Financial Indebtedness restrictions. (a) No Borrower shall incur, create or permit to subsist any Financial Indebtedness.
(b) Paragraph (a) above does not apply to Financial Indebtedness:
(i) incurred under the Finance Documents;
(ii) incurred by way of a Subordinated Loan made at a time when no Default is continuing or would occur from the borrowing of such Subordinated Loan, and provided that the Parent Guarantor and the Borrowers will be in compliance with the financial covenants set out in Clause 21 (Financial covenants) following the borrowing of such Subordinated Loan; or
(iii) incurred with the prior written consent of the Lenders.
Financial Indebtedness restrictions. (a) The Borrowers shall not incur, create or permit to subsist any Financial Indebtedness.
Financial Indebtedness restrictions. (a) No Obligor shall, and the Parent shall ensure that no other member of the Group shall, incur, create or permit to subsist any Financial Indebtedness.
(b) Paragraph (a) above does not apply to Financial Indebtedness:
(i) incurred under the Finance Documents;
(ii) incurred through any derivative transaction entered into in the ordinary course of business in connection with protection against or benefit from fluctuation in any rate or price;
(iii) which is unsecured and fully subordinated to the rights of the Finance Parties under the Finance Documents (both in terms of ranking and in terms of debt service) on terms acceptable to the Agent (acting on the instructions of the Majority Banks);
(iv) incurred by way of (A) an unsecured convertible bond loan in a principal amount not exceeding USD 200,000,000 or (B) an ordinary unsecured bond loan in a principal amount not exceeding USD 200,000,000 to be applied for investment in a drilling unit or a company owning drilling unit(s), provided always that the Borrowers are able to demonstrate to the satisfaction of the Agent (acting on the instructions of the Majority Banks) that the Earnings under the Employment Contracts will be sufficient to service Revolving Credit Facility B when taking into account the debt service obligations incurred in connection with such Financial Indebtedness;
(v) incurred by a Project Company;
(vi) existing on the Signing Date and until 30 days after the first Drawdown Date and incurred under the Existing Facilities; or
(vii) consented to in writing by the Majority Banks.
Financial Indebtedness restrictions a) The Borrower shall not without the prior written consent of the Agent (on behalf of the Majority Lenders) incur or permit to be outstanding any Financial Indebtedness other than any Financial Indebtedness outstanding under the Finance Documents prior to the Borrower being listed on the New York Stock Exchange or such other recognized stock exchange acceptable to the Lenders.
b) No Additional Guarantor shall incur or permit to be outstanding any Financial Indebtedness other than any Financial Indebtedness outstanding under the Finance Documents without the prior written consent of the Agent (acting on behalf of the Majority Lenders).
Financial Indebtedness restrictions. The Issuer shall not, and shall ensure that no other Group Company shall, incur, create or permit to subsist any Financial Indebtedness other than:
(i) this Bond Issue;
(ii) any unsecured Financial Indebtedness with the Issuer as borrower provided as a subordinated loan cf. clause (f) below;
(iii) the Permitted Financial Indebtedness;
(iv) any unsecured intra-group loans granted by any member of the Group;
(v) any derivative transactions related to the Issuer’s hedging policy; and
(vi) any Financial Indebtedness incurred in the ordinary course of business for an amount of up to USD 10 million.
Financial Indebtedness restrictions. The Borrowers shall not enter into new Financial Indebtedness other than:
a) Financial Indebtedness under this Agreement; and
b) The Parent Loans which shall be fully subordinated to the obligations of the Obligors under this Agreement and on terms and conditions acceptable to the Agent (on behalf of the Lenders). In the event that the Agent (on behalf of the Finance Parties and the Swap Bank) exercises its rights under the Share Pledge Agreements, any such Parent Loans shall be deleted or converted into equity in the Borrowers.
Financial Indebtedness restrictions. (a) Except as permitted under paragraph (b) below, the Company shall not, and shall procure that no other Group Company shall, incur, create or permit to subsist any additional Financial Indebtedness or maintain or prolong any existing Financial Indebtedness.
(b) Paragraph (a) above shall not prohibit any Group Company to incur, maintain or prolong any Permitted Financial Indebtedness.
Financial Indebtedness restrictions. The Issuer and the Group Companies may, incur, create or permit to subsist any Financial Indebtedness (including guarantees) except the Restricted Financial Indebtedness, provided the Existing Bonds shall be allowed to remain outstanding until settlement of the call notice issued by the Issuer on 1 February 2017.
Financial Indebtedness restrictions a) The Borrowers shall not incur, create or permit to subsist any Financial Indebtedness.
b) Paragraph (a) above does not apply to Financial Indebtedness:
(i) incurred under the Finance Documents; (ii) incurred under any loans from any Guarantor or any other Borrower, provided that any Guarantor’s or the other Borrower's claims under such loans are subject to an Assignment of Intercompany Loan and fully subordinated to the claims of the Finance Parties under the Finance Documents; or
Financial Indebtedness restrictions. The Borrower shall not and shall procure that no other member of the Group incurs any Financial Indebtedness without the prior written consent of the Agent (acting on the instructions of the Majority Lenders), except for any Financial Indebtedness up to NOK 100,000,000, excluding an overdraft facility provided by Fokus Bank in the amount of NOK 100,000,000.
