Indebtedness of Executive Clause Samples

Indebtedness of Executive. If Executive is indebted to the Company on the effective date of a Change in Control Termination or Covered Termination, the Company reserves the right to offset any severance payments and benefits under this Agreement by the amount of such indebtedness.
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Indebtedness of Executive. If, during the course of his employment, the Executive becomes indebted to the Company for any reason, the Company shall, if it so elects, have the right to set-off and to collect any sums due it from the Executive out of any amounts which it may owe to the Executive for unpaid compensation. In the event that this Agreement terminates for any reason, all sums owed by the Executive to the Company shall become immediately due and payable.
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Indebtedness of Executive. If Executive is indebted to FivePrime on the effective date of a Change in Control Termination or Covered Termination, FivePrime reserves the right to offset any severance payments and benefits under this Agreement by the amount of such indebtedness.
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Indebtedness of Executive. If Executive is indebted to the Company or an affiliate of the Company at his termination date, the Company reserves the right to offset any severance benefits under this Agreement by the amount of such indebtedness.
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Related to Indebtedness of Executive

  • Indebtedness of Subsidiaries The Borrower shall not permit any Subsidiary to create, incur, assume or suffer to exist any Indebtedness, except: (a) Indebtedness owed to the Borrower or to another Subsidiary; (b) obligations under Swap Contracts, provided that such obligations are (or were) entered into by such Subsidiary in the ordinary course of business for the purpose of directly mitigating risks associated with liabilities, commitments, investments, assets, or property held or reasonably anticipated by such Subsidiary, or changes in the value of securities issued by such Subsidiary, and not for purposes of speculation or taking a “market view;” (c) Indebtedness secured by Liens permitted by Section 7.01(s), provided that the aggregate outstanding principal amount of such Indebtedness does not at any time exceed the amount permitted by such Section; (d) Indebtedness existing at the time of acquisition of any new Subsidiary by the Borrower or by a then-existing Subsidiary of the Borrower; provided that such Indebtedness was not incurred in contemplation of, and was in existence prior to, such acquisition and that neither the Borrower nor any other Subsidiary of the Borrower has any liability under such Indebtedness (other than a Subsidiary of any Person so acquired); and (e) Indebtedness of Subsidiaries of the Borrower (excluding Indebtedness otherwise permitted in clauses (a) through (d) of this Section 7.03) which does not exceed at any time an aggregate principal amount outstanding equal to fifteen percent (15%) of Consolidated Net Tangible Assets.

  • Indebtedness Create, incur, assume, or be liable for any Indebtedness, or permit any Subsidiary to do so, other than Permitted Indebtedness.