No Additional Debt. Except for the Loan, Borrower shall not incur any indebtedness (whether personal or nonrecourse, secured or unsecured) other than customary trade payables paid within sixty (60) days after they are incurred.
No Additional Debt. No Borrower shall, without the prior written consent of Lender, incur any indebtedness (whether personal or nonrecourse, secured or unsecured) in connection with the Project owned by it, other than customary trade payables paid within sixty (60) days after they are incurred.
No Additional Debt. Except for the Loan, Borrower shall not incur any indebtedness (whether personal or nonrecourse, secured or unsecured) other than customary trade payables paid within ninety (90) days after they are incurred.
No Additional Debt. Borrower shall not, without the prior written consent of Lender, incur any indebtedness (whether personal or nonrecourse, secured or unsecured) in connection with the Property other than customary trade payables paid within sixty (60) days after they are incurred. Borrower represents that the Project constitutes nine (9) separate real estate projects, and does not constitute residential real property with fewer than 4 residential units. Borrower represents that the Project generates substantially all of the gross income of Borrower, and Borrower conducts no substantial business other than the business of owning and operating the Project and activities incidental thereto.
No Additional Debt. (i) Except as expressly permitted in clause (ii) below, the Borrower shall not create, incur, assume, suffer to exist or otherwise become or remain directly or indirectly liable with respect to any Indebtedness other than under this Facility.
(ii) Subject to clause (iii) below, the following Indebtedness of the Borrower shall be permitted under Section 5.09(b):
(A) Indebtedness that is non-recourse to the Borrower (other than for customary carve-outs, including for environmental indemnities); provided that such Indebtedness shall not be permitted under this clause (A) if in connection therewith a personal recourse claim is established by judgment, decree or award by any court of competent jurisdiction or arbitrator of competent jurisdiction and execution or enforcement thereof shall not be effectively stayed for 30 consecutive days or such Indebtedness shall not be paid or otherwise satisfied within such 30-day period; and
(B) (x) Indebtedness for trade payables incurred in the ordinary course of business and Indebtedness arising from the endorsement of instruments for collection in the ordinary course of business; (y) Indebtedness (contingent or otherwise) relating to Rate Hedging Agreements; and (z) other recourse Indebtedness; provided that the aggregate principal amount of Indebtedness (exclusive of customary recourse carve-outs as to which no personal recourse claim has been established by judgment, decree or award by any court of competent jurisdiction or arbitrator of competent jurisdiction) permitted under the foregoing clauses (y) and (z) shall at no time exceed the lesser of $50,000,000.00 or 20% (twenty percent) of the aggregate Capital Commitments at such time.
(iii) Notwithstanding the foregoing clause (ii), at no time shall the Borrower incur, create, assume, suffer to exist or otherwise become or remain directly or indirectly liable in respect of any Indebtedness in contravention of any provision of any of its Constituent Documents or Placement Memorandum providing debt or leverage limitations for the Borrower.
(iv) This Section 5.09(b) does not limit Indebtedness of Subsidiaries or Affiliates of the Borrower, but does limit Guarantees or other contingent obligations of the Borrower relating to any Indebtedness of Subsidiaries or Affiliates of the Borrower.
No Additional Debt. Without the prior written consent of Lender, Borrower shall not incur any indebtedness (whether personal or nonrecourse, secured or unsecured) in excess of $50,000 other than the Loan and customary trade payables paid within sixty (60) days after they are incurred.
No Additional Debt. The Investor and Zana acknowledge that they are not owed any additional monies by the Company as of the date hereof.
No Additional Debt. So long as there is any Debt outstanding or the line of credit remains in effect, except for any Debt owing to the Lender or debt issued contemporaneously with payment of the Debt in full and termination of the line of credit, the Company shall not incur or issue or permit to exist any indebtedness for borrowed money (whether or not evidenced by any note, indenture, mortgage or other instrument), including without limitation any deferred portion of the purchase price for property or services (other than trade payables incurred in the ordinary course of business that are not past due) without the written consent of Lender (which consent shall not be unreasonably withheld, conditioned or delayed); provided, however, that the Company may, without the consent or approval of the Lender, incur junior debt in the aggregate principal amount of up to Five Hundred Thousand Dollars ($500,000) in connection with the purchase or lease of property (whether or not in the ordinary course of business).
No Additional Debt. Without the prior written consent of Banks, Borrower and Guarantors shall not create, incur or suffer to exist, or permit any Guarantor to create, incur or suffer to exist, any Debt or capital or operating leases except, (i) Debt hereunder; and (ii) intercompany Debt; and (iii) Debt or capital or operating leases incurred prior to the date of the Sixth Amendment and permitted at the time incurred under the terms of Section 5.2(d) of this Agreement.
No Additional Debt. No Borrower shall, without the prior written consent of Lender, incur any indebtedness (whether personal or nonrecourse, secured or unsecured) other than customary trade payables.
