Common use of Restrictions on Liens, Etc Clause in Contracts

Restrictions on Liens, Etc. The Borrower, PSB and the other Guarantors will not, and will not permit their respective Subsidiaries to, (a) create or incur or suffer to be created or incurred or to exist any lien, encumbrance, mortgage, pledge, negative pledge, charge, restriction or other security interest of any kind upon any of its property or assets of any character whether now owned or hereafter acquired, or upon the income or profits therefrom; (b) transfer any of its property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than 30 days after the same shall have been incurred any Indebtedness or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors, subject to the rights pursuant to ss.7.8; (e) assign, pledge or encumber any accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; or (f) incur or maintain any obligation to any holder of Indebtedness of the Borrower, PSB, any other Guarantor or such Subsidiary which prohibits the creation or maintenance of any lien securing the Obligations (collectively "Liens"); provided that PSB, the Borrower and any Subsidiary of the Borrower may create or incur or suffer to be created or incurred or to exist: (i) liens on properties to secure taxes, assessments and other governmental charges or claims for labor, material or supplies in respect of obligations not overdue; (ii) liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted byss.8.1(d); (iii) encumbrances on properties consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property, landlord's or lessor's liens under leases to which the Borrower or any Subsidiary of Borrower is a party, and other minor non-monetary liens or encumbrances none of which interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower or its Subsidiaries, which defects do not individually or in the aggregate have a materially adverse effect on the business of Borrower individually or of Borrower and its Subsidiaries on a consolidated basis; (iv) liens on Real Estate and Short-term Investments (other than the Unencumbered Borrowing Base Properties or any interest therein, including the rents and profits therefrom or any interest in a Guarantor or other Subsidiary owning a direct or indirect interest therein) of Borrower and its Subsidiaries securing Indebtedness permitted by ss.8.1(g) or ss.8.1(h); and (v) liens in favor of the Agent and the Banks as security for the Obligations. Notwithstanding anything herein to the contrary, Borrower shall not create or incur or suffer to be created or incurred any Lien on any direct or indirect interest of Borrower in any of its Subsidiaries.

Restrictions on Liens, Etc. The Borrower, PSB and the other Guarantors will not, and Borrower will not permit their respective Subsidiaries to, (a) create or incur or agree not to create or incur or suffer to be created or incurred or to exist any lien, encumbrance, mortgage, pledge, negative pledge, charge, restriction or other security interest of any kind upon any of its property or assets of any character whether now owned or hereafter acquiredthe Mortgaged Properties, or upon the rents, income or profits therefrom; (b) transfer any of its property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness (not permitted by ss.8.1(c)) or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditorsthe Security Documents; or (c) sell, subject to the rights pursuant to ss.7.8; (e) assign, pledge or encumber otherwise transfer any rents, issues, profits, accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; or (f) incur or maintain any obligation instruments relating to any holder of Indebtedness of the Borrower, PSB, any other Guarantor or such Subsidiary which prohibits the creation or maintenance of any lien securing the Obligations (collectively "Liens")Mortgaged Properties; provided that PSB, the Borrower and any Subsidiary of the Borrower may create or incur or suffer to be created or incurred or to exist: (i) liens on properties to secure taxes, assessments and other governmental charges or claims for labor, material or supplies in respect of obligations not overdue, the Indebtedness with respect to which is permitted by ss.8.1(c); (ii) deposits or pledges made in connection with, or to secure payment of, workers compensation, unemployment insurance, old age pensions or other social security obligations; (iii) liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted byss.8.1(dby ss.8.1(d); (iiiiv) liens of carriers, warehousemen, mechanics and materialmen, and other like liens in existence less than 60 days from the date of creation thereof in respect of obligations not overdue, the Indebtedness with respect to which is permitted by ss.8.1(c); (v) encumbrances on properties consisting of easements, rights of way, zoning restrictionscovenants, restrictions on the use of real property, landlord's or lessor's liens under leases to which property and defects and irregularities in the Borrower or any Subsidiary of Borrower is a party, title thereto; and other minor non-monetary liens or encumbrances none of which in the opinion of the Borrower interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower or its SubsidiariesBorrower, and which defects matters (x) do not individually or in the aggregate have a materially adverse effect on the business use or value of Borrower individually or of Borrower the Mortgaged Property and its Subsidiaries on a consolidated basis(xx) do not make title to such property unmarketable by the conveyancing standards in effect where such property is located; (ivvi) liens on Real Estate and Short-term Investments (other than the Unencumbered Borrowing Base Properties or any interest therein, including the rents and profits therefrom or any interest in a Guarantor or other Subsidiary owning a direct or indirect interest therein) of Borrower and its Subsidiaries securing Indebtedness Leases permitted by ss.8.1(gthis Agreement or otherwise approved by the Agent; (vii) or ss.8.1(h)presently outstanding liens and other encumbrances on the Mortgaged Properties listed on Schedule B to the Title Policies; and (vviii) liens in favor of the Agent and and/or any of the Banks as security for the Obligations. Notwithstanding anything herein Lenders granted pursuant to the contrary, Borrower shall not create or incur or suffer to be created or incurred any Lien on any direct or indirect interest of Borrower in any of its SubsidiariesSecurity Documents.

Restrictions on Liens, Etc. The Borrower, PSB and the other Guarantors Borrower will not, and the Borrower will not permit their respective Subsidiaries any Related Company or Controlled Unconsolidated Subsidiary to, (a) create or incur or agree not to create or incur or suffer to be created or incurred or to exist any lien, encumbrance, mortgage, pledge, negative pledge, charge, restriction or other security interest of any kind upon any of its property assets or assets properties of any character whether now owned or hereafter acquiredcharacter, or upon the rents, income or profits therefrom; (b) transfer any of its property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness (not permitted by §8.1(c)) or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (c) sell, subject to the rights pursuant to ss.7.8; (e) assign, pledge or encumber otherwise transfer any rents, issues, profits, accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; or (f) incur or maintain any obligation instruments relating to any holder of Indebtedness its assets or properties of any character other than in connection with the sale of the BorrowerReal Estate to which they pertain as permitted hereunder (collectively, PSB, any other Guarantor or such Subsidiary which prohibits the creation or maintenance of any lien securing the Obligations (collectively "“Liens"”); provided that PSB, the Borrower and any Subsidiary of the Borrower may create or incur or suffer to be created or incurred or to exist: (i) liens on properties to secure taxes, assessments and other governmental charges or claims for labor, material or supplies in respect of obligations not overdue, the Indebtedness with respect to which is permitted by §8.1(c); (ii) deposits or pledges made in connection with, or to secure payment of, workers compensation, unemployment insurance, old age pensions or other social security obligations; (iii) liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted byss.8.1(dby §8.1(d); (iiiiv) liens of carriers, warehousemen, mechanics and materialmen, and other like liens in existence less than 60 days from the date of creation thereof in respect of obligations not overdue, the Indebtedness with respect to which is permitted by §8.1(c); (v) encumbrances on properties consisting of leases, easements, rights of way, zoning restrictionscovenants, restrictions on the use of real property, landlord's or lessor's liens under leases to which property and defects and irregularities in the Borrower or any Subsidiary of Borrower is a party, title thereto; and other minor non-monetary liens or encumbrances none of which in the opinion of the Borrower interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower or its SubsidiariesBorrower, and which defects matters (x) do not individually or in the aggregate have a materially adverse effect on the business use or value of Borrower individually or of Borrower the Real Estate and its Subsidiaries on a consolidated basis;(xx) do not make title to such property unmarketable by the conveyancing standards in effect where such property is located; and (ivvi) liens on Real Estate and Short-term Investments (other than to secure the Unencumbered Borrowing Base Properties or any interest therein, including the rents and profits therefrom or any interest in a Guarantor or other Subsidiary owning a direct or indirect interest therein) of Borrower and its Subsidiaries securing Indebtedness permitted by ss.8.1(g) or ss.8.1(h§8.1(f); and (v) liens in favor of the Agent and the Banks as security for the Obligations. Notwithstanding anything herein to the contrary, Borrower shall not create or incur or suffer to be created or incurred any Lien on any direct or indirect interest of Borrower in any of its Subsidiaries.

Restrictions on Liens, Etc. The Borrower, PSB and the other Guarantors Borrower will not, and the Borrower will not permit their respective Subsidiaries any Related Company or Controlled Unconsolidated Subsidiary to, (a) create or incur or agree not to create or incur or suffer to be created or incurred or to exist any lien, encumbrance, mortgage, pledge, negative pledge, charge, restriction or other security interest of any kind upon any of its property assets or assets properties of any character whether now owned or hereafter acquiredcharacter, or upon the rents, income or profits therefrom; (b) transfer any of its property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness (not permitted by §8.1(c)) or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (c) sell, subject to the rights pursuant to ss.7.8; (e) assign, pledge or encumber otherwise transfer any rents, issues, profits, accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; or (f) incur or maintain any obligation instruments relating to any holder of Indebtedness its assets or properties of any character other than in connection with the sale of the BorrowerReal Estate to which they pertain as permitted hereunder (collectively, PSB, any other Guarantor or such Subsidiary which prohibits the creation or maintenance of any lien securing the Obligations (collectively "“Liens"”); provided that PSB, the Borrower and any Subsidiary of the Borrower may create or incur or suffer to be created or incurred or to exist: (i) liens on properties to secure taxes, assessments and other governmental charges or claims for labor, material or supplies in respect of obligations not overdue, the Indebtedness with respect to which is permitted by §8.1(c); (ii) deposits or pledges made in connection with, or to secure payment of, workers compensation, unemployment insurance, old age pensions or other social security obligations; (iii) liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted byss.8.1(dby §8.1(d); (iiiiv) liens of carriers, warehousemen, mechanics and materialmen, and other like liens in existence less than 60 days from the date of creation thereof in respect of obligations not overdue, the Indebtedness with respect to which is permitted by §8.1(c); (v) encumbrances on properties consisting of leases, easements, rights of way, zoning restrictionscovenants, restrictions on the use of real property, landlord's or lessor's liens under leases to which property and defects and irregularities in the Borrower or any Subsidiary of Borrower is a party, title thereto; and other minor non-monetary liens or encumbrances none of which in the opinion of the Borrower interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower or its SubsidiariesBorrower, and which defects matters (x) do not individually or in the aggregate have a materially adverse effect on the business use or value of Borrower individually or of Borrower the Real Estate and its Subsidiaries on a consolidated basis(xx) do not make title to such property unmarketable by the conveyancing standards in effect where such property is located; (ivvi) liens on Real Estate and Short-term Investments (other than to secure the Unencumbered Borrowing Base Properties or any interest therein, including the rents and profits therefrom or any interest in a Guarantor or other Subsidiary owning a direct or indirect interest therein) of Borrower and its Subsidiaries securing Indebtedness permitted by ss.8.1(g§8.1(f) which are reflected on Schedule 8.1 as being secured by liens and any permitted refinancings thereof; (vii) any Leases permitted by this Agreement or ss.8.1(h)otherwise approved by the Agent; (viii) presently outstanding liens and other encumbrances on the Mortgaged Property as permitted by the Security Deed; and (vix) liens in favor of the Agent and and/or any of the Banks as security for the Obligations. Notwithstanding anything herein Lenders granted pursuant to the contrary, Borrower shall not create or incur or suffer to be created or incurred any Lien on any direct or indirect interest of Borrower in any of its SubsidiariesSecurity Documents.

Restrictions on Liens, Etc. The Borrower, PSB and the other Guarantors Borrower will not, and the Borrower will not permit their respective Subsidiaries any Related Company or Controlled Unconsolidated Subsidiary to, (a) create or incur or agree not to create or incur or suffer to be created or incurred or to exist any lien, encumbrance, mortgage, pledge, negative pledge, charge, restriction or other security interest of any kind upon any of its property assets or assets properties of any character whether now owned or hereafter acquiredcharacter, or upon the rents, income or profits therefrom; (b) transfer any of its property or assets or the income or profits therefrom for the purpose of subjecting the same to the payment of Indebtedness or performance of any other obligation in priority to payment of its general creditors; (c) acquire, or agree or have an option to acquire, any property or assets upon conditional sale or other title retention or purchase money security agreement, device or arrangement; (d) suffer to exist for a period of more than 30 thirty (30) days after the same shall have been incurred any Indebtedness (not permitted by §8.1(c)) or claim or demand against it that if unpaid might by law or upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over its general creditors; or (c) sell, subject to the rights pursuant to ss.7.8; (e) assign, pledge or encumber otherwise transfer any rents, issues, profits, accounts, contract rights, general intangibles, chattel paper or instruments, with or without recourse; or (f) incur or maintain any obligation instruments relating to any holder of Indebtedness its assets or properties of any character other than in connection with the sale of the Borrower, PSB, any other Guarantor or such Subsidiary Real Estate to which prohibits the creation or maintenance of any lien securing the Obligations (collectively "Liens")they pertain as permitted hereunder; provided that PSB, the Borrower and any Subsidiary of the Borrower may create or incur or suffer to be created or incurred or to exist: (i) liens on properties to secure taxes, assessments and other governmental charges or claims for labor, material or supplies in respect of obligations not overdue, the Indebtedness with respect to which is permitted by §8.1(c); (ii) deposits or pledges made in connection with, or to secure payment of, workers compensation, unemployment insurance, old age pensions or other social security obligations; (iii) liens on properties in respect of judgments or awards, the Indebtedness with respect to which is permitted byss.8.1(dby §8.1(d); (iiiiv) liens of carriers, warehousemen, mechanics and materialmen, and other like liens in existence less than 60 days from the date of creation thereof in respect of obligations not overdue, the Indebtedness with respect to which is permitted by §8.1(c); (v) encumbrances on properties consisting of leases, easements, rights of way, zoning restrictionscovenants, restrictions on the use of real property, landlord's or lessor's liens under leases to which property and defects and irregularities in the Borrower or any Subsidiary of Borrower is a party, title thereto; and other minor non-monetary liens or encumbrances none of which in the opinion of the Borrower interferes materially with the use of the property affected in the ordinary conduct of the business of the Borrower or its SubsidiariesBorrower, and which defects matters (x) do not individually or in the aggregate have a materially adverse effect on the business use or value of Borrower individually or of Borrower the Real Estate and its Subsidiaries on a consolidated basis;(xx) do not make title to such property unmarketable by the conveyancing standards in effect where such property is located; and (ivvi) liens on Real Estate and Short-term Investments (other than to secure the Unencumbered Borrowing Base Properties or any interest therein, including the rents and profits therefrom or any interest in a Guarantor or other Subsidiary owning a direct or indirect interest therein) of Borrower and its Subsidiaries securing Indebtedness permitted by ss.8.1(g) or ss.8.1(h§8.1(f); and (v) liens in favor of the Agent and the Banks as security for the Obligations. Notwithstanding anything herein to the contrary, Borrower shall not create or incur or suffer to be created or incurred any Lien on any direct or indirect interest of Borrower in any of its Subsidiaries.