NO FINANCIAL INDEBTEDNESS it does not have any Financial Indebtedness other than as permitted by Clause 16.17 of the Facility Agreement;
NO FINANCIAL INDEBTEDNESS except for the Permitted Financial Indebtedness or with the prior written consent of the Bank, the Borrower shall not incur or permit to exist any Financial Indebtedness;
NO FINANCIAL INDEBTEDNESS. It has not incurred any Financial Indebtedness other than Permitted Financial Indebtedness.
NO FINANCIAL INDEBTEDNESS. (a) No Borrower may (other than Permitted Indebtedness):
(i) incur any Financial Indebtedness, other than incurred under the Finance Documents; or
(ii) extend any Financial Indebtedness to any other party.
(b) The Borrowers may, however:
(i) incur or extend Financial Indebtedness to other Borrowers as required for the performance of this Agreement (i.e. as a consequence of sub-clause 2.4 (Borrowers’ joint obligations) and the bank account structure set out in clause 14 (Bank Accounts));
(ii) incur Financial Indebtedness under loans from affiliated persons or incur a liability as a consequence of any dividends payable to its shareholders provided that such loans/liabilities are:
(A) subject to German law;
(B) contain the subordination wording that is attached hereto as Schedule 11 (Subordination).
NO FINANCIAL INDEBTEDNESS. (a) No Obligor shall incur any Financial Indebtedness.
(b) For so long as a Non-Cured Underperformance Trigger Event is not continuing, paragraph (a) shall not apply to the incurrence of Permitted Financial Indebtedness.
(c) While a Non-Cured Underperformance Trigger Event is continuing, paragraph
(a) shall not apply to the incurrence of the following Permitted Financial Indebtedness:
(i) any Permitted Financial Indebtedness in respect of rolling over Asset- Financing Facilities existing prior to the occurrence of the Non-Cured Underperformance Trigger Event; and
(ii) under paragraphs (d), (e), (g), and (i) of the definition of Permitted Financial Indebtedness.
NO FINANCIAL INDEBTEDNESS. (a) Save with the prior written consent of the Bank, the Borrower and its Material Subsidiaries will not incur any Financial Indebtedness nor will it provide any guarantee to a third party, save for Permitted Financial Indebtedness, and the Borrower will procure that the Group will not incur any Financial Indebtedness or provide any guarantee to a third party other than Permitted Financial Indebtedness.
(b) Notwithstanding the foregoing, the Borrower only will be entitled to incur Financial Indebtedness in accordance with the following, without the prior consent of the Bank:
(i) the maximum amount of such Financial Indebtedness shall be $30 million;
(ii) in the event that the aggregate amount of such Financial Indebtedness actually borrowed by the Borrower is greater than $10 million, then for each sum of $1 above $10 million, the Borrower shall, on the Interest Payment Date following such borrowing, prepay $0.50 of the Financial Indebtedness outstanding hereunder (such that the maximum prepayment under this Clause shall be $10 million); and
(iii) such Financial Indebtedness shall rank pari passu with the Financial Indebtedness created hereunder and shall be secured by the Security Documents and the Bank shall enter into such agreements with the provider of such Financial Indebtedness as are necessary to implement the foregoing.
NO FINANCIAL INDEBTEDNESS. (a) The Borrower shall procure that no Collateral Owner shall, without the prior written consent of the Agent, incur any Financial Indebtedness except:
(i) under the Finance Documents to which it is a party; or
(ii) unsecured Financial Indebtedness from the Borrower or affiliates of the Borrower and provided that the Borrower procures that any Financial Indebtedness incurred by the Collateral Owners to the Borrower or affiliates of the Borrower shall be subordinated to the Indebtedness, in the case of any Financial Indebtedness incurred by the Collateral Owners to the Borrower, on the terms set out in Clause 12.3.10(d) and, in the case of any Financial Indebtedness incurred by the Collateral Owners to an affiliate of the Borrower, on terms acceptable to the Agent; or
(iii) Financial Indebtedness incurred by Genco Auvergne Limited by way of a counter-indemnity for an amount of $900,000 in favour of Skandinaviska Enskilda Xxxxxx XX (publ) in order to allow the release of m.v. "GENCO AUVERGNE" from the arrest in connection with certain claims of a charterparty dated 7 August 2012 made between Genco Auvergne Limited as owner and Hamburg Bulk Carriers GmbH & Co KG as charterer.
NO FINANCIAL INDEBTEDNESS. As at the date hereof and as at each Utilisation Date no Borrower had any Financial Indebtedness other than:
(a) towards the Finance Parties under any Finance Document,
(b) as is otherwise expressly permitted under this Agreement.
NO FINANCIAL INDEBTEDNESS. Neither Company nor any of its Subsidiaries has any outstanding Financial Indebtedness (other than Financial Indebtedness owed to Company or any of its Subsidiaries).
NO FINANCIAL INDEBTEDNESS. No Group Company is party to any Financial Indebtedness other than Permitted Financial Indebtedness and no Group Company is a party to, nor is it or any of its assets bound or affected by, any consent, agreement or instrument under which any such person is, or in certain events (including the entry into of any of the Senior Finance Documents and/or performance by such Obligor of its obligations thereunder) may be required to create, assume or permit to arise any Financial Indebtedness other than Permitted Financial Indebtedness.
