Common use of New Indebtedness Clause in Contracts

New Indebtedness. BRAI shall not incur any New Indebtedness without Lender’s prior express written consent. “New Indebtedness” includes any actual or contingent liability arising after the date of this agreement from (1) an extension of credit, (2) a guaranty by any of the Obligors of another’s indebtedness or obligations, or (3) any other consensual transaction which creates in any of the Obligors a direct or indirect obligation of future payment; New Indebtedness does not include, however, (i) indebtedness incurred in financing a Renovation Project, as defined below, provided that such financing is permissible under Section 10B, (ii) indebtedness to vendors incurred in the ordinary course of business to the extent that (a) the invoice is payable within ninety (90) days after the delivery of the goods or services, and (b) payment is not more than thirty (30) days overdue, (iii) indebtedness owed to Lender, and (iv) guarantees of others’ indebtedness to Lender.

New Indebtedness. BRAI Borrower shall not incur any New Indebtedness without Lender’s prior express written consent. “New Indebtedness” includes any actual or contingent liability arising after the date of this agreement from (1) an extension of credit, (2) a guaranty by any of the Obligors of another’s indebtedness or obligations, or (3) any other consensual transaction which creates in any of the Obligors a direct or indirect obligation of future payment; New Indebtedness does not include, however, (i) indebtedness incurred in financing a Renovation Project, as defined below, provided that such financing is permissible under Section 10B13B, (ii) indebtedness to vendors incurred in the ordinary course of business to the extent that (a) the invoice is payable within ninety (90) days after the delivery of the goods or services, and (b) payment is not more than thirty (30) days overdue, (iii) indebtedness owed to Lender, and (iv) guarantees of others’ indebtedness to Lender.