Maintenance of MSX Assets - Negative Covenants Sample Clauses

Maintenance of MSX Assets - Negative Covenants. During the Escrow Period neither Raleigh nor MSX has done or permitted to be done any of the following: (a) disposed of all or a substantial part of the MSX Assets necessary to achieve the purposes of the business of MSX; (b) commenced the liquidation of the business of MSX; (c) pledged, mortgaged, encumbered or otherwise burdened any of the MSX Assets or the shares of MSX; (d) issued additional Common Shares or other capital stock of MSX; (e) sold any of the Common Shares; and (f) entered into any agreement or commitment to do any of the foregoing, except such agreements and commitments MSX expressly and in writing, were to become effective only by Raleigh's payment to Glamis of the first payment due under the Promissory Note (defined in the SPA) and, such payment having not been made, are now void ab initio. As of the Effective Date, there are no agreements or commitments still in effect to do any of the things identified in the preceding clauses (a) through (e).
Sample 1
AutoNDA by SimpleDocs
Maintenance of MSX Assets - Negative Covenants. During the Escrow Period Raleigh and MSX shall be prohibited from doing the following: (i) disposing of all or a substantial part of the MSX Assets necessary to achieve the purposes of the business of MSX; (ii) commencing of the liquidation of the business of MSX; (iii) pledging, mortgaging, encumbering or otherwise burdening any of the MSX Assets or the shares of MSX; (iv) issuing additional shares of MSX; (v) incurring any material expenditures on behalf of MSX other than in the ordinary course of business; (vi) incurring on the part of MSX any new or additional liabilities other than in the ordinary course of business; and (vii) incurring on the part of MSX any new indebtedness. In addition, during the same period, Raleigh shall not sell any of the shares of MSX or enter into any commitment or agreement with respect to any such sale. Notwithstanding the foregoing, Raleigh and/or MSX, as the case may be, may enter into agreements or commitments to do any of the foregoing, provided that such agreements and commitments shall, expressly and in writing, become effective only upon expiration of the Escrow Period by Raleigh's payment to Glamis of the installment of the Purchase Price described in Section 5(a)(ii) and the subsequent delivery to Glamis of the Promissory Note and Royalty Deed pursuant to Section 6(h) of this Agreement, and that such agreements and commitments shall be null and void ab initio in the event such payment is not made timely and the Escrow Documents are delivered as provided in Section 6(g) of this Agreement. (i)
Sample 1
Maintenance of MSX Assets - Negative Covenants. During the Escrow Period Raleigh and MSX shall be prohibited from doing the following:
Sample 1

Related to Maintenance of MSX Assets - Negative Covenants

  • BORROWER'S NEGATIVE COVENANTS Borrower covenants and agrees that, so long as any of the Commitments hereunder shall remain in effect and until payment in full of all of the Loans and other Obligations and the cancellation or expiration of all Letters of Credit, unless Requisite Lenders shall otherwise give prior written consent, Borrower shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 7.

  • Certain Negative Covenants Each of the Borrowers covenants and agrees that, so long as any Loan, Unpaid Reimbursement Obligation, Letter of Credit or Note is outstanding or any Lender has any obligation to make any Loans or the Administrative Agent has any obligations to issue, extend or renew any Letters of Credit:

  • Borrower Negative Covenants Borrower covenants and agrees with Lender that:

  • Additional Negative Covenants Not to, without the Bank's written consent:

  • COMPANY'S NEGATIVE COVENANTS Company covenants and agrees that, so long as any of the Commitments hereunder shall remain in effect and until payment in full of all of the Loans and other Obligations and the cancellation or expiration of all Letters of Credit, unless Requisite Lenders shall otherwise give prior written consent, Company shall perform, and shall cause each of its Subsidiaries to perform, all covenants in this Section 7.

  • AFFIRMATIVE AND NEGATIVE COVENANTS The Borrower covenants and agrees that, so long as any Bank has any Commitment hereunder or any Obligations remain unpaid:

  • Negative Covenants of Seller On and as of the date hereof and each Purchase Date and until this Agreement is no longer in force with respect to any Transaction, Seller shall not without the prior written consent of Buyer:

  • CERTAIN NEGATIVE COVENANTS OF THE BORROWER The Borrower covenants and agrees that, so long as any Loan, Unpaid Reimbursement Obligation, Letter of Credit or Note is outstanding or any Bank has any obligation to make any Loans or the Agent has any obligations to issue, extend or renew any Letters of Credit:

  • NEGATIVE COVENANTS Until the Commitments have expired or terminated and the principal of and interest on each Loan and all fees payable hereunder have been paid in full and all Letters of Credit have expired or terminated and all LC Disbursements shall have been reimbursed, the Borrower covenants and agrees with the Lenders that:

  • Negative Covenants of the Servicer From the Closing Date until the Collection Date:

Time is Money Join Law Insider Premium to draft better contracts faster.