Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance. (a) (i) Before and after giving effect to the Transactions, each Borrower is solvent, able to pay its debts as they mature, has capital sufficient to carry on its business and all businesses in which it is about to engage, (ii) as of the Closing Date, the fair present saleable value of its assets, calculated on a going concern basis, is in excess of the amount of its liabilities, and (iii) subsequent to the Closing Date, the fair saleable value of its assets (calculated on a going concern basis) is in excess of the amount of its liabilities.
Appears in 4 contracts
Samples: Security Agreement (PHI Group, Inc./De), Loan and Security Agreement (PHI Group, Inc./De), Loan and Security Agreement (PHI Group, Inc./De)
Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance. (a) (i) Before and after giving effect to the Transactions, each Borrower is solvent, able to pay its debts as they mature, has capital sufficient to carry on its business and all businesses in which it is about to engage, (ii) as of the Closing Date, the fair present saleable value of its assets, calculated on a going concern basis, is in excess of the amount of its liabilities, and (iii) subsequent to the Closing Date, the fair saleable value of its assets (calculated on a going concern basis) is in excess of the amount of its liabilities.. [PHI Group] Revolving Credit, Term Loan and Security Agreement
Appears in 2 contracts
Samples: Loan and Security Agreement (PHI Group, Inc./De), Loan and Security Agreement (PHI Group, Inc./De)
Solvency; No Litigation, Violation, Indebtedness or Default; ERISA Compliance. (a) (i) Before and after giving effect to the Transactions, each Borrower Specified Loan Party is solvent, able to pay its debts as they mature, has capital sufficient to carry on its business and all businesses in which it is about to engage, (ii) as of the Closing Date, the fair present saleable value of its assets, calculated on a going concern basis, is in excess of the amount of its liabilities, and (iii) subsequent to the Closing Date, the fair saleable value of its assets (calculated on a going concern basis) is in excess of the amount of its liabilities.
Appears in 2 contracts
Samples: Security Agreement (PHI Group, Inc./De), Security Agreement (PHI Group, Inc./De)
