Common use of Limitation on Financial Indebtedness Clause in Contracts

Limitation on Financial Indebtedness. The Borrower will not incur any Financial Indebtedness other than Financial Indebtedness: (a) under the Finance Documents; or (b) arising in the ordinary course of operation of the Vessel in an aggregate amount not exceeding US$250,000, provided that such amounts are paid when due or, if not paid when due are being disputed in good faith by appropriate proceedings (and for the payment of which adequate reserves or security are at the relevant time maintained or provided), provided further that such proceedings, whether by payment of adequate security into Court or otherwise, do not give rise to a material risk of the Vessel or any interest therein being seized, sold, forfeited or otherwise lost or of criminal liability on the Agent or any of the Banks; or (c) consisting of any guarantee or indemnity required by any protection and indemnity or war risks club or association to be given by the Borrower; or (d) under any loan or credit facility granted to the Borrower by any member of the Group, which is unsecured and fully subordinated to the Facility, the principal terms of which are notified to the Agent by the Borrower in writing prior to the granting of the relevant Facility. The Borrower shall, upon a request being made by the Agent, provide the Agent with such further information as the Agent may reasonably require in connection with any loan or credit facility granted or to be granted to the Borrower pursuant to Clause 17.14(d) above.

Limitation on Financial Indebtedness. The Borrower will not incur any Financial Indebtedness other than Financial Indebtedness: (a) under the Finance Documents; or (b) arising in the ordinary course of operation of the Vessel in an aggregate amount not exceeding US$250,000, euro 5,000,000 provided that such amounts are paid when due or, if not paid when due are being disputed in good faith by appropriate proceedings (and for the payment of which adequate reserves or security are at the relevant time maintained or provided), provided further that such proceedings, whether by payment of adequate security into Court or otherwise, do not give rise to a material risk of the Vessel or any interest therein being seized, sold, forfeited or otherwise lost or of criminal liability on the Agent or any of the Banks; or (c) consisting of any guarantee or indemnity required by any protection and indemnity or war risks club or association to be given by the Borrower; or (d) under any loan or credit facility granted to the Borrower by any member of the Group, which is unsecured and fully subordinated to the Facility, the principal terms of which are notified to the Agent by the Borrower in writing prior to the granting of the relevant Facility. The Borrower shall, upon a request being made by the Agent, provide the Agent with such further information as the Agent may reasonably require in connection with any loan or credit facility granted or to be granted to the Borrower pursuant to Clause 17.14(dparagraph (d) above.

Limitation on Financial Indebtedness. The Borrower will not incur any Financial Indebtedness other than Financial Indebtedness: (a) under the Finance Documents; or (b) arising in the ordinary course of operation of the Vessel in an aggregate amount not exceeding US$euro 250,000, provided that such amounts are paid when due or, if not paid when due are being disputed in good faith by appropriate proceedings (and for the payment of which adequate reserves or security are at the relevant time maintained or provided), provided further that such proceedings, whether by payment of adequate security into Court or otherwise, do not give rise to a material risk of the Vessel or any interest therein being seized, sold, forfeited or otherwise lost or of criminal liability on the Agent or any of the Banks; or (c) consisting of any guarantee or indemnity required by any protection and indemnity or war risks club or association to be given by the Borrower; or (d) under any loan or credit facility granted to the Borrower by any member of the Group, which is unsecured and fully subordinated to the Facility, the principal terms of which are notified to the Agent by the Borrower in writing prior to the granting of the relevant Facility. The Borrower shall, upon a request being made by the Agent, provide the Agent with such further information as the Agent may reasonably require in connection with any loan or credit facility granted or to be granted to the Borrower pursuant to Clause 17.14(d) above.