Corporate Indebtedness. No loan shall be contracted on behalf of the Corporation, and no evidence of indebtedness shall be issued in its name, unless authorized by the Board of Directors or the President. Such authorization may be general or confined to specific instances. Loans so authorized may be effected at any time for the Corporation from any bank, trust company or other institution, or from any firm, corporation or individual. All bonds, debentures, notes and other obligations or evidences of indebtedness of the Corporation issued for such loans shall be made, executed and delivered as the Board of Directors or the President shall authorize. When so authorized by the Board of Directors or the President, any part of or all the properties, including contract rights, assets, business or good will of the Corporation, whether then owned or thereafter acquired, may be mortgaged, pledged, hypothecated or conveyed or assigned in trust as security for the payment of such bonds, debentures, notes and other obligations or evidences of indebtedness of the Corporation, and of the interest thereon, by instruments executed and delivered in the name of the Corporation.
Corporate Indebtedness. No loan shall be contracted on behalf of the Corporation, and no evidence of indebtedness shall be issued in its name, unless authorized by the Board of Directors or, to the extent the Executive Committee has the power to authorize such loan or evidence of indebtedness, the Executive Committee. Such authorization may be general or confined to specific instances. Loans so authorized may be effected at any time for the Corporation from any bank, trust company or other institution, or from any firm, corporation or individual. All bonds, debentures, notes and other obligations or evidences of indebtedness of the Corporation issued for such loans shall be made, executed and delivered as the Board of Directors or the Executive Committee, as the case may be, shall authorize. When so authorized by the Board of Directors or the Executive Committee, as the case may be, any part of or all the properties, including contract rights, assets, business or good will of the Corporation, whether then owned or thereafter acquired, may be mortgaged, pledged, hypothecated or conveyed or assigned in trust as security for the payment of such bonds, debentures, notes and other obligations or evidences of indebtedness of the Corporation, and of the interest thereon, by instruments executed and delivered in the name of the Corporation.
Corporate Indebtedness. No loan shall be contracted on behalf of the Corporation, and no evidence of indebtedness shall be issued in its name, unless authorized by the Board of Directors or the President. Such authorization may be general or confined to specific instances. Loans so authorized may be effected at any time
Corporate Indebtedness. At or prior to Closing, Sellers shall cause all of the Equipment financing obligations of the Corporation listed on Schedule 2.7 to be repaid in full.
Corporate Indebtedness. Unless all of the Purchasers otherwise agree ---------------------- in writing, so long as any Purchaser beneficially owns any Preferred Shares, the Company shall not (i) incur any indebtedness pursuant to its line of credit with Imperial Bank unless and until the Company receives a waiver, in form and substance satisfactory to the Purchasers, (the "WAIVER") of the covenant contained in the documentation executed by the Company in connection with that certain Security and Loan Agreement dated November 12, 1996 by and between the Company and Imperial Bank prohibiting the Company from making any distribution with respect to, or purchasing, redeeming or retiring, the Preferred Shares or Warrants or (ii) incur any indebtedness for borrowed money except pursuant to lines of credit, with reputable financial institutions, which do not contain any terms which may have the effect of impairing the rights of the holders of the Preferred Shares, whether such lines of credit now exist or are hereafter established by the Company, provided that the aggregate amount of such indebtedness under all such lines of credit at any time outstanding shall not exceed $1,500,000. The Company shall use its best efforts to obtain the Waiver as soon as practicable after the First Closing.
Corporate Indebtedness. All of the debts, excluding trade payables incurred in the ordinary court of business, owed directly or indirectly by Borrower on loan date herewith are described on EXHIBIT "F" attached hereto and incorporated herein.
Corporate Indebtedness. 16 7.5 Deposits.....................................................16 7.6 Checks.......................................................16 7.7 Sale, Transfer, etc. of Securities...........................16 7.8 Voting as Stockholder........................................16 7.9
Corporate Indebtedness. The Corporation does not have outstanding any bonds, debentures, mortgages or notes and the Corporation is not under any agreement or obligation to create or issue any such indebtedness.
Corporate Indebtedness. So long as any Buyer beneficially owns ---------------------- any Preferred Shares, the Company shall not (i) incur any indebtedness pursuant to its line of credit with Imperial Bank unless and until the Company receives a waiver, in form and substance satisfactory to the holders of the Preferred Shares, the ("WAIVER") of the covenant contained in the documentation executed by the Company in connection with that certain Security and Loan Agreement dated November 12, 1996, between the Company and Imperial Bank prohibiting the Company from making any distribution with respect to, or purchasing, redeeming or retiring, the Preferred Shares or Warrants or (ii) incur any indebtedness for borrowed money except pursuant to lines of credit, with reputable financial institutions, which do not contain any terms which may have the effect of impairing the rights of the holders of the Preferred Shares, whether such lines of credit now exist or are hereafter established.
Corporate Indebtedness. 1. Consider inclusion of a provision requiring that, at the time of the purchase of a shareholder's shares under the buy‐sell agreement, all indebtedness of the corporation to the shareholder be paid in full.
2. Consider inclusion of a provision requiring that, at the time of the purchase of a shareholder's shares under the buy‐sell agreement, the shareholder be released from all guaranties of corporate indebtedness.
3. Consider inclusion of a provision requiring that, at the time of the purchase of a shareholder's shares under the buy‐sell agreement, the shareholder's property be released as security for all corporate indebtedness.
