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Common use of No Indebtedness Clause in Contracts

No Indebtedness. Buyer will not create, incur, assume, guarantee or otherwise become liable with respect to any obligation for borrowed money, indebtedness, capitalized lease or similar obligation, except in the ordinary course of business consistent with past practices, where the entire net proceeds thereof are deposited with and used by and in connection with the business of Buyer.

Appears in 14 contracts

Samples: Stock Purchase Agreement (Double Eagle Holdings, Ltd.), Stock Purchase Agreement (Usn Corp), Stock Purchase Agreement (Princeton Mining Co)

No Indebtedness. Buyer will not create, incur, assume, guarantee or otherwise become liable with respect to any obligation for borrowed money, indebtedness, capitalized lease or similar obligation, except in the ordinary course of business consistent with past practices, practices where the entire net proceeds thereof are deposited with and used by and in connection with the business of Buyerthe Company.

Appears in 3 contracts

Samples: Agreement and Plan of Reorganization (Team Sports Entertainment Inc), Agreement and Plan of Reorganization (Securities Resolution Advisors Inc), Agreement and Plan of Reorganization (Rotman Gregory)

No Indebtedness. Buyer will not create, incur, assume, ---------------- guarantee or otherwise become liable with respect to any obligation for borrowed money, indebtedness, capitalized lease or similar obligation, except in the ordinary course of business consistent with past practices, practices where the entire net proceeds thereof are deposited with and used by and in connection with the business of Buyerthe Company.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Lamy Robert)

No Indebtedness. Buyer will not create, incur, assume, guarantee or --------------- otherwise become liable with respect to any obligation for borrowed money, indebtedness, capitalized lease or similar obligation, except in the ordinary course of business consistent with past practices, where the entire net proceeds thereof are deposited with and used by and in connection with the business of Buyer.

Appears in 1 contract

Samples: Reorganization Agreement (Ci Sell Cars Inc)

No Indebtedness. Buyer will not create, incur, assume, guarantee or ---------------- otherwise become liable with respect to any obligation for borrowed money, indebtedness, capitalized lease or similar obligation, except in the ordinary course of business consistent with past practices, practices where the entire net proceeds thereof are deposited with and used by and in connection with the business of Buyerthe Company.

Appears in 1 contract

Samples: Agreement and Plan of Reorganization (Lamy Robert)