Common use of Negative Covenants of the Borrowers Clause in Contracts

Negative Covenants of the Borrowers. On and after the Closing Date, and so long as any obligation hereunder shall remain unpaid or any Lender shall have any Commitment hereunder, each Borrower shall not, without the written consent of the Majority Lenders: (a) Liens, Etc. Create incur, assume or suffer to exist any Lien upon any of its properties or assets, whether now owned or hereafter acquired, except: (i) any Liens existing on the Closing Date; (ii) Liens created by the First Mortgage Indentures, so long as by the terms thereof no "event of default" (howsoever designated) in respect of any bonds issued thereunder will arise upon the occurrence of an Unmatured Default or Event of Default hereunder;

Negative Covenants of the Borrowers. On and after the Closing Date, and so long as any obligation hereunder shall remain unpaid or any Lender shall have any Commitment hereunder, each Borrower shall not, without the written consent of the Majority Lenders: (a) Liens, Etc. Create Create, incur, assume or suffer to exist any Lien upon any of its properties or assets, whether now owned or hereafter acquired, except: (i) any Liens existing on the Closing Date; (ii) Liens created by the First Mortgage Indentures, so long as by the terms thereof no "event of default" (howsoever designated) in respect of any bonds issued thereunder will arise upon the occurrence of an Unmatured Default or Event of Default hereunder;