Restrictions on Additional Indebtedness. Incur or create any liability or Indebtedness other than Permitted Indebtedness.
Restrictions on Additional Indebtedness. Subject to the additional restrictions set forth in Section 6.2(c) below, Borrower will not incur any additional Indebtedness, including any liability under any capitalized lease or any liability as a guarantor or other contingent liability, except for the following (“Permitted Debt”): any (a) unsecured Indebtedness or any other unsecured indebtedness, (b) secured indebtedness relating to the Timeshare Projects, provided that an intercreditor agreement reasonably acceptable to Lender is executed by the Person providing such secured indebtedness containing customary provisions including, for example, notice and cure rights, and agreements providing nondisturbance and quiet enjoyment rights to owners of Timeshare Interests, and (c) secured indebtedness, including capitalized leases, not collateralized by the Timeshare Projects. Any Permitted Debt relating to clause (b) above that would encumber Timeshare Interests pertaining to Notes Receivable that may be pledged to Lender shall, if applicable, have release provisions which would result in any blanket lien encumbering such Timeshare Interests to be released prior to the Note Receivable pertaining thereto being pledged to Lender.
Restrictions on Additional Indebtedness. Seller will not borrow any money or do, or fail to do, any other act or thing which would cause the Land, the Improvements or any Included Personal Property to become pledged or otherwise utilized as collateral or in any way stand as security for any indebtedness or obligation, other than as presently existing or in the ordinary course of business.
Restrictions on Additional Indebtedness. Borrower will not create or suffer to exist any Indebtedness which is senior in right of payment to or pari passu with the Loans.
Restrictions on Additional Indebtedness. Subject to the additional restrictions set forth in Section 6.2(c) below, BVU will not incur any additional Indebtedness, in connection with the Property, including any liability under any capitalized lease or any liability as a guarantor or other contingent liability, except for (a) unsecured Indebtedness incurred in the ordinary course of business and (b) secured Indebtedness incurred in the ordinary course of business, including capitalized leases, not secured by the Collateral.
Restrictions on Additional Indebtedness. Subject to the additional restrictions set forth in paragraph 6.2(c) below, Borrower will not incur any additional indebtedness, including, without limitation, any liability under any capitalized lease or any liability as a guarantor or other contingent liability, except for (i) short term accounts payable incurred in connection with the operation of the Time-Share Project in the ordinary course of business, (ii) the financing of time-share receivables denominated in Mexican Pesos or Unidades de Inversion ("UDI's"), and (iii) the Mirror Notes ("Permitted Debt"). If Lender consents to the incurring by Borrower of additional indebtedness, Lender shall have the right of first refusal to provide such financing to Borrower. If, during the Term, Borrower wishes to accept an offer from a third party for financing Borrower shall give Lender written notice of its intent to do so together with a copy of the written proposal for the financing from the prospective third party lender. Lender shall have ten (10) Business Days from receipt of the notice and any other items reasonably requested by Lender in connection with such proposed financing to issue a financing proposal to extend such financing upon terms substantially equivalent or better than those contained in the proposal from the prospective third party lender and failure to do so shall be deemed to be an election by Lender not to extend such financing. Lender shall have forty-five (45) days following the receipt of the financing proposal timely accepted by Borrower within which to issue a commitment; provided, however, Lender shall have no obligation to issue such commitment. The failure of Lender to issue a commitment within the foregoing period of time shall be deemed to be an election by Lender not to extend such financing. In such event, Borrower shall be free to accept the proposal from such third party lender and close such transaction on terms that are in all material respects no more favorable to the third party lender than those contained in its proposal. Borrower shall not however, have the right to close such financing with such third party lender on terms more favorable to the third party lender than those contained in the proposal from the third party lender unless Lender has been given the right to provide Borrower financing on terms substantially equivalent to or better than those offered by such third party lender, as more fully provided above.
Restrictions on Additional Indebtedness. Subject to the additional restrictions set forth in Section 6.2(c) below, Borrower will not incur any additional Indebtedness, including any liability under any capitalized lease or any liability as a guarantor or other contingent liability, except for the following ("Permitted Debt"): any (a) unsecured Indebtedness or any other unsecured indebtedness, (b) secured indebtedness relating to the Timeshare Project, provided that an intercreditor agreement reasonably acceptable to Lender is executed by the Person providing such secured indebtedness containing customary provisions including, for example, notice and cure rights, and agreements providing nondisturbance and quiet enjoyment rights to owners of Timeshare Inventory, and (c) secured indebtedness, including capitalized leases, not collateralized by the Timeshare Project.
Restrictions on Additional Indebtedness. The Company will not, and will cause its Subsidiaries not to, incur, create, assume, guarantee or in any other manner become directly or indirectly liable with respect to or responsible for, any Indebtedness if, at the time of such incurrence, and after giving pro forma effect thereto, the total Indebtedness of the Company and its Subsidiaries, including the Notes, would exceed seventy percent (70%) of the Company's Total Consolidated Capitalization.
Restrictions on Additional Indebtedness. After the date hereof, the Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, create, incur, assume, guarantee, extend the maturity of or otherwise become liable with respect to (collectively, "incur"), any Indebtedness (other than Indebtedness between the Company and any of its Wholly Owned Restricted Subsidiaries or among its Wholly Owned Restricted Subsidiaries) or issue any Disqualified Stock unless, after giving effect thereto, the Company's Consolidated Fixed Charge Coverage Ratio on the date thereof would be at least 3.0 to 1.0.
(i) Indebtedness under credit agreements in an aggregate principal amount at any one time outstanding of not more than $150 million; (ii) Indebtedness evidenced by the Securities; (iii) Indebtedness under Guarantees of Indebtedness incurred in the ordinary course of business of suppliers or customers, which Guarantees are also in the ordinary course of business of the Company or its subsidiaries; (iv) Non-Recourse Indebtedness incurred for the acquisition and/or improvement of real 30 41 property and secured by Lienx xx such real property and/or improvements; (v) Refinancing Indebtedness; (vi) Excluded Debt; and (vii) Indebtedness not otherwise permitted to be incurred pursuant to clauses (i) through (vi) above which, together with any other then outstanding Indebtedness incurred pursuant to this clause (vii) (and refinancings thereof), has an aggregate principal amount at the time of incurrence of not in excess of 20 percent of Consolidated Tangible Net Worth of the Company (as of the last fiscal quarter for which financial results have then been reported). Nothing in this Section 4.05 will restrict any Unrestricted Subsidiary from incurring Indebtedness, and Indebtedness of any Unrestricted Subsidiary will not be included in the Consolidated Fixed Charge Coverage Ratio, as long as the Unrestricted Subsidiary incurring such Indebtedness remains an Unrestricted Subsidiary. As of the date hereof, all of the Company's operating subsidiaries are Restricted Subsidiaries under this Indenture.
Restrictions on Additional Indebtedness. The Company will not incur, assume, guarantee or otherwise create any Funded Indebtedness if, immediately after giving effect thereto, the amount of Funded Indebtedness, including the Securities, would be greater than 100% of the Company's Consolidated Net Worth.
