Common use of Limitation on Financial Indebtedness Clause in Contracts

Limitation on Financial Indebtedness. The Private Party shall not incur, assume or permit to exist any indebtedness, including guarantees issued to third parties and the creation of charges, pledges or other encumbrances over its assets, otherwise than in accordance with the Associated Agreements or in the ordinary course of business in furtherance of the Project or by operation of law, without the prior written consent of SANParks.

Limitation on Financial Indebtedness. The Private Party shall not incur, assume or permit to exist any indebtedness, including guarantees issued to third parties and the creation of charges, pledges or other encumbrances over its assets, otherwise than in accordance with the Associated Agreements or in the ordinary course of business in furtherance of the Project or by operation of law, without the prior written consent of SANParks. The Private Party shall conduct its operations in such a fashion that they do not impact on SANParks and shall submit the requisite reports to SANParks as provided for in this Agreement.