5Encumbrances Sample Clauses
The 5Encumbrances clause defines the obligations and restrictions regarding any existing claims, liens, or other legal burdens on the property or assets involved in the agreement. It typically requires one party to disclose whether the subject property is free from encumbrances or to specify any that exist, such as mortgages, easements, or security interests. This clause ensures that all parties are aware of any third-party rights or limitations affecting the property, thereby preventing disputes and protecting the interests of the buyer or transferee.
5Encumbrances. Create, incur, assume or allow any Lien with respect to its property, or assign or otherwise convey any right to receive income, including the sale of any Accounts, or permit any of its Subsidiaries so to do, except for Permitted Liens, or covenant to any other Person (other than (a) the licensors of in-licensed property with respect to such property or (b) the lessors of specific equipment or lenders financing specific equipment with respect to such leased or financed equipment) that Borrower in the future will refrain from creating, incurring, assuming or allowing any Lien with respect to any of Borrower’s property.
5Encumbrances. Each Loan Party will not, and will cause each of its Subsidiaries not to, create, incur, assume or allow any Lien with respect to any of its property, or assign or otherwise convey any right to receive income, including the sale of any Accounts, except for Permitted Liens, or covenant to any other Person that a Loan Party in the future will refrain from creating, incurring, assuming or allowing any Lien with respect to any of Loan Party’s property.
5Encumbrances. DARA shall not grant, suffer or permit any contractual or noncontractual Encumbrance in or on the Pledge Shares, except in favor of SVI, or fail to promptly pay when due all lawful claims, whether for labor, materials or otherwise.
5Encumbrances. Create, incur, assume or suffer to exist any Lien with respect to any of its property, or assign or otherwise convey any right to receive income, including the sale of any Accounts, except for Permitted Liens, or enter into any agreement with any Person other than Bank not to grant a security interest in, or otherwise encumber, any of the Collateral or Intellectual Property (other than (a) restrictions or limitations imposed by any agreement relating to Permitted Liens if such restrictions or limitations apply only to the property or assets that are the subject of such Permitted Lien and (b) customary provisions in leases or licenses restricting the assignment thereof).
5Encumbrances. Except for Permitted Liens, (i) create, incur, allow, or suffer to exist any Lien on any Collateral (including, for the avoidance of doubt, any Equity Interests constituting Collateral issued by any Subsidiary which are owned or otherwise held by such Credit Party), or (ii) permit (other than pursuant to the terms of the Loan Documents) any material portion of the Collateral (including, for the avoidance of doubt, any Equity Interests constituting Collateral issued by any Subsidiary which are owned or otherwise held by such Credit Party) not to be subject to the first priority security interest granted in the Loan Documents or otherwise pursuant to the Collateral Documents, in each case of this clause (ii), other than as a direct result of any action by the Collateral Agent or any Lender or failure of the Collateral Agent or any Lender to perform an obligation thereof under the Loan Documents.