Common use of COMMON ENTERPRISE AND CONSIDERATION Clause in Contracts

COMMON ENTERPRISE AND CONSIDERATION. Borrower and any Guarantors are collectively engaged in a common enterprise for the furtherance of the Core Businesses. Accordingly, Borrower and any Guarantors have received good and adequate consideration for entering into this Agreement and the Loan Documents. Furthermore, Borrower and any Guarantors agree that an Advance to Borrower that is subsequently disbursed by Borrower to any Guarantor for use by such entity shall benefit all of Borrower and any Guarantors, even if the Advance is based upon a Borrowing Base which includes assets of a Person that does not receive the disbursement from Borrower. Borrower and any Guarantors agree that they will each receive good and adequate benefit from this common arrangement given the common enterprise of all of the foregoing as set forth above.

Appears in 1 contract

Sources: Revolving Credit Construction Loan Agreement (Wci Communities Inc)

COMMON ENTERPRISE AND CONSIDERATION. Borrower and any Guarantors Guarantor are collectively engaged in a common enterprise for the furtherance of the Core Businesses. Accordingly, Borrower and any Guarantors Guarantor have received good and adequate consideration for entering into this Agreement and the Loan Documents. Furthermore, Borrower and any Guarantors Guarantor agree that an Advance advance to Borrower that is subsequently disbursed by Borrower to any Guarantor for use by such entity shall benefit all of Borrower and any GuarantorsGuarantor, even if the Advance advance is based upon a Borrowing Base which includes assets of a Person that does not receive the disbursement from Borrower. Borrower and any Guarantors Guarantor agree that they will each receive good and adequate benefit from this common arrangement given the common enterprise of all of the foregoing as set forth above.

Appears in 1 contract

Sources: Revolving Credit Construction Loan Agreement (Wci Communities Inc)

COMMON ENTERPRISE AND CONSIDERATION. Borrower and any Guarantors Guarantor are collectively engaged in a common enterprise for the furtherance of the Core Businesses. Accordingly, Borrower and any Guarantors Guarantor have received good and adequate consideration for entering into this Agreement and the Loan Documents. Furthermore, Borrower and any Guarantors Guarantor agree that an Advance to Borrower that is subsequently disbursed by Borrower to any Guarantor for use by such entity shall benefit all of Borrower and any GuarantorsGuarantor, even if the Advance is based upon a Borrowing Base which includes assets of a Person that does not receive the disbursement from Borrower. Borrower and any Guarantors Guarantor agree that they will each receive good and adequate benefit from this common arrangement given the common enterprise of all of the foregoing as set forth above.

Appears in 1 contract

Sources: Revolving Credit Construction Loan Agreement (Wci Communities Inc)