COMMON ENTERPRISE AND CONSIDERATION. The members of the Consolidated Group are collectively engaged in a common enterprise for the furtherance of the Core Businesses. Accordingly, the Loan Parties have received good and adequate consideration for the entering into the Loan Documents to which they are parties to. Furthermore, the members of the Consolidated Group agree that an advance to Borrower that is subsequently disbursed by Borrower to any members of the Consolidated Group for use by such entity shall benefit all of the other members of the Consolidated Group, even if the advance is based upon a Borrowing Base which includes assets of members of the Consolidated Group that do not receive the disbursement from Borrower. The members of the Consolidated Group agree that they will each receive good and adequate benefit from this common arrangement given the common enterprise of all of the foregoing as set forth above.
Appears in 3 contracts
Samples: Senior Term Loan Agreement (Wci Communities Inc), Senior Unsecured Revolving Credit Agreement (Wci Communities Inc), Senior Unsecured Revolving Credit Agreement (Wci Communities Inc)
COMMON ENTERPRISE AND CONSIDERATION. The members of the Consolidated Group are collectively engaged in a common enterprise for the furtherance of the Core Businesses. Accordingly, the Loan Parties members of the Consolidated Group have received good and adequate consideration for the entering into this Agreement and the Loan Documents to which they are parties toDocuments. Furthermore, the members of the Consolidated Group agree that an advance to Borrower that is subsequently disbursed by Borrower to any members of the Consolidated Group for use by such entity shall benefit all of the other members of the Consolidated Group, even if the advance is based upon a Borrowing Base which includes assets of members of the Consolidated Group that do not receive the disbursement from Borrower. The members of the Consolidated Group agree that they will each receive good and adequate benefit from this common arrangement given the common enterprise of all of the foregoing as set forth above.
Appears in 1 contract
Samples: Senior Unsecured Revolving Credit Agreement (Wci Communities Inc)
COMMON ENTERPRISE AND CONSIDERATION. The Each of the members of the Consolidated Group are collectively engaged in a common enterprise for the furtherance of the Core BusinessesBusiness. Accordingly, the Loan Parties members of the Consolidated Group have received good and adequate consideration for the entering into this Agreement and the Loan Documents to which they are parties toDocuments. Furthermore, the members of the Consolidated Group agree that an advance to the Borrower that is subsequently disbursed by the Borrower to any members of the Consolidated Group for use by such entity shall benefit all of the other members of the Consolidated Group, even if the advance is based upon a Borrowing Base which includes assets of members of the Consolidated Group this group that do not receive the disbursement from the Borrower. The Rather, the members of the Consolidated Group foregoing group agree that they will each receive good and adequate benefit from this common arrangement given the common enterprise of all of the foregoing as set forth above.
Appears in 1 contract
Samples: Senior Secured Facilities Credit Agreement (Wci Communities Inc)