Incurrence of Debt. The Borrower will not issue, assume, guarantee, incur, or otherwise be or become liable in respect of Debt, other than (i) Debt expressly approved by the Lender in writing, which approval may be withheld in the Lender's sole discretion, or (ii) non-recourse Debt financing secured by property of the Borrower not constituting Collateral prior to or as of June 30, 1997 (the Lender hereby agreeing to cooperate with the Borrower to subordinate or release its Lien on such property to permit any lender of such financing to obtain a first lien thereon).
Appears in 9 contracts
Samples: Credit and Security Agreement (Crescent Operating Inc), Credit and Security Agreement (Crescent Operating Inc), Credit and Security Agreement (Crescent Operating Inc)
