Common use of Solvency; Indebtedness; Etc Clause in Contracts

Solvency; Indebtedness; Etc. The Borrower (i) is not “insolvent” (as such term is defined in §101(32)(A) of the Bankruptcy Code), (ii) is able to pay its debts as they come due, (iii) has a tangible net worth, at all times, equal to the greater of (x) 2.00% of the Facility Limit as of such date and (y) $16,500,000, and (iv) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. The Borrower has no Indebtedness (whether matured or unmatured) outstanding other than as permitted by or contemplated by the Facility Documents (including the Subordinated Note). Each remittance of Collections by or on behalf of the Borrower pursuant to the Facility Documents and any related accounts or amounts owing hereunder in respect of the Credit Extensions will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.

Solvency; Indebtedness; Etc. The Borrower (i) is not “insolvent” (as such term is defined in §101(32)(A) of the Bankruptcy Code), (ii) is able to pay its debts as they come due, (iii) has a tangible net worth, at all times, equal to the greater of (x) 2.00% of the Facility Limit as of such date and (y) $16,500,00046,000,000, and (iv) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. The Borrower has no Indebtedness (whether matured or unmatured) outstanding other than as permitted by or contemplated by the Facility Documents (including the Subordinated Note). Each remittance of Collections by or on behalf of the Borrower pursuant to the Facility Documents and any related accounts or amounts owing hereunder in respect of the Credit Extensions will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.

Solvency; Indebtedness; Etc. The Borrower (i) is not “insolvent” (as such term is defined in §101(32)(A) of the Bankruptcy Code), (ii) is able to pay its debts as they come due, (iii) has a tangible net worth, at all times, equal to the greater of (x) 2.00% of the Facility Limit as of such date and (y) $16,500,00028,000,000, and (iv) does not have unreasonably small capital for the business in which it is engaged or for any business or transaction in which it is about to engage. The Borrower has no Indebtedness (whether matured or unmatured) outstanding other than as permitted by or contemplated by the Facility Documents (including the Subordinated Note). Each remittance of Collections by or on behalf of the Borrower pursuant to the Facility Documents and any related accounts or amounts owing hereunder in respect of the Credit Extensions will have been (i) in payment of a debt incurred by the Borrower in the ordinary course of business or financial affairs of the Borrower and (ii) made in the ordinary course of business or financial affairs of the Borrower.