loan and Security Agreement (Atari Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than the business conducted by of the Borrowers on conducted as of the Closing Date and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Parlux Fragrances Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than business conducted by the Borrowers on the Closing Date food wholesaler and "value added" food processor and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit, Term Loan and Security Agreement (Terrace Holdings Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business businesses other than business businesses in substantially the same fields conducted by the Borrowers it on the Closing Date and in lines of business reasonably related thereto, and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such BorrowerBorrower except those, the failure of which to possess, would not reasonably be expected to have a Material Adverse Effect.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Kenexa Corp)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business conducted by the Borrowers on the Closing Date manufacture and distribution of educational toys, and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Small World Kids Inc)

Business and Property of Borrower. Borrower did not engage in any business prior to the Closing Date. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business as formerly conducted by the Borrowers on the Closing Date I.F.S. and its Subsidiaries and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit, Term Loan and Security Agreement (Eos International Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than business conducted by providing parts and logistics services to the Borrowers on the Closing Date personal computer hardware repair industry and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Pc Service Source Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than business conducted by the Borrowers on design, development and distribution of electronic products and the Closing Date development and licensing of software and activities necessary to conduct the foregoing. On the Closing Date, each Borrower Borrowers will own or have the right to use all the property and possess all of the rights and Consents necessary for the conduct of the business of such BorrowerBorrowers.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Franklin Electronic Publishers Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business conducted by the Borrowers on the Closing Date onshore contract drilling and activities necessary reasonably related to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents then necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Union Drilling Inc)

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Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business as conducted by the Borrowers on the Closing Date now and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit, Term Loan and Security Agreement (Obsidian Enterprises Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business conducted by the Borrowers on the Closing Date manufacturing, marketing and sale of textiles and related accessories and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit, Term Loan and Security Agreement (Delta Mills Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business conducted by the Borrowers on the Closing Date developing, manufacturing and/or marketing pharmaceutical products and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Warner Chilcott PLC)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any materially different business other than business conducted by the Borrowers on the Closing Date and activities necessary to conduct the foregoingpresently conducted. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Swank Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business conducted by the Borrowers on the Closing Date manufacturing, printing and conversion of paper products and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Badger Paper Mills Inc)

Business and Property of Borrower. Upon Borrower did not engage in any business prior to the Closing Date and upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business conducted by the Borrowers on the Closing Date purchase, warehousing, and sale of grain and fertilizer and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (FCStone Group, Inc.)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do Borrower does not propose to engage in any business other than business conducted by the Borrowers on the Closing Date Business and activities necessary to conduct the foregoingBusiness. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Prima Group International Inc)

Business and Property of Borrower. Upon and after the Closing Date, Borrowers do not propose to engage in any business other than business conducted by the Borrowers on the Closing Date distribution of batteries and cellular accessories to commercial, industrial and retail markets and activities necessary to conduct the foregoing. On the Closing Date, each Borrower will own all the property and possess all of the rights and Consents necessary for the conduct of the business of such Borrower.

Appears in 1 contract

Samples: Revolving Credit, Term Loan and Security Agreement (Batteries Batteries Inc)

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