No Change; Solvency. Since December 31, 1996, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect. As of the Closing Date, after giving effect to the completion of the Refinancing, the Borrower, individually and together with its Subsidiaries, is Solvent.
No Change; Solvency. Since January 31, 1998, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect. As of the Closing Date, after giving effect to the transactions contemplated by the Loan 71 65 Documents, the Borrower and its Subsidiaries are solvent, on a consolidated basis and on an individual basis.
No Change; Solvency. Since November 30, 1998, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect. During the period from November 30, 1998, to and including the date hereof, except as provided in and pursuant to the Recapitalization Documents and except as set forth in Schedule 6.2, no dividends or other distributions have been declared, paid or made upon the Capital Stock of the Company or any of its Subsidiaries nor has any of the Capital Stock of the Company or any of its Subsidiaries been redeemed, retired, purchased or otherwise acquired for value by the Company or any of its Subsidiaries. As of the Closing Date, after giving effect to the transactions contemplated by the Loan Documents and the Recapitalization Documents, and as of each Borrowing Date, the Company and its Subsidiaries will be Solvent on a Consolidated basis.
No Change; Solvency. Since December 31, 2002, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect and during the period from December 31, 2002 to and including the date hereof, except as set forth in Schedule 5.2, no dividends or other distributions have been declared, paid or made upon the Capital Stock of the Company or any of its Subsidiaries nor has any of the Capital Stock of the Company or any of its Subsidiaries been redeemed, retired, purchased or otherwise acquired for value by the Company or any of its Subsidiaries. As of the Closing Date, after giving effect to the transactions contemplated by the Loan Documents to occur on the Closing Date, and as of each Borrowing Date, the Company and its Subsidiaries will be Solvent on a Consolidated basis.
No Change; Solvency. Since December 31, 2000 there has been no development or event which has had or could reasonably be expected to have a Material Adverse
No Change; Solvency. (a) Since March 31, 1997 there has been no ------------------- development or event which has had or could reasonably be expected to have a Material Adverse Effect, and (b) except as set forth on Schedule 4.2, during the period from March 31, 1997 to and including the date hereof no dividends or other distributions have been declared, paid or made upon the Capital Stock of ASI nor has any of the Capital Stock of ASI been redeemed, retired, purchased or otherwise acquired for value by ASI or any of its Subsidiaries. As of the Closing Date, after giving effect to the transactions contemplated by this Agreement and the other Loan Documents, and as of each Borrowing Date, each of the Borrowers and its Subsidiaries will be Solvent on a Consolidated basis.
No Change; Solvency. (a) Since December 31, 1996, there has been no development or event which has had or could reasonably be expected to have a Material Adverse Effect, and (b) during the period from the inception of the applicable entity to and including the date hereof no dividends or other distributions have been declared, paid or made upon the Capital Stock of the Borrower nor has any of the Capital Stock of the Borrower been redeemed, retired, purchased or otherwise acquired for value by the Borrower or any of its Subsidiaries. As of the Closing Date, after giving effect to the transactions contemplated by the Loan Documents, the Borrower and its Subsidiaries are solvent, on a consolidated basis and on an individual basis.
No Change; Solvency. 61 7.3 Corporate Existence; Compliance with Law................................................. 61 7.4 Corporate Power; Authorization; Enforceable Obligations.................................. 61 7.5 No Legal Bar............................................................................. 62 7.6
