Loans out. (a) Except as provided in paragraph (b) below, the Borrower may not extend loans or be a creditor in respect of any Financial Indebtedness. (b) Paragraph (a) does not apply to any loan or trade credit: (i) from a member of the Group (including the Borrower) to another member of the Group (other than the Borrower); (ii) extended on arm’s length terms and in the ordinary course of business of the relevant member of the Group; or (iii) other than under (i) or (ii), provided that the aggregate amount thereof does not exceed €50,000,000 (or its equivalent in any other currency) at any time.
Appears in 1 contract
Samples: Term Loan Agreement (Xylem Inc.)
Loans out. (a) Except as provided in paragraph (b) below, the Borrower may not extend loans or be a creditor in respect of any Financial Indebtedness.
(b) Paragraph (a) does not apply to any loan or trade credit:
(i) i. from a member of the Group (including the Borrower) to another member of the Group (other than the Borrower);
(ii) . extended on arm’s length terms and in the ordinary course of business of the relevant member of the Group; or
(iii) . other than under (i) or (ii), provided that the aggregate amount thereof does not exceed €50,000,000 75,000,000 (or its equivalent in any other currency) at any time.
Appears in 1 contract
Samples: Term Loan Agreement (Xylem Inc.)
Loans out. (a) Except as provided in paragraph (b) below, the Borrower may not extend loans or be a creditor in respect of any Financial Indebtedness.
(b) Paragraph (a) does not apply to any loan or trade credit:
(i) from a member of the Group (including the Borrower) to another member of the Group (other than the Borrower);
(ii) extended on arm’s length terms and in the ordinary course of business of the relevant member of the Group; or
(iii) other than under (i) or (ii), provided that the aggregate amount thereof does not exceed €50,000,000 75,000,000 (or its equivalent in any other currency) at any time.
Appears in 1 contract
Samples: Term Loan Agreement (Xylem Inc.)
Loans out. (a) Except as provided in paragraph (b) below, the Borrower may not extend loans or be a creditor in respect of any Financial Indebtedness.
(b) Paragraph (a) does not apply to any loan or trade credit:
(i) from a member of the Group (including other than the Borrower) to another member of the Group (other than the Borrower);
(ii) extended on arm’s length terms and in in the ordinary course of business of the relevant member of the Group; or
(iii) other than under (i), (ii) or (iiiii), provided that the aggregate amount thereof does not exceed €50,000,000 (or its equivalent in any other currency) at any time.
Appears in 1 contract
Samples: Term Loan Agreement (Xylem Inc.)