Buyer's Conditions Precedent to Acceptance. The obligation of Buyer to pay the Purchase Price on each Closing Date and to accept the Renewal Loans and Notes on any applicable Renewal Date is subject to the fulfillment on such Closing Date or Renewal Date, as the case may be, of each of the following conditions (relating only to the Loans purchased or renewed on each such Date): (a) Buyer shall have received the original Notes or Renewal Notes, as the case may be, and such Notes shall have been duly endorsed by Seller without recourse or warranty except as provided herein, and of the Related Documents; (b) Buyer shall have received the original executed counterpart of the loan agreement, security agreement and other Related Documents with respect to each Loan (or, to the extent more than one original counterpart exists, all original executed counterparts of such agreements and Related Documents that are in the possession of Seller or any of its Affiliates), and each such Document shall be in a form reasonably satisfactory to Buyer; (c) Buyer shall have received a duly executed Notice of Assignment in the form annexed hereto as Exhibit B addressed to each Obligor of a Note related to a Loan; (d) With respect to Loans secured by mortgages on real property, Buyer shall have received (A) either: (i) the original mortgage, with evidence of recording thereon, (ii) a copy of the mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording until such time as the original is returned by the public recording officer or duly licensed title or escrow officer or (iii) a copy of the mortgage certified by the public recording office in those instances where the original recorded mortgage has been lost; (B) either: (i) the original assignment of mortgage from Seller endorsed as follows: "National Consumer Cooperative Bank," with evidence of recording thereon (provided, however, that where permitted under the laws of the jurisdiction wherein the mortgaged property is located, the assignment of mortgage may be effected by one or more blanket assignments for Loans secured by mortgaged properties located in the same county), or (ii) a copy of such assignment of mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording (provided, however, that where the original assignment of mortgage is not being delivered to Buyer, each such Responsible Officer may complete one or more blanket certificates attaching copies of one or more assignments of mortgage relating to the mortgages originated by Seller); and (C) either: (i) originals of all intervening assignments, if any, showing a complete chain of title from the originator to Seller, including warehousing assignments, with evidence of recording thereon if such assignments were recorded, (ii) copies of any assignments certified as true copies by a Responsible Officer of Seller where the originals have been submitted for recording until such time as the originals are returned by the public recording officer, or (iii) copies of any assignments certified by the public recording office in any instances where the original recorded assignments have been lost; and (D) with respect to all Loans which are secured by real estate Collateral, all available Standard Documentation or Minimum Documentation; (e) Seller has, or on the applicable Closing Date will have, (1) a first priority perfected security interest in each item of Primary Collateral, free from any Lien, security interest, encumbrance or other right, title or interest of any Person, and (2) a perfected security interest in each other item of Collateral, subject to the prior Liens existing on, and identified to and approved by Buyer on the applicable Closing Date. Seller shall, on the applicable Closing Date, transfer its security interest in the Collateral subject to the rights of the holder of title in and to the Collateral and of the Obligors in the Collateral under the Loans, related Notes and Related Documents (and in the case of Collateral which is not Primary Collateral, holders of prior Liens), and Seller, as agent for Buyer, shall defend Buyer's security interest in and to the Collateral related to any Loan against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to that of obligors or Buyer; (f) On each applicable Closing Date, at least 90% the Collateral securing each Loan must consist of Primary Collateral; (g) Buyer shall have received Uniform Commercial Code financing statements on Form UCC-3 executed by Seller as "Assignor" evidencing the assignment to Buyer by Seller of all security interests in personal property, arising in favor of Seller under the Related Documents, on the Collateral relating to the Loans (other than security interests in Seller's capital stock and patronage dividends) in form and content sufficient for filing with the applicable location for central filing in the state where the related form UCC-1 is filed;
Appears in 1 contract
Buyer's Conditions Precedent to Acceptance. The obligation of Buyer to pay the applicable portion of the Purchase Price on each Closing Date and to accept the Renewal Loans and Notes on any applicable Renewal Date is subject to the fulfillment on such Closing Date or Renewal Date, as the case may be, of each of the following conditions (relating only to the Loans purchased or renewed on each such Date):
(a) Buyer shall have received the original Notes or Renewal Notes, as the case may be, and such Notes shall have been duly endorsed by Seller without recourse or warranty except as provided herein, and of the Related Documents;
(b) Buyer shall have received the original executed counterpart of the loan agreement, security agreement and other Related Documents with respect to each Loan (or, to the extent more than one original counterpart exists, all original executed counterparts of such agreements and Related Documents that are in the possession of the Seller or any of its Affiliates), and each such Document shall be in a form reasonably satisfactory to Buyer;
(c) The Buyer shall have received a duly executed Notice of Assignment in the form annexed hereto as Exhibit B C addressed to each Obligor of a Note related to a Loan;
(d) With respect to Loans secured by mortgages on real property, Buyer shall have received (A) either: (i) the original mortgage, with evidence of recording thereon, (ii) a copy of the mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording until such time as the original is returned by the public recording officer or duly licensed title or escrow officer or (iii) a copy of the mortgage certified by the public recording office in those instances where the original recorded mortgage has been lost; (B) either: (i) the original assignment of mortgage from Seller endorsed as follows: "National Consumer Cooperative Bank," with evidence of recording thereon (provided, however, that where permitted under the laws of the jurisdiction wherein the mortgaged property is located, the assignment of mortgage may be effected by one or more blanket assignments for Loans secured by mortgaged properties located in the same county), or (ii) a copy of such assignment of mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording (provided, however, that where the original assignment of or mortgage is not being delivered to the Buyer, each such Responsible Officer may complete one or more blanket certificates attaching copies of one or more assignments of mortgage relating to the mortgages originated by Seller); and (C) either: (i) originals of all intervening assignments, if any, showing a complete chain of title from the originator to Seller, including warehousing assignments, with evidence of recording thereon if such assignments were recorded, (ii) copies of any assignments certified as true copies by a Responsible Officer of Seller where the originals have been submitted for recording until such time as the originals are returned by the public recording officer, or (iii) copies of any assignments certified by the public recording office in any instances where the original recorded assignments have been lost; and (D) with respect to all Loans which are secured by real estate Collateral, all available Standard Documentation or Minimum Documentationdocumentation relating to appraisals and environmental surveys;
(e) Seller has, or on the applicable Closing Date will have, (1) a first priority perfected security interest in each item of Primary Collateral, free from any Lienlien, security interest, encumbrance or other right, title or interest of any Person, and (2) a perfected security interest in each other item of Collateral, subject to the prior Liens liens, security interests and encumbrances existing on, and identified to and approved by the Buyer on the applicable Closing Date. Seller shall, on the applicable Closing Date, transfer its security interest in the Primary Collateral and such other Collateral as is governed by the Uniform Commercial Code or required by the Buyer, Collateral subject to the rights of the holder of title in and to the such Collateral and of the Obligors in the such Collateral under the Loans, related Notes and Related Documents (and in the case of Collateral which is not Primary Collateral, holders of prior Liensliens), and the Seller, as agent for the Buyer, shall defend Buyer's security interest in and to the Collateral related to any Loan against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to that of obligors or Buyer;
(f) On each applicable Closing Date, at least 9080% (determined on the basis of aggregate Principal Balance) of the Loans purchased on such Closing Date must be secured by Collateral securing each Loan must consist of which is (i) inventory and or furniture, fixtures and equipment and (ii) Primary Collateral;
(g) On each applicable Closing Date, at least 80% (determined on the basis of aggregate Principal Balance) of the Loans purchased on such Closing Date must have a twenty-one month payment history and such history must have been provided to the Buyer in a form acceptable to the Buyer;
(h) The Buyer shall have received an amendment to the Uniform Commercial Code financing statement filed pursuant to Section 3.05(a), such amendment on Form UCC-3 and amending the schedule of Loans to include the Loans purchased on the applicable Closing Date;
(i) The Buyer shall have received Uniform Commercial Code financing statements on Form UCC-3 executed by Seller as "Assignor" evidencing the assignment to the Buyer by Seller of all security interests in personal property, arising in favor of Seller under the Related Documents, on the Collateral relating to the Loans (other than security interests in Seller's capital stock and patronage dividends) in form and content sufficient for filing with the applicable location for central filing in the state where the related form UCC-1 is filed;
Appears in 1 contract
Samples: Loan Purchase and Servicing Agreement (United Grocers Inc /Or/)
Buyer's Conditions Precedent to Acceptance. The obligation of Buyer to pay the applicable portion of the Purchase Price on each Closing Date and to accept the Renewal Loans and Notes on any applicable Renewal Date is subject to the fulfillment on such Closing Date or Renewal Date, as the case may be, of each of the following conditions (relating only to the Loans purchased or renewed on each such Date):
(a) Buyer shall have received the original Notes or Renewal Notes, as the case may be, and such Notes shall have been duly endorsed by Seller without recourse or warranty except as provided herein, and of the Related Documents;
(b) Buyer shall have received the original executed counterpart of the loan agreement, security agreement and other Related Documents with respect to each Loan (or, to the extent more than one original counterpart exists, all original executed counterparts of such agreements and Related Documents that are in the possession of Seller or any of its Affiliates), and each such Document shall be in a form reasonably satisfactory to Buyer;
(c) The Buyer shall have received a duly executed Notice of Assignment in the form annexed hereto as Exhibit B C addressed to each Obligor of a Note related to a Loan;
(d) With respect to Loans secured by mortgages on real property, Buyer shall have received (A) either: (i) the original mortgage, with evidence of recording thereon, (ii) a copy of the mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording until such time as the original is returned by the public recording officer or duly licensed title or escrow officer or (iii) a copy of the mortgage certified by the public recording office in those instances where the original recorded mortgage has been lost; (B) either: (i) the original assignment of mortgage from Seller endorsed as follows: "National Consumer Cooperative Bank," with evidence of recording thereon (provided, however, that where permitted under the laws of the jurisdiction wherein the mortgaged property is located, the assignment of mortgage may be effected by one or more blanket assignments for Loans secured by mortgaged properties located in the same county), or (ii) a copy of such assignment of mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording (provided, however, that where the original assignment of mortgage is not being delivered to Buyer, each such Responsible Officer may complete one or more blanket certificates attaching copies of one or more assignments of mortgage relating to the mortgages originated by Seller); and (C) either: (i) originals of all intervening assignments, if any, showing a complete chain of title from the originator to Seller, including warehousing assignments, with evidence of recording thereon if such assignments were recorded, (ii) copies of any assignments certified as true copies by a Responsible Officer of Seller where the originals have been submitted for recording until such time as the originals are returned by the public recording officer, or (iii) copies of any assignments certified by the public recording office in any instances where the original recorded assignments have been lost; and (D) with respect to all Loans which are secured by real estate Collateral, all available Standard Documentation or Minimum Documentationdocumentation relating to appraisals and environmental surveys;
(e) Seller has, or on the applicable Closing Date will have, (1) a first priority perfected security interest in each item of Primary Collateral, free from any Lienlien, security interest, encumbrance or other right, title or interest of any Person, and (2) a perfected security interest in each other item of Collateral, subject to the prior Liens liens, security interests and encumbrances existing on, and identified to and approved by the Buyer on the applicable Closing Date. Seller shall, on the applicable Closing Date, transfer its security interest in the Primary Collateral and such other Collateral as is governed by the Uniform Commercial Code or required by the Buyer, Collateral subject to the rights of the holder of title in and to the such Collateral and of the Obligors in the such Collateral under the Loans, related Notes and Related Documents (and in the case of Collateral which is not Primary Collateral, holders of prior Liensliens), and the Seller, as agent for the Buyer, shall defend Buyer's security interest in and to the Collateral related to any Loan against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to that of obligors or Buyer;
(f) On each applicable Closing Date, at least 9080% (determined on the basis of aggregate Principal Balance) of the Loans purchased on such Closing Date must be secured by Collateral securing each Loan must consist of which is (i) inventory and/or furniture, fixtures and equipment and (ii) Primary Collateral;
(g) On each applicable Closing Date, at least 80% (determined on the basis of aggregate Principal Balance) of the Loans purchased on such Closing Date must have a twenty-one month payment history and such history must have been provided to the Buyer in a form acceptable to the Buyer;
(h) The Buyer shall have received Uniform Commercial Code financing statements on Form UCC-3 executed by Seller as "Assignor" evidencing the assignment to the Buyer by Seller of all security interests in personal property, arising in favor of Seller under the Related Documents, on the Collateral relating to the Loans (other than security interests in Seller's capital stock and patronage dividends) in form and content sufficient for filing with the applicable location for central filing in the state where the related form UCC-1 is filed;
Appears in 1 contract
Buyer's Conditions Precedent to Acceptance. The obligation of Buyer to pay the Purchase Price on each Closing Date and to accept the Renewal Loans and Notes on any applicable Renewal Incremental Purchase Date is subject to the fulfillment on or before such Closing Incremental Purchase Date or Renewal Date, as the case may be, of each of the following conditions (each relating only to the Loans and related Property purchased or renewed on each such Datedate):
(a) Buyer shall have received the original Notes or Renewal Notes, as the case may be, and such Notes shall have been duly endorsed by Seller without recourse or warranty except as provided herein, and of the Related Documents;
(b) Buyer shall have received the original executed counterpart of the loan agreement, security agreement each Related Document and all other Related Documents Property with respect to each Loan (or, to the extent more than one original counterpart exists, all original executed counterparts of such agreements and Related Documents that are in the possession of the Seller or any of its Affiliates), and each such Related Document shall be in a form reasonably satisfactory to Buyer;
(c) Buyer shall have received a duly executed Notice of Assignment in the form annexed hereto as Exhibit B addressed to each Obligor of a Note related to a Loan;
(d) With respect to Loans secured by mortgages on real property, Buyer shall have received (A) either: (i) the original mortgage, with evidence of recording thereon, (ii) a copy of the mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording until such time as the original is returned by the public recording officer or duly licensed title or escrow officer or (iii) a copy of the mortgage certified by the public recording office in those instances where the original recorded mortgage has been lost; (B) either: (i) , as so certified by the original assignment of mortgage from Seller endorsed as follows: "National Consumer Cooperative Bank," with evidence of recording thereon (provided, however, that where permitted under the laws of the jurisdiction wherein the mortgaged property is located, the assignment of mortgage may be effected by one or more blanket assignments for Loans secured by mortgaged properties located in the same county), or (ii) a copy of such assignment of mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording (provided, however, that where the original assignment of mortgage is not being delivered to Buyer, each such Responsible Officer may complete one or more blanket certificates attaching copies of one or more assignments of mortgage relating to the mortgages originated by Seller); and (CB) either: (i) originals of all intervening assignments, if any, showing a complete chain of title from the originator to Seller, including warehousing assignments, with evidence of recording thereon if such assignments were recorded, (ii) copies of any assignments certified as true copies by a Responsible Officer of Seller where the originals have been submitted for recording until such time as the originals are returned by the public recording officer, or (iii) copies of any assignments certified by the public recording office in any instances where the original recorded assignments have been lost, as so certified by the Seller; and (DC) all available Minimum Documentation and all other documentation with respect to all Loans which are secured by real estate Collateral, all available Standard Documentation or Minimum Documentationeach Loan;
(ed) Seller has, or on the applicable Closing Date will have, (1) a first priority perfected security interest in each item of Primary Collateral, free from any Lien, security interest, encumbrance or other right, title or interest of any Person, and (2) a perfected security interest in each other item of Collateral, subject to the prior Liens existing on, and identified to and approved by Buyer on the applicable Closing Date. Seller shall, on the applicable Closing Date, transfer its security interest in the Collateral subject to the rights of the holder of title in and to the Collateral and of the Obligors in the Collateral under the Loans, related Notes and Related Documents (and in the case of Collateral which is not Primary Collateral, holders of prior Liens), and Seller, as agent for Buyer, shall defend Buyer's security interest in and to the Collateral related to any Loan against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to that of obligors or Buyer;
(f) On each applicable Closing Date, at least 90% the Collateral securing each Loan must consist of Primary Collateral;
(g) The Buyer shall have received Uniform Commercial Code financing statements on Form UCC-3 (or such other UCC form as required by applicable law) duly executed by Seller Seller: (i) as "Assignor" evidencing the assignment to the Buyer by Seller of all security interests in personal property, property arising in favor of Seller under the Related Documents, and on the Collateral relating to the Loans (other than security interests in Seller's capital stock Cooperative Assets); and patronage dividends(ii) as "Borrower/Debtor" and executed by all secured parties and assignees (if any) evidencing the release of the lien of the Agent as "Lender/Secured Party" under any loan or credit agreement among GCC, as borrower, lenders party thereto, and NCB as agent and/or lender; and (iii) as "Borrower/Debtor" and executed by all secured parties and assignees (if any) evidencing the release and discharge of each and every lien, charge, mortgage, encumbrance and right of any other Person or with respect to the Collateral; in each case, in form and content sufficient for filing with the applicable location for central filing in the each state where the a related form UCC-1 (or such other UCC form as required by applicable law) is filedfiled and in each state in which any secured party or other Person having any such lien, charge, mortgage or right is located;
Appears in 1 contract
Samples: Loan Purchase and Servicing Agreement (Unified Western Grocers Inc)
Buyer's Conditions Precedent to Acceptance. The obligation of Buyer to pay the Purchase Price on each Closing Date and to accept the Renewal Loans and Notes on any applicable Renewal Incremental Purchase Date is subject to the fulfillment on or before such Closing Incremental Purchase Date or Renewal Date, as the case may be, of each of the following conditions (each relating only to the Loans and related Property purchased or renewed on each such Datedate):
(a) Buyer shall have received the original Notes or Renewal Notes, as the case may be, and such Notes shall have been duly endorsed by Seller without recourse or warranty except as provided herein, and of Buyer shall have received the Related Documents;
(b) Buyer shall have received the original executed counterpart of the loan agreement, security agreement each Related Document and all other Related Documents Property with respect to each Loan (or, to the extent more than one original counterpart exists, all original executed counterparts of such agreements and Related Documents that are in the possession of the Seller or any of its Affiliates), and each such Related Document shall be in a form reasonably satisfactory to Buyer;
(c) Buyer shall have received a duly executed Notice of Assignment in the form annexed hereto as Exhibit B addressed to each Obligor of a Note related to a Loan;
(d) With respect to Loans secured by mortgages on real property, Buyer shall have received (A) either: (i) the original mortgage, with evidence of recording thereon, (ii) a copy of the mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording until such time as the original is returned by the public recording officer or duly licensed title or escrow officer or (iii) a copy of the mortgage certified by the public recording office in those instances where the original recorded mortgage has been lost; (B) either: (i) , as so certified by the original assignment of mortgage from Seller endorsed as follows: "National Consumer Cooperative Bank," with evidence of recording thereon (provided, however, that where permitted under the laws of the jurisdiction wherein the mortgaged property is located, the assignment of mortgage may be effected by one or more blanket assignments for Loans secured by mortgaged properties located in the same county), or (ii) a copy of such assignment of mortgage certified as a true copy by a Responsible Officer of Seller where the original has been transmitted for recording (provided, however, that where the original assignment of mortgage is not being delivered to Buyer, each such Responsible Officer may complete one or more blanket certificates attaching copies of one or more assignments of mortgage relating to the mortgages originated by Seller); and (CB) either: (i) originals of all intervening assignments, if any, showing a complete chain of title from the originator to Seller, including warehousing assignments, with evidence of recording thereon if such assignments were recorded, (ii) copies of any assignments certified as true copies by a Responsible Officer of Seller where the originals have been submitted for recording until such time as the originals are returned by the public recording officer, or (iii) copies of any assignments certified by the public recording office in any instances where the original recorded assignments have been lost, as so certified by the Seller; and (DC) all available Minimum Documentation and all other documentation with respect to all Loans which are secured by real estate Collateral, all available Standard Documentation or Minimum Documentationeach Loan;
(ed) The Seller hasand all secured parties and assignees, or on if applicable, shall have consented to the applicable Closing Date will have, (1) a first priority perfected security interest in each item of Primary Collateral, free from any Lien, security interest, encumbrance or other right, title or interest of any Personfiling of, and (2) a perfected security interest in each other item of Collateral, subject to the prior Liens existing on, and identified to and approved by Buyer on the applicable Closing Date. Seller shall, on the applicable Closing Date, transfer its security interest in the Collateral subject to the rights of the holder of title in and to the Collateral and of the Obligors in the Collateral under the Loans, related Notes and Related Documents (and in the case of Collateral which is not Primary Collateral, holders of prior Liens), and Seller, as agent for Buyer, shall defend Buyer's security interest in and to the Collateral related to any Loan against all claims and demands of all Persons at any time claiming the same or any interest therein adverse to that of obligors or Buyer;
(f) On each applicable Closing Date, at least 90% the Collateral securing each Loan must consist of Primary Collateral;
(g) Buyer shall have received received, Uniform Commercial Code financing statements on Form UCC-3 executed (or such other UCC form as required by Seller applicable law) designating the Seller: (i) as "“Assignor" ” evidencing the assignment to the Buyer by Seller of all security interests in personal property, property arising in favor of Seller under the Related Documents, on and in the Collateral relating to the Loans (other than security interests in Seller's capital stock Cooperative Assets); and patronage dividends(ii) as “Borrower/Debtor” evidencing the release of the lien of the Agent as “Lender/Secured Party” under any loan or credit agreement among GCC, as borrower, lenders party thereto, and NCB as agent and/or lender; and (iii) as “Borrower/Debtor” evidencing the release and discharge of each and every lien, charge, mortgage, encumbrance and right of any other Person or with respect to the Collateral; in each case, in form and content sufficient for filing with the applicable location for central filing in the each state where the a related form UCC-1 (or such other UCC form as required by applicable law) is filed;
(e) The Buyer shall have received evidence satisfactory to Buyer in its sole discretion that the security interests arising in its favor under this Agreement in the Loans, related Notes, related Collateral (other than Collateral which is not governed by the Uniform Commercial Code unless Buyer, in its sole discretion, requires otherwise), the Related Documents and the proceeds thereof have been duly perfected by the filing of all such Uniform Commercial Code financing statements and the taking of all such other or additional acts as may be necessary to create a valid and perfected lien of first priority enforceable against all third parties (other than (i) prior lien holders in the case of Collateral which is not Primary Collateral (but only to the extent such lien holders’ liens arise with respect to obligations of an Obligor) and (ii) in Collateral which is not governed by the Uniform Commercial Code) in all jurisdictions to secure all of Seller’s obligations to Buyer;
(f) No Termination Event, and no event which with the giving of notice or passage of time or both would constitute a Termination Event shall have occurred and be continuing, and a Responsible Officer of Seller shall have so certified to Buyer in writing;
(g) Each applicable representation and warranty of the Seller set forth in Section 4.01 or 4.02 shall be true and correct in all material respects, and a duly Responsible Officer of Seller shall have so certified to Buyer in writing in substantially the form of Exhibit E hereto;
(h) Each representation and warranty of Guarantor set forth in Section 3.1 of the Guaranty Agreement hereof shall be true and correct in all material respects, and a duly Responsible Officer of Guarantor shall have so certified to Buyer in writing in substantially the form of Exhibit F hereto;
(i) Each representation and warranty of Servicer set forth in Section 5.12 shall be true and correct in all material respects, and a duly Responsible Officer of Servicer shall have so certified to Buyer in writing in substantially the form of Exhibit G hereto;
(j) Buyer shall have received the Loan Schedule relating to the Loans purchased on the applicable Incremental Purchase Date required by this Agreement;
(k) Buyer shall have received personal credit reports relating to each Obligor for each Loan purchased on the applicable Incremental Purchase Date;
(l) With respect to any Loan other than an Expansion Loan, Buyer shall have received on such Incremental Purchase Date from Seller financial and other documentation (including, if permitted by the Buyer, projections) supporting the Seller’s calculation of Cash Flow Ratio and Collateral Coverage Ratio;
(m) With respect to any Expansion Loan, Buyer shall have received on such Incremental Purchase Date projections, in form and substance reasonably satisfactory to Buyer, prepared by the Seller (together with such back up and other work product as the Buyer may reasonably request) demonstrating that, on the Expansion Loan Repurchase Date, the Cash Flow Ratio for the related Obligor will be at least 1.1:1, the Collateral Coverage Ratio for such Expansion Loan will be at least 1:1 and the related Obligor will have a positive net worth (with respect to each Expansion Loan, the “Expansion Loan Projections”); and
(n) No “Event of Default” under (and as defined in) the Credit Agreement shall have occurred and be continuing.
Appears in 1 contract
Samples: Loan Purchase and Servicing Agreement (Unified Western Grocers Inc)
