Asset Encumbrances. The Company and the Subsidiary Guarantors have granted to the Lenders liens on and security interests in substantially all of their assets. In the event of a default under the Credit Agreement (whether as a result of the failure to comply with a payment or other covenant, a cross-default provision or otherwise), the Lenders, who have a prior, secured claim on substantially all of the assets of the Company and the Subsidiary Guarantors, may attempt to foreclose on their collateral, in which event the Company's financial condition, and the value of the Shares would be materially adversely affected.
Asset Encumbrances. There are no liabilities or obligations of Seller with respect to the Business or the Assets of any kind whatsoever, whether or not accrued, contingent or absolute, determined or determinable, and there is no existing condition, situation or set of circumstances, including without limitation any verbal or written agreements or arrangements between Seller and/or one of its creditors, shareholder or any third parties, which could result in such liability or obligation.
Asset Encumbrances. 1. Xxxxxx Xxxxx, Xxxx Xxxxx'x father, has extended a loan to the Company which becomes due March 31, 2001. The loan is secured by an inventory of raw emeralds, recorded on the books as a $20,000 value. As of February 7, 2001, the principal and interest on the loan totals $55,100.87.
Asset Encumbrances. During the term of this Agreement, Globalstar shall obtain Partner’s written consent prior to incurring or permitting to exist any Encumbrance (including any Encumbrance arising in connection with the refinancing, replacement or extension of any Existing Debt and as such debt may be amended, restated, supplemented or otherwise modified) on: (i) except for Encumbrances related to the Existing Debt existing as of the date the KTA is executed, any Globalstar assets (including all Required Resources) that are used or may be needed or useful for the Project; provided that, Globalstar may incur unsecured claims or liabilities (that are not incurred against such Globalstar assets) in its capacity as a contracting entity in the ordinary course of business; (ii) the capital, stock or other equity securities of the Spectrum Subsidiary (except for Encumbrances existing as of date the KTA is executed related to the Existing Debt); or (iii) any Spectrum Subsidiary non-equity assets (except for leases or licenses of Globalstar’s spectrum for terrestrial use entered into in accordance with Section 10.2(b)(v)). During the term of this Agreement, Globalstar shall not incur any material debt obligations (except unsecured debt obligations with financial institutions which do not interfere with Globalstar’s ability to fulfill its obligations under this Agreement, including its Phase 2 obligations with respect to New CapEx) or agree with any third parties to restrict its ability to incur future debt in accordance with this Agreement. [*] During the term of this Agreement, Globalstar shall, and shall cause its Related Entities to, obtain Partner’s written consent prior to taking any action that would have the effect of transferring the direct or indirect ownership (or, with respect to personnel, direct or indirect employing or contracting entity) of, or rights to, any of the Required Resources, to any entity that controls, is controlled by, or is under common control with Globalstar Inc. that is not Globalstar Inc. or a subsidiary thereof.
