No Other Indebtedness Sample Clauses
The "No Other Indebtedness" clause prohibits a party, typically the borrower in a loan agreement, from incurring or maintaining any additional debt beyond what is expressly permitted in the contract. This means the borrower cannot take on new loans, credit lines, or other financial obligations unless they are specifically allowed by the agreement, such as certain trade payables or pre-approved financing. The core function of this clause is to protect the lender by limiting the borrower's overall debt exposure, thereby reducing the risk that the borrower becomes overleveraged and unable to meet its repayment obligations.
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No Other Indebtedness. Such Borrower has no Indebtedness that is senior, pari passu or subordinated in right of payment to their Indebtedness to the Lenders hereunder, except for Permitted Indebtedness.
No Other Indebtedness. The Borrower has no Indebtedness, other than Indebtedness (a) that in the aggregate would not have a Material Adverse Effect, (b) as set forth on the 31 December 2007 audited consolidated balance sheet of the Borrower or (c) as disclosed in Schedule II to the Side Letter.
No Other Indebtedness. On the Closing Date and after giving effect to the transactions contemplated hereby, none of the Loan Parties nor any of their Subsidiaries have any Indebtedness other than Indebtedness permitted under Section 8.1.
No Other Indebtedness. Borrower shall not incur any Indebtedness, secured or unsecured, direct or indirect, absolute or contingent (including guaranteeing any obligation or assuming liability for the debts of any other Person and Borrower will not hold itself out as being liable for the debts of any other Person) except as expressly permitted hereunder. Except as permitted pursuant to Section 6.2, no Indebtedness other than the Revolving Senior Loan and the Revolving Mezz Loan or any other obligations to any Lender making such Loans may be secured (subordinate or pari passu) by the Collateral or any portion thereof.
No Other Indebtedness. Immediately after giving effect to the Transactions and the other transactions contemplated hereby, no Loan Party shall have any outstanding Indebtedness other than (a) Indebtedness outstanding under the Loan Documents and (b) Indebtedness permitted by Section 6.01;
No Other Indebtedness. On the Closing Date and after giving effect to the transactions contemplated hereby, it has no Indebtedness other than (i) Indebtedness reflected in the Financial Statements delivered under Section 5.1(a)(vii) to the extent required by GAAP to be included therein or in footnotes thereto, or (ii) as set forth in Schedule 6.1(r).
No Other Indebtedness. Without the prior written consent of the Buyer, the Seller shall not incur any Indebtedness or guaranty the Indebtedness of any other Person other than the Indebtedness incurred under the Program Documents.
No Other Indebtedness. Such Credit Party has no Indebtedness that is senior, pari passu or subordinated in right of payment to their Indebtedness to the Lenders hereunder, except for Permitted Indebtedness.
No Other Indebtedness. Other than the Mortgage Loan, Borrower shall not incur or be obligated at any time with respect to any loan or other indebtedness (except trade payables as otherwise permitted in this Loan Agreement), including any indebtedness secured by a Lien on, or the cash flows from, the Mortgaged Property. No Mezzanine Financing or Preferred Equity. Neither Borrower nor any direct or indirect owner of Borrower shall: incur any Mezzanine Debt other than Permitted Mezzanine Debt; issue any Preferred Equity other than Permitted Preferred Equity; or incur any similar indebtedness or issue any similar equity. Mortgage Loan Administration Matters Regarding Liens, Transfers, and Assumptions. Assumption of Mortgage Loan. Lender shall consent to a Transfer of the Mortgaged Property to and an assumption of the Mortgage Loan by a new borrower if each of the following conditions is satisfied prior to the Transfer: Borrower has submitted to Lender all information required by Lender to make the determination required by this Section 11.3(ccccc); no Event of Default has occurred and is continuing, and no event which, with the giving of written notice or the passage of time, or both, would constitute an Event of Default has occurred and is continuing; Lender determines that: the proposed new borrower, new key principal, and any other new guarantor fully satisfy all of Lender’s then-applicable borrower, key principal, or guarantor eligibility, credit, management, and other loan underwriting standards, which shall include an analysis of the previous relationships between Lender and the proposed new borrower, new key principal, new guarantor, and any Person in Control of them, and the organization of the new borrower, new key principal, and new guarantor (if applicable), and the operating and financial performance of the Mortgaged Property, including physical condition and occupancy; none of the proposed new borrower, new key principal, and any new guarantor, or any owners of the proposed new borrower, new key principal, and any new guarantor, are a Prohibited Person; and none of the proposed new borrower, new key principal, and any new guarantor (if any of such are entities) shall have an organizational existence termination date that ends before the Maturity Date; [reserved]; the proposed new borrower has: executed an assumption agreement acceptable to Lender that, among other things, requires the proposed new borrower to assume and perform all obligations of Bor...
No Other Indebtedness. On the Closing Date, after giving effect to the Transactions and the other transactions completed hereby, Holdings and its Subsidiaries shall have outstanding no Indebtedness of the type described in clauses (a), (b) and (f) of the definition thereof other than the Obligations under this Agreement and the other Loan Documents and other Indebtedness that is permitted to remain outstanding pursuant to Section 6.01.