Limitation on Security Interests. So long as any Securities are outstanding and subject to the provisions of this Indenture, the Company will not, and will not permit any Restricted Subsidiary to, create, incur, assume or otherwise have outstanding any Security Interest in, on or over any of its or their interest in property, present or future, securing any Indebtedness of any Person, other than Permitted Encumbrances, unless at the time thereof or prior thereto the Securities then outstanding under this Indenture are equally and ratably secured with such Indebtedness for so long as such Indebtedness is so secured.
Limitation on Security Interests. (a) Waste Management will not, and will not permit any of its Restricted Subsidiaries to, create, incur, assume or suffer to exist, directly or indirectly, any Indebtedness secured by a Security Interest upon any Principal Property of Waste Management or of a Restricted Subsidiary, whether owned as of the date of this Agreement or hereafter acquired, without making effective provision (and Waste Management hereby covenants that in any such case it shall make or cause to be made effective provision) whereby the Obligations shall be secured by such Security Interest equally and ratably with any and all other Indebtedness of Waste Management or any Restricted Subsidiary thereby secured for so long as any such other Indebtedness of Waste Management or any Restricted Subsidiary shall be so secured; provided that nothing in this Section 5.02 shall prevent, restrict or apply to Indebtedness secured by:
(a) Any Security Interest upon property or assets which is created prior to or contemporaneously with, or within 360 days after, (i) in the case of the acquisition of such property or assets, the completion of such acquisition and (ii) in the case of the construction, development or improvement of such property or assets, the later to occur of the completion of such construction, development or improvement or the commencement of operation or use of the property or assets, which Security Interest secures or provides for the payment, financing or refinancing, directly or indirectly, of all or any part of the acquisition cost of such property or assets or the cost of construction, development or improvement thereof; or (b) any Security Interest upon property or assets existing at the time of the acquisition thereof, which Security Interest secures obligations assumed by Waste Management or any Restricted Subsidiary; or (c) any conditional sales agreement or other title retention agreement with respect to any property or assets acquired by Waste Management or any Restricted Subsidiary; or
Limitation on Security Interests. Make any assignment of, or create, assume, or suffer to exist any Lien of any kind upon the Collateral, except Permitted Encumbrances.
Limitation on Security Interests. The SECURITY INTERESTS having the benefit of the priorities as set forth herein shall be limited in the amount which may be secured by such SECURITY INTERESTS to the following principal amounts for the following LENDERS, together with all accrued and unpaid interest thereon:
(a) LASALLE -- A principal amount of Seventeen Million Nine Hundred Forty-Seven Thousand Five Hundred Dollars ($17,947,500.00), together with all other sums due under or in connection with the LASALLE LOANS or any documents executed in connection therewith, including, but not limited to, all fees, enforcement costs and reimbursement and indemnification obligations; (b) IMPERIAL -- A principal amount equal to the principal balance of the IMPERIAL LOAN, together with all other sums due under or in connection with the IMPERIAL LOAN or any documents executed in connection therewith, including, but not limited to, all fees, enforcement costs and reimbursement and indemnification obligations; (c) CRUTTENDEN -- A principal amount equal to the principal balance of the CRUTTENDEN LOAN, together with all other sums due under or in connection with the CRUTTENDEN LOAN or any documents executed in connection therewith, including, but not limited to, all fees, enforcement costs and reimbursement and indemnification obligations; and (d) SELLER -- A principal amount equal to the principal balance of the SELLER DEBT, together with all other sums due under or in connection with the SELLER DEBT or any documents executed in connection therewith, including, but not limited to, all fees, enforcement costs and reimbursement and indemnification obligations.
Limitation on Security Interests. 83 SECTION 1007.
Limitation on Security Interests. Except (i) for Security Interests created in favour of Affiliates, (ii) as otherwise provided in Section 9.2, (iii) with approval by Unanimous Resolution or (iv) for Security Interests the creation of which would not constitute a Transfer pursuant to the definition thereof, no Partner shall create or suffer to be created any Security Interest on any of its Partnership Interest, its rights under this Agreement, the Shareholders Agreement or the Supply Agreement. Any purported Security Interest that is not in compliance with this Section 9.1 shall be void as between the Partners and the Partnership.
Limitation on Security Interests. (a) The Relevant Company shall not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume or suffer to exist any Security Interests of any kind securing Financial Indebtedness, Attributable Debt or trade payables on any property or asset now owned or hereafter acquired, except Permitted Security Interests.
(b) Unless and until the Senior Notes Trustee confirms to the Security Agent that it has taken possession of the Collateral and that such Collateral has been perfected under local laws, neither the Relevant Company nor any of its Subsidiaries can incur any debt secured by pledges expressed to be senior to, or pari passu with, the security then existing in favour of the Notes provided that this limitation does not apply to any Security Interest created in relation to the Notes the Subordinated Shareholder Loan and provided further that this limitation does not apply to any Permitted Security Interest falling within paragraphs (b), (h), (j) to (n) and (q) of the definition of Permitted Security Interests.
Limitation on Security Interests. The grant, assignment and transfer of a security interest, or other Lien, pursuant to this Collateral Agreement, shall be subject to all provisions of any agreement evidencing the First Lien Debt which limits or qualifies such security interest, which requires the subordination (as to security or payment or both security and payment) of such security interest, or which prohibits the granting of a security interest by or in respect of any partnership, joint venture or property; PROVIDED, HOWEVER, that with respect to any partnership, participation or joint venture which MRT enters into after the Effective Date, MRT shall require with respect thereto that the Collateral Agent's ability to file and perfect a security interest in such interest shall not be restricted or impaired in any manner.
Limitation on Security Interests. Except with the prior written agreement of the other Shareholder, no Shareholder shall create or suffer to be created any Security Interest on any of its Shares or its rights under this Agreement, the Amended and Restated Limited Partnership Agreement or the Supply Agreement, if such granting would not constitute a permitted Transfer hereunder. Any purported Security Interest that is not in compliance with this Section 5.1 shall be void as between the Shareholders and the Company.
Limitation on Security Interests. No Obligor shall, and the Company shall not permit any other Material Company to, directly or indirectly, at any time create, incur, assume or permit to exist any Security Interest, other than a Permitted Security Interest, on any of its assets or any income or profits therefrom, securing any Financial Indebtedness unless, at the same time or prior thereto, the liabilities of the Obligors under this Agreement:
(i) are secured equally and rateably therewith to the satisfaction of the Facility Agent; or
(ii) have the benefit of such other security or other arrangement as the Facility Agent in its absolute discretion shall deem to be not materially less beneficial to the Finance Parties.
