Common use of Fundamental Changes, Line of Business Clause in Contracts

Fundamental Changes, Line of Business. No Borrower shall amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (i) such actions would not have a Material Adverse Effect on such Borrower; (ii) such actions would not affect the obligations of such Borrower to Lender; (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (iv) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 2 contracts

Samples: Loan and Security Agreement (Novitron International Inc), Loan and Security Agreement (Digital Recorders Inc)

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Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (iw) such actions would not have a Material Adverse Effect on such BorrowerEffect; (iix) such actions would not adversely affect the obligations of such any Borrower or any Loan Party to LenderAdministrative Agent and Lenders; (iiiy) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the Other Agreements other Loan Documents and (ivz) Lender Administrative Agent has received ten five (105) days days’ prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 2 contracts

Samples: Loan and Security Agreement (WESTMORELAND COAL Co), Loan and Security Agreement (WESTMORELAND COAL Co)

Fundamental Changes, Line of Business. No Borrower shall not (i) amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (iw) such actions would not have a Material Adverse Effect on such the Borrower; (iix) such actions would not affect the obligations of such Borrower to Lender; (iiiy) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (ivz) Lender has received ten (10) days prior written notice of such amendment or changechange or (ii) enter into a new line of business materially different from Borrower’s current business.

Appears in 2 contracts

Samples: Loan and Security Agreement (Sri Surgical Express Inc), Loan and Security Agreement (Sri Surgical Express Inc)

Fundamental Changes, Line of Business. No Borrower shall amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (i) such actions would not have a Material Adverse Effect on such any Borrower; (ii) such actions would not affect the obligations of such any Borrower to Lender; (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (iv) Lender has received ten (10) days days' prior written notice of such amendment or change.

Appears in 1 contract

Samples: Loan and Security Agreement (Cti Industries Corp)

Fundamental Changes, Line of Business. No Borrower shall not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business business, unless (i) such actions would not have a Material Adverse Effect on such the Borrower; , (ii) such actions would not affect the obligations of such Borrower to Lender; , (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (iv) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Loan and Security Agreement (Allied Healthcare Products Inc)

Fundamental Changes, Line of Business. No Borrower shall not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (i) such actions would not have a Material Adverse Effect on such the Borrower; (ii) such actions would not affect the obligations of such Borrower to Lender; (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (iv) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Loan and Security Agreement (Obsidian Enterprises Inc)

Fundamental Changes, Line of Business. No Borrower shall not amend its organizational documents in an manner adverse to the Lender’s interest in any respect, or change its Fiscal Year or enter into a new line of business materially different from such Borrower's ’s current business unless (ia) such actions would not have a Material Adverse Effect on such BorrowerEffect; (iib) such actions would not adversely affect the obligations of such Borrower to Lender; (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (ivc) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Credit and Security Agreement (LIVE VENTURES Inc)

Fundamental Changes, Line of Business. No Borrower shall amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such that Borrower's ’s current business unless (i) such actions would not have a Material Adverse Effect on such Borrower; (ii) such actions would not affect the obligations of such Borrower to Lender; (iii) such actions would not affect the interpretation of any ability of the terms of Borrowers to perform their material obligations under this Agreement or the Other Agreements Agreements; and (ivii) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Loan and Security Agreement (Coast Distribution System Inc)

Fundamental Changes, Line of Business. No Borrower shall (i) amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (iw) such actions would not have a Material Adverse Effect on such BorrowerEffect; (iix) such actions would not adversely affect the obligations of such any Borrower or any Loan Party to LenderAdministrative Agent and Lenders; (iiiy) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the Other Agreements other Loan Documents and (ivz) Lender Administrative Agent has received ten five (105) days Business Days’ prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (Westmoreland Resource Partners, LP)

Fundamental Changes, Line of Business. No Borrower Borrowers shall not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's Borrowers’ current business unless (ia) such actions would not have a Material Adverse Effect on such BorrowerEffect; (iib) such actions would not affect the obligations of such Borrower Borrowers to Lender; (iiic) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements Loan Documents and (ivd) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Credit and Security Agreement (Clark Holdings Inc.)

Fundamental Changes, Line of Business. No Borrower shall amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business business, unless (i) such actions would not have a Material Adverse Effect on such Borrower; , (ii) such actions would not affect the obligations of such Borrower to Lender; , (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (iv) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Loan and Security Agreement (Smithway Motor Xpress Corp)

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Fundamental Changes, Line of Business. No Borrower shall not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's ’s current business unless (i) such actions would not have a Material Adverse Effect on such the Borrower; (ii) such actions would not affect the obligations of such Borrower to Lender; Agent under this Agreement and the Other Agreements, (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (iv) Lender Agent has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Loan and Security Agreement (Perry-Judds Inc)

Fundamental Changes, Line of Business. No The Borrowers shall not and shall not permit any other Borrower shall to (i) amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (iw) such actions would not have a Material Adverse Effect on such BorrowerEffect; (iix) such actions would not adversely affect the obligations of such any Borrower to Lender; (iiiy) such actions would not adversely affect the interpretation of any of the terms of this Agreement or the Other Agreements other Loan Documents and (ivz) Lender has received ten five (105) days prior written notice of such amendment or change; or (ii) enter into a new line of business materially different from the Borrowers’ current businesses.

Appears in 1 contract

Samples: Loan and Security Agreement (WESTMORELAND COAL Co)

Fundamental Changes, Line of Business. No Borrower shall not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's current business unless (i) such actions would not have a Material Adverse Effect on such the Borrower; (ii) such actions would not affect the obligations of such Borrower to Lender; (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements Agreements; and (iv) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Loan and Security Agreement (American Church Mortgage Co)

Fundamental Changes, Line of Business. No Borrower shall amend its organizational documents in a manner adverse to the Lender’s interest in any respect, or change its Fiscal Year or enter into a new line of business materially different from such Borrower's ’s current business unless (ia) such actions would not have a Material Adverse Effect on such BorrowerEffect; (iib) such actions would not adversely affect the obligations of such Borrower to Lender; (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (ivc) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Credit and Security Agreement (LIVE VENTURES Inc)

Fundamental Changes, Line of Business. No Borrower shall not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's ’s current business unless (ia) such actions would not have a Material Adverse Effect on such BorrowerEffect; (iib) such actions would not affect the obligations of such Borrower to Lender; (iiic) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements Loan Documents; and (ivd) Lender has received ten (10) days days’ prior written notice of such amendment or change.

Appears in 1 contract

Samples: Credit and Security Agreement (Singing Machine Co Inc)

Fundamental Changes, Line of Business. No Borrower shall not amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's ’s current business business, unless (i) such actions would not have a Material Adverse Effect on such the Borrower; , (ii) such actions would not affect the obligations of such Borrower to Lender; Lender under this Agreement and the Other Agreements, (iii) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements and (iv) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Loan and Security Agreement (Perry-Judds Inc)

Fundamental Changes, Line of Business. No Borrower shall amend its organizational documents or change its Fiscal Year or enter into a new line of business materially different from such Borrower's ’s current business unless (ia) such actions would not have a Material Adverse Effect on such BorrowerEffect; (iib) such actions would not affect the obligations of such Borrower to Lender; (iiic) such actions would not affect the interpretation of any of the terms of this Agreement or the Other Agreements Loan Documents and (ivd) Lender has received ten (10) days prior written notice of such amendment or change.

Appears in 1 contract

Samples: Credit and Security Agreement (Mendocino Brewing Co Inc)

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