Common use of Limitation on Restrictive Covenants Clause in Contracts

Limitation on Restrictive Covenants. Permit to exist, at any time, any consensual restriction limiting the ability (whether by covenant, event of default, subordination or otherwise) of any Consolidated Subsidiary to (a) pay dividends or make any other distributions on shares of its capital stock or other ownership interests held by the Borrower or any other Consolidated Subsidiary, (b) pay any obligation owed to the Borrower or any Consolidated Subsidiary, (c) make any loans or advances to or investments in the Borrower or any Consolidated Subsidiary, (d) transfer any of its property or assets to the Borrower or any Consolidated Subsidiary or (e) create any Lien upon its property or assets whether now owned or hereafter acquired or upon any income or profits therefrom, except that this Section 4.16 shall not apply to Permitted Restrictive Covenants.

Limitation on Restrictive Covenants. Permit to exist, at any time, any consensual restriction limiting the ability (whether by covenant, event of default, subordination or otherwise) of any Consolidated Restricted Subsidiary to (a) pay dividends or make any other distributions on shares of its capital stock or other ownership interests held by the Borrower or any other Consolidated Restricted Subsidiary, (b) pay any obligation owed to the Borrower or any Consolidated other Restricted Subsidiary, (c) make any loans or advances to or investments in the Borrower or in any Consolidated other Restricted Subsidiary, (d) transfer any of its property or assets to the Borrower or any Consolidated other Restricted Subsidiary or (e) create any Lien upon its property or assets whether now owned or hereafter acquired or upon any income or profits therefrom, except that this Section 4.16 4.15 shall not apply to Permitted Restrictive Covenants.

Limitation on Restrictive Covenants. Permit to exist, at any time, any consensual restriction limiting the ability (whether by covenant, event of default, subordination or otherwise) of any Consolidated Restricted Subsidiary to (a) pay dividends or make any other distributions on shares of its capital stock or other ownership interests held by the Borrower or any other Consolidated Restricted Subsidiary, (b) pay any obligation owed to the Borrower or any Consolidated other Restricted Subsidiary, (c) make any loans or advances to or investments in the Borrower or in any Consolidated other Restricted Subsidiary, (d) transfer any of its property or assets to the Borrower or any Consolidated other Restricted Subsidiary or (e) create any Lien upon its property or assets whether now owned or hereafter acquired or upon any income or profits therefrom, except that this Section 4.16 shall not apply to Permitted Restrictive Covenants.

Limitation on Restrictive Covenants. Permit to exist, at any time, any consensual restriction limiting the ability (whether by covenant, event of default, subordination or otherwise) of any Consolidated Subsidiary (including for purposes of this Section 4.17, NJN and its Subsidiaries) to (a) pay dividends or make any other distributions on shares of its capital stock or other ownership interests held by the Borrower or any other Consolidated Subsidiary, (b) pay any obligation owed to the Borrower or any Consolidated other Subsidiary, (c) make any loans or advances to or investments in the Borrower or in any Consolidated other Subsidiary, (d) transfer any of its property or assets to the Borrower or any Consolidated other Subsidiary or (e) create any Lien upon its property or assets whether now owned or hereafter acquired or upon any income or profits therefrom, except that this Section 4.16 4.17 shall not apply to Permitted Restrictive Covenants.