Loans or credit. (a) No Borrower shall be a creditor in respect of any Financial Indebtedness. (b) Paragraph (a) above does not apply to: (i) normal trade credit extended to its customers on normal commercial terms and in the ordinary course of its trading activities; (ii) any loan or other credit made to another member of the Group at a time when no Default is continuing or would occur from the making of such loan or other credit, and provided that the Parent Guarantor and the Borrowers will be in compliance with the financial covenants set out in Clause 21 (Financial covenants) following the making of such loan or other credit; or (iii) any creditor relationship entered into with the consent of the Lenders.
Appears in 3 contracts
Samples: Term and Revolving Facilities Agreement (KNOT Offshore Partners LP), Term and Revolving Facilities Agreement (KNOT Offshore Partners LP), Term and Revolving Facilities Agreement
Loans or credit. (a) No The Borrower shall not be a creditor in respect of any Financial Indebtedness.
(b) Paragraph (a) above does not apply to:
(i) normal trade credit extended to its customers on normal commercial terms and in the ordinary course of its trading activities;
(ii) any loan or other credit made to another member of the Group at a time when no Default is continuing or would occur from the making of such loan or other credit, and provided that the Parent Guarantor and the Borrowers Borrower will be in compliance with the financial covenants set out in Clause 21 (Financial covenants) following the making of such loan or other credit; or
(iii) any creditor relationship entered into with the consent of the Lenders.
Appears in 2 contracts
Samples: Term Facility Agreement, Term Facility Agreement (KNOT Offshore Partners LP)
