No New Encumbrances Clause Samples
The "No New Encumbrances" clause prohibits a party from creating or permitting any new liens, charges, or claims against certain assets or property during the term of an agreement. In practice, this means that the party must not use the specified assets as collateral for new loans or otherwise allow third parties to gain legal rights over them. This clause is commonly used in loan or lease agreements to protect the interests of the other party by ensuring that the assets remain unencumbered and available, thereby reducing the risk of conflicting claims or diminished asset value.
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No New Encumbrances. From and after the Effective Date until the date and time of the Closing, Seller shall not convey any portion of the Property or any rights therein, or enter into any conveyance, security document, easement or other agreement, or amend any existing agreement, granting to any Person (other than Buyer) any rights with respect to the Property or any part thereof or any interest whatsoever therein, without Buyer’s prior written consent.
No New Encumbrances. Since the Effective Date, Sellers have not conveyed any portion of the Properties or any rights therein, or entered into any lease, license, conveyance, security document, easement or other agreement, or amended any lease or existing agreement granting to any other person or entity any rights with respect to the Properties or any part thereof, or any interest whatsoever therein. No amendments or extensions have been made to any Leases without Buyer’s prior written consent and Sellers have operated the Properties in the ordinary course of business consistent with its current practices through each applicable Closing Date.
No New Encumbrances. For the period from the Effective ------------------- Date to the Closing Date and except as otherwise provided in Sections 2.7 ------------ through 2.11, Seller shall not: (a) voluntarily convey all or any portion of the ------------ Property or any rights or interests therein (except conveyance to effect or facilitate a Like-Kind Exchange in accordance with Section 7.25), (b) enter into ------------ any new security document, easement or other agreement affecting title to all or any portion of or interest in the Property, other than Leases, Contracts or Other Contracts entered into pursuant to Sections 2.7, 2.8 and/or 2.9, or (c) ---------------------------- amend any existing agreement granting to any Person any rights with respect to all or any portion of the Property or any interests therein (other than Leases, Contracts or Other Contracts and any amendments, renewal, expansion, assignment, sublease or extension thereof entered into pursuant to Sections 2.7, 2.8 and/or ------------------------ 2.9), without the prior written approval of Purchaser, which approval shall not ---- be unreasonably withheld, delayed or conditioned by Purchaser in respect of the matters referenced in (b) and (c) prior to the Due Diligence Termination Date and is in Purchaser's sole discretion after the Due Diligence Termination Date provided Purchaser elects to proceed to Closing in accordance with Section 2.3. ----------- If prior to the Closing Date, all or any portion of the Property or any rights therein becomes subject to any Monetary Exception, (but excluding any condemnation or eminent domain proceeding) Seller agrees to pay or discharge (including by bonding over the same) such Monetary Exception at or prior to Closing.
No New Encumbrances. After the Effective Date, Seller shall not, without the prior written consent of Purchaser (which consent may be withheld in Purchaser’s sole and absolute discretion), grant, permit or otherwise create or consent to the creation of any easement, subdivision plat, restriction, restrictive covenant, lien, assessment, or encumbrance adversely affecting any portion of the Property which would survive the Closing contemplated hereunder.
No New Encumbrances. During the term of this Agreement, Seller shall not convey or encumber any portion of the Property or any rights therein without the prior written consent of Purchaser, which consent shall not be unreasonably withheld or delayed.
No New Encumbrances. Seller shall not, without the prior written consent of Purchaser (which consent may be withheld in Purchaser’s sole and absolute discretion), grant, permit or otherwise create or consent to the creation of any easement, subdivision plat, restriction, restrictive covenant, lien, assessment, or encumbrance affecting any portion of the Property.
No New Encumbrances. During the term of this Agreement, except for permitted leasing as described in Section 7.3.3 above, Seller shall not convey or encumber any portion of the Property.
No New Encumbrances. None of the Real Estate shall have become subject to any liens, encumbrances, mortgages, security interests or other adverse rights not in existence as of the date of this Agreement, other than the Permitted Encumbrances.
No New Encumbrances. Seller agrees that it will not between the date of this Agreement and the Closing Date grant any new servitudes, liens and/or encumbrances affecting the Terminal Assets, other than the Servitudes.
No New Encumbrances. From the Effective Date through the Closing Date, Seller shall not encumber the Property or enter into any agreements relating to the sale of the Property, except for any encumbrances that will not survive the Closing.