Negative Pledge Covenants Clause Samples

Negative Pledge Covenants. Except for the restrictions on granting Liens in the Indenture as in effect on the Closing Date and in the Senior Secured Note Indenture delivered to the Agent and the Lenders under Section 7.2.14(iv), each of the Loan Parties covenants and agrees that it shall not, and shall not permit any of its Subsidiaries to, (a) enter into any agreement, promise, commitment or other undertaking with any Person which, conditionally or unconditionally, prohibits, or limits in any way the right of, any of the Loan Parties or their Subsidiaries from granting any Liens to the Agent or the Banks in the assets or ownership interests of the Loan Parties or their Subsidiaries or which imposes any conditions upon such a grant of such Liens or the exercise by the Agent or the Banks of their rights and remedies under such Liens (including their rights to transfer or dispose of such assets or interests), or (b) agree to, create or suffer to exist any Lien to any Person on any assets at any time, other than Permitted Liens.” 7. Amendment of Section 7.2.

Negative Pledge Covenants. The SFEC Entities will not take, and ------------------------- will use their best efforts to cause the SFEC Affiliates not to take, any action the result of which would be to (i) cause the term of the Bank Credit Agreement Negative Pledge Covenant to continue after the expiration of the term or earlier termination of the Indenture Negative Pledge Covenant, (ii) to cause the term of the Indenture to be extended beyond the termination date of the Indenture as in effect on the date the Indenture was initially entered into without the Indenture Negative Pledge Covenant being released with respect to Units held from time to time by SFOT Acquisition I or (iii) permit to exist any other agreement covenant that would preclude the granting, attachment, perfection or first priority of the security interests in such Units provided for in the SFOT Acquisition I and SFOT Acquisition II Guarantee (other than such a covenant contained in SFTP's senior credit facility from time to time, provided that, such covenant is not more restrictive than the Bank, Credit Negative Pledge Covenant and does not extend beyond the term of the Indenture).

Negative Pledge Covenants. 64 12.22 List of Fund Limited Partners.....................................................64

Negative Pledge Covenants. Except for the restrictions on granting Liens in Restricted Inventory as provided in the Indenture on the date hereof, each of the Loan Parties covenants and agrees that it shall not, and shall not permit any of its Subsidiaries to, (a) enter into any agreement, promise commitment or other undertaking with any Person which, conditionally or unconditionally, prohibits, or limits in any way the right of, any of the Loan Parties or their Subsidiaries from granting any Liens to the Agent or the Banks in the assets or ownership interests of the Loan Parties or their Subsidiaries or which imposes any conditions upon such a grant of such Liens or the exercise by the Agent or the Banks of their rights and remedies under such Liens (including their rights to transfer or dispose of such assets or interests), or (b) agree to, create or suffer to exist any Lien to any Person on (1) any Restricted Inventory on and after any time such Restricted Inventory is permitted pursuant to the Indenture to be pledged to the Agent and the Banks or (2) any other assets at any time, in each case other than Permitted Liens.

Negative Pledge Covenants. Borrower covenants that no foreign subsidiary of Borrower shall mortgage, assign, pledge, grant a security interest in or encumber any of its assets to secure an obligation or obligations, in the aggregate, exceeding US $6,500,000.00 dollars.

Negative Pledge Covenants. Borrower pledges, covenants, and agrees that so long as this Agreement shall remain in effort or the principal of or interest on the Loan shall remain unpaid it shall not, without the prior written consent of Lender, do any of the following: (a) Sell, transfer, or otherwise convey, either voluntarily or involuntarily, all or any portion of the Property or any interest or estate therein; (b) Grant or suffer to exist any unsecured financing or grant or suffer to exist any mortgage, pledge, lien. secured interest, hypothecation, or other encumbrances upon any portion of the Property including any personal property owned by Borrower now or hereafter placed in or attached to and necessarily used in connection with the Property except as may be approved by Lender, (c) Enter into any leasing arrangement of any kind in respect of all or substantially all of the Property; (d) Suffer or permit any mechanics' or other statutory lien which is filed against the Property to remain undischarged or not bonded for a period exceeding sixty (60) days beyond the filing date thereof. Borrower has executed and delivered a document containing the covenants set forth above for recordation.

Negative Pledge Covenants.   The Borrower pledges, covenants and agrees that so long as this Agreement shall remain in effect it shall not, without the prior written consent of the Lender, do any of the following:  (a) Except as otherwise permitted in the Security Instrument and the First Mortgage, sell, transfer or otherwise convey, either voluntarily or involuntarily, all or any portion of the Property or any interest or estate therein; or (b) Grant or suffer to exist any mortgage, pledge, lien, secured interest, hypothecation or other encumbrances upon the Property including any personal prope1iy owned by the Borrower now or hereafter placed in or attached to and necessarily used in connection with the Property except as maybe approved by Lender; or  (c) Except for the Master Lease, enter into any leasing arrangement of any kind in respect of all or substantially all of the Property;  (d) Reduce the rent payable by the tenant pursuant to the Master Lease or enter into any amendments or modifications of the Master Lease;  (e) Suffer or permit any mechanics' or other statutory lien which is filed against the Property to remain undischarged or not bonded for a period exceeding sixty (60) days beyond the filing date thereof; or  (f) Grant or suffer to exist any indebtedness (secured or unsecured), other than indebtedness owing to Lender, or grant or suffer to exist any Lien on or with respect to any deposit accounts (other than any Lien in favor of the Lender), whether now owned or hereafter acquired by the Borrower, or pledge; assign or transfer any rights to any deposit accounts, except as may be approved in writing by Lender. "Lien" means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), or preference, priority of other security agreement or preferential arrangement of any kind or nature whatsoever.  

Negative Pledge Covenants. From the Execution Date until Borrower completes performance of all obligations to Lenders and Agent under this Agreement, unless Majority Lender and Agent give prior written consent, Borrower shall not make any Provision of Security Interest for obligations of Borrower or a third party (including loan obligations, corporate bonds, guarantee obligations, and comparable obligations); provided, however, that the foregoing will not apply in the cases of the following items. In cases falling under any of Item (a) through Item (g), Borrower shall provide Agent and All Lenders through Agent with prior written notice that it will make a Provision of Security Interest. (a) A case where Borrower makes a Provision of Security Interest for a loan from the Japan Bank for International Cooperation or a loan from Development Bank of Japan; (b) A case where Borrower makes a Provision of Security Interest of assets acquired through a loan (including refinancing loans) obtained for the purpose of acquiring such assets; (c) A case where assets over which security interests have already been created (including cases where Borrower acquires assets on which security interests have already been created, in conjunction with a merger, company split, or business transfer) are newly acquired; (d) A case where Borrower makes a Provision of Security Interest to the extent necessary to raise funds by way of securitizing its assets; (e) A case where Borrower makes a Provision of Security Interest for unsecured bonds, which have been or will be issued by Borrower, having terms for conversion to secured bonds; (f) A case where share certificates are replaced in conjunction with change of the issuer in a share exchange, or otherwise where the collateral of a Permitted Security Interest is replaced with collateral of substantially equal value as necessary; and (g) A case where, because of a change etc. to the collateral for obligations for which Borrower has already made a Provision of Security Interest as of the Execution Date, Borrower makes a Provision of Security Interest not exceeding the value of such collateral (the “value of such collateral” means the value as of the time of the relevant change etc.).

Negative Pledge Covenants. Except for the restrictions on granting Liens in the No Interest Agreement as in effect on the Closing Date and the Senior Secured Note Indenture as in effect on the Closing Date, each of the Loan Parties covenants and agrees that it shall not, and shall not permit any of its Subsidiaries to, (a) enter into any agreement, promise, commitment or other undertaking with any Person which, conditionally or unconditionally, prohibits, or limits in any way the right of, any of the Loan Parties or their Subsidiaries from granting any Liens to the Administrative Agent or the Lenders in the assets or ownership interests of the Loan Parties or their Subsidiaries or which imposes any conditions upon such a grant of such Liens or the exercise by the Administrative Agent or the Lenders of their rights and remedies under such Liens (including their rights to transfer or dispose of such assets or interests), or (b) agree to, create or suffer to exist any Lien to any Person on any assets at any time, other than Permitted Liens.