Common use of No Negative Pledge Clause in Contracts

No Negative Pledge. The Company will not, and will not permit any of its Subsidiaries to, create, assume, or allow any Negative Pledge in favor of any other Person affecting or relating to, any asset in the Pool; provided, however, that nothing in this Section 10.10 shall be deemed or construed to prohibit the Company and any of its Subsidiaries from delivering from time to time a Negative Pledge substantially in the form contained in Section 10.6 of this Agreement in connection with a Material Credit Facility. For purposes of this provision, “Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than this Agreement, the Notes or any Guaranty) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that (i) an agreement that permits an Obligor to encumber its assets so long as such Obligor maintains one or more specified ratios that may limit such Obligor’s ability to encumber its assets but that does not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge and (ii) an agreement similar to Section 10.6 of this Agreement shall not constitute a Negative Pledge.

No Negative Pledge. The Company will not, not and will not permit any of its Subsidiaries to, to create, assume, or allow any Negative Pledge in favor of any other Person affecting or relating to, to any asset in the Pool; provided, however, that nothing in this Section 10.10 shall be deemed or construed to prohibit the Company and any of its Subsidiaries from delivering from time to time a Negative Pledge substantially in the form contained in Section 10.6 of this Agreement in connection with a Material Credit Facility. For purposes of this provision, “Negative Pledge” means, with respect to a given asset, any provision of a document, instrument or agreement (other than this Agreement, the Notes or any GuarantyGuaranty or any Material Credit Facility) which prohibits or purports to prohibit the creation or assumption of any Lien on such asset as security for Indebtedness of the Person owning such asset or any other Person; provided, however, that (i) an agreement that permits an Obligor to encumber its assets so long as such Obligor maintains one or more specified ratios that may limit such Obligor’s ability to encumber its assets but that does not generally prohibit the encumbrance of its assets, or the encumbrance of specific assets, shall not constitute a Negative Pledge and (ii) an agreement similar to Section 10.6 of this Agreement shall not constitute a Negative Pledge.