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.
Appears in 3 contracts
Samples: Term and Revolving Facilities Agreement (KNOT Offshore Partners LP), Term and Revolving Facilities Agreement (KNOT Offshore Partners LP), Term and Revolving Facilities Agreement
Financial Indebtedness restrictions. (a) No The Borrower 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 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 Borrower 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.
Appears in 2 contracts
Samples: Term Facility Agreement, Term Facility Agreement (KNOT Offshore Partners LP)
