Common use of Interrelatedness of Borrowers Clause in Contracts

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Properties, liabilities and transactions. To permit their uninterrupted and continuous operation, such companies now require and will from time to time hereafter require funds for general business purposes. The proceeds of Advances under the Credit Facility will directly or indirectly benefit each Borrower hereunder severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loan.

Appears in 4 contracts

Samples: Credit Agreement (Adcare Health Systems, Inc), Loan and Security Agreement (Healthessentials Solutions Inc), Loan and Security Agreement (New York Health Care Inc)

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Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies Borrowers have a common business purpose, with intercompany inter-company bookkeeping and accounting adjustments used to separate their respective Properties, liabilities liabilities, and transactions. To permit their uninterrupted and continuous operationoperations, such companies Borrowers now require and will from time to time hereafter require funds for general business purposes. The proceeds of Advances under the Credit Facility Loans will directly or indirectly benefit each Borrower hereunder severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loanadvances.

Appears in 3 contracts

Samples: Loan and Security Agreement (nFinanSe Inc.), Loan and Security Agreement (nFinanSe Inc.), Loan and Security Agreement (Phoenix Color Corp)

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies entities have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Propertiesproperties, liabilities and transactions. To permit their uninterrupted and continuous operationoperations, such companies entities now require and will from time to time hereafter require funds and credit accommodations for general business purposes. The proceeds of Advances under the Credit Facility Loan will directly or indirectly benefit each Borrower hereunder hereunder, severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loanadvances.

Appears in 2 contracts

Samples: Loan Agreement (Dreams Inc), Loan Agreement (Dreams Inc)

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Properties, liabilities and transactions. To permit their uninterrupted and continuous operation, such companies now require and will from time to time hereafter require funds for general business purposes. The proceeds of Advances under the Credit Facility will directly or indirectly benefit each Borrower hereunder severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Revolving Loan.

Appears in 2 contracts

Samples: Credit Agreement (Clarient, Inc), Credit Agreement (Clarient, Inc)

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies entities have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Properties, liabilities and transactions. To permit their uninterrupted and continuous operationoperations, such companies entities now require and will from time to time hereafter require funds and credit accommodations for general business purposes. The proceeds of Advances under the Credit Facility credit facilities extended under the Loan Documents will directly or indirectly benefit each Borrower hereunder Borrower, severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loanadvances.

Appears in 1 contract

Samples: Loan and Security Agreement (Sherwood Brands Inc)

Interrelatedness of Borrowers. The business operations of each ----------------------------- Borrower are interrelated and complement one another, and such companies have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Properties, liabilities and transactions. To permit their uninterrupted and continuous operationoperations, such companies now require and will from time to time hereafter require funds for general business purposes. The proceeds of Advances under the Revolving Credit Facility and the making of the Term Loans will directly or indirectly benefit each Borrower hereunder severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loanadvances.

Appears in 1 contract

Samples: Loan and Security Agreement (Opinion Research Corp)

Interrelatedness of Borrowers. The business operations of each Borrower Borrowers and their subsidiaries are interrelated and complement one another, another and such companies entities have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Propertiesproperties, liabilities liabilities, and transactions. To permit their uninterrupted and continuous operationoperations, such companies Borrowers now require and will from time to time hereafter require funds and credit accommodations for general business purposes. The proceeds of Advances under the Credit Facility Revolving Loans extended hereunder will directly or indirectly benefit each Borrower hereunder Borrower, severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loanthe Revolving Loans.

Appears in 1 contract

Samples: Loan and Security Agreement (Sherwood Brands Inc)

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies entities have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Propertiesproperties, liabilities and transactions. To permit their uninterrupted and continuous operation, such companies now require and will from time to time hereafter require funds for general business purposes. The proceeds of Advances under the Credit Facility Loan will directly or indirectly benefit each Borrower hereunder hereunder, severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loanadvances.

Appears in 1 contract

Samples: Loan and Security Agreement (Ipayment Inc)

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies entities have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Propertiesproperties, liabilities liabilities, and transactions. To permit their uninterrupted and continuous operationoperations, such companies entities now require and will from time to time hereafter require funds and credit accommodations for general business purposes. The proceeds of Advances under the Credit Facility Loans and other credit facilities extended hereunder will directly or and indirectly benefit each Borrower hereunder severally and jointly, regardless of which Borrower requests or receives which Borrower receives, part or all of the proceeds of such Loanadvances.

Appears in 1 contract

Samples: Loan and Security Agreement (InfoLogix Inc)

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Interrelatedness of Borrowers. The business operations of each ----------------------------- Borrower are interrelated and complement one another, and such companies have a common business purpose, with intercompany inter-company bookkeeping and accounting adjustments used to separate their respective Properties, liabilities Liabilities, and transactions. To permit their uninterrupted and continuous operation, such companies now require and will from time to time hereafter require funds for general business purposes. The proceeds of Advances Loans under the Credit Facility Agreement will directly or indirectly benefit each Borrower hereunder severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such LoanLoans.

Appears in 1 contract

Samples: Loan and Security Agreement (Bankvest Capital Corp)

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Properties, liabilities and transactions. To permit their uninterrupted and continuous operation, such companies now require and will from time to time hereafter require funds for general business purposes. The proceeds of Advances Revolving Loans under the Credit Facility will directly or indirectly benefit each Borrower hereunder severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loan.

Appears in 1 contract

Samples: Credit Agreement (Prospect Medical Holdings Inc)

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies Borrowers have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Propertiesproperties, liabilities and transactions. To permit their Borrowers' uninterrupted and continuous operationoperations, such companies Borrowers now require and will from time to time hereafter require funds and credit accommodations for general business purposes. The proceeds of Advances under the Credit Facility will directly or indirectly benefit each Borrower hereunder Borrower, severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loanadvances.

Appears in 1 contract

Samples: Revolving Credit and Term Loan Agreement (HMG Worldwide Corp)

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies have a common business purpose, with intercompany bookkeeping and accounting adjustments used to separate their respective Properties, liabilities liabilities, and transactions. To permit their uninterrupted and continuous operationoperations, such companies now require and will from time to time hereafter require funds for general business purposes. The proceeds of Advances Loans under the Credit Facility this Agreement will directly or indirectly benefit each Borrower hereunder severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loan.

Appears in 1 contract

Samples: Loan and Security Agreement (Mothers Work Inc)

Interrelatedness of Borrowers. The business operations of each Borrower are interrelated and complement one another, and such companies entities have a common business purpose, with intercompany inter-company bookkeeping and accounting adjustments used to separate their respective Propertiesproperties, liabilities and transactions. To permit their uninterrupted and continuous operationoperations, such companies entities now require and will from time to time hereafter require funds and credit accommodations for general business purposes. The proceeds of Advances advances under the Credit Facility Loans will directly or indirectly benefit each Borrower hereunder Borrower, severally and jointly, regardless of which Borrower requests or receives part or all of the proceeds of such Loanadvances.

Appears in 1 contract

Samples: Loan and Security Agreement (Nobel Education Dynamics Inc)

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