No borrowings. In no event shall funds be advanced or borrowed by the Partnership for distributions to the Managing General Partner and the Participants if the amount of the distributions would exceed the Partnership’s accrued and received revenues for the previous four quarters, less paid and accrued Operating Costs with respect to the revenues. The determination of revenues and costs shall be made in accordance with generally accepted accounting principles, consistently applied.
No borrowings. The Borrower shall not without the prior written consent of the Lender borrow any money (except for the Loan and unsecured Financial Indebtedness subordinated to the Loan) nor incur any obligations under leases.
No borrowings. No Borrower shall incur or allow to remain outstanding any Financial Indebtedness (except for the Loan).
No borrowings. No Borrower shall without the prior written consent of the Agent borrow any money (except for the Loan and unsecured Financial Indebtedness subordinated to the Loan) nor incur any obligations under leases.
No borrowings. The Borrower shall procure that no Collateral Owner will incur or allow to remain outstanding any Financial Indebtedness, except for:
(a) the Loan;
(b) any normal trade credits in the ordinary course of business and loans from shareholders and loans from other members of the Group, which are fully subordinated to the Loan and for such trade credits or loans there shall be no payment of principal or interest if an Event of Default has occurred and is continuing.
No borrowings. No Group Company has any Financial Indebtedness save for Permitted Financial Indebtedness;
No borrowings. The Sellers shall not incur any liability or obligation except (i) liabilities and obligations under the Transaction Documents to which they are parties, (ii) liabilities or obligations reasonably incurred in the ordinary course of operating, chartering, repairing and maintaining the Vessel, and (iii) Financial Indebtedness owing to other members of the Teekay Group provided that such Financial Indebtedness is unsecured and subordinated, and provided further that so long as no Termination Event shall have occurred and be continuing or would result from the making of any such payment, nothing in this paragraph (y) shall prevent the Sellers from repaying any such Financial Indebtedness or paying interest on such Financial Indebtedness.
No borrowings. The Charterers shall not incur any liability or obligation except (i) liabilities and obligations under the Transaction Documents to which they are parties, (ii) liabilities or obligations reasonably incurred in the ordinary course of operating, chartering, repairing and maintaining the Vessel and (iii) Financial Indebtedness owing to other members of the Teekay Group provided that such Financial Indebtedness is unsecured and subordinated, and provided further that so long as no Termination Event shall have occurred and be continuing or would result from the making of any such payment nothing in this paragraph (y) shall prevent the Charterers from repaying any such Financial Indebtedness or paying interest on such Financial Indebtedness.
No borrowings. The Borrower shall not directly or indirectly create, incur, assume or otherwise become or remain directly or indirectly liable with respect to any Financial Indebtedness except Permitted Financial Indebtedness.
No borrowings. No Borrower shall without the prior written consent of the Agent incur any liability or obligation (except for (i) liabilities and obligations under the Finance Documents, (ii) liabilities and obligations reasonably incurred in the ordinary course of business in connection with the chartering, operating or repairing of its Vessel and (iii) Financial Indebtedness owing to Affiliates provided that such Financial Indebtedness is unsecured and subordinated and provided that so long as no Event of Default shall have occurred and be continuing or would result from making any such payment nothing under this Clause 12.1.22 shall prevent the relevant Borrower from repaying any such Financial Indebtedness or paying interest on such Financial Indebtedness) nor incur any obligations under leases.
