Restriction on Negative Pledges. The Borrower will not, and will not permit any of its Subsidiaries that directly or indirectly own an interest in any Unencumbered Property to, enter into or suffer to exist any agreement (other than (i) this Agreement and the Credit Documents, (ii) any agreement that conditions the ability of the Parent or its Subsidiaries to encumber their assets upon the maintenance of one or more specified ratios that limit the ability of such Persons to encumber their assets but that do not generally prohibit the encumbrance of assets or the encumbrance of specific assets, and (iii) a provision in any agreement governing Qualified Unsecured Debt (as such term is defined in the Revolving Credit Agreement or, in the event that the Revolving Credit Agreement is no longer in effect, as such term was defined in the Revolving Credit Agreement last in effect) generally prohibiting the encumbrance of assets (exclusive of any outright prohibition on the encumbrance of particular Unencumbered Properties) so long as such provision is generally consistent with a comparable provision of the Credit Documents) prohibiting the creation or assumption of any Lien upon the Unencumbered Properties, whether now owned or hereafter acquired; provided that, the Borrower and its Subsidiaries that are Material Subsidiaries may permit a Lien upon a Hotel Property that was an Unencumbered Property at the end of the immediately preceding Fiscal Quarter of the Parent, so long as no Default exists at such time or would be caused thereby and the Borrower has provided to the Administrative Agent a Compliance Certificate evidencing pro forma compliance with Article VII hereof following the removal of such Hotel Property as an Unencumbered Property.
Restriction on Negative Pledges. And shall not permit any Subsidiary to enter into, assume or become subject to any agreement prohibiting or otherwise restricting the creation or assumption of any Lien upon its properties or assets, whether now owned or hereafter acquired, or requiring the grant of any security for such obligations if security is given for some other obligation, except pursuant to this Credit Agreement and the other Loan Documents and pursuant to the other agreements described on Schedule 8(o) attached hereto.
Restriction on Negative Pledges. The Borrower will not, and will not permit any of its Subsidiaries to enter into or suffer to exist any agreement (other than this Agreement and the Credit Documents, and solely with respect to the property secured thereby, agreements governing existing Liens permitted pursuant to Section 6.01(b)) prohibiting the creation or assumption of any Lien upon a Property, other than any formation or organizational documents or any joint venture agreement applicable to a Non-Wholly Owned Subsidiary.
Restriction on Negative Pledges. Enter into or suffer to exist, or permit any of its Subsidiaries to enter into or suffer to exist, any agreement prohibiting or conditioning the creation or assumption of any Lien of any nature upon any of its property or assets in favor of the Administrative Agent and the Lenders other than in connection with any Debt permitted by Section 5.02(b)(iii) or 5.02(b)(iv) to the extent such agreement is applicable only to the property on which a Lien is permitted under Section 5.02(a)(v), (vi) or (vii).
Restriction on Negative Pledges. Grant, enter into or ------------------------------- permit to remain in effect any agreement with any Person which would have the effect of prohibiting or restricting in any manner the Company or any of its Subsidiaries from granting to the Agent for the benefit of the Lenders, the Bond L/C Issuing Bank and Standard L/C Issuing Bank such Liens upon assets and properties of the Company and its Subsidiaries as the Company, such Subsidiaries and the Lenders might otherwise agree.
Restriction on Negative Pledges. The Borrower will not, and will not permit any of its Subsidiaries that directly or indirectly own an interest in any Unencumbered Property to, enter into or suffer to exist any agreement (other than this Agreement and the Credit Documents and any other agreement that conditions the ability of the Parent or its Subsidiaries to encumber their assets upon the maintenance of one or more specified ratios that limit the ability of such Persons to encumber their assets but that do not generally prohibit the encumbrance of assets or the encumbrance of specific assets) prohibiting the creation or assumption of any Lien upon the Unencumbered Properties, whether now owned or hereafter acquired; provided that, the Borrower and its Subsidiaries that are Guarantors may permit a Lien upon a Hotel Property that was an Unencumbered Property at the end of the immediately proceeding Fiscal Quarter of the Parent, so long as no Default exists at such time or would be caused thereby and the Borrower has provided to the Administrative Agent a Compliance Certificate evidencing pro forma compliance with Article VII hereof following the removal of such Hotel Property as an Unencumbered Property.
Restriction on Negative Pledges. And will not permit any Subsidiary to, grant, enter into or permit to remain in effect any agreement with any Person (other than the Agent and the Lenders pursuant to the Negative Pledge Agreements and Paragraph 9(a) above) which would have the effect of prohibiting or restricting in any manner the Company or any of the Pledged Subsidiaries from granting to the Agent for the benefit of the Lenders such Liens upon assets and properties of the Company and the Pledged Subsidiaries as the Company, such Pledged Subsidiaries and the Lenders might otherwise agree.
Restriction on Negative Pledges. Except (i) for prohibitions against granting Liens on an asset imposed by the terms under which Permitted Liens are incurred, (ii) pursuant to Section 7C of the Securities Purchase Agreement, or (iii) as otherwise provided in Schedule 9(h), grant, enter into or permit to remain in effect any agreement with any Person which would have the effect of prohibiting or restricting in any manner the Company from granting to the Administrative Agent for the benefit of the Lenders such Liens upon assets and properties of the Company as the Company and the Lenders might otherwise agree.
Restriction on Negative Pledges. The Obligors shall not and shall procure ------------------------------- that no Group Company shall agree or covenant with any person to restrict in any way its ability to grant any Encumbrance on its assets, except for any such covenants or agreements:
Restriction on Negative Pledges. The Borrower will not, and will not permit any of its Subsidiaries that are Guarantors to, enter into or suffer to exist any agreement (other than this Agreement and the Credit Documents) prohibiting the creation or assumption of any Lien upon the Unencumbered Properties, whether now owned or hereafter acquired; provided that, the Borrower and its Subsidiaries that are Guarantors may permit a Lien upon a Hotel Property that was an Unencumbered Property at the end of the immediately proceeding Fiscal Quarter of the Parent, so long as no Default exists at such time or would be caused thereby and the Borrower has provided to the Administrative Agent a Compliance Certificate evidencing pro forma compliance with Article VII hereof.
