Limitation on Debt, Liens Sample Clauses

Limitation on Debt, Liens. During the period beginning on the date of this Agreement and ending on the Termination Date, the Company shall refrain, and shall ensure that each of its Subsidiaries refrains, from (A) incurring any Debt (including without limitation by issuing any Debt securities) or increasing the amount of any existing line of credit or other Debt facility beyond the amount outstanding on the date hereof or (B) granting, establishing or maintaining any Lien on any of its assets, including without limitation any pledge of securities owned or held by it (including without limitation any securities issued by any such Subsidiary), other than Permitted Liens. Notwithstanding the foregoing, the Company and/or its Subsidiaries may incur Debt for purposes of effecting one or more acquisitions (by means of purchase of all or substantially all of the assets of another entity), provided that the aggregate amount of such new Debt shall not exceed $3 million and provided further, that such new Debt shall be unsecured Subordinated Debt and subject to the “most favored nation” provision in Section 4.21 (such Debt, the “Permitted Subordinated Debt”).
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Limitation on Debt, Liens. During the period beginning on the date of this Agreement and ending on the Effective Date, the Company shall refrain, and shall ensure that each of its Subsidiaries refrains, from incurring any Debt (including without limitation by issuing any Debt securities) or increasing the amount of any existing line of credit or other Debt facility beyond the amount outstanding on the date hereof. At all times following the date of this Agreement and while at least $100,000 in aggregate principal amount of the Debentures is outstanding, the Company shall refrain, and shall ensure that each of its Subsidiaries refrains, from granting, establishing or maintaining any Lien on any of its assets, including without limitation any pledge of securities owned or held by it (including without limitation any securities issued by any such Subsidiary), other than (i) Permitted Liens (including the imposition of any Lien after the Closing Date, provided that, upon the imposition of any mechanic’s, tax or similar statutory lien, the Company shall notify each Investor thereof and shall use commercially reasonable efforts to remove such lien as soon as practicable (including without limitation contesting such lien in good faith by appropriate proceedings)), (ii) Liens on assets other than those covered by the Mortgage or the Security Agreement and which secure Subordinated Debt, (iii) judgment Liens not giving rise to an Event of Default, (iv) any interest or title of a lessor under any capitalized lease obligation; provided that such Liens do not extend to any property or assets which is not leased property subject to such capitalized lease obligation, (v) purchase money Liens to finance property or assets of the Company or any Subsidiary of the Company acquired in the ordinary course of business; provided, however, that (A) the related purchase money Debt shall not exceed the cost of such property or assets (including the cost of design, development, improvement, production, acquisition, construction, installation and integration) and shall not be secured by any property or assets of the Company or any Subsidiary of the Company other than the property and assets so acquired or constructed (and any improvements) and (B) the Lien securing such Debt shall be created within ten (10) days of such acquisition, construction or improvement, (vi) Liens upon specific items of inventory or other goods and proceeds of any Person securing such Person’s obligations in respect of bankers’ accept...
Sample 1
Limitation on Debt, Liens. During the period beginning on the date of this Agreement and ending on the Termination Date, the Company shall refrain from (i) incurring any Debt (including without limitation by issuing any Debt securities), other than Subordinated Debt, or increasing the amount of any existing line of credit or other Debt facility beyond the maximum amount outstanding thereon on the date hereof or (ii) granting, establishing or maintaining any Lien on any of its assets, including without limitation any pledge of securities owned or held by it (including without limitation any securities issued by any such Subsidiary), other than Permitted Liens. Notwithstanding the foregoing, the Company may incur Debt for purposes of effecting one or more acquisitions (by means of purchase of all or substantially all of the assets of another entity), provided that the aggregate amount of such new Debt shall not exceed $1,000,000 and, notwithstanding the foregoing, the Company may incur debt upon approval of the Required Holders.
Sample 1
Limitation on Debt, Liens. Other than pursuant to the Shelter Island Purchase Agreement as described on Schedule 1.2(b), during the period beginning on the date of this Agreement and ending on the Termination Date, the Company and each Subsidiary shall not (i) incur any Debt (including without limitation by issuing any Debt securities), other than Subordinated Debt, or increase the amount of any existing line of credit or other Debt facility beyond the maximum amount outstanding thereon on the date hereof or (ii) grant, establish, maintain or suffer to exist any Lien on any of its assets, including without limitation any pledge of securities owned or held by it (including without limitation any securities issued by any such Subsidiary), other than Permitted Liens. Notwithstanding the foregoing, the Company may incur Debt in connection with (1) a strategic commercial agreement or transaction, (2) an unsecured commercial borrowing, lending or lease financing transaction or (3) its acquisition of a corporation or other entity through consolidation, merger, purchase of all or substantially all of the assets or other reorganization, in each case approved in good faith by the Company’s Board of Directors and subject to the provisions of Section 14(b); provided that such Debt shall not exceed in the aggregate $1,000,000, and notwithstanding the foregoing, the Company may incur debt upon approval of the Required Holders.
Sample 1

Related to Limitation on Debt, Liens

  • Limitation on Debt Create, incur, assume or suffer to exist any Debt, except:

  • Limitation on Liens Create, incur, assume or suffer to exist any Lien upon any of its Property, whether now owned or hereafter acquired, except for:

  • Limitation on Liens on Collateral No Grantor will create, permit or suffer to exist, and each Grantor will defend the Collateral against, and take such other action as is necessary to remove, any Lien on the Collateral except Permitted Encumbrances, and will defend the right, title and interest of Agent and Lenders in and to any of such Grantor's rights under the Collateral against the claims and demands of all Persons whomsoever.

  • Limitation on Indebtedness Create, incur, assume or suffer to exist any Indebtedness, except:

  • Prohibition on Liens Company shall not, and shall not permit any of its Subsidiaries to, directly or indirectly, create, incur, assume or permit to exist any Lien on or with respect to any property or asset of any kind (including any document or instrument in respect of goods or accounts receivable) of Company or any of its Subsidiaries, whether now owned or hereafter acquired, or any income or profits therefrom, or file or permit the filing of, or permit to remain in effect, any financing statement or other similar notice of any Lien with respect to any such property, asset, income or profits under the UCC or under any similar recording or notice statute, except:

  • Limitation on Secured Debt The Company will not, and will not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt) secured by any Lien on any of its or any of its Subsidiaries’ property or assets, whether owned on the date of the Indenture or subsequently acquired, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of the Company’s and its Subsidiaries’ outstanding Debt which is secured by a Lien on any of its or its Subsidiaries’ property or assets is greater than 40% of the sum of (without duplication): (1) the Company’s and its Subsidiaries’ Total Assets as of the last day of the then most recently ended fiscal quarter covered in the Parent’s annual or quarterly report most recently furnished to Holders of the Notes or filed with the SEC, as the case may be; and (2) the aggregate purchase price of any real estate assets or mortgages receivable acquired, and the aggregate amount of any securities offering proceeds received (to the extent such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Debt), by the Company or any of its Subsidiaries since the end of such fiscal quarter, including the proceeds obtained from the incurrence of such additional Debt and any substantially concurrent offering of other securities.

  • Limitations on Liens Create, incur, assume or suffer to exist, any Lien on or with respect to any of its assets or properties (including, without limitation, shares of Capital Stock), real or personal, whether now owned or hereafter acquired, except:

  • Limitation on Negative Pledge Clauses Enter into with any Person any agreement, other than this Agreement or the other Loan Documents, which prohibits or limits the ability of such Borrower to create, incur, assume or suffer to exist any Lien upon any of its property, assets or revenues, whether now owned or hereafter acquired, other than (i) this Agreement or the other Loan Documents or (ii) except as may occur under agreements entered into in the ordinary course of such Borrower’s business and which are not otherwise prohibited by any Requirement of Law.

  • Limitations on Indebtedness Create, incur, assume or suffer to exist any Indebtedness except:

  • Limitation on Obligations (a) The provisions of this Guaranty are severable, and in any action or proceeding involving any state corporate law, or any state, federal or foreign bankruptcy, insolvency, reorganization or other law affecting the rights of creditors generally, if the obligations of any Subsidiary Guarantor under this Guaranty would otherwise be held or determined to be avoidable, invalid or unenforceable on account of the amount of such Subsidiary Guarantor’s liability under this Guaranty, then, notwithstanding any other provision of this Guaranty to the contrary, the amount of such liability shall, without any further action by any Subsidiary Guarantor, the Administrative Agent or any other Credit Party, be automatically limited and reduced to the highest amount that is valid and enforceable as determined in such action or proceeding (such highest amount determined hereunder being the relevant Subsidiary Guarantor’s “Maximum Liability”). This Section 9(a) with respect to the Maximum Liability of the Subsidiary Guarantors is intended solely to preserve the rights of the Administrative Agent and the Lenders hereunder to the maximum extent not subject to avoidance under applicable law, and neither a Subsidiary Guarantor nor any other Person shall have any right or claim under this Section 9(a) with respect to the Maximum Liability, except to the extent necessary so that the obligations of each Subsidiary Guarantor hereunder shall not be rendered voidable under applicable law.

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