Section 3.03 Electricity. Borrower has all requisite corporate or other power, and has all governmental licenses, authorizations, consents and approvals necessary to own its assets and carry on its business as now being or as proposed to be conducted, except where the lack of such licenses, authorizations, consents and approvals would not be reasonably likely to have a Material Adverse Effect.
Debtor is solvent and won’t getting rendered insolvent because of the people Financing Get better and you may, shortly after giving impression to help you instance Loan Get better, may not be kept that have a keen unreasonably few resource in which to take part in their business
Section 3.04 Due Consent. This Agreement, any Notice of Borrowing and the Loan Documents have been (or, in the case of Loan Documents and any Notice of Borrowing not yet executed, will be) duly authorized, executed and delivered by Borrower, all requisite or other corporate action having been taken, and each is valid, binding and enforceable against Borrower in accordance with its terms except as such enforcement may be affected by bankruptcy, loans in Boykin by other insolvency laws, or by general principles of equity.
Section 3.05 Financial Statements. (a) Borrower has heretofore furnished to Lender a copy of (a) its balance sheet for the fiscal year of Borrower ended and the related statements of income for Borrower for such fiscal year, with the opinion thereon of Deloitte & Touche LLP and (b) its balance sheet for the quarterly fiscal period of Borrower ended and the related statements of income for Borrower for such quarterly fiscal period. All such financial statements are complete and correct and fairly present, in all material respects, the financial condition of Borrower and the results of its operations as at such dates and for such fiscal periods, all in accordance with GAAP applied on a consistent basis. Since , there has been no material adverse change in the consolidated business, operations or financial condition of Borrower from that set forth in said financial statements nor is Borrower aware of any state of facts which (with notice or the lapse of time) would or could result in any such material adverse change.
Section 3.06 No Knowledge regarding Default. 01 hereof, which default gives rise to a right to accelerate indebtedness as referenced in Section 7.03 hereof, under any mortgage, borrowing agreement or other instrument or agreement pertaining to indebtedness for borrowed money or to the repurchase of mortgage loans or securities.
Debtor provides all the expected business or any other strength, authority and you can right in law to perform, send and you can perform the financial obligation below all the Loan Files, since the applicable
Section 3.07 Solvency. Borrower does not intend to incur, nor believes that it has incurred, debts beyond its ability to pay such debts as they mature and is not contemplating the commencement of insolvency, bankruptcy, liquidation or consolidation proceedings or the appointment of a receiver, liquidator, conservator, trustee or similar official in respect of such entity or any of its assets. Borrower is not pledging any Collateral with any intent to hinder, delay or defraud any of its creditors.
Section 3.08 Zero Issues. The execution, delivery and performance by Borrower of this Agreement, any Notice of Borrowing hereunder and the Loan Documents do not conflict with any term or provision of the organizational documents of Borrower or any law, rule, regulation, order, judgment, writ, injunction or decree applicable to Borrower of any court, regulatory body, administrative agency or governmental body having jurisdiction over Borrower, which conflict would have a Material Adverse Effect and will not result in any violation of any such mortgage, instrument, agreement, obligation to which Borrower is a party.