Common use of Negative Pledge Clause in Contracts

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter into any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided such restrictions and conditions apply only to the assets subject to such disposition, (d) contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leases.

Negative Pledge. Neither the Borrower nor The Loan Parties will not, and will not permit any Guarantor will directly or indirectly of their Subsidiaries to, enter into or suffer to exist any agreement (other than this Agreementin favor of Agent) with any Person that prohibits prohibiting or restricts conditioning the creation or limits the ability assumption of the Borrower or Guarantors to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement Obligations upon any real property assets of the Borrower or any Guarantorits assets; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (i) restrictions or conditions imposed by Requirements of Law or by this Agreement or any other Loan Document, (ii) customary restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such disposition, provided sale, (iii) restrictions or conditions imposed by any agreement relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions apply only to the property or assets subject to securing such disposition, Indebtedness, (div) contained customary provisions in leases or lease and other agreements that are customary and restrict contracts restricting the assignment thereof, (v) customary anti-assignment clauses in licenses under which the Borrower or sublettingany of its Subsidiaries are the licensees, (vi) thereof and relate only to the assets subject theretoany agreement in effect at a time a Person becomes a Subsidiary, (e) set forth in any Refinancing Indebtedness (so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii) any encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents; provided that such amendments or refinancings are no more restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to such amendments or refinancings, (viii) customary restrictions on Liens imposed by agreements relating to deposit accounts and cash deposits and in the ordinary course of business, (ix) [Reserved], and (x) restrictions or conditions set forth therein are not materially more restrictive than in the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesABL Loan Documents.

Negative Pledge. Neither Holdings, Intermediate Holdings and the Borrower nor Borrowers will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Holdings to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the Loan Second Lien Credit Documents, (iv) any documentation relating to any Permitted Receivables Financing, (v) any documentation governing Incremental Equivalent Debt, (vi) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vii) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxvii), (viii) the Securities Purchase Agreement and (ix) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (viii) above; provided that with respect to Indebtedness referenced in (A) clauses (v) and (vii) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (vi) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to Intermediate Holdings, Holdings, any Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as Holdings has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of Holdings and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither Holdings and the Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the Loan Second Lien Credit Documents, (iv) any documentation relating to any Permitted Receivables Financing, (v) any documentation governing Incremental Equivalent Debt, (vi) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vii) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxvii) and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; provided that with respect to Indebtedness referenced in (A) clauses (v) and (vii) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (vi) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to Holdings, the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as Holdings has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of Holdings and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor The Company will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Note Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Holders of the Notes with respect to the terms of this Agreement upon any real property assets of Notes Obligations or under the Borrower or any GuarantorNotes Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Notes Documents, (iii) the ABL Credit Documents, (iv) the Loan Documents, (v) the Other Senior Secured Convertible Notes Documents, (vi) [reserved], (vii) any documentation governing Indebtedness incurred pursuant to Section 4.10(a)(xvi) and 4.10(a)(xiv), (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above and (ix) the Transactions; provided that with respect to Indebtedness referenced in (A) clause (vii) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Notes Documents or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (vi) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureIssue Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the Disposition of a Subsidiary or any disposition permitted hereby assets pending such disposition, Disposition; provided that such restrictions and conditions apply only to the Subsidiary or assets that is or are subject to of such disposition, Disposition and such Disposition is permitted hereunder; (d) contained customary provisions in leases leases, subleases, licenses, cross-licenses or sublicenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Indenture to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Company or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness (so long as permitted pursuant to Section 4.10 that is incurred or assumed by Restricted Subsidiaries that are not Note Guarantors to the extent such restrictions set forth therein or conditions are not materially no more restrictive in any material respect than the comparable restrictions and conditions in the Notes Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions existing under agreements as in effect on the date of this Indenture and any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in partnership agreements, limited liability company organizational governance documents, sale leaseback agreements, joint venture agreements and other similar agreements, in each case, entered into in the ordinary course of the Indebtedness being refinanced), or business; (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Company has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Company and its Subsidiaries to meet their ongoing obligations; and (l) restrictions arising in any Swap Agreement and/or any agreement relating to any Cash Management Obligation.

Negative Pledge. Neither the Borrower nor any Guarantor will directly Directly or indirectly enter into any agreement (other than this Agreement) with any Person that (a) prohibits or restricts or limits the ability of the Borrower or Guarantors any Guarantor to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantor; providedGuarantor in favor of or for the benefit of the Agent for the benefit of the Secured Parties, however, that those agreements creating Liens permitted under as contemplated by clause (vi1) of Section 6.02 or with respect to any Facility Letter of Credit or (b) prohibits, restricts or imposes any condition upon the definition ability of “Permitted Liens” (solely any Restricted Subsidiary to pay dividends or other distributions with respect to any of its Equity Interests or to make or repay loans or advances to the extent Borrower or any Lien restrictions thereunder relate solely other Restricted Subsidiary or to limiting guarantee Debt of the aggregate amount of secured debt on a per lot basis in a market and customary manner, Borrower or any other Restricted Subsidiary; provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount(A) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the law or by any Loan DocumentsDocument, (bB) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such foregoing shall not apply to customary restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such dispositionsale, provided such restrictions and conditions apply only to the Subsidiary or the assets subject that are to be sold and the proceeds thereof, and such dispositionsale is permitted hereunder, (dC) contained in leases clause (a) of the foregoing shall not apply to restrictions or other agreements that are customary and restrict the assignment (conditions imposed by any agreement relating to Secured Debt permitted by this Agreement if such restrictions or subletting) thereof and relate conditions apply only to the property or assets subject theretosecuring such Debt and the proceeds thereof, (eD) set forth clause (a) of the foregoing shall not apply to customary provisions in leases and other contracts restricting the assignment thereof and (E) clause (b) of the foregoing shall not apply to provisions in the Senior Notes or any Material Debt, in each case outstanding on the Closing Date, and any subsequent Material Debt permitted to be Incurred by this Agreement and any Refinancing Indebtedness (so long Debt with respect to the foregoing, to the extent such provisions in such Material Debt or such Refinancing Debt, taken as such restrictions set forth therein a whole, are not materially more restrictive than such provisions, taken as a whole, in (i) with respect to such Material Debt, the comparable provisions of Senior Notes, and (ii) with respect to such Refinancing Debt, the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesRefinanced Debt relating thereto.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person that agreement, instrument, deed or lease which prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause provided that: (via) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by (A) law, (B) any Loan Document, (C) the Loan Documents, Senior Unsecured Notes or (D) the Senior Secured Notes; (b) imposed by the Indentureforegoing shall not apply to restrictions and conditions existing on the Closing Date or to any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such dispositionsale, provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained the foregoing shall not apply to customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate the foregoing shall not apply to restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) the foregoing shall not apply to any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition), provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Company or any other Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness (so long as permitted pursuant to Section 7.03 to the extent such restrictions set forth therein or conditions are not materially no more restrictive than the comparable provisions restrictions and conditions in the Loan Documents or, in the case of Subordinated Debt, are market terms at the time of issuance or, in the case of Indebtedness being refinanced)of any Non-Loan Party, are imposed solely on such Non-Loan Party and its Subsidiaries, provided that any such restrictions or conditions permit compliance with the Collateral and Guarantee Requirement and Section 6.11; and (fh) that are customary net worth provisions contained restrictions on cash or other deposits imposed by agreements entered into in real property leasesthe ordinary course of business.

Negative Pledge. Neither the Borrower nor The Loan Parties will not, and will not permit any Guarantor will directly or indirectly of their Subsidiaries to, enter into or suffer to exist any agreement (other than this Agreementin favor of Agent) with any Person that prohibits prohibiting or restricts conditioning the creation or limits the ability assumption of the Borrower or Guarantors to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement Obligations upon any real property assets of the Borrower or any Guarantorits assets; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (i) restrictions or conditions imposed by Requirements of Law or by this Agreement or any other Loan Document, (ii) customary restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such disposition, provided sale, (iii) restrictions or conditions imposed by any agreement relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions apply only to the property or assets subject to securing such disposition, Indebtedness, (div) contained customary provisions in leases or lease and other agreements that are customary and restrict contracts restricting the assignment thereof, (v) customary anti-assignment clauses in licenses under which the Borrower or sublettingany of its Subsidiaries are the licensees, (vi) thereof and relate only to the assets subject theretoany agreement in effect at a time a Person becomes a Subsidiary, (e) set forth in any Refinancing Indebtedness (so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii) any encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents; provided that such amendments or refinancings are no more restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to such amendments or refinancings, (viii) customary restrictions on Liens imposed by agreements relating to Deposit Accounts and cash deposits and in the ordinary course of business, (ix) [Reserved], and (x) restrictions or conditions set forth therein are not materially more restrictive than in the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesABL Loan Documents.

Negative Pledge. Neither Holdings and the Borrower nor will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Parent to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) [reserved], (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted Senior Refinancing Debt or Permitted Junior Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxvi) and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; provided that with respect to Indebtedness referenced in (A) clauses (iv) and (vi) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (v) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement is imposed solely on such Restricted Subsidiary and its subsidiaries; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.04 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as Holdings has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of Holdings and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) [reserved], (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Sections 6.01(a)(v), 6.01(a)(viii) or 6.01(a)(xxvii) and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided, that with respect to Indebtedness (A) referred to in clauses (iv) and (v) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (v) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, service agreements, licenses, sublicenses, covenants not to ▇▇▇ and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions of the Indebtedness being refinanced), or in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Parent and Borrowers will not, and will not permit any Restricted Subsidiary of a Borrower nor any Guarantor will directly or indirectly to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Loan Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) applicable Laws, (ii) any Loan Document, (iii) the Term Loan Documents, (iv) the Convertible Notes Documents, (v) [reserved], (vi) Parent Series B Preferred Equity Documents and the documents evidencing transactions for the Parent Series B Preferred Equity Interests as of the Fourth Amendment Effective Time, (vii) [reserved] and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Debt referenced in clauses (i) through (vii) above; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the Disposition of a Restricted Subsidiary of a Borrower or any disposition permitted hereby assets pending such disposition, Disposition; provided that such restrictions and conditions apply only to the Restricted Subsidiary or assets that is or are subject to of such disposition, Disposition and such Disposition is permitted hereunder; (d) contained customary provisions in leases leases, subleases, licenses, cross-licenses or sublicenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Debt permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Debt; (ef) any restrictions or conditions set forth in any Refinancing Indebtedness agreement in effect at any time any Person becomes a Restricted Subsidiary of a Borrower (so long as but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary of a Borrower and the restriction or condition set forth in such agreement does not apply to any Borrower or any existing Restricted Subsidiary of a Borrower; (g) restrictions or conditions in any Debt permitted pursuant to Section 7.01 that is incurred or assumed by Restricted Subsidiaries of a Borrower that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary of a Borrower and its Subsidiaries, if any; (h) restrictions on cash (or Cash Equivalents) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Liens); (i) restrictions set forth therein are not materially more restrictive than on Schedule 7.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in partnership agreements, limited liability company organizational governance documents, sale leaseback agreements, joint venture agreements and other similar agreements, in each case, entered into in the ordinary course of the Indebtedness being refinanced), or business; (fk) that are customary net worth provisions contained in real property leasesleases entered into by Restricted Subsidiaries of a Borrower, so long as Administrative Borrowers has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrowers and the Restricted Subsidiaries of a Borrower to meet their ongoing obligations; and (l) restrictions arising in any Swap Contract and/or any agreement relating to any Cash Management Obligation.

Negative Pledge. Neither the The US Borrower nor will not, and will not permit any Guarantor will of its Subsidiaries to, directly or indirectly indirectly, enter into into, incur or permit to exist any agreement (or other than this Agreement) with any Person arrangement that prohibits or prohibits, restricts or limits imposes any condition upon (a) the ability of the US Borrower or Guarantors any of its Subsidiaries to create, incur, pledge incur or suffer permit to exist any Lien in favor upon any of Lenders granted pursuant its property or assets, or (b) the ability of any Subsidiary of the US Borrower to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the terms of this Agreement upon any real property assets of the US Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) other Subsidiary of the definition US Borrower or to Guarantee Indebtedness of “Permitted Liens” (solely to the extent US Borrower or any Lien restrictions thereunder relate solely to limiting other Subsidiary of the aggregate amount of secured debt on a per lot basis in a market and customary manner, US Borrower; provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount(i) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, law or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such (ii) the foregoing shall not apply to restrictions (including Lien restrictions) set forth therein are not materially more restrictive than and conditions existing on the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Datehereof, (ciii) the foregoing shall not apply to Qualified Securitization Transactions, (iv) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such dispositionsale, provided such restrictions and conditions apply only to the assets subject Subsidiary that is to be sold and such dispositionsale is permitted hereunder, (dv) contained in leases [reserved], (vi) clause (a) above shall not apply to restrictions or other agreements that are customary and restrict the assignment (conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or subletting) thereof and relate conditions apply only to the property or assets subject thereto, securing such Indebtedness and (evii) set forth clause (a) above shall not apply to customary provisions in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than leases and other contracts restricting the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesassignment thereof.

Negative Pledge. Neither the Borrower nor (a) No Credit Party shall, and no Credit Party shall permit any Guarantor will directly or indirectly of its Restricted Subsidiaries to, enter into any agreement (other than this Agreement) with any Person that agreement, instrument, deed or lease which prohibits or restricts or limits the ability of the Borrower or Guarantors any Credit Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective Properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (i) restrictions and conditions (a) imposed by the Loan Documents(A) Requirements of Law, (bB) imposed by the Indentureany Loan Document, or by (C) any Permitted Refinancing consistent with the agreements governing terms hereof; (ii) restrictions and conditions existing on the Closing Date or to any other unsecured obligations for borrowed money permitted under this Agreementextension, so long as renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (iii) customary restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) conditions contained in agreements relating to the sale of a Restricted Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Restricted Subsidiary or assets subject that is or are to be sold and such dispositionsale is permitted hereunder; (iv) customary provisions in leases, leaseholds, licenses and other contracts restricting the assignment or subletting thereof; (v) restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the Property securing such Indebtedness; (vi) any restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any other Restricted Subsidiary; (vii) restrictions or conditions in any Indebtedness permitted pursuant to Section 5.3 to the extent such restrictions or conditions are no more restrictive than the restrictions and conditions in the Loan Documents or, in the case of Junior Indebtedness, are market terms at the time of issuance or, in the case of Indebtedness of any Non-Credit Party, are imposed solely on such Non-Credit Party and its Subsidiaries; provided that any such restrictions or conditions permit compliance with the Collateral and Guarantee Requirement and Section 4.10 and no such restriction or condition shall cause any asset that otherwise would not be Excluded Property to be, or become, Excluded Property; (viii) restrictions on cash or other deposits imposed by agreements entered into in the Ordinary Course of Business or in connection with Liens permitted under Sections 5.1(e), (df) contained or (x); (ix) customary provisions restricting assignment of any agreement entered into in leases the Ordinary Course of Business; (x) customary restrictions on leases, subleases, licenses, sublicenses, asset sale or similar agreements, including with respect to intellectual property and other agreements that are customary and restrict the assignment (or subletting) thereof and similar agreements, otherwise permitted hereby so long as such restrictions relate only to the assets subject thereto; and (xi) customary provisions contained in an executed agreement relating to the sale of specific property permitted hereunder pending the consummation of such sale. (b) No Credit Party shall, and no Credit Party shall permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual restriction or encumbrance of any kind on the ability of any Credit Party or Restricted Subsidiary to pay dividends or make any other distribution on any of such Credit Party’s or Restricted Subsidiary’s Stock or Stock Equivalents or to pay fees, including management fees, or make other payments and distributions to the Borrower or any other Credit Party, except pursuant to (i) the Loan Documents, (eii) agreements governing Indebtedness set forth in Sections 5.3(c), (f) and (s), (iii) restrictions or conditions in any Refinancing Indebtedness (so long as permitted pursuant to Section 5.3 to the extent such restrictions set forth therein or conditions are not materially no more restrictive than the comparable provisions restrictions and conditions in the Loan Documents, (iv) agreements in existence on the Closing Date and set forth on Schedule 5.12(b) and (v) agreements relating to any permitted purchase or sale agreement of the Indebtedness being refinanced), Borrower or (f) that are customary net worth provisions contained in real property leasesany of its Restricted Subsidiaries while such sale or purchase is pending for a period not to exceed 180 days.

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) any documentation relating to any Permitted Receivables Financing, (iv) [reserved] and (v) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (iv) above; provided that with respect to Indebtedness referenced in (A) clause (iv) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (iv) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being Refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) [reserved], (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Sections 6.01(a)(v), 6.01(a)(viii) or 6.01(a)(xxvii) and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided, that with respect to Indebtedness (A) referred to in clauses (iv) and (v) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (v) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, service agreements, licenses, sublicenses, covenants not to sue and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions of the Indebtedness being refinanced), or in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither Holdings, Intermediate Holdings and the Borrower nor Borrowers will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Parent to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) [reserved] (iv) any documentation relating to any Permitted Receivables Financing and/or Permitted Film/TV Financing or in connection with the Permitted Film/TV Business, (v) any documentation governing Incremental Equivalent Debt, (vi) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vii) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxvii) and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; provided that with respect to Indebtedness referenced in (A) clauses (v) and (vii) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (vi) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to Intermediate Holdings, any Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as Intermediate Holdings has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of Intermediate Holdings and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor Enter into or permit to exist any Guarantor will directly or indirectly enter into any agreement Contractual Obligation (other than this AgreementAgreement or any other Loan Document) with any Person that prohibits or restricts or limits the ability of the Borrower any Restricted Subsidiary (other than an Excluded Subsidiary) (i) that is not a Loan Party, to pay dividends or Guarantors distributions to (directly or indirectly), or to make or repay loans or advances to, any Loan Party or (ii) to create, incur, pledge assume or suffer to exist any Lien in favor Liens on property of Lenders granted pursuant to such Person (other than Excluded Assets) for the terms of this Agreement upon any real property assets benefit of the Borrower or any Guarantor; provided, however, Lenders to secure the Obligations under the Loan Documents (other than Incremental Facilities that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of are not secured debt on a per lot basis in a market and customary manner, first lien basis); provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions Contractual Obligations that: (a) imposed by (i) exist on the Loan DocumentsClosing Date, including Contractual Obligations governing Indebtedness incurred on the Closing Date to finance the Transactions and any Permitted Refinancing thereof (so long as the scope of Contractual Obligations is not expanded thereby) or other Contractual Obligations executed on the Closing Date in connection with the Transactions; (b) imposed by are binding on a Restricted Subsidiary at the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreementtime such Restricted Subsidiary first becomes a Restricted Subsidiary, so long as such restrictions (including Lien restrictions) set forth therein are Contractual Obligations were not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into in contemplation of such unsecured obligations is on Person becoming a Restricted Subsidiary or after binding with respect to any asset at the latest Facility Termination Date, time such asset was acquired; (c) contained are Contractual Obligations of a Restricted Subsidiary that is not a Loan Party or to the extent applicable only to Excluded Assets; (d) are customary restrictions that arise in agreements relating connection with (A) any Lien permitted by Section 7.01 and relate to the property subject to such Lien or (B) any disposition Disposition permitted hereby by Section 7.05 applicable pending such disposition, provided such restrictions and conditions apply only Disposition solely to the assets (including Equity Interests) subject to such dispositionDisposition; (e) are joint venture agreements and other similar agreements applicable to Joint Ventures permitted under Section 7.02; (f) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.03 but solely to the extent any negative pledge relates to the property financed by or the subject of or that secures such Indebtedness and the proceeds and products thereof; (g) are restrictions in leases, (d) contained in leases subleases, licenses, sublicenses or agreements governing a disposition of assets, trading, netting, operating, construction, service, supply, purchase, sale or other agreements that are customary and restrict entered into in the assignment (or subletting) thereof and ordinary course of business so long as such restrictions relate only to the assets subject thereto; (h) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 7.03(d), (ef) set forth in any Refinancing Indebtedness (so long as g), (r)(i) or (v) to the extent that such restrictions set forth therein apply only to the property or assets securing such Indebtedness; (i) are not materially customary provisions restricting subletting or assignment of any lease governing a leasehold interest; (j) are customary provisions restricting assignment of any agreement entered into in the ordinary course of business; (k) are restrictions on cash or other deposits imposed by customers or trade counterparties under contracts entered into in the ordinary course of business; (l) arise in connection with cash or other deposits permitted under Section 7.01; (m) are restrictions that, taken as a whole, and in the good faith judgment of the Borrower, are (i) no more restrictive with respect to the Borrower or any Restricted Subsidiary than customary market terms for Indebtedness of such type, (ii) no more restrictive than the comparable restrictions contained in this Agreement, or not reasonably anticipated to materially and adversely affect the Loan Parties’ ability to make any payments required hereunder; (n) apply by reason of any applicable Law, rule, regulation or order or are required by any Governmental Authority having jurisdiction over the Borrower or any Restricted Subsidiary; (o) customary restrictions contained in Indebtedness permitted to be incurred pursuant to Section 7.03 (h), (i), (j), (k), (l), (m), (x) or (y); (p) Contractual Obligations that are subject to the applicable override provisions of the Indebtedness being refinanced)UCC; (q) customary provisions (including provisions limiting the Disposition, distribution or encumbrance of assets or property) included in sale leaseback agreements, or other similar agreements; (fr) that are customary net worth provisions contained in real property leasesagreements entered into by the Borrower or any Restricted Subsidiary, so long as the Borrower has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of the Borrower or any Restricted Subsidiary to meet its ongoing obligations; (s) restrictions arising in any agreement relating to (i) any Cash Management Obligation to the extent such restrictions relate solely to the cash, bank accounts or other assets or activities subject to the applicable Cash Management Services and (ii) any Hedge Agreements; (t) are restrictions on the granting of a security interest in Intellectual Property contained in licenses, sublicenses or cross-licenses by the Borrower or any Restricted Subsidiary of such Intellectual Property, which licenses, sublicenses and cross-licenses were entered into in the ordinary course of business; and (u) other restrictions or encumbrances imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of the contracts, instruments or obligations referred to in the preceding clauses of this Section; provided that no such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith determination of the Borrower, materially more restrictive with respect to such encumbrances and other restrictions, taken as a whole, than those in effect prior to the relevant amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

Negative Pledge. Neither Holdings nor the Borrower will, nor will they permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the applicable Secured Parties with respect to the terms of this Agreement upon any real property assets of applicable Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the Loan ABL North America Credit Documents (as in effect on the Forbearance Effective Date), (iv) the Senior Secured Convertible Notes Documents, (v) any Permitted ABL EMEA Credit Facility, (vi) [reserved], (vii) the Holdings Series B Preferred Equity Documents (as in effect on the Forbearance Effective Date or as modified thereafter in a Manner Not Adverse) and the Exchange Agreement (as in effect on the Forbearance Effective Date or as modified thereafter in a Manner Not Adverse) and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the Disposition of a Subsidiary or any disposition permitted hereby assets pending such disposition, Disposition; provided that such restrictions and conditions apply only to the Subsidiary or assets that is or are subject to of such disposition, Disposition and such Disposition is permitted hereunder; (d) contained customary provisions in leases leases, subleases, licenses, cross-licenses or sublicenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in partnership agreements, limited liability company organizational governance documents, sale leaseback agreements, joint venture agreements and other similar agreements, in each case, entered into in the ordinary course of the Indebtedness being refinanced), or business; (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and the Subsidiaries to meet their ongoing obligations; and (l) restrictions arising in any Swap Agreement and/or any agreement relating to any Cash Management Obligation.

Negative Pledge. Neither the Borrower nor The Loan Parties will not, and will not permit any Guarantor will directly or indirectly of their Subsidiaries to, enter into or suffer to exist any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability in favor of the Borrower Agent) prohibiting or Guarantors to create, incur, pledge conditioning the creation or suffer to exist assumption of any Lien in favor of Lenders granted pursuant to the terms of this Agreement Obligations upon any real property assets of the Borrower or any Guarantorits assets; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (i) restrictions or conditions imposed by Requirements of Law or by this Agreement or any other Loan Document, (ii) customary restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such dispositionsale, provided (iii) restrictions or conditions imposed by any agreement relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions apply only to the property or assets subject to securing such dispositionIndebtedness, (div) contained customary provisions in leases or lease and other agreements that are customary and restrict contracts restricting the assignment (or subletting) thereof and relate only to the assets subject theretothereof, (ev) set forth customary anti-assignment clauses in licenses under which the Borrowers or any Refinancing Indebtedness of their Subsidiaries are the licensees, (vi) any agreement in effect at a time a Person becomes a Subsidiary, so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii) any encumbrances or restrictions set forth therein imposed by any amendments or refinancings that are not materially otherwise permitted by the Loan Documents; provided that such amendments or refinancings are no more restrictive restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to such amendments or refinancings, (viii) customary restrictions on Liens imposed by agreements relating to cash deposits and in the comparable provisions ordinary course of business, and (ix) restrictions and conditions contained in any of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesTerm Loan Documents.

Negative Pledge. Neither the Borrower nor The Loan Parties will not, and will not permit any Guarantor will directly or indirectly of their Subsidiaries to, enter into any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge or suffer to exist any agreement prohibiting or conditioning the creation or assumption of any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantorits assets; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to (i) restrictions or conditions imposed by Requirements of Law or by this Agreement or any other Loan Document, (ii) customary restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such dispositionsale, provided such restrictions and conditions apply only to the assets subject to such disposition, (d) contained in leases or other agreements Subsidiary that are customary is sold and restrict the assignment (or subletting) thereof and relate only to the assets subject theretoextent such sale is permitted hereunder, (eiii) restrictions or conditions imposed by any agreement relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions apply only to the property or assets securing such Indebtedness, (iv) customary provisions in leases and other contracts restricting the assignment thereof, (v) customary anti-assignment clauses in licenses under which the Borrowers or any of their Subsidiaries are the licensees, (vi) any agreement in effect at a time a Person becomes a Subsidiary, so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii) any encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents; provided that such amendments or refinancings are no more restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to such amendments or refinancings, (viii) customary restrictions on Liens imposed by agreements relating to deposit accounts and cash deposits in the ordinary course of business, and (ix) restrictions or other conditions set forth in any Refinancing agreements in respect of Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions on Schedule 8.01(ii) to which any Subsidiary is party as of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesClosing Date.

Negative Pledge. Neither the Borrower nor The Loan Parties will not, and will not permit any Guarantor will directly or indirectly of their Subsidiaries to, enter into or suffer to exist any agreement (other than this Agreementin favor of Agent) with any Person that prohibits prohibiting or restricts conditioning the creation or limits the ability assumption of the Borrower or Guarantors to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement Obligations upon any real property assets of the Borrower or any Guarantorits assets; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (i) restrictions or conditions imposed by Requirements of Law or by this Agreement or any other Loan Document, (ii) customary restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such disposition, provided sale, (iii) restrictions or conditions imposed by any agreement relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions apply only to the property or assets subject to securing such disposition, Indebtedness, (div) contained customary provisions in leases or lease and other agreements that are customary and restrict contracts restricting the assignment thereof, (v) customary anti-assignment clauses in licenses under which the Borrower or sublettingany of its Subsidiaries are the licensees, (vi) thereof and relate only to the assets subject theretoany agreement in effect at a time a Person becomes a Subsidiary, (e) set forth in any Refinancing Indebtedness (so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii) any encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents; provided that such amendments or refinancings are no more restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to such amendments or refinancings, (viii) customary restrictions on Liens imposed by agreements relating to deposit accounts and cash deposits and in the ordinary course of business, (ix) (reserved), and (x) restrictions or conditions set forth therein are not materially more restrictive than in the comparable provisions of ABL Loan Documents, the Indebtedness being refinanced)2020 Term Loan Documents, or (f) that are customary net worth provisions contained in real property leasesboth.

Negative Pledge. Neither the Borrower nor Parent will not, and will not permit any Guarantor will directly or indirectly of its Restricted Subsidiaries to, enter into or permit to exist any agreement agreement, instrument or other undertaking (each, a “Contractual Obligation”) to which Parent or such Restricted Subsidiary is a party (other than this AgreementAgreement or any other Credit Document) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors any Credit Party to create, incur, pledge assume or suffer to exist any Lien in favor Liens on property of Lenders granted pursuant such Credit Party for the benefit of the Secured Creditors with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorCredit Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (ai) imposed by Contractual Obligations which exist on the Loan DocumentsEffective Date, (bii) imposed by Contractual Obligations which are binding on a Restricted Subsidiary of Parent at the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreementtime such Restricted Subsidiary first becomes a Restricted Subsidiary of Parent, so long as such restrictions (including Lien restrictions) set forth therein are Contractual Obligations were not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into solely in contemplation of such unsecured obligations is on or after the latest Facility Termination DatePerson becoming a Restricted Subsidiary of Parent, (ciii) contained Contractual Obligations which arise in agreements relating to connection with any sale, transfer or other disposition permitted hereby pending such disposition, provided such restrictions by Section 9.02 and conditions apply only relate solely to the assets or Person subject to such sale, transfer or other disposition, (div) contained in leases or other agreements that Contractual Obligations which are customary provisions in joint venture agreements and restrict other similar agreements applicable to joint ventures permitted under Section 9.05 and applicable solely to such joint venture entered into in the assignment ordinary course of business, (v) Contractual Obligations which are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 9.04 but solely to the extent any negative pledge relates to the property financed by such Indebtedness, (vi) Contractual Obligations which are customary restrictions on leases, subleases, licenses or subletting) thereof and asset sale agreements otherwise permitted hereby so long as such restrictions relate only to the assets subject thereto, (evii) set forth Contractual Obligations which comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 9.04 and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or to Parent or any of its Restricted Subsidiaries incurring or guaranteeing such Indebtedness, (viii) Contractual Obligations which are customary provisions restricting subletting or assignment of any lease governing a leasehold interest of Parent or any of its Restricted Subsidiaries, (ix) Contractual Obligations which are customary provisions restricting assignment of any agreement entered into in the ordinary course of business, (x) Contractual Obligations which are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business, (xi) Contractual Obligations which arise in connection with cash or other deposits permitted under Sections 9.01 and 9.05 and limited to such cash or deposit, (xii) any documentation governing Incremental Equivalent Debt, Permitted Unsecured Refinancing Debt, Permitted Pari Passu Refinancing Debt, Permitted Ratio Debt, Permitted Junior Priority Refinancing Debt, Refinanced Debt or any other Indebtedness permitted hereunder or any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in this clause (xii); provided that such restrictions shall be no more restrictive in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive material respect than the comparable provisions restrictions and conditions in the Credit Documents or, in the case of Junior Financing, are market terms at the Indebtedness being refinanced)time of issuance, (xiii) the ABL Obligations or any Permitted Refinancing thereof, or (fxiv) that apply by reasonable application of any applicable laws, rule, regulation or order or are customary net worth provisions contained in real property leasesrequired by any Governmental Authority having jurisdiction over Parent or any of its Restricted Subsidiaries.

Negative Pledge. Neither Holdings, the Borrower nor Company and the Borrowers will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Parent to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Guaranteed Parties with respect to the terms of this Agreement upon any real property assets of Guaranteed Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the Existing Notes, (iv) the Notes, (v) the Credit Facilities, the Margin Bridge Facility and the VMware Note Facility, (vi) any documentation relating to any Permitted Receivables Financing, (vii) any documentation governing Incremental Equivalent Debt, (viii) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt and (ix) any documentation governing any Permitted Refinancing or any Permitted Bridge Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (viii) above; provided that with respect to Indebtedness referenced in (A) clauses (viii) and (ix) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (viii) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Company, any Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Company has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Company and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor the Parent shall, nor shall they permit any Guarantor will directly other Loan Party or indirectly enter into any agreement Subsidiary to, (other than this Agreementa) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, assume, incur, pledge permit or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon on any real property assets Unencumbered Pool Property or any direct or indirect ownership interest of the Borrower or the Parent in any GuarantorPerson owning any Unencumbered Pool Property, now owned or hereafter acquired, except for Permitted Liens or (b) permit any Unencumbered Pool Property or any direct or indirect ownership interest of the Borrower or the Parent in any Person owning an Unencumbered Pool Property, to become subject to a Negative Pledge (other than under the Additional Loan Agreement). Notwithstanding the foregoing, if any Unencumbered Pool Property becomes subject to a Lien causing such Property to no longer satisfy the definition of Eligible Property, and, as a result, the aggregate principal amount of all outstanding Loans exceeds the Maximum Loan Availability, then the Borrower or the applicable Loan Party or Subsidiary will make or cause to be made a provision whereby the Obligations will be secured equally and ratably with all other obligations secured by such Lien, and in any case the Lenders shall have the benefit, to the full extent that and with such priority as, the Lenders may be entitled under Applicable Law, of an equitable Lien on such Property securing the Obligations; provided, however, that those agreements creating Liens permitted under clause (vi) of compliance with the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value foregoing sentence shall not be deemed to be reduced waive any of the requirements set forth herein with respect to Eligible Properties or to cure any Default or Event of Default resulting from the incurrence of such aggregate permitted secured debt amountLien or such overadvance. (g) Sections 6.15(iii), The Credit Agreement is amended by (iv), i) deleting the word “and” at the end of clause (vii), c) in Section 10.9 and (viii), ii) deleting clause (xixd) in Section 10.9 in its entirety and substituting in lieu thereof the following new clauses (d) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided such restrictions and conditions apply only to the assets subject to such disposition, (d) contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leases.):

Negative Pledge. Neither the Borrower nor the Parent shall, nor shall they permit any Guarantor will directly other Loan Party or indirectly enter into any agreement Subsidiary to, (other than this Agreementa) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, assume, incur, pledge permit or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon on any real property assets Unencumbered Pool Property or any direct or indirect ownership interest of the Borrower or the Parent in any GuarantorPerson owning any Unencumbered Pool Property, now owned or hereafter acquired, except for Permitted Liens or (b) permit any Unencumbered Pool Property or any direct or indirect ownership interest of the Borrower or the Parent in any Person owning an Unencumbered Pool Property, to become subject to a Negative Pledge (other than under the Existing Revolving Credit Agreement). Notwithstanding the foregoing, if any Unencumbered Pool Property becomes subject to a Lien causing such Property to no longer satisfy the definition of Eligible Property, and, as a result, the aggregate principal amount of all outstanding Loans exceeds the Maximum Loan Availability, then the Borrower or the applicable Loan Party or Subsidiary will make or cause to be made a provision whereby the Obligations will be secured equally and ratably with all other obligations secured by such Lien, and in any case the Lenders shall have the benefit, to the full extent that and with such priority as, the Lenders may be entitled under Applicable Law, of an equitable Lien on such Property securing the Obligations; provided, however, that those agreements creating Liens permitted under clause (vi) of compliance with the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value foregoing sentence shall not be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing waive any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by of the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) requirements set forth therein are not materially more restrictive than herein with respect to Eligible Properties or to cure any Default or Event of Default resulting from the comparable provisions of this Agreement and the maturity date incurrence of such unsecured obligations is on Lien or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided such restrictions and conditions apply only to the assets subject to such disposition, (d) contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesoveradvance.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the any Borrower or Guarantors to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant its properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by the (i) Law or (ii) any Loan Documents, Document; (b) imposed by customary restrictions and conditions existing on the IndentureClosing Date or to any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) set forth [reserved]; (g) [reserved]; (h) restrictions on cash or other deposits imposed by agreements entered into in any Refinancing Indebtedness the ordinary course of business (so long as such or other restrictions constituting Liens permitted hereunder); (i) restrictions set forth therein are not materially more restrictive than on Schedule 7.11 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 7.02 and applicable solely to such joint venture and entered into in the ordinary course of the business; (k) negative pledges and restrictions on Liens in favor of any holder of Indebtedness being refinancedpermitted under Section 7.03(f) or 7.03(g), but solely to the extent any negative pledge relates to the property financed by or the subject of such Indebtedness; (fl) that are [reserved]; (m) customary net worth provisions contained in real property leasesleases entered into by a Borrower, so long as such Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrowers to meet their ongoing obligations; and (n) provisions restricting the granting of a security interest in intellectual property contained in licenses or sublicenses by Holdings and its Restricted Subsidiaries of such intellectual property, which licenses and sublicenses were entered into in the ordinary course of business (in which case such restriction shall relate only to such intellectual property).

Negative Pledge. Neither Holdings and the Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) any documentation relating to any Permitted Receivables Financing, (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Sections 6.01(a)(v), 6.01(a)(viii) or 6.01(a)(xxvii) and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided that with respect to Indebtedness referenced in (A) clauses (v) and (vii) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (v) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to Holdings, the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions of the Indebtedness being refinanced), or in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as Holdings has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of Holdings and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person that agreement, instrument, deed or lease which prohibits or restricts or limits the ability of the Borrower or Guarantors (x) any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms Loan Obligations or under the Loan Documents or (y) any Restricted Subsidiary that is not a Loan Party to pay dividends or other distributions with respect to any of this Agreement upon any real property assets of the Borrower or any Guarantorits Equity Interests to a Loan Party; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (A) law or (B) any Loan Document or any credit agreement, indenture or other agreement in respect of a Permitted Refinancing except to the Loan Documentsextent any such amendment, modification or replacement expands the scope of any such restriction or condition; (b) restrictions and conditions existing on the Closing Date or to any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (c) customary restrictions and conditions arising in connection with any Disposition permitted by Section 7.05; (d) customary provisions in leases, licenses and other contracts restricting the assignment thereof; (e) restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the Indentureextent such restriction applies only to the property securing such Indebtedness; (f) any restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition), provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or by condition set forth in such agreement does not apply to the agreements governing Borrower or any other unsecured obligations for borrowed money Restricted Subsidiary; (g) any restrictions or conditions in any Indebtedness permitted pursuant to Section 7.03 to the extent such restrictions or conditions are no more restrictive than the restrictions and conditions in the Loan Documents or, in the case of Subordinated Debt, are market terms at the time of issuance or, in the case of Indebtedness of any Non-Loan Party, are imposed solely on such Non-Loan Party and its Subsidiaries, provided that any such restrictions or conditions permit compliance with the Collateral and Guarantee Requirement and Section 6.10; (h) any restrictions on cash or other deposits imposed by agreements entered into in the ordinary course of business; (i) customary provisions in shareholders agreements, joint venture agreements, organizational documents or similar binding agreements relating to any JV Entity or non-Wholly-Owned Restricted Subsidiary and other similar agreements applicable to JV Entities and non-Wholly-Owned Restricted Subsidiaries permitted under this AgreementSection 7.02 and applicable solely to such JV Entity or non-Wholly-Owned Restricted Subsidiary and the Equity Interests issued thereby; (j) customary restrictions in leases, subleases, licenses or asset sale agreements and other similar contracts otherwise permitted hereby so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided such restrictions and conditions apply only to the assets subject to such disposition, (d) contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject thereto; (k) restrictions imposed by any agreement governing Indebtedness entered into on or after the Closing Date and permitted under Section 7.03 that are, (e) set forth taken as a whole, in the good faith judgment of the Borrower, no more restrictive with respect to the Borrower or any Refinancing Restricted Subsidiary than customary market terms for Indebtedness (of such type, so long as the Borrower shall have determined in good faith that such restrictions set forth therein are will not materially more restrictive than adversely affect in any material respect its obligation or ability to make any payments required hereunder; and (l) restrictions created in connection with any Permitted Receivables Financing that, in the comparable provisions good faith determination of the Indebtedness being refinanced)Borrower, are necessary or (f) that are customary net worth provisions contained in real property leasesadvisable to effect such Permitted Receivables Financing.

Negative Pledge. Neither the Borrower nor The Loan Parties will not, and will not permit any Guarantor will directly or indirectly of their Subsidiaries to, enter into any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge or suffer to exist any agreement prohibiting or conditioning the creation or assumption of any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantorits assets; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to (i) restrictions or conditions imposed by Requirements of Law or by this Agreement or any other Loan Document, (ii) customary restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such dispositionsale, provided such restrictions and conditions apply only to the assets subject to such disposition, (d) contained in leases or other agreements Subsidiary that are customary is sold and restrict the assignment (or subletting) thereof and relate only to the assets subject theretoextent such sale is permitted hereunder, (eiii) restrictions or conditions imposed by any agreement relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions apply only to the property or assets securing such Indebtedness, (iv) customary provisions in leases and other contracts restricting the assignment thereof, (v) customary anti-assignment clauses in licenses under which the Borrowers or any of their Subsidiaries are the licensees, (vi) any agreement in effect at a time a Person becomes a Subsidiary, so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii) any encumbrances or restrictions imposed by any amendments or refinancings that are otherwise permitted by the Loan Documents; provided that such amendments or refinancings are no more restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to such amendments or refinancings, (viii) customary restrictions on Liens imposed by agreements relating to deposit accounts and cash deposits in the ordinary course of business, and (ix) restrictions or other conditions set forth in any Refinancing agreements in respect of Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions on Schedule 8.1 to which any Subsidiary is party as of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesClosing Date.

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) [reserved], (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Sections 6.01(a)(v), 6.01(a)(viii) or 6.01(a)(xxvii) and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided that with respect to Indebtedness (A) referred to in clauses (iv) and (v) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) referred to clause (v) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, service agreements, licenses, sublicenses, covenants not to s▇▇ and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any other Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by a Restricted Subsidiary that is not a Loan Party to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions of the Indebtedness being refinanced), or in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement Contractual Obligation (other than this AgreementAgreement or any other Loan Document) with any Person that prohibits any Restricted Subsidiary (i) that is not a Loan Party, to pay dividends or restricts distributions to (directly or limits the ability of the Borrower indirectly), or Guarantors to make or repay loans or advances to, any Loan Party or (ii) to create, incur, pledge assume or suffer to exist any Lien in favor Liens on property of Lenders granted pursuant to such Person for the terms of this Agreement upon any real property assets benefit of the Borrower or any Guarantor; provided, however, Lenders to secure the Obligations under the Loan Documents (other than Incremental Facilities that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely are not intended to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of be secured debt on a per lot basis in a market and customary manner, first lien basis); provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions Contractual Obligations that: (a) imposed by (i) exist on the Loan DocumentsClosing Date, including Contractual Obligations governing Indebtedness incurred on the Closing Date to finance the Transactions and any Permitted Refinancing thereof or other Contractual Obligations executed on the Closing Date in connection with the Transactions; (b) imposed by are binding on a Restricted Subsidiary at the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreementtime such Restricted Subsidiary first becomes a Restricted Subsidiary, so long as such restrictions (including Lien restrictions) set forth therein are Contractual Obligations were not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into in contemplation of such unsecured obligations is on Person becoming a Restricted Subsidiary or after binding with respect to any asset at the latest Facility Termination Date, time such asset was acquired; (c) contained are Contractual Obligations of a Restricted Subsidiary that is not a Loan Party or to the extent applicable only to Excluded Assets; (d) are customary restrictions that arise in agreements relating connection with (A) any Lien permitted by Section 7.01 and relate to the property subject to such Lien or (B) any disposition Disposition permitted hereby by Section 7.05 applicable pending such disposition, provided such restrictions and conditions apply only Disposition solely to the assets (including Equity Interests) subject to such dispositionDisposition; (e) are joint venture agreements and other similar agreements applicable to Joint Ventures and applicable solely to such Joint Venture; (f) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.03 but solely to the extent any negative pledge relates to the property financed by or the subject of or that secures such Indebtedness and the proceeds and products thereof; (g) are restrictions in leases, (d) contained in leases subleases, licenses, sublicenses or agreements governing a disposition of assets, trading, netting, operating, construction, service, supply, purchase, sale or other agreements that are customary and restrict entered into in the assignment (or subletting) thereof and ordinary course of business so long as such restrictions relate only to the assets subject thereto; (h) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 7.03; (i) are provisions restricting subletting or assignment of any lease governing a leasehold interest; (j) are customary provisions restricting assignment of any agreement entered into in the ordinary course of business; (k) are restrictions on cash or other deposits imposed by customers or trade counterparties under contracts entered into in the ordinary course of business; (l) arise in connection with cash or other deposits permitted under Section 7.01; (m) comprise restrictions that are, taken as a whole, in the good faith judgment of the Borrower (ei) set forth in no more restrictive with respect to the Borrower or any Refinancing Restricted Subsidiary than customary market terms for Indebtedness of such type or (so long as such restrictions set forth therein are not materially ii) no more restrictive than the comparable restrictions contained in this Agreement, or not reasonably anticipated to materially and adversely affect the Loan Parties’ ability to make any payments required hereunder; (n) apply by reason of any Applicable Law, rule, regulation or order or are required by any Governmental Authority having jurisdiction over the Borrower or any Restricted Subsidiary; (o) restrictions on the granting of a security interest in Intellectual Property contained in licenses, sublicenses or cross-licenses by the Borrower or any Restricted Subsidiary of such Intellectual Property, which licenses, sublicenses and cross-licenses were entered into in the ordinary course of business; (p) Contractual Obligations that are subject to the applicable override provisions of the Indebtedness being refinanced)UCC; (q) customary provisions (including provisions limiting the Disposition, distribution or encumbrance of assets or property) included in sale leaseback agreements or other similar agreements; (fr) that are customary net worth provisions contained in real property leasesagreements entered into by the Borrower or any Restricted Subsidiary, so long as the Borrower has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of the Borrower or such Restricted Subsidiary to meet its ongoing obligations; (s) restrictions arising in any agreement relating to (i) any Cash Management Obligation to the extent such restrictions relate solely to the cash, bank accounts or other assets or activities subject to the applicable Cash Management Services, (ii) any treasury arrangements and (iii) any Hedge Agreement; and (t) other restrictions or encumbrances imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of the contracts, instruments or obligations referred to in the preceding clauses of this Section; provided that no such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith determination of the Borrower, materially more restrictive with respect to such encumbrances and other restrictions, taken as a whole, than those in effect prior to the relevant amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

Negative Pledge. Neither the Borrower nor Enter into or permit to exist, or permit any Guarantor will directly or indirectly of its Restricted Subsidiaries to enter into or permit to exist, any agreement agreement, instrument or other undertaking (each, a “Contractual Obligation”) to which Parent or any of its Restricted Subsidiaries is a party (other than this AgreementAgreement or any other Loan Document) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor Liens on property of Lenders granted pursuant such Loan Party for the benefit of Agent with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (ai) imposed by Contractual Obligations which exist on the Loan DocumentsAmendment Effective Date, (bii) imposed by Contractual Obligations which are binding on a Restricted Subsidiary of Parent at the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreementtime such Restricted Subsidiary first becomes a Restricted Subsidiary of Parent, so long as such restrictions (including Lien restrictions) set forth therein are Contractual Obligations were not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into solely in contemplation of such unsecured obligations is on or after the latest Facility Termination DatePerson becoming a Restricted Subsidiary of Parent, (ciii) contained Contractual Obligations which arise in agreements relating to connection with any sale, transfer or other disposition permitted hereby pending such disposition, provided such restrictions by Section 6.4 and conditions apply only relate solely to the assets or Person subject to such sale, transfer or other disposition, (div) contained in leases or other agreements that Contractual Obligations which are customary provisions in joint venture agreements and restrict other similar agreements applicable to joint ventures permitted under Section 6.11 and applicable solely to such joint venture entered into in the assignment ordinary course of business, (v) Contractual Obligations which are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 6.1 but solely to the extent any negative pledge relates to the property financed by such Indebtedness, (vi) Contractual Obligations which are customary restrictions on leases, subleases, licenses or subletting) thereof and asset sale agreements otherwise permitted hereby so long as such restrictions relate only to the assets subject thereto, (evii) set forth Contractual Obligations which comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 6.1 and to the extent that such restrictions apply only to the property or assets securing such Indebtedness or to Parent or any of its Restricted Subsidiaries incurring or guaranteeing such Indebtedness, (viii) Contractual Obligations which are customary provisions restricting subletting or assignment of any lease governing a leasehold interest of Parent or any of its Restricted Subsidiaries, (ix) Contractual Obligations which are customary provisions restricting assignment of any agreement entered into in the ordinary course of business, (x) Contractual Obligations which are restrictions on cash or other deposits imposed by customers under contracts entered into in the ordinary course of business, (xi) Contractual Obligations which arise in connection with cash or other deposits permitted under Section 6.1 and 6.2 and limited to such cash or deposit, (xii) any documentation governing Indebtedness permitted hereunder or any documentation governing any Refinancing Indebtedness incurred to refinance any such Indebtedness referenced in this clause (so long as xii); provided that such restrictions set forth therein are not materially shall be no more restrictive in any material respect than the comparable provisions restrictions and conditions in the Loan Documents or with respect to any junior Indebtedness, are market terms at the time of issuance, (xiii) the Indebtedness being refinanced)Term Loan Documents, or (fxiv) that apply by reasonable application of any applicable laws, rule, regulation or order or are customary net worth provisions contained in real property leasesrequired by any governmental authority having jurisdiction over Parent or any of its Restricted Subsidiaries.

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will directly or indirectly Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the DK Note Documents,[reserved], (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Sections 6.01(a)(v), 6.01(a)(viii) or 6.01(a)(xxvii) and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided that with respect to Indebtedness (A) referred to in clauses (iv) and (v) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) referred to clauses (v) and (vii) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, service agreements, licenses, sublicenses, covenants not to sue and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any other Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by a Subsidiary that is not a Loan Party to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions of the Indebtedness being refinanced), or in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor (a) No Credit Party shall, and no Credit Party shall permit any Guarantor will directly or indirectly of its Restricted Subsidiaries to, enter into any agreement (other than this Agreement) with any Person that agreement, instrument, deed or lease which prohibits or restricts or limits the ability of the Borrower or Guarantors any Credit Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective Properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (i) restrictions and conditions (a) imposed by the Loan Documents(A) Requirements of Law, (bB) imposed by the Indentureany Loan Document, or by (C) any Permitted Refinancing consistent with the agreements governing terms hereof; (ii) restrictions and conditions existing on the Closing Date or to any other unsecured obligations for borrowed money permitted under this Agreementextension, so long as renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (iii) customary restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) conditions contained in agreements relating to the sale of a Restricted Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Restricted Subsidiary or assets subject that is or are to be sold and such dispositionsale is permitted hereunder; (iv) customary provisions in leases, leaseholds, licenses and other contracts restricting the assignment or subletting thereof; (v) restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the Property securing such Indebtedness; (vi) any restrictions or conditions set forth in any agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any other Restricted Subsidiary; (vii) restrictions or conditions in any Indebtedness permitted pursuant to Section 5.3 to the extent such restrictions or conditions are no more restrictive than the restrictions and conditions in the Loan Documents or, in the case of Junior Indebtedness, are market terms at the time of issuance or, in the case of Indebtedness of any Non-Credit Party, are imposed solely on such Non-Credit Party and its Subsidiaries; provided that any such restrictions or conditions permit compliance with the Collateral and Guarantee Requirement and Section 4.10 and no such restriction or condition shall cause any asset that otherwise would not be Excluded Property to be, or become, Excluded Property; (viii) restrictions on cash or other deposits imposed by agreements entered into in the Ordinary Course of Business or in connection with Liens permitted under Sections 5.1(e), (df) contained or (x); (ix) customary provisions restricting assignment of any agreement entered into in leases the Ordinary Course of Business; (x) customary restrictions on leases, subleases, licenses, sublicenses, asset sale or similar agreements, including with respect to intellectual property and other agreements that are customary and restrict the assignment (or subletting) thereof and similar agreements, otherwise permitted hereby so long as such restrictions relate only to the assets subject thereto; and (xi) customary provisions contained in an executed agreement relating to the sale of specific property permitted hereunder pending the consummation of such sale. (b) No Credit Party shall, and no Credit Party shall permit any of its Restricted Subsidiaries to, directly or indirectly, create or otherwise cause or suffer to exist or become effective any consensual restriction or encumbrance of any kind on the ability of any Credit Party or Restricted Subsidiary to pay dividends or make any other distribution on any of such Credit Party’s or Restricted Subsidiary’s Stock or Stock Equivalents or to pay fees, including management fees, or make other payments and distributions to the Borrower or any other Credit Party, except pursuant to (i) the Loan Documents, (eii) agreements governing Indebtedness set forth in Sections 5.3(c), (f) and (s), (iii) restrictions or conditions in any Refinancing Indebtedness (so long as permitted pursuant to Section 5.3 to the extent such restrictions set forth therein or conditions are not materially no more restrictive than the comparable provisions restrictions and conditions in the Loan Documents, (iv) agreements in existence on the Closing Date and set forth on Schedule 5.9(b) and (v) agreements relating to any permitted purchase or sale agreement of the Indebtedness being refinanced), Borrower or (f) that are customary net worth provisions contained in real property leasesany of its Restricted Subsidiaries while such sale or purchase is pending for a period not to exceed 180 days.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement Contractual Obligation (other than this AgreementAgreement or any other Loan Document) with any Person that prohibits any Restricted Subsidiary (i) that is not a Loan Party, to pay dividends or restricts distributions to (directly or limits the ability of the Borrower indirectly), or Guarantors to make or repay loans or advances to, any Loan Party or (ii) to create, incur, pledge assume or suffer to exist any Lien in favor Liens on property of Lenders granted pursuant to such Person for the terms of this Agreement upon any real property assets benefit of the Borrower or any Guarantor; provided, however, Lenders to secure the Obligations under the Loan Documents (other than Incremental Facilities that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely are not intended to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of be secured debt on a per lot basis in a market and customary manner, first lien basis); provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions Contractual Obligations that: (i) exist on the Closing Date, including Contractual Obligations governing Indebtedness incurred on the Closing Date to finance the Transactions and conditions (a) imposed by any Permitted Refinancing thereof or other Contractual Obligations executed on the Loan Documents, Closing Date in connection with the Transactions; (b) imposed by are binding on a Restricted Subsidiary at the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreementtime such Restricted Subsidiary first becomes a Restricted Subsidiary, so long as such restrictions (including Lien restrictions) set forth therein are Contractual Obligations were not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into in contemplation of such unsecured obligations is on Person becoming a Restricted Subsidiary or after binding with respect to any asset at the latest Facility Termination Date, time such asset was acquired; (c) contained are Contractual Obligations of a Restricted Subsidiary that is not a Loan Party or to the extent applicable only to Excluded Assets; (d) are customary restrictions that arise in agreements relating connection with (A) any Lien permitted by Section 7.01 and relate to the property subject to such Lien or (B) any disposition Disposition permitted hereby by Section 7.05 applicable pending such disposition, provided such restrictions and conditions apply only Disposition solely to the assets (including Equity Interests) subject to such dispositionDisposition; (e) are joint venture agreements and other similar agreements applicable to Joint Ventures and applicable solely to such Joint Venture; (f) are negative pledges and restrictions on Liens in favor of any holder of Indebtedness permitted under Section 7.03 but solely to the extent any negative pledge relates to the property financed by or the subject of or that secures such Indebtedness and the proceeds and products thereof; (g) are restrictions in leases, (d) contained in leases subleases, licenses, sublicenses or agreements governing a disposition of assets, trading, netting, operating, construction, service, supply, purchase, sale or other agreements that are customary and restrict entered into in the assignment (or subletting) thereof and ordinary course of business so long as such restrictions relate only to the assets subject thereto; (h) comprise restrictions imposed by any agreement relating to secured Indebtedness permitted pursuant to Section 7.03; (i) are provisions restricting subletting or assignment of any lease governing a leasehold interest; (j) are customary provisions restricting assignment of any agreement entered into in the ordinary course of business; (k) are restrictions on cash or other deposits imposed by customers or trade counterparties under contracts entered into in the ordinary course of business; (l) arise in connection with cash or other deposits permitted under Section 7.01; (m) comprise restrictions that are, taken as a whole, in the good faith judgment of the Borrower (ei) set forth in no more restrictive with respect to the Borrower or any Refinancing Restricted Subsidiary than customary market terms for Indebtedness of such type or (so long as such restrictions set forth therein are not materially ii) no more restrictive than the comparable restrictions contained in this Agreement, or not reasonably anticipated to materially and adversely affect the Loan Parties’ ability to make any payments required hereunder; (n) apply by reason of any Applicable Law, rule, regulation or order or are required by any Governmental Authority having jurisdiction over the Borrower or any Restricted Subsidiary; (o) restrictions on the granting of a security interest in Intellectual Property contained in licenses, sublicenses or cross-licenses by the Borrower or any Restricted Subsidiary of such Intellectual Property, which licenses, sublicenses and cross-licenses were entered into in the ordinary course of business; (p) Contractual Obligations that are subject to the applicable override provisions of the Indebtedness being refinanced)UCC; (q) customary provisions (including provisions limiting the Disposition, distribution or encumbrance of assets or property) included in sale leaseback agreements or other similar agreements; (fr) that are customary net worth provisions contained in real property leasesagreements entered into by the Borrower or any Restricted Subsidiary, so long as the Borrower has determined in good faith that such net worth provisions would not reasonably be expected to impair the ability of the Borrower or such Restricted Subsidiary to meet its ongoing obligations; (s) restrictions arising in any agreement relating to (i) any Cash Management Obligation to the extent such restrictions relate solely to the cash, bank accounts or other assets or activities subject to the applicable Cash Management Services, (ii) any treasury arrangements and (iii) any Hedge Agreement; and (t) other restrictions or encumbrances imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of the contracts, instruments or obligations referred to in the preceding clauses of this Section; provided that no such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the good faith determination of the Borrower, materially more restrictive with respect to such encumbrances and other restrictions, taken as a whole, than those in effect prior to the relevant amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing.

Negative Pledge. Neither Each of the Borrower nor Loan Parties covenant and agree that they shall not, and shall not permit any Guarantor will directly or indirectly if their Subsidiaries to, enter into any agreement (other than this Agreement) with any Person that prohibits which, in any manner, whether directly or contingently, prohibits, restricts or limits the ability of the Borrower or Guarantors right to create, incur, pledge assume or suffer to exist any Lien in favor on its property or assets generally, tangible or intangible, now owned or hereafter acquired, except for such prohibitions, restrictions or limitations existing under or by reason of Lenders granted pursuant to the terms of (i) applicable law, (ii) this Agreement upon and the other Loan Documents, (iii) customary provisions restricting subletting or assignment of any real property lease governing a leasehold interest, (iv) customary provisions restricting assignment of any licensing agreement entered into in the ordinary course of business, (v) customary provisions restricting the transfer or further encumbering of assets of the Borrower or any Guarantor; provided, however, that those agreements creating subject to Liens permitted under clause (vixi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii)”, (iv), (vii), (viii), (xixvi) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to customary restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such dispositionsale, provided such restrictions and conditions apply only to the assets subject Subsidiary that is to be sold and such dispositionsale is permitted hereunder, (dvii) contained in leases any document relating to Indebtedness secured by a Lien permitted by clause (x) of the definition of “Permitted Liens”, insofar as the provisions thereof limit grants of other liens on the assets securing such Indebtedness, (viii) any operating lease or capital lease, insofar as the provisions thereof limit grants of a security interest in, or other agreements that are customary and restrict assignments of, the assignment related leasehold interest to any other Person, (ix) restrictions or subletting) thereof and relate conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or conditions apply only to the property or assets subject theretosecuring such Indebtedness, and (ex) set forth customary provisions in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than leases and other contracts restricting the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesassignment thereof.

Negative Pledge. Neither the Borrower nor The Obligors will not, and will not permit any Guarantor will of their Subsidiaries to, directly or indirectly indirectly, enter into into, incur or permit to exist any agreement Contractual Obligation (other than this Agreement) with any Person that prohibits or prohibits, restricts or limits imposes any condition upon the ability of the Borrower or Guarantors (a) any Group Member to create, incur, pledge incur or suffer permit to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real of its property or assets of (including the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered Equity Interests owned by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iiiGroup Member), (iv), b) any Group Member to make Restricted Payments to the Company or any other Obligor or to make or repay loans or advances to the Company or any other Obligor or to guarantee the Guarantee Obligations or (vii), c) Group Member to otherwise transfer (viii), including by way of a pledge) property to the Company or an Obligor; provided that (xixi) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to prohibitions, restrictions and conditions (a) imposed by Requirements of Law or by Contractual Obligations in Lineage Logistics, LLC Note Purchase Agreement effect as of the Loan DocumentsClosing (and any extensions, renewals or modifications thereof) (and, for the avoidance of doubt, such restrictions do not apply to any Qualified Asset or to the Equity Interests of any Obligor or any Qualified Asset Owner unless it relates to a Permitted Encumbrance), (bii) imposed by the Indentureforegoing shall not apply to customary prohibitions, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) conditions contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary or its assets pending such dispositionsale, provided such restrictions and conditions apply only to the Subsidiary or assets subject that is to be sold and such sale is permitted hereunder, (iii) the foregoing shall not apply to prohibitions, restrictions or conditions imposed by any agreement relating to Secured Indebtedness permitted by this Agreement (including mortgage financings and CMBS Financings) if such prohibitions, restrictions or conditions apply only to the property or assets securing such Indebtedness (and, for the avoidance of doubt, such restrictions do not apply to any Qualified Asset or to the Equity Interests of any Obligor or any Qualified Asset Owner, except to the extent permitted by clause (x) below), (iv) the foregoing shall not apply to prohibitions, restrictions or conditions in joint venture agreements and other similar agreements applicable to Joint Ventures that are applicable solely to such dispositionJoint Venture and entered into in the ordinary course of business, (dv) contained in leases the foregoing shall not apply to prohibitions, restrictions or other agreements conditions that are customary and restrict the assignment (prohibitions, restrictions or subletting) thereof and conditions on leases, subleases, licenses or asset sale agreements otherwise permitted hereby so long as such prohibitions, restrictions or conditions solely relate only to the assets subject thereto, (evi) set forth clause (a) of the foregoing shall not apply to customary restrictions or conditions restricting assignment of any agreement entered into in the ordinary course of business, (vii) the foregoing shall not apply to provisions restricting the granting of a security interest in intellectual property contained in licenses or sublicenses by the Company and its Subsidiaries of such intellectual property, which licenses and sublicenses were entered into in the ordinary course of business (in which case such prohibition or restriction shall relate only to such intellectual property), (viii) the foregoing shall not apply to restrictions on cash or other deposits or minimum net worth requirements imposed by customers under contracts entered into in the ordinary course of business, (ix) the foregoing shall not apply to prohibitions, restrictions or conditions contained in any Refinancing agreement that evidences Indebtedness (so long as such restrictions set forth therein permitted by this Agreement that are substantially similar to, or not materially more restrictive than, those prohibitions, restrictions or conditions contained in this Agreement, (x) the foregoing clause (a) shall not apply to prohibitions, restrictions or conditions contained in any mortgage financing, CMBS Financing or other financing on the pledge of Equity Interests in the direct or indirect parent of an Obligor (other than a Qualified Asset Owner), Group Member (other than a Qualified Asset Owner) or a Qualified Asset Owner, (xi) the comparable provisions foregoing shall not apply to assets subject to retention of title and (xii) the foregoing shall not apply to any prohibitions, restrictions or conditions imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the Indebtedness being refinanced)contracts, instruments or obligations referred to in clauses (fi) through (x) above; provided that are customary net worth provisions contained such amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings are, in real property leases.the good faith judgment of the Company, no more restrictive in any material respect with respect to such prohibitions, restrictions or conditions than those in place prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing. Lineage Logistics, LLC Note Purchase Agreement

Negative Pledge. Neither the Borrower nor The Loan Parties will not, and will not permit any Guarantor will directly or indirectly of their Subsidiaries to, enter into or suffer to exist any agreement (other than this Agreementin favor of Agent) with any Person that prohibits prohibiting or restricts conditioning the creation or limits the ability assumption of the Borrower or Guarantors to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement Obligations upon any real property assets of the Borrower or any Guarantorits assets; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (i) restrictions or conditions imposed by Requirements of Law or by this Agreement or any other Loan Document, (ii) customary restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such dispositionsale, provided (iii) restrictions or conditions imposed by any agreement relating to secured or purchase money Indebtedness or capital leases permitted by this Agreement if such restrictions and conditions apply only to the property or assets subject to securing such dispositionIndebtedness, (div) contained customary provisions in leases or lease and other agreements that are customary and restrict contracts restricting the assignment (or subletting) thereof and relate only to the assets subject theretothereof, (ev) set forth customary anti-assignment clauses in licenses under which the Borrowers or any Refinancing Indebtedness of their Subsidiaries are the licensees, (vi) any agreement in effect at a time a Person becomes a Subsidiary, so long as such agreement was not entered into in connection with or in contemplation of such Person becoming a Subsidiary, (vii) any encumbrances or restrictions set forth therein imposed by any amendments or refinancings that are not materially otherwise permitted by the Loan Documents; provided that such amendments or refinancings are no more restrictive restrictive, taken as a whole, with respect to such encumbrances and restrictions than those prior to such amendments or refinancings, (viii) customary restrictions on Liens imposed by agreements relating to cash deposits and in the comparable provisions ordinary course of business, and (ix) restrictions and conditions contained in any of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesTerm Loan Documents.

Negative Pledge. Neither (a) Holdings, Intermediate Holdings and the Borrower nor Borrowers will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Parent to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the Second Lien Loan Documents, (iv) any documentation relating to any Permitted Receivables Financing, (v) any documentation governing Incremental Equivalent Debt, (vi) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vii) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxiv) and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; provided that with respect to Indebtedness referenced in (A) clauses (v) and (vii) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (vi) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to Intermediate Holdings, any Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as Intermediate Holdings has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of Intermediate Holdings and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person that agreement, instrument, deed or lease which prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause provided that: (via) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by (A) law, (B) any Loan Document or (C) the Loan Documents, Senior Unsecured Notes; (b) imposed by the Indentureforegoing shall not apply to restrictions and conditions existing on the Closing Date or to any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such dispositionsale, provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained the foregoing shall not apply to customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate the foregoing shall not apply to restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) the foregoing shall not apply to any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition), provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any other Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness (so long as permitted pursuant to Section 7.03 to the extent such restrictions set forth therein or conditions are not materially no more restrictive than the comparable provisions restrictions and conditions in the Loan Documents or, in the case of Subordinated Debt, are market terms at the time of issuance or, in the case of Indebtedness being refinanced)of any Non-Loan Party, are imposed solely on such Non-Loan Party and its Subsidiaries, provided that any such restrictions or conditions permit compliance with the Collateral and Guarantee Requirement and Section 6.11; and (fh) that are customary net worth provisions contained restrictions on cash or other deposits imposed by agreements entered into in real property leasesthe ordinary course of business.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter into any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided such restrictions and conditions apply only to the assets subject to such disposition, (d) contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leases.

Negative Pledge. Neither the The Borrower nor shall not, and shall not permit any Guarantor will directly or indirectly enter into any agreement (other than this Agreement) of its Restricted Subsidiaries to, agree with any Person that prohibits to restrict or restricts or limits place limitations on the ability right of the Borrower or Guarantors any of its Restricted Subsidiaries to create, incur, pledge assume or suffer permit to exist any Lien in favor of Lenders granted pursuant on or with respect to the terms of this Agreement upon any real property assets or asset of the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “its Restricted Subsidiaries other than a Permitted Liens” (solely Lien pursuant to the extent any Lien restrictions thereunder relate solely to limiting Loan Documents and the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the Indentures. The foregoing shall not apply to (a) restrictions and conditions (a) imposed by the Loan Documentslaw, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such customary restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) conditions contained in agreements relating to the sale of any disposition permitted hereby asset or property pending such dispositionsale, provided such restrictions and conditions apply only to the asset or property that is to be sold and such sale is permitted hereunder, (c) restrictions or conditions imposed by any agreement relating to Capital Leases, Purchase Money Indebtedness and Sale and Leaseback Transactions permitted by this Agreement if such restrictions or conditions apply only to the property or assets subject to such dispositionCapital Leases, Purchase Money Indebtedness and Sale and Leaseback Transactions, (d) contained customary provisions in leases or and other agreements that are customary and restrict contracts restricting the assignment (or subletting) thereof and relate only to the assets subject theretothereof, (e) set forth in restrictions on Liens on any Refinancing Indebtedness (so long as Excluded Key-Man Policies; provided that the Borrower or applicable Restricted Subsidiary shall use commercially reasonable efforts to avoid the creation of any such restrictions set forth therein are not materially more restrictive than the comparable provisions of the Indebtedness being refinanced), or and (f) that are customary net worth provisions restrictions on Liens contained in real property leasesthe Indentures and related security documents.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person that agreement, instrument, deed or lease which prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause provided that: (via) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by (A) law, (B) any Loan Document or (C) the Loan Term Facility Documents, ; (b) imposed by the Indentureforegoing shall not apply to restrictions and conditions existing on the Closing Date or to any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such dispositionsale, provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained the foregoing shall not apply to customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate the foregoing shall not apply to restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) the foregoing shall not apply to any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition), provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrowers or any other Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness (so long as permitted pursuant to Section 7.03 to the extent such restrictions set forth therein or conditions are not materially no more restrictive than the comparable provisions restrictions and conditions in the Loan Documents or, in the case of Subordinated Debt, are market terms at the time of issuance or, in the case of Indebtedness being refinanced)of any Non-Loan Party, are imposed solely on such Non-Loan Party and its Subsidiaries, provided that any such restrictions or conditions permit compliance with the Collateral and Guarantee Requirement and Section 6.11; and (fh) that are customary net worth provisions contained restrictions on cash or other deposits imposed by agreements entered into in real property leasesthe ordinary course of business.

Negative Pledge. Neither Holdings and the Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (ai) imposed by Requirements of Law, (ii) any Loan Document, (iii) the Loan Second Lien Credit Documents, (iv) any documentation relating to any Permitted Receivables Financing, (v) any documentation governing Incremental Equivalent Debt, (vi) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vii) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxvii) and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; provided that with respect to Indebtedness referenced in (A) clauses (v) and (vii) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (vi) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to Holdings, the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as Holdings has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of Holdings and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the No Borrower nor Party shall, or shall permit any Guarantor will Subsidiary of any Borrower Party to, directly or indirectly indirectly, enter into any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the any Borrower Party or Guarantors any such Subsidiary to create, incur, pledge pledge, or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of its respective assets, or restricts the ability of any Subsidiary of a Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced pay Dividends to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict Borrower except prohibitions or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by under the Loan Documents, (b) imposed by under the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination DateSenior Notes Documents, (c) under the definitive documentation in respect of any Funded Debt permitted by Section 8.1(d) solely to the extent that the agreement or instrument governing such Funded Debt or Capitalized Lease Obligation prohibits a Lien on the property acquired with the proceeds of such Indebtedness or the property subject to such Capitalized Lease Obligation, respectively, (d) existing by reason of customary provisions restricting pledges, assignments, subletting or other transfers contained in leases, licenses and similar agreements relating to any disposition permitted hereby pending such dispositionentered into in the ordinary course of business; provided, provided that such restrictions and conditions apply only are limited to the property or assets subject to such dispositionleases, (d) contained in leases licenses or other agreements that are customary and restrict similar agreements, as the assignment (or subletting) thereof and relate only to the assets subject theretocase may be, (e) set forth with respect to a Subsidiary imposed pursuant to an agreement that has been entered into in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than connection with the comparable provisions disposition of all or substantially all of the Indebtedness being refinanced)Equity Interests or assets of such Subsidiary, or (f) imposed by any amendments or refinancings that are customary net worth provisions contained otherwise permitted by the Loan Documents or the contracts, instruments or obligations referred to in real property leasesclause (c) above; provided that such amendments or refinancings are no more materially restrictive with respect to such prohibitions and limitations than those in effect prior to such amendment or refinancing (as determined in good faith and, if requested by any Administrative Agent, certified in writing to each Administrative Agent by an Authorized Signatory of the Administrative Borrower or (g) under any Funded Debt of a Person outstanding on the date such Person first becomes a Subsidiary of a Borrower; provided, that the agreements imposing such prohibitions or conditions were not entered into solely in contemplation of such Person becoming a Subsidiary of a Borrower.

Negative Pledge. Neither the Borrower nor (a) Parent and EnergySolutions each shall not, and subject to clause (b) below, shall not permit any Guarantor will directly or indirectly of their respective Subsidiaries (other than Special Purpose Subsidiaries) to, enter into or permit to exist any agreement or arrangement (other than this Agreement, any other Loan Document or the Senior Notes Documents) with any Person that prohibits limits or restricts or limits conditions the ability of the Borrower Parent, EnergySolutions or Guarantors any of their respective Subsidiaries to create, incur, pledge assume or suffer to exist Liens on any asset or property of such Person except that this Section 7.10 shall not prohibit (i) any negative pledge incurred or provided in connection with any Lien referred to in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vie) of the definition of the term “Permitted LiensLien” (solely to the extent any Lien restrictions thereunder relate solely such negative pledge relates to limiting the aggregate amount property secured by or the subject of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii)Lien, (iv), (vii), (viii), (xixii) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens restrictions on those assets encumbered by any Subsidiary under any agreement in effect at the Liens created by time such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this AgreementSubsidiary becomes a Subsidiary, so long as such restrictions (including Lien restrictions) set forth therein are agreement was not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into in contemplation of such unsecured obligations is on or after the latest Facility Termination DatePerson becoming a Subsidiary, (ciii) contained in any agreements relating to governing any disposition purchase money Liens or Capitalized Lease Obligations otherwise permitted hereby pending (in which case, any such disposition, provided such restrictions and conditions apply prohibition or limitation shall only to be effective against the assets subject to such dispositionfinanced thereby), (div) customary restrictions on assignment of contracts contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject theretowithin such contracts, (ev) set forth in any Refinancing Indebtedness customary restrictions with respect to an asset imposed pursuant to an agreement for the disposition of such asset (so long as such disposition is permitted by Section 7.4 and which agreement is not proscribed by a provision hereof other than those contained in this Section 7.10(a)), (vi) customary restrictions set forth therein in joint venture agreements of joint ventures that are not materially more restrictive than Subsidiaries and (vii) restrictions or conditions in agreements and other documents governing or evidencing Additional Permitted Debt to the comparable provisions extent such restrictions and conditions do not affect the ability of Parent, EnergySolutions or any of their respective Subsidiaries to create Liens securing the Secured Obligations in favor of the Indebtedness being refinanced)Administrative Agent and for the benefit of the Secured Parties. (b) To the extent any Special Purpose Subsidiary or the direct parent company of any Special Purpose Subsidiary is restricted or prohibited by the United States Nuclear Regulatory Commission or any other Governmental Authority, or (f) by a counterparty to such Special Purpose Subsidiary’s SPS Project Documentation, from granting Liens on such Special Purpose Subsidiary’s assets or Equity Interests, as applicable, for the benefit of the Secured Parties, then such Special Purpose Subsidiary or its direct parent company shall not, and shall cause each of its respective subsidiaries not to, create, incur, assume or suffer to exist Liens, other than Permitted Liens, on the assets or Equity Interests of such Special Purpose Subsidiary for the benefit of any Person that are customary net worth provisions contained in real property leasesis not a counterparty to such Special Purpose Subsidiary’s SPS Project Documentation.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly EnergySolutions, Parent and Holdco each shall not, and shall cause each of their respective Subsidiaries not to, enter into after the Agreement Date or permit to exist after the Agreement Date any new agreement (other than this AgreementAgreement any First Lien Loan Document (as defined in the First Lien Credit Agreements) with or any Person other Loan Document) that prohibits limits or restricts or limits conditions the ability of the Borrower EnergySolutions, Parent, Holdco or Guarantors any of their respective Subsidiaries to create, incur, pledge assume or suffer to exist Liens on property of such Person except that this Section 7.12 shall not prohibit (a) any negative pledge incurred or provided in connection with any Lien referred to in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vie) of the definition of “Permitted Liens” (in Article 1 solely to the extent any Lien restrictions thereunder relate solely such negative pledge relates to limiting the aggregate amount property secured by or the subject of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan DocumentsLien, (b) imposed by any restrictions on any Subsidiary of EnergySolutions, Parent or Holdco under any agreement in effect at the Indenturetime such Subsidiary becomes a Subsidiary of EnergySolutions, Parent or by the agreements governing any other unsecured obligations for borrowed money permitted under this AgreementHoldco, so long as such restrictions (including Lien restrictions) set forth therein are agreement was not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into in contemplation of such unsecured obligations is on Person becoming a Subsidiary or after the latest Facility Termination Datea Subsidiary of Holdco, (c) contained in any agreements relating to governing any disposition purchase money Liens or Capital Lease Obligations otherwise permitted hereby pending such disposition(in which case, provided such restrictions and conditions apply any prohibition or limitation shall only to be effective against the assets subject to such dispositionfinanced thereby), (d) contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject theretoAdditional Permitted Debt, (e) set forth customary restrictions on assignment of contracts (other than assignments in any Refinancing Indebtedness favor of the Collateral Agent for the benefit of the Secured Parties) contained within such agreements, (f) customary restrictions with respect to an asset imposed pursuant to an agreement for the disposition of such asset (so long as such disposition is permitted by Section 7.6 hereof and which agreement is not proscribed by a provision hereof other than those contained in this Section 7.12) and (g) customary restrictions set forth therein in joint venture agreements of joint ventures that are not materially more restrictive than the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesSubsidiaries.

Negative Pledge. Neither Holdings nor the Borrower nor any Guarantor will directly or indirectly enter into or suffer to exist, or permit any of the Restricted Subsidiaries to enter into or suffer to exist, any agreement (other than this Agreementthe Loan Documents) with any Person that prohibits or restricts or limits imposes any conditions upon the ability of the Borrower Holdings or Guarantors any Restricted Subsidiary that is or is required to be a Loan Party to create, incur, pledge incur or suffer permit to exist any Lien upon any of its property or assets in favor of Lenders granted pursuant to any Collateral Agent (or any agent or designee of a Collateral Agent) for the terms of this Agreement upon any real property assets benefit of the Borrower or Secured Parties securing any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, Obligations; provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply apply: (a) (x) to restrictions and conditions (a) imposed by applicable law, rule, regulation or order or (y) by any customary or reasonable restrictions and conditions contained in any Loan Document, Spinco Loan Document, any document governing any Swap Obligations, Refinancing Notes, any Refinancing Junior Loan, any Incremental Equivalent Debt, and any Permitted Refinancing in respect of any of the Loan Documents, foregoing; (b) to customary restrictions and conditions contained in agreements relating to Dispositions permitted by Section 6.12 pending such Dispositions; (c) to customary provisions in leases and other contracts, restricting the assignment, subletting or other transfer thereof (including the granting of any Lien); (d) to restrictions or conditions imposed by restrictions on cash and other deposits or net worth provisions in leases and other agreements entered into in the Indenture, Ordinary Course of Business; (e) if such restrictions and conditions were binding on a Restricted Subsidiary or its assets at the time such Restricted Subsidiary first becomes a Restricted Subsidiary or such assets were first acquired by such Restricted Subsidiary (other than a Restricted Subsidiary that was a Restricted Subsidiary on the agreements governing Closing Date or assets owned by any other unsecured obligations for borrowed money permitted under this AgreementRestricted Subsidiary on the Closing Date), so long as such Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary or assets being acquired; (f) to customary provisions in joint venture agreements and other similar agreements applicable to joint ventures, in each case not prohibited by this Agreement, that restrict the transfer of assets of, or ownership interests in the joint venture; (g) to restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided if such restrictions and or conditions apply only to the property or assets securing such Indebtedness or the Persons obligated thereon; (h) to customary restrictions that arise in connection with any Lien permitted by Section 6.01 on any asset or property that is not, and is not required to be, Collateral that relates to the asset or property subject to such dispositionLien; and (i) to any restrictions and conditions imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of any contract, instrument or obligation referred to in clauses (da) contained through (h) above; provided that such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only good faith judgment of the Borrower, no more restrictive with respect to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive taken as a whole than the comparable provisions of the Indebtedness being refinanced)those in existence prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or (f) that are customary net worth provisions contained in real property leasesrefinancing.

Negative Pledge. Neither the The Borrower will not, nor will it permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) any documentation relating to any Permitted Receivables Financing, (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xix) and 6.01(a)(xxiv), (vii) the Transaction Agreement and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; provided that with respect to Indebtedness referenced in (A) clauses (iv) and (vi) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (v) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, service agreements, licenses, sublicenses, covenants not to ▇▇▇ and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.06 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions of the Indebtedness being refinanced), or in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.04 and applicable solely to such joint venture; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor Permit any Guarantor will directly or indirectly Loan Party to enter into or suffer to exist any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to Agent) prohibiting or conditioning the terms creation or assumption of this Agreement any Lien upon any real property of its assets of to secure the Borrower or Obligations, except for any Guarantor; provided, however, that those agreements creating Liens permitted under clause restrictions that: (via) of exist on the definition of “Permitted Liens” date hereof and (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt not otherwise permitted by this Section 8.22) are listed on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, Schedule 8.22 hereto; (b) imposed by are binding on a Restricted Subsidiary that becomes a Restricted Subsidiary after the Indenture, or by Closing Date at the agreements governing any other unsecured obligations for borrowed money permitted under this Agreementtime such Restricted Subsidiary first becomes a Restricted Subsidiary, so long as such restrictions (including Lien restrictions) set forth therein are were not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into solely in contemplation of such unsecured obligations is on or after the latest Facility Termination Date, Person becoming a Restricted Subsidiary; (c) are customary restrictions and conditions contained in agreements any agreement relating to any disposition Disposition permitted hereby by Section 8.5 pending the consummation of such disposition, Disposition; provided that such restrictions and conditions apply only to the assets property that is the subject of such Disposition and not to the proceeds to be received by the Companies in connection with such disposition, Disposition; (d) contained in leases or other agreements that are customary provisions in joint venture agreements and restrict other similar agreements applicable to joint ventures permitted under Section 8.10 and applicable solely to such joint venture; (e) are restrictions on Liens in favor of any holder of Indebtedness permitted under Section 8.1(c) (solely to the assignment extent such restriction relates to assets the acquisition, construction, repair, replacement, lease or improvement of which was financed by such Indebtedness) or Section 8.1(h) (solely to the extent such restriction relates to assets acquired in connection with the Permitted Acquisition in connection with which such Acquired Indebtedness referred to in Section 8.1(h) was acquired); (f) are customary restrictions in leases, subleases, licenses or subletting) thereof and asset sale agreements otherwise permitted hereby so long as such restrictions relate only solely to the assets subject thereto; (g) are customary provisions restricting assignment or transfer of any agreement entered into in the ordinary course of business; and (h) are amendments, (emodifications, restatements, refinancings or renewals of the agreements, contracts or instruments referred to in Section 8.22(a) set forth in any Refinancing Indebtedness (so long above; provided that such amendments, modifications, restatements, refinancings or renewals, taken as such restrictions set forth therein a whole, are not materially more restrictive with respect to such encumbrances and restrictions than the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions those contained in real property leasessuch predecessor agreements, contracts or instruments.

Negative Pledge. Neither the The Parent Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) any documentation governing a Permitted Receivables Financing, (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Sections 6.01(a)(v), 6.01(a) (viii) or 6.01(a)(xxviii) and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided, that with respect to Indebtedness (A) referred to in clauses (iv) and (v) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (v) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, service agreements, licenses, sublicenses, covenants not to sue and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Parent Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions of the Indebtedness being refinanced), or in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.04 and applicable solely to such joint venture; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Parent Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Parent Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the The Borrower nor any Guarantor will directly or indirectly not enter into or suffer to exist, or permit any of the Restricted Subsidiaries to enter into or suffer to exist, any agreement (other than this Agreementthe Loan Documents) with any Person that prohibits or restricts or limits imposes any conditions upon the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge incur or suffer permit to exist any Lien upon any of its property or assets in favor of Lenders granted pursuant to the terms of this Agreement upon Collateral Agent (or any real property assets agent or designee of the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (viCollateral Agent) for the benefit of the definition Secured Parties securing any of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, Obligations; provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply apply: (a) (x) to restrictions and conditions (a) imposed by applicable law, rule, regulation or order or (y) to any customary or reasonable restrictions and conditions contained in any Loan Document or in any document governing any Swap Obligations, any Refinancing Notes, any Refinancing Junior Loan, any Incremental Equivalent Debt or any Permitted Refinancing in respect of any of the Loan Documents, foregoing; (b) to customary restrictions and conditions contained in agreements relating to Dispositions permitted by Section 6.11 pending such Dispositions; (c) to customary provisions in leases, subleases, licenses and other contracts, restricting the assignment, subletting or other transfer thereof (including the granting of any Lien); (d) to restrictions or conditions imposed by restrictions on cash and other deposits or net worth provisions in leases and other agreements entered into in the Indenture, Ordinary Course of Business; (e) if such restrictions and conditions were binding on a Restricted Subsidiary or its assets at the time such Restricted Subsidiary first becomes a Restricted Subsidiary or such assets were first acquired by such Restricted Subsidiary (other than a Restricted Subsidiary that was a Restricted Subsidiary on the agreements governing Closing Date or assets owned by any other unsecured obligations for borrowed money permitted under this AgreementRestricted Subsidiary on the Closing Date), so long as such restrictions or conditions were not entered into in contemplation of such Person becoming a Restricted Subsidiary or such assets being acquired; (including Lien restrictionsf) set forth therein are to customary provisions in joint venture agreements and other similar agreements applicable to joint ventures, in each case not materially more restrictive than prohibited by this Agreement, that restrict the comparable provisions transfer of assets of, or ownership interests in the joint venture; (g) to restrictions or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided if such restrictions and or conditions apply only to the property or assets securing such Indebtedness or the Persons obligated thereon; (h) to customary restrictions that arise in connection with any Lien permitted by Section 6.01 that relates to the asset or property subject to such disposition, Lien; (di) contained to restrictions and conditions that arise in leases connection with cash or other agreements deposits permitted under Sections 6.01 and 6.07 and limited to such cash or deposit; and (j) to any restrictions and conditions imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of any contract, instrument or obligation referred to in clauses (a) through (i) above; provided that are customary and restrict such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in the assignment (or subletting) thereof and relate only good faith judgment of the Borrower, no more restrictive with respect to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive taken as a whole than the comparable provisions of the Indebtedness being refinanced)those in existence prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or (f) that are customary net worth provisions contained in real property leasesrefinancing.

Negative Pledge. Neither the Borrower nor Enter into or suffer to exist, or permit any Guarantor will directly or indirectly of its Subsidiaries to enter into or suffer to exist, any Negative Pledge upon any of its property or assets, except (i) pursuant to the Loan Documents, (ii) in connection with (A) any Non-Recourse Debt; provided that the terms of such Debt, and of any agreement entered into and of any instrument issued in connection therewith, do not provide for or prohibit or condition the creation of any Lien on any Collateral and are otherwise permitted by the Loan Documents; provided further that any restriction of the type described in the proviso in the definition of Negative Pledge shall not be deemed to violate the foregoing restriction (other than this AgreementB) any purchase money Debt permitted under Section 5.02(b) solely to the extent that the agreement or instrument governing such Debt prohibits a Lien on the property acquired with the proceeds of such Debt, (C) any Person Capitalized Lease permitted by Section 5.02(b) solely to the extent that such Capitalized Lease prohibits a Lien on the property subject thereto, or restricts or limits (D) any Debt outstanding on the ability date any Subsidiary of the Borrower becomes such a Subsidiary (so long as such agreement was not entered into solely in contemplation of such Subsidiary becoming a Subsidiary of the Borrower) , (iii) restrictions and conditions imposed by any Requirement of Law, (iv) customary restrictions and conditions contained in agreements relating to any transaction permitted by Section 5.02(d) pending the closing of such transaction, (v) restrictions and conditions imposed by any Requirement of Law, (vi) customary restrictions and conditions contained in agreements relating to any transaction permitted by Section 5.02(d) pending the closing of such transaction, (vii) customary provisions in leases and other contracts restricting the assignment, subletting or Guarantors to createother transfer thereof (including the granting of any Lien), incur(viii) restrictions or conditions imposed by restrictions on cash and other deposits or net worth provisions in leases and other agreements entered into in the ordinary course of business, pledge (ix) customary provisions in partnership agreements, limited liability company governance documents, joint venture agreements and other similar agreements that restrict the transfer of assets of, or suffer to exist ownership interests in, the relevant partnership, limited liability company, joint venture or similar Person, and (x) customary restrictions that arise in connection with any Lien in favor of Lenders granted pursuant permitted by Section 5.02(a) on any asset or property that is not, and is not required to be, Collateral that relates to the terms of this Agreement upon any real asset or property assets of the Borrower or any Guarantorsubject to such Lien; provided, however, that those agreements creating Liens no such Negative Pledge shall be permitted under clause (vi) of the definition of “Permitted Liens” (solely if immediately prior to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount effectiveness of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the IndentureNegative Pledge, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or immediately after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided such restrictions and conditions apply only to the assets subject to such disposition, (d) contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject giving effect thereto, (e1) a Default or Event of Default exists or (2) the Loan Parties are not in compliance with any of the covenants set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesSection 5.04 determined on a pro forma basis.

Negative Pledge. Neither Holdings and the Borrower nor will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Parent to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the Senior Notes, (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxiv) and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided that with respect to Indebtedness referenced in (A) clauses (iv) and (vi) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (v) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) (restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries); (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.04 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by the (A) Law, (B) any Loan Documents, Document and (C) any documentation governing any Permitted Refinancing Indebtedness incurred to Refinance any such Indebtedness referenced in clause (B) above; (b) imposed by customary restrictions and conditions existing on the IndentureClosing Date or to any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to a Disposition permitted by Section 7.05; (d) customary provisions in leases, licenses and other contracts restricting the assignment thereof; (e) restrictions imposed by any disposition agreement relating to secured Indebtedness permitted hereby pending by this Agreement to the extent such disposition, provided such restrictions and conditions apply restriction applies only to the assets subject to property securing such disposition, Indebtedness; (df) contained in leases any restrictions or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject thereto, (e) conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any other Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness (so long as permitted pursuant to Section 7.03 to the extent such restrictions set forth therein or conditions are not materially no more restrictive than the comparable restrictions and conditions in the Loan Documents or, in the case of Subordinated Debt, are market terms at the time of issuance or, in the case of Indebtedness of any Non-Loan Party, are imposed solely on such Non-Loan Party and its Subsidiaries; (h) restrictions on cash or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions constituting Liens permitted hereunder); (i) restrictions set forth on Schedule 7.11 and any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 7.02 and applicable solely to such joint venture; (k) negative pledges and restrictions on Liens in favor of the any holder of Indebtedness being refinancedpermitted under Section 7.03(f), (g), (i) or (fr), but solely to the extent any negative pledge relates to the property financed by or the subject of such Indebtedness; (l) that are customary provisions restricting assignment of any agreement entered into in the ordinary course of business; (m) customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as Holdings has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of its Subsidiaries to meet their ongoing obligation; and (n) any restrictions regarding licensing or sublicensing by the Borrower and the Restricted Subsidiaries of Intellectual Property in the ordinary course of business to the extent not materially interfering with the business of the Borrower or the Restricted Subsidiaries.

Negative Pledge. Neither the Borrower nor Enter into or suffer to exist, or permit any Guarantor will directly or indirectly enter into any agreement of its Restricted Subsidiaries (other than this AgreementForeign Subsidiaries) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge enter into or suffer to exist exist, any agreement prohibiting or conditioning the creation or assumption of any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real of its property or assets of securing the Borrower Obligations under the Loan Documents, except (i) prohibitions or conditions under (A) any Guarantor; provided, however, that those agreements creating Liens purchase money Debt permitted under clause (viby Section 5.02(b)(ii) of the definition of “Permitted Liens” (solely to the extent that the agreement or instrument governing such Debt prohibits a Lien on the property acquired with the proceeds of such Debt (together with any Lien restrictions thereunder relate solely to limiting accessions and additions thereto and the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iiiproceeds thereof), (ivB) any Existing Debt or other Debt permitted by Section 5.02(b)(iii)[intentionally omitted] or (C) any Capitalized Lease permitted by Section 5.02(b)(ii) solely to the extent that such Capitalized Lease prohibits a Lien on the property subject thereto (together with any accessions and additions thereto and the proceeds thereof), ; (vii), (viii), (xixii) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to customary restrictions and conditions relating to (aA) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money specific property to be sold pursuant to an executed agreement with respect to a permitted Transfer permitted under this Agreementagreement, so long as including under Section 5.02(d) or (e) or (B) the sale of any property pending the consummation of such sale under stock sale agreements, joint venture agreements, sale/leaseback agreements, purchase agreements, or acquisition agreements (including by way of merger, acquisition or consolidation), entered into by Parent or any Restricted Subsidiary solely to the extent pending the consummation of such transaction; (iii) restrictions by reason of customary provisions restricting Liens, assignments, subletting or other transfers contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be); (including Lien restrictionsiv) set forth therein are not materially more restrictive than the comparable provisions of this Agreement restrictions and the maturity date of such unsecured obligations is on or conditions applicable to any Subsidiary acquired after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided FirstSecond Amendment Effective Date if such restrictions and conditions existed at the time such Subsidiary was acquired, were not created in anticipation of such acquisition and apply only solely to such acquired Subsidiary; (v) restrictions disclosed in Schedule 5.02(l); (vi) covenants in documents creating Liens permitted by Section 5.02(a) prohibiting further Liens on the properties encumbered thereby[intentionally omitted]; (vi) [intentionally omitted]; (vii) prohibitions or limitations that exist in any agreement governing Debt permitted by Section 5.02(b)(viii), (xii), (xi) or (xv), provided that such prohibition or limitation is not more restrictive in any material respect than those contained in the Loan Documents; (viii) restrictions or limitations imposed by any amendments, refinancings, refundings, renewals, replacements or defeasance that are otherwise permitted by the Loan Documents of the contracts, instruments or obligations referred to in clause (ii), provided that such amendments, refinancings, refundings, renewals, replacements or defeasance are no more materially restrictive with respect to such prohibitions and limitations than those prior to such amendment, refinancing, refunding, renewal, replacement or defeasance; (ix) any other agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to the assets subject to such disposition, (d) contained in leases Loan Documents on any Collateral securing the Obligations and does not require the direct or indirect granting of any Lien securing any IndebtednessDebt or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions obligation by virtue of the Indebtedness being refinanced), granting of Liens on or pledge of property of any Loan Party to secure the Obligations; or (fx) any prohibition or limitation that are customary net worth provisions contained in real property leasesexists pursuant to applicable requirements of law.

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) any documentation relating to any Permitted Receivables Financing, (iv) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxiii)[reserved] and (v) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (iv) above; provided that with respect to Indebtedness referenced in (A) clause (iv) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (iv) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being Refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither Holdings and the Parent Borrower nor will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Parent to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (iv) any documentation relating to any Permitted Receivables Financing, (v) documentation governing Indebtedness incurred under Section 6.01(a)(xxxiv), (vi) any documentation governing Incremental Equivalent Debt (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided that with respect to Indebtedness referenced in clause (iii) above, such restrictions shall not expand the Loan Documents, scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Parent Borrower or any Restricted Subsidiary; (g) (restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries); (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions of the Indebtedness being refinanced), or in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.04 and applicable solely to such joint venture; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Parent Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Parent Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge or suffer to exist exist, or permit any of its Restricted Subsidiaries to enter into or suffer to exist, any agreement prohibiting or conditioning the creation or assumption of any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real of its property or assets of the Borrower except prohibitions or conditions under (A) any Guarantor; providedExisting Debt, however, that those agreements creating Liens or (B) any purchase money Debt permitted under clause (viby Section 5.02(b)(ii) of the definition of “Permitted Liens” (solely to the extent that the agreement or instrument governing such Debt prohibits a Lien on the property acquired with the proceeds of such Debt, (C) any Lien restrictions thereunder relate Capitalized Lease permitted by Section 5.02(b)(iii) solely to limiting the aggregate amount of secured debt extent that such Capitalized Lease prohibits a Lien on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii)property subject thereto, (iv), D) any Debt outstanding on the date any Person first becomes a Restricted Subsidiaries of the Borrower (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are agreement was not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into solely in contemplation of such unsecured obligations is on or after Person becoming a Restricted Subsidiaries of the latest Facility Termination DateBorrower), (cE) contained in the Support Agreement, (F) the Shy Settlement, (G) agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such dispositionsale, provided such restrictions and conditions apply only to the assets subject Subsidiary that is to be sold and such sale is permitted hereunder, (H) leases, subleases or licenses, sublicenses or service contracts restricting the assignment thereof, (I) any agreement in effect at the time any Person becomes a Subsidiary of the Borrower or a Guarantor, provided that such agreement was not entered in contemplation of such Person becoming a Subsidiary, (J) any other contractual requirements (including pursuant to any corporate governance documents in the nature of a charter or by-laws) of a Finance Subsidiary arising in connection with a Permitted Receivables Financing, provided, that any such encumbrances and restrictions apply only to such dispositionFinance Subsidiary, (dK) contained any agreement in leases or other agreements that are customary and restrict effect on the assignment (or subletting) thereof and relate only to the assets subject thereto, (e) set forth date hereof as any such agreement is in any Refinancing Indebtedness (so long as effect on such restrictions set forth therein are not materially more restrictive than the comparable provisions of the Indebtedness being refinanced)date, or (fL) customary provisions in partnership agreements, limited liability company organizational governance documents, joint venture agreements and other similar agreements entered into in the ordinary course of business that are customary net worth provisions contained restrict the transfer of ownership interests in real property leasessuch partnership, limited liability company, joint venture or similar Person.

Negative Pledge. Neither Holdings and the Borrower nor will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Parent to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) any documentation governing any Permitted Receivables Financing entered into in the ordinary course, (iv) any documentation governing the Prepetition Existing Credit Agreement, (v) [reserved], (vi) [reserved], (vii) [reserved], (viii) [reserved] and (ix) [reserved]; provided that with respect to Indebtedness referenced above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) Effective Date set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable provisions extent any such amendment, modification or replacement expands the scope of this Agreement and the maturity date of any such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness (so long as permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions set forth therein or conditions are not materially no more restrictive in any material respect than the comparable restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) [reserved]; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither Holdings nor the Borrower nor any Guarantor will directly or indirectly enter into or suffer to exist, or permit any of the Restricted Subsidiaries to enter into or suffer to exist, any agreement (other than this Agreementthe Loan Documents) with any Person that prohibits or restricts or limits imposes any conditions upon the ability of the Borrower Holdings or Guarantors any Restricted Subsidiary that is or is required to be a Loan Party to create, incur, pledge incur or suffer permit to exist any Lien upon any of its property or assets in favor of Lenders granted pursuant to any Collateral Agent (or any agent or designee of a Collateral [[3666665]] Agent) for the terms of this Agreement upon any real property assets benefit of the Borrower or Secured Parties securing any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, Obligations; provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply apply: (a) (x) to restrictions and conditions (a) imposed by applicable law, rule, regulation or order or (y) by any customary or reasonable restrictions and conditions contained in any Loan Document, Spinco Loan Document, any document governing any Swap Obligations, Refinancing Notes, any Refinancing Junior Loan, any Incremental Equivalent Debt, and any Permitted Refinancing in respect of any of the Loan Documents, foregoing; (b) to customary restrictions and conditions contained in agreements relating to Dispositions permitted by Section 6.12 pending such Dispositions; (c) to customary provisions in leases and other contracts, restricting the assignment, subletting or other transfer thereof (including the granting of any Lien); (d) to restrictions or conditions imposed by restrictions on cash and other deposits or net worth provisions in leases and other agreements entered into in the Indenture, Ordinary Course of Business; (e) if such restrictions and conditions were binding on a Restricted Subsidiary or its assets at the time such Restricted Subsidiary first becomes a Restricted Subsidiary or such assets were first acquired by such Restricted Subsidiary (other than a Restricted Subsidiary that was a Restricted Subsidiary on the agreements governing Closing Date or assets owned by any other unsecured obligations for borrowed money permitted under this AgreementRestricted Subsidiary on the Closing Date), so long as such Obligations were not entered into in contemplation of such Person becoming a Restricted Subsidiary or assets being acquired; (f) to customary provisions in joint venture agreements and other similar agreements applicable to joint ventures, in each case not prohibited by this Agreement, that restrict the transfer of assets of, or ownership interests in the joint venture; (g) to restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of or conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided if such restrictions and or conditions apply only to the property or assets securing such Indebtedness or the Persons obligated thereon; (h) to customary restrictions that arise in connection with any Lien permitted by Section 6.01 on any asset or property that is not, and is not required to be, Collateral that relates to the asset or property subject to such dispositionLien; and (i) to any restrictions and conditions imposed by any amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing of any contract, instrument or obligation referred to in clauses (da) contained through (h) above; provided that such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or refinancing is, in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only good faith judgment of the Borrower, no more restrictive with respect to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive taken as a whole than the comparable provisions of the Indebtedness being refinanced)those in existence prior to such amendment, modification, restatement, renewal, increase, supplement, refunding, replacement or (f) that are customary net worth provisions contained in real property leasesrefinancing.

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will of its Subsidiaries to, directly or indirectly indirectly, enter into into, incur or permit to exist any agreement (or other than this Agreement) with any Person arrangement that prohibits or prohibits, restricts or limits imposes any condition upon (a) the ability of the Borrower or Guarantors any of its Subsidiaries to create, incur, pledge incur or suffer permit to exist any Lien in favor upon any of Lenders granted pursuant its property or assets, or (b) the ability of any Subsidiary of the Borrower to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the terms of this Agreement upon Borrower or any real property assets other Subsidiary or to Guarantee Indebtedness of the Borrower or any Guarantorother Subsidiary; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount(i) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documentslaw or by this Agreement (including, but not limited to, Section 7.04(a)(v)), (bii) imposed by the Indenture, or by foregoing shall not apply to restrictions and conditions existing on the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Datehereof, (ciii) the foregoing shall not apply to Qualified Securitization Transactions, (iv) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such dispositionsale, provided such restrictions and conditions apply only to the assets subject Subsidiary that is to be sold and such dispositionsale is permitted hereunder, (dv) contained in leases clause (a) of the foregoing shall not apply to restrictions or other agreements that are customary and restrict the assignment (conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or subletting) thereof and relate conditions apply only to the property or assets subject theretosecuring such Indebtedness, (evi) set forth clause (a) of the foregoing shall not apply to customary provisions in any Refinancing leases and other contracts restricting the assignment thereof; and (vii) clause (a) of the foregoing shall not apply to restrictions and conditions that require that other Indebtedness (be secured equally and ratably with Indebtedness under this Agreement; and provided, further, that so long as any Event of Default shall be continuing, neither the Borrower nor any of its Subsidiaries shall assume or incur any Indebtedness that is subject to a provision requiring such restrictions set forth therein are not materially more restrictive than the comparable provisions of Indebtedness to be secured equally and ratably with, or prior to, the Indebtedness being refinancedhereunder (except pursuant to the Five Year Revolving Credit Agreement), or (f) that are customary net worth provisions contained in real property leases.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly EnergySolutions, Parent and Holdco each shall not, and shall cause each of their respective Subsidiaries not to, enter into after the Second Amendment Effective Date or permit to exist after the Second Amendment Effective Date any new agreement (other than this Agreement, any Duratek Loan Documents or any other Loan Document) with any Person that prohibits limits or restricts or limits conditions the ability of the Borrower EnergySolutions, Parent, Holdco or Guarantors any of their respective Subsidiaries to create, incur, pledge assume or suffer to exist Liens on property of such Person except that this Section 7.12 shall not prohibit (a) any negative pledge incurred or provided in connection with any Lien referred to in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vie) of the definition of “Permitted LiensLien” (in Article 1 solely to the extent any Lien restrictions thereunder relate solely such negative pledge relates to limiting the aggregate amount property secured by or the subject of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan DocumentsLien, (b) imposed by any restrictions on any Subsidiary of EnergySolutions, Parent or Holdco under any agreement in effect at the Indenturetime such Subsidiary becomes a Subsidiary of EnergySolutions, Parent or by the agreements governing any other unsecured obligations for borrowed money permitted under this AgreementHoldco, so long as such restrictions (including Lien restrictions) set forth therein are agreement was not materially more restrictive than the comparable provisions of this Agreement and the maturity date entered into in contemplation of such unsecured obligations is on Person becoming a Subsidiary or after the latest Facility Termination Datea Subsidiary of Holdco, (c) contained in any agreements relating to governing any disposition purchase money Liens or Capital Lease Obligations otherwise permitted hereby pending such disposition(in which case, provided such restrictions and conditions apply any prohibition or limitation shall only to be effective against the assets subject to such dispositionfinanced thereby), (d) contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject theretoAdditional Permitted Debt, (e) set forth customary restrictions on assignment of contracts (other than assignments in any Refinancing Indebtedness favor of the Collateral Agent for the benefit of the Secured Parties) contained within such agreements, (f) customary restrictions with respect to an asset imposed pursuant to an agreement for the disposition of such asset (so long as such disposition is permitted by Section 7.6 hereof and which agreement is not proscribed by a provision hereof other than those contained in this Section 7.12) and (g) customary restrictions set forth therein in joint venture agreements of joint ventures that are not materially more restrictive than the comparable provisions of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesSubsidiaries.

Negative Pledge. Neither the Borrower nor any Guarantor (a) No Lien Grantor will directly create or indirectly enter into any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge or suffer permit to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon on any real property assets of the Borrower Collateral now owned or any Guarantor; providedhereafter acquired by it, howeveror, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely except to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered contemplated by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iiiSection 19(c), assign or sell any income, revenues (iv)including accounts receivable) or rights, (vii)in each case in respect of any Collateral, (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documents, except Permitted Liens. (b) imposed The parties hereto agree that, in addition to the Transaction Liens, any Designated Contingent Obligation owed to EDC may also be secured by a separate Lien (the Indenture"SUBORDINATED LIEN") on all or any portion of the Collateral, if such Lien is subordinated and second in priority to the Transaction Liens, which Subordinated Lien shall be created under separate security documents, provided that, until such time as the 5-Year Agreements shall have been Terminated, the security documents relating to any Subordinated Lien shall contain provisions with respect to subordination and voting which are no less favourable to the Banks than those set forth in Annex D hereto, with such changes as the Collateral Agent shall approve (the "SUBORDINATION PROVISIONS"). If advised by counsel to the Collateral Agent that doing so is necessary in order to ensure the enforceability of the Subordination Provisions, the Collateral Agent shall be a party to any security document or by the agreements governing other document containing any other unsecured obligations for borrowed money permitted under this Agreement, such provision so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable document contains exculpatory and indemnity provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided such restrictions and conditions apply only satisfactory to the assets subject to Collateral Agent in its discretion; provided that the Collateral Agent's consent shall not be required for any waiver, amendment, change or variation of any such disposition, (d) contained in leases security document or other agreements that are customary and restrict document which does not affect the assignment (Subordination Provisions, any rights or subletting) thereof and relate only obligations of the Collateral Agent or any exculpatory or indemnity provision benefiting the Collateral Agent, unless counsel to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as Collateral Agent advises that such restrictions set forth therein are not materially more restrictive than consent is necessary to ensure the comparable provisions enforceability of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesSubordination Provisions.

Negative Pledge. Neither No Obligor shall and the Borrower nor any Guarantor Parent shall at all times ensure that no other member of the Group will, without the prior written consent of the Majority Lenders hereunder or, so long as one Lender under this Agreement (or an Affiliate of a Lender) is a Lender under (and as defined in) the 2020 Facility Agreement without the prior written consent of the Majority Lenders in respect of the 2020 Facility Agreement (as the term “Majority Lenders” is defined therein and, for the avoidance of doubt, the Total Commitment hereunder will directly or indirectly enter into any agreement (other than this form no part of the calculation required to determine Majority Lender consent under Clause 1.1 of the 2020 Facility Agreement) with create or permit to subsist any Person that prohibits Security over all or restricts any of its present or limits future revenues or assets other than: (a) any Security existing on the ability of the Borrower or Guarantors to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms date of this Agreement which secures only indebtedness secured thereby at the date hereof or any replacement or substitute of such Security where the principal amount secured thereby does not exceed the principal amount secured by the Security which it substitutes or replaces; (b) any lien arising solely by operation of law securing obligations incurred in good faith in the ordinary course of business; (c) any Security upon a specific asset or specific assets where such Security is given solely for the purpose of financing the cost of the acquisition of such specific asset or specific assets or any real replacement or substitution of such Security and where the principal amount secured by each such Security does not exceed the cost of such acquisition; (d) any rights by way of reservation or retention of title which are required by the supplier of any property in the normal course of such supplier’s business; (e) any Security over any asset of any member of the Group acquired by such member of the Group subject to such Security and which secures only indebtedness secured thereby at the date of such acquisition; (f) any Security created by any member of the Group prior to its becoming a member of the Group and securing only indebtedness incurred by such member of the Group prior to its becoming a member of the Group and not incurred in contemplation of its so becoming a member of the Group and which secures only indebtedness secured thereby at the date on which such member becomes a member of the Group; (g) any Security on property or assets of any Subsidiary securing indebtedness owing to the Borrower or Parent; and (h) any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) Security in connection with cash pooling arrangements of the definition Group which arrangements are entered into in the ordinary course of “Permitted Liens” (solely treasury business, to the extent that such Security is granted in favour of the financial institutions or their Affiliates operating those arrangements over any Lien restrictions thereunder relate solely to limiting of the bank accounts which are the subject thereof; (i) any Security granted by any member of the Group over: (i) receivables held by any member of the Group in connection with: (A) a securitisation of receivables; or (B) any receivables financing that is effected on an on-balance sheet basis; or (ii) the shares in or bank accounts of an issuing vehicle that is the issuer of such securitisation, securing Financial Indebtedness in an outstanding amount which does not exceed at any time, when aggregated with the aggregate amount of secured debt on outstanding cash advances received by a per lot basis member of the Group in a market and customary manner, provided that if the Book Value respect of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount uncollected receivables which have been disposed of secured debt permitted under such agreement on all such property, then for purposes in accordance with paragraph (f) of calculating the Borrowing BaseClause 21.6 (Disposals), the Book Value shall be deemed Receivables Cap (or its equivalent in any other currency or currencies); and (j) Security in addition to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions described in paragraphs (a) imposed by to (i) above provided that following the Loan Documentsgranting of, and giving effect to, such Security, the Obligors shall be in compliance with Clause 21.10 (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided such restrictions and conditions apply only to the assets subject to such disposition, (d) contained in leases or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions of the Indebtedness being refinancedPriority Indebtedness), or (f) that are customary net worth provisions contained in real property leases.

Negative Pledge. Neither the Borrower nor any Guarantor will directly Directly or indirectly enter into any agreement (other than this Agreement) with any Person that (a) prohibits or restricts or limits the ability of the Borrower or Guarantors any Guarantor to create, incur, pledge or suffer to exist any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real property assets of the Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) Guarantor in favor of or for the benefit of the definition Lender, as contemplated herein or (b) prohibits, restricts or imposes any condition upon the ability of “Permitted Liens” (solely any Restricted Subsidiary to pay dividends or other distributions with respect to any of its Capital Stock or to make or repay loans or advances to the extent Borrower or any Lien restrictions thereunder relate solely other Restricted Subsidiary or to limiting guarantee Indebtedness of the aggregate amount of secured debt on a per lot basis in a market and customary manner, Borrower or any other Restricted Subsidiary; provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount(A) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the law or by any Loan DocumentsDocument, (bB) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such foregoing shall not apply to customary restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Date, (c) conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such dispositionsale, provided such restrictions and conditions apply only to the Subsidiary or the assets that are to be sold and the proceeds thereof, and such sale is permitted hereunder, (C) clause (a) of the foregoing shall not apply to restrictions or conditions imposed by any agreement relating to Permitted Liens if such restrictions or conditions apply only to the property or assets subject to such dispositionPermitted Liens and the proceeds thereof, (dD) contained clause (a) of the foregoing shall not apply to customary provisions in leases or and other agreements that are customary and restrict contracts restricting the assignment (or subletting) thereof and relate only (E) clause (b) of the foregoing shall not apply to provisions in the assets subject theretoExisting Credit Agreement, (e) set forth the Senior Notes or any Material Debt, in each case outstanding on the Effective Date, and any subsequent Material Debt permitted to be incurred by this Agreement and any Refinancing Indebtedness (so long with respect to the foregoing, to the extent such provisions in such Material Debt or such Refinancing Indebtedness, taken as such restrictions set forth therein a whole, are not materially more restrictive than such provisions, taken as a whole, in (i) with respect to such Material Debt, the comparable provisions of Senior Notes, and (ii) with respect to such Refinancing Indebtedness, the Refinanced Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leasesrelating thereto.

Negative Pledge. Neither (A) Holdings and the Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: i. restrictions and conditions (a) imposed by the Loan Documents(i) Requirements of Law, (bii) imposed by any Loan Document, (iii) any documentation relating to any Permitted Receivables Financing, (iv) any documentation governing Permitted Floor Financing Lines, (v) any documentation governing the Indenture, or by the agreements Existing IRB Obligations and (vi) any documentation governing any other unsecured obligations for borrowed money permitted under this AgreementPermitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (v) above; provided that with respect to Indebtedness referenced in clause (v) above, so long as such restrictions (including Lien restrictions) set forth therein are shall not materially more restrictive than expand the comparable provisions scope in any material respect of this Agreement any such restriction or condition contained in the Indebtedness being refinanced; ii. customary restrictions and conditions existing on the maturity date Effective Date and any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such unsecured obligations is on restriction or after the latest Facility Termination Date, (c) condition; iii. restrictions and conditions contained in agreements relating to the Disposition of a Subsidiary or any disposition permitted hereby assets pending such dispositionDisposition, provided that such restrictions and conditions apply only to the Subsidiary or assets that is or are the subject to of such dispositionDisposition and such Disposition is permitted hereunder; iv. customary provisions in leases, (d) contained in leases subleases, licenses, cross-licenses or sublicenses and other agreements that are customary and restrict contracts restricting the assignment (or subletting) thereof and relate restrictions that include customary provisions restricting assignment of any agreement entered into in the ordinary course of business; v. restrictions imposed by any agreement relating to secured Indebtedness permitted by Section 6.01(a)(v) to the extent such restriction applies only to the assets subject thereto, (e) property securing by such Indebtedness; vi. any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to Holdings or any Restricted Subsidiary; vii. restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents; viii. restrictions on cash (so long as such or Cash Equivalents) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); ix. restrictions set forth therein are not materially more restrictive than on Schedule 6.06 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; x. customary provisions in partnership agreements, limited liability company organizational governance documents, sale leaseback agreements, joint venture agreements and other similar agreements, in each case, entered into in the ordinary course of the Indebtedness being refinanced), or (f) that are business; xi. customary net worth provisions contained in real property leasesleases entered into by Subsidiaries of Holdings, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of Holdings and its Subsidiaries to meet their ongoing obligations; and xii. restrictions or conditions contained in any trading, netting, operating, construction, service, supply, purchase or sale agreement to which Holdings or any Restricted Subsidiary is a party, entered into in the ordinary course of business or consistent with past practice; provided that such agreement prohibits the encumbrance of solely the property or assets of Holdings or such Restricted Subsidiary that are the subject of such agreement, the payment rights arising thereunder or the proceeds thereof and does not extend to any other asset or property of Holdings or such Restricted Subsidiary or the assets or property of another Restricted Subsidiary, and (B) with respect to any real property and fixtures owned by any Loan Party, Holdings and the Borrower will not, and will not permit any Restricted Subsidiary to, create, incur, assume or permit to exist any Lien on all or any part of such real property or fixtures, other than Liens permitted by clauses (i), (ii) (solely with respect to clauses (a), (b), (e) and (f) of the definition of “Permitted Encumbrances”), (iii) (other than with respect to Mortgages (as defined in the Existing Credit Agreement) to be terminated on the Effective Date), (v), (viii)(B), (ix) (solely with respect to such property owned on the Effective Date by a Restricted Subsidiary that is not a Loan Party; for purposes of this Section 6.06(B), no real property or fixtures owned by any Loan Party shall be transferred to any Subsidiary that is not a Loan Party), (xi), (xvii) or (xx) (solely, in the case of such clause (xx), with respect to Liens that do not secure Indebtedness) of Section 6.02.

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will directly or indirectly Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the DK Note Documents[reserved], (iv) any documentation governing Incremental Equivalent Debt, (v) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vi) any documentation governing Indebtedness incurred pursuant to Sections 6.01(a)(v), 6.01(a)(viii) or 6.01(a)(xxvii) and (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vi) above; provided that with respect to Indebtedness (A) referred to in clauses (iv) and (v) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) referred to clauses (v) and (vii) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, service agreements, licenses, sublicenses, covenants not to sue and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any other Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by a Subsidiary that is not a Loan Party to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions of the Indebtedness being refinanced), or in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither Holdings and the Borrower nor will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Parent to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the documentation relating to the Second Lien Facility, (iv) any documentation related to any Permitted Receivables Financing, (v) any documentation governing Incremental Equivalent Debt, (vi) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt or Permitted Second Priority Refinancing Debt, (vii) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxiv) and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; provided that with respect to Indebtedness referenced in (A) clauses (v) and (vii) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (vi) or clause (viii) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being Refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing Indebtedness agreement in effect at any time any Person becomes a Restricted Subsidiary (so long as but not any modification or amendment expanding the scope of any such restrictions set forth therein are restriction or condition); provided that such agreement was not materially more restrictive than the comparable provisions entered into in contemplation of the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leases.such Person

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions imposed by: (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) [reserved], (iv) any documentation relating to any Permitted Receivables Financing, (v) any documentation governing Incremental Equivalent Debt, (vi) any documentation governing Permitted Unsecured Refinancing Debt, Permitted First Priority Refinancing Debt, Permitted Second Priority Refinancing Debt, the 2022 Subordinated Note Indenture, the 2023 Senior Secured Note Indenture, the 2024 Senior Unsecured Convertible Notes, the 2025 Subordinated Note Indenture, the 2024/2026 Subordinated Note Indenture, the 2027 Senior Subordinated Note Indenture or Indebtedness arising under any other Indenture, (vii) any documentation governing Indebtedness pursuant to the Odeon Credit Agreement, (viii) any documentation governing Indebtedness incurred pursuant to Section 6.01(a)(xxvii) and (ix) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; provided that with respect to Indebtedness referenced in (A) clauses (v) and (vii) above, such restrictions shall be no materially more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (vi) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being refinanced; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither Holdings and the Borrower nor will not, and will not permit any Guarantor will directly Restricted Subsidiary or indirectly Intermediate Parent to enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) any documentation governing any Permitted Receivables Financing entered into in the ordinary course, (iv) any documentation governing the Amended Existing Credit Agreement, (iv) [reserved], (v) [reserved], (vi) [reserved], (vii) [reserved] and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; provided that with respect to Indebtedness referenced in (A) clauses (v) and (vii) above, such restrictions shall be no more restrictive in any material respect than the restrictions and conditions in the Loan DocumentsDocuments or, in the case of Junior Financing, are market terms at the time of issuance and (B) clause (vi) or clause (viii) above, such restrictions shall not expand the scope in any material respect of any such restriction or condition contained in the Indebtedness being Refinanced; (b) imposed by customary restrictions and conditions existing on the Indenture, or by the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) Effective Date set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable provisions extent any such amendment, modification or replacement expands the scope of this Agreement and the maturity date of any such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness (so long as permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions set forth therein or conditions are not materially no more restrictive in any material respect than the comparable restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) [reserved]; (j) customary provisions in joint venture agreements and other similar agreements applicable to joint ventures permitted by Section 6.02 and applicable solely to such joint venture and entered into in the ordinary course of the Indebtedness being refinanced), or business; and (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations.

Negative Pledge. Neither Holdings nor the Borrower will, nor will they permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the applicable Secured Parties with respect to the terms of this Agreement upon any real property assets of applicable Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the Loan ABL North America Credit Documents, (iv) the Senior Secured Convertible Notes Documents, (v) any Permitted ABL EMEA Credit Facility, (vi) the Holdings Preferred Equity Documents, (vii) [reserved] and (viii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the Disposition of a Subsidiary or any disposition permitted hereby assets pending such disposition, Disposition; provided that such restrictions and conditions apply only to the Subsidiary or assets that is or are subject to of such disposition, Disposition and such Disposition is permitted hereunder; (d) contained customary provisions in leases leases, subleases, licenses, cross-licenses or sublicenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in partnership agreements, limited liability company organizational governance documents, sale leaseback agreements, joint venture agreements and other similar agreements, in each case, entered into in the ordinary course of the Indebtedness being refinanced), or business; (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and the Subsidiaries to meet their ongoing obligations; and (l) restrictions arising in any Swap Agreement and/or any agreement relating to any Cash Management Obligation.

Negative Pledge. Neither the The Borrower nor will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the applicable Secured Parties with respect to the terms of this Agreement upon any real property assets of applicable Secured Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Loan Document, (iii) the Loan Prepetition Secured Documents, (iv) the DIP ABL Documents, (v) [reserved], (vi) [reserved], and (vii) [reserved]; (b) imposed by customary restrictions and conditions existing on the IndentureEffective Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the Disposition of a Subsidiary or any disposition permitted hereby assets pending such disposition, Disposition; provided that such restrictions and conditions apply only to the Subsidiary or assets that is or are subject to of such disposition, Disposition and such Disposition is permitted hereunder; (d) contained customary provisions in leases leases, subleases, licenses, cross-licenses or sublicenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness permitted pursuant to Section 6.01 that is incurred or assumed by Restricted Subsidiaries that are not Loan Parties to the extent such restrictions or conditions are no more restrictive in any material respect than the 105 restrictions and conditions in the Loan Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (so long as such h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions set forth therein are not materially more restrictive than on Schedule 6.07 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in partnership agreements, limited liability company organizational governance documents, sale leaseback agreements, joint venture agreements and other similar agreements, in each case, entered into in the ordinary course of the Indebtedness being refinanced), or business; (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Borrower has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Borrower and its Subsidiaries to meet their ongoing obligations; and (l) restrictions arising in any Swap Agreement and/or any agreement relating to any Cash Management Obligation.

Negative Pledge. Neither the The US Borrower nor will not, and will not permit any Guarantor will of its Subsidiaries to, directly or indirectly indirectly, enter into into, incur or permit to exist any agreement (or other than this Agreement) with any Person arrangement that prohibits or prohibits, restricts or limits imposes any condition upon (a) the ability of the US Borrower or Guarantors any of its Subsidiaries to create, incur, pledge incur or suffer permit to exist any Lien in favor upon any of Lenders granted pursuant its property or assets, or (b) the ability of any Subsidiary of the US Borrower to pay dividends or other distributions with respect to any shares of its capital stock or to make or repay loans or advances to the terms of this Agreement upon any real property assets of the US Borrower or any Guarantor; provided, however, that those agreements creating Liens permitted under clause (vi) other Subsidiary or to Guarantee Indebtedness of the definition of “Permitted Liens” (solely to the extent US Borrower or any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, other Subsidiary; provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount(i) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by the Loan Documentslaw or by this Agreement (including, but not limited to, Section 8.04(a)(v)), (bii) imposed by the Indenture, or by foregoing shall not apply to restrictions and conditions existing on the agreements governing any other unsecured obligations for borrowed money permitted under this Agreement, so long as such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on or after the latest Facility Termination Datehereof, (ciii) the foregoing shall not apply to Qualified Securitization Transactions, (iv) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to any disposition permitted hereby the sale of a Subsidiary pending such dispositionsale, provided such restrictions and conditions apply only to the assets subject Subsidiary that is to be sold and such dispositionsale is permitted hereunder, (dv) contained in leases clause (a) of the foregoing shall not apply to restrictions or other agreements that are customary and restrict the assignment (conditions imposed by any agreement relating to secured Indebtedness permitted by this Agreement if such restrictions or subletting) thereof and relate conditions apply only to the property or assets subject theretosecuring such Indebtedness, (evi) set forth clause (a) of the foregoing shall not apply to customary provisions in any Refinancing leases and other contracts restricting the assignment thereof; and (vii) clause (a) of the foregoing shall not apply to restrictions and conditions that require that other Indebtedness (be secured equally and ratably with Indebtedness under this Agreement; and provided, further, that so long as any Event of Default shall be continuing, neither the US Borrower nor any of its Subsidiaries shall assume or incur any Indebtedness that is subject to a provision requiring such restrictions set forth therein are not materially more restrictive than the comparable provisions of Indebtedness to be secured equally and ratably with, or prior to, the Indebtedness being refinanced), or (f) that are customary net worth provisions contained in real property leaseshereunder.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person that agreement, instrument, deed or lease which prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause provided that: (via) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to restrictions and conditions (a) imposed by (A) law, (B) any Loan Document or (C) the Loan ABL Documents, ; (b) imposed by the Indentureforegoing shall not apply to restrictions and conditions existing on the Closing Date or to any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) the foregoing shall not apply to customary restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such dispositionsale, provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained the foregoing shall not apply to customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate the foregoing shall not apply to restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) the foregoing shall not apply to any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition), provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any other Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness (so long as permitted pursuant to Section 7.03 to the extent such restrictions set forth therein or conditions are not materially no more restrictive than the comparable provisions restrictions and conditions in the Loan Documents or, in the case of Subordinated Debt, are market terms at the time of issuance or, in the case of Indebtedness being refinanced)of any Non-Loan Party, are imposed solely on such Non-Loan Party and its Subsidiaries, provided that any such restrictions or conditions permit compliance with the Collateral and Guarantee Requirement and Section 6.11; and (fh) that are customary net worth provisions contained restrictions on cash or other deposits imposed by agreements entered into in real property leasesthe ordinary course of business.

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Loan Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Secured Parties with respect to the terms of this Agreement upon any real property assets of Obligations or under the Borrower or any GuarantorLoan Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (A) Law, (B) any Loan Document, (C) the Loan Documents, Second Lien Credit Agreement; (b) imposed by customary restrictions and conditions existing on the IndentureClosing Date or to any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the sale of a Subsidiary or any disposition permitted hereby assets pending such disposition, sale; provided that such restrictions and conditions apply only to the Subsidiary or assets subject that is or are to be sold and such disposition, sale is permitted hereunder; (d) contained customary provisions in leases or leases, licenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Agreement to the extent such restriction applies only to the assets subject thereto, property securing such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing Indebtedness agreement in effect at any time any Person becomes a Subsidiary (so long as but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Subsidiary and the restriction or condition set forth in such agreement does not apply to the Borrower or any other Subsidiary; (g) [Reserved]; (h) restrictions on cash or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions constituting Liens permitted hereunder); (i) restrictions set forth therein are not materially more restrictive than on Schedule 7.11 and any extension, renewal, amendment, modification or replacement thereof, except to the comparable provisions extent any such amendment, modification or replacement expands the scope of the any such restriction or condition; (j) [Reserved]; (k) negative pledges and restrictions on Liens in favor of any holder of Indebtedness being refinancedpermitted under Section 7.03(e), but solely to the extent any negative pledge relates to the property financed by or the subject of such Indebtedness; (fl) that are customary net worth provisions restricting assignment of any agreement entered into in the ordinary course of business; and (m) provisions restricting the granting of a security interest in intellectual property contained in real property leaseslicenses or sublicenses by the Borrower and its Subsidiaries of such intellectual property, which licenses and sublicenses were entered into in the ordinary course of business (in which case such restriction shall relate only to such intellectual property).

Negative Pledge. Neither the Borrower nor any Guarantor will directly or indirectly enter Enter into any agreement (other than this Agreement) with any Person that prohibits or restricts or limits the ability of the Borrower or Guarantors to create, incur, pledge or suffer to exist exist, or permit any of its Restricted Subsidiaries to enter into or suffer to exist, any agreement prohibiting or conditioning the creation or assumption of any Lien in favor of Lenders granted pursuant to the terms of this Agreement upon any real of its property or assets of securing the Borrower Obligations under the Loan Documents, except (i) prohibitions or conditions under (A) any Guarantor; provided, however, that those agreements creating Liens purchase money Debt permitted under clause (viby Section 5.02(b)(ii) of the definition of “Permitted Liens” (solely to the extent that the agreement or instrument governing such Debt prohibits a Lien on the property acquired with the proceeds of such Debt (together with any Lien restrictions thereunder relate solely to limiting accessions and additions thereto and the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iiiproceeds thereof), (ivB) [intentionally omitted] or (C) any Capitalized Lease permitted by Section 5.02(b)(ii) solely to the extent that such Capitalized Lease prohibits a Lien on the property subject thereto (together with any accessions and additions thereto and the proceeds thereof), ; (vii), (viii), (xixii) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to customary restrictions and conditions relating to (aA) imposed by the Loan Documents, (b) imposed by the Indenture, or by the agreements governing any other unsecured obligations for borrowed money specific property to be sold pursuant to an executed agreement with respect to a Transfer permitted under this Agreementagreement, so long as including under Section 5.02(d) or (e) or (B) the sale of any property pending the consummation of such sale under stock sale agreements, joint venture agreements, sale/leaseback agreements, purchase agreements, or acquisition agreements (including by way of merger, acquisition or consolidation), entered into by Parent or any Restricted Subsidiary solely to the extent pending the consummation of such transaction; (iii) restrictions by reason of customary provisions restricting Liens, assignments, subletting or other transfers contained in leases, licenses and similar agreements entered into in the ordinary course of business (provided that such restrictions are limited to the property or assets secured by such Liens or the property or assets subject to such leases, licenses or similar agreements, as the case may be); (including Lien restrictionsiv) set forth therein are not materially more restrictive than the comparable provisions of this Agreement restrictions and the maturity date of such unsecured obligations is on or conditions applicable to any Subsidiary acquired after the latest Facility Termination Date, (c) contained in agreements relating to any disposition permitted hereby pending such disposition, provided ThirdFifth Amendment Effective Date if such restrictions and conditions existed at the time such Subsidiary was acquired, were not created in anticipation of such acquisition and apply only solely to such acquired Subsidiary; (v) [intentionally omitted]; (vi) prohibitions or limitations that exist in any JV IP License Agreement (or Bonobos IP License Agreement (each as in effect on the FourthFifth Amendment Effective Date or as subsequently amended in accordance with Section 5.02(k)(ii)); (vii) prohibitions or limitations that exist in any agreement governing Debt permitted by Section 5.02(b)(viii) or 5.02(b)(xi), provided that such prohibition or limitation is not more restrictive in any material respect than those contained in the Loan Documents; (viii) restrictions or limitations imposed by any amendments, refinancings, refundings, renewals, replacements or defeasance that are otherwise permitted by the Loan Documents of the contracts, instruments or obligations referred to in clause (ii), provided that such amendments, refinancings, refundings, renewals, replacements or defeasance are no more materially restrictive with respect to such prohibitions and limitations than those prior to such amendment, refinancing, refunding, renewal, replacement or defeasance; (ix) any other agreement that does not restrict in any manner (directly or indirectly) Liens created pursuant to the assets subject to such disposition, (d) contained in leases Loan Documents on any Collateral securing the Obligations and does not require the direct or indirect granting of any Lien securing any Debt or other agreements that are customary and restrict the assignment (or subletting) thereof and relate only to the assets subject thereto, (e) set forth in any Refinancing Indebtedness (so long as such restrictions set forth therein are not materially more restrictive than the comparable provisions obligation by virtue of the Indebtedness being refinanced), granting of Liens on or pledge of property of any Loan Party to secure the Obligations; or (fx) any prohibition or limitation that are customary net worth provisions contained in real property leasesexists pursuant to applicable requirements of law.

Negative Pledge. Neither the Borrower nor The Company will not, and will not permit any Guarantor will directly or indirectly Restricted Subsidiary to, enter into any agreement (other than this Agreement) with any Person agreement, instrument, deed or lease that prohibits or restricts or limits the ability of the Borrower or Guarantors any Note Party to create, incur, pledge assume or suffer to exist any Lien in favor upon any of Lenders granted pursuant their respective properties or revenues, whether now owned or hereafter acquired, for the benefit of the Holders of the Notes with respect to the terms of this Agreement upon any real property assets of Notes Obligations or under the Borrower or any GuarantorNotes Documents; provided, however, that those agreements creating Liens permitted under clause (vi) of the definition of “Permitted Liens” (solely to the extent any Lien restrictions thereunder relate solely to limiting the aggregate amount of secured debt on a per lot basis in a market and customary manner, provided that if the Book Value of all Qualified Real Property Inventory covered by any such agreement exceeds the aggregate amount of secured debt permitted under such agreement on all such property, then for purposes of calculating the Borrowing Base, the Book Value shall be deemed to be reduced to such aggregate permitted secured debt amount) Sections 6.15(iii), (iv), (vii), (viii), (xix) and (xxii), agreements governing any Rate Management Transactions, and agreements respecting secured obligations for borrowed money may prohibit, restrict or limit other Liens on those assets encumbered by the Liens created by such agreements, and provided further that the foregoing shall not apply to to: (a) restrictions and conditions (a) imposed by (i) Requirements of Law, (ii) any Notes Documents, (iii) the ABL North America Credit Documents, (iv) the Loan Documents, (v) the Other Senior Secured Convertible Notes Documents, (vi) any Permitted ABL EMEA Credit Facility, (vii) the Company Preferred Equity Documents, (vii) any documentation governing any Permitted Refinancing incurred to refinance any such Indebtedness referenced in clauses (i) through (vii) above; (b) imposed by customary restrictions and conditions existing on the IndentureIssue Date and any extension, renewal, amendment, modification or by replacement thereof, except to the agreements governing extent any other unsecured obligations for borrowed money permitted under this Agreementsuch amendment, so long as modification or replacement expands the scope of any such restrictions (including Lien restrictions) set forth therein are not materially more restrictive than the comparable provisions of this Agreement and the maturity date of such unsecured obligations is on restriction or after the latest Facility Termination Date, condition; (c) restrictions and conditions contained in agreements relating to the Disposition of a Subsidiary or any disposition permitted hereby assets pending such disposition, Disposition; provided that such restrictions and conditions apply only to the Subsidiary or assets that is or are subject to of such disposition, Disposition and such Disposition is permitted hereunder; #96856647v2 (d) contained customary provisions in leases leases, subleases, licenses, cross-licenses or sublicenses and other agreements that are customary and restrict contracts restricting the assignment thereof; (or sublettinge) thereof and relate restrictions imposed by any agreement relating to secured Indebtedness permitted by this Indenture to the extent such restriction applies only to the assets subject thereto, property securing by such Indebtedness; (ef) any restrictions or conditions set forth in any Refinancing agreement in effect at any time any Person becomes a Restricted Subsidiary (but not any modification or amendment expanding the scope of any such restriction or condition); provided that such agreement was not entered into in contemplation of such Person becoming a Restricted Subsidiary and the restriction or condition set forth in such agreement does not apply to the Company or any Restricted Subsidiary; (g) restrictions or conditions in any Indebtedness (so long as permitted pursuant to Section 4.10 that is incurred or assumed by Restricted Subsidiaries that are not Note Guarantors to the extent such restrictions set forth therein or conditions are not materially no more restrictive in any material respect than the comparable restrictions and conditions in the Notes Documents or, in the case of Junior Financing, are market terms at the time of issuance and are imposed solely on such Restricted Subsidiary and its Subsidiaries; (h) restrictions on cash (or Permitted Investments) or other deposits imposed by agreements entered into in the ordinary course of business (or other restrictions on cash or deposits constituting Permitted Encumbrances); (i) restrictions existing under agreements as in effect on the date of this Indenture and any extension, renewal, amendment, modification or replacement thereof, except to the extent any such amendment, modification or replacement expands the scope of any such restriction or condition; (j) customary provisions in partnership agreements, limited liability company organizational governance documents, sale leaseback agreements, joint venture agreements and other similar agreements, in each case, entered into in the ordinary course of the Indebtedness being refinanced), or business; (fk) that are customary net worth provisions contained in real property leasesleases entered into by Subsidiaries, so long as the Company has determined in good faith that such net worth provisions could not reasonably be expected to impair the ability of the Company and its Subsidiaries to meet their ongoing obligations; and (l) restrictions arising in any Swap Agreement and/or any agreement relating to any Cash Management Obligation.