Common use of Common Enterprise Clause in Contracts

Common Enterprise. The successful operation and condition of each of the Obligated Parties is dependent on the continued successful performance of the functions of the group of the Obligated Parties as a whole and the successful operation of each of the Obligated Parties is dependent on the successful performance and operation of each other Obligated Party. Each Obligated Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from successful operations of each of the other Obligated Parties. Each Obligated Party expects to derive benefit (and the boards of directors or other governing body of each Obligated Party has determined that it may reasonably be expected to derive benefit), directly and indirectly, from the credit extended by the Lenders to the Borrowers hereunder, both in their separate capacities and as members of the group of companies. Each Obligated Party has determined that execution, delivery, and performance of this Agreement and any other Loan Documents to be executed by such Obligated Party is within its purpose, will be of direct and indirect benefit to such Obligated Party, and is in its best interest.

Appears in 8 contracts

Samples: Credit Agreement (Imperial Sugar Co /New/), Credit Agreement (K2 Inc), Loan and Security Agreement (Mercury Air Group Inc)

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Common Enterprise. The successful operation and condition of each of the Obligated Parties is dependent on the continued successful performance of the functions of the group of the Obligated Parties as a whole and the successful operation of each of the Obligated Parties is dependent on the successful performance and operation of each other Obligated Party. Each Obligated Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from successful operations of each of the other Obligated Parties. Each Obligated Party expects to derive benefit (and the boards of directors or other governing body of each Obligated Party has determined that it may reasonably be expected to derive benefit), directly and indirectly, from the credit extended by the Lenders to the Borrowers Borrower hereunder, both in their separate capacities and as members of the group of companies. Each Obligated Party has determined that execution, delivery, and performance of this Agreement and any other Loan Documents to be executed by such Obligated Party is within its purpose, will be of direct and indirect benefit to such Obligated Party, and is in its best interest.

Appears in 1 contract

Samples: Credit Agreement (Texas Petrochemical Holdings Inc)

Common Enterprise. The successful operation and condition of each of the Obligated Parties Party is dependent on the continued successful performance of the functions of the group of the Obligated Parties as a whole and the successful operation of each of the Obligated Parties Party is dependent on the successful performance and operation of each other Obligated Party. Each Obligated Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from successful operations of each of the other Obligated Parties. Each Obligated Party expects to derive benefit (and the boards of directors or other governing body of each Obligated Party has determined that it may reasonably be expected to derive benefit), directly and indirectly, from the credit extended by the Lenders Bank to the Borrowers Obligated Parties hereunder, both in their separate capacities and as members of the group of companies. Each Obligated Party has determined that execution, delivery, and performance of this Agreement and any other Loan Documents to be executed by such Obligated Party is within its purpose, will be of direct and indirect benefit to such Obligated Party, and is in its best interest.

Appears in 1 contract

Samples: Loan Agreement (Hartman Short Term Income Properties XX, Inc.)

Common Enterprise. The successful operation and condition of each of the Obligated Parties Loan Party is dependent on the continued successful performance of the functions of the group of the Obligated Loan Parties as a whole and the successful operation of each of the Obligated Parties Loan Party is dependent on the successful performance and operation of each other Obligated Loan Party. Each Obligated Loan Party expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and or indirectly, from successful operations of each of the other Obligated PartiesLoan Party. Each Obligated Loan Party expects to derive benefit (and the boards board of directors or other governing body of each Obligated such Loan Party has have determined that it may reasonably be expected to derive benefit), directly and indirectly, from the credit extended by the Lenders to the Borrowers Loan Parties hereunder, both in their separate capacities and as members of the group of companies. Each Obligated Loan Party has determined that execution, delivery, and performance of this Agreement and any other Loan Other Documents to be executed by such Obligated Loan Party is within its corporate purpose, will be of direct and indirect benefit to such Obligated Loan Party, and is in its best interest.

Appears in 1 contract

Samples: Revolving Credit and Security Agreement (Worthington Steel, Inc.)

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Common Enterprise. The successful operation and condition of each of the Obligated Loan Parties is dependent on the continued successful performance of the functions of the group of the Obligated Loan Parties as a whole and the successful operation of each of the Obligated Parties Loan Party is dependent on the successful performance and operation of each other Obligated Loan Party. Each Obligated Party of the Loan Parties expects to derive benefit (and its board of directors or other governing body has determined that it may reasonably be expected to derive benefit), directly and indirectly, from successful operations of the Parent, each of the other Obligated PartiesLoan Parties and the Parent's Subsidiaries. Each Obligated Loan Party expects to derive benefit (and the boards of directors or other governing body of each Obligated such Loan Party has have determined that it may reasonably be expected to derive benefit), directly and indirectly, from the credit extended by the Lenders to the Borrowers hereunder, both in their separate capacities and as members of the group of companies. Each Obligated Loan Party has determined that execution, delivery, and performance of this Agreement and any other Loan Documents to be executed by such Obligated Loan Party is within its corporate purpose, will be of direct and indirect benefit to such Obligated Loan Party, and is in its best interest.

Appears in 1 contract

Samples: Loan and Security Agreement (Pentacon Inc)

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