Obligated Group Member definition
Examples of Obligated Group Member in a sentence
Each Obligated Group Member possesses all permits, consents, approvals, authorizations, franchises and licenses required, and has rights to all trademarks, trade names, trade names rights, trademarks, trademark rights, patents, service marks, copyrights and fictitious names, if any, necessary to enable it to conduct the business in which it is now engaged in compliance with applicable law, except where the failure to do so reasonably would not be expected to have a Material Adverse Effect.
Each Obligated Group Member is duly organized and existing and in good standing under the laws of the jurisdiction of its incorporation, formation or organization and is qualified or licensed to do business in all jurisdictions in which such qualification or licensing is required or in which the failure to so qualify or to be so licensed reasonably would be expected to have a Material Adverse Effect.
Each Obligated Group Member has all requisite corporate or other entity power and authority to own and operate its properties, to carry on its business as now conducted and as proposed to be conducted, to enter into the Loan Documents to which it is a party and to carry out the transactions contemplated thereby.
There is no agreement, indenture, contract or instrument to which any Obligated Group Member is a party or by which any Obligated Group Member may be bound that requires the subordination in right of payment of any Obligations to any other Debt of any Obligated Group Member.
No Obligated Group Member is in violation of any of the country or list based economic and trade sanctions administered and enforced by OFAC.
Maintain adequate books and records in accordance with GAAP, and permit any representative of Bank, at any reasonable time and with reasonable advance notice, to inspect, audit and examine such books and records, to make copies of the same, and to inspect the properties of any Obligated Group Member.
In connection therewith, Bank may disclose all documents and information which Bank now has or may hereafter acquire relating to any credit subject hereto, Borrower or its business, any Obligated Group Member, or any collateral required hereby.
No Obligated Group Member is engaged principally, or as one of its important activities, in the business of extending credit for the purpose of purchasing or carrying any Margin Stock.
No Obligated Group Member (a) is a Sanctioned Person or a Sanctioned Entity, (b) has its assets located in Sanctioned Entities, or (c) derives revenues from investments in, or transactions with Sanctioned Persons or Sanctioned Entities.
Each Obligated Group Member is in compliance, in all material respects, with the (a) Trading with the Enemy Act, as amended, and each of the foreign assets control regulations of the United States Treasury Department (31 CFR, Subtitle B, Chapter V, as amended) and any other enabling legislation or executive order relating thereto, and (b) Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism (USA Patriot Act of 2001).