Restrictions on Borrowing. So long as the Indebtedness is outstanding, except for obligations of the Borrower outstanding on the date hereof, and extensions thereof, Borrower shall not, nor permit any Subsidiary to, create, incur, assume or suffer to exist any liability for borrowed money other than as permitted in SECTION 5.03, without the consent of Lender, which consent shall not be unreasonably withheld. Borrower will not enter into or become subject to, and will not permit any of its Material Subsidiaries to enter into or become subject to, any agreement (other than this Agreement or other agreements in existence on the date hereof disclosed to Lender) that prohibits or otherwise restricts the right of such Borrower or its Material Subsidiaries to create, incur, assume or suffer to exist any Lien in favor of the Lender on any of such Borrower's, or any of its Material Subsidiaries', assets.
Appears in 2 contracts
Sources: Loan Agreement (Intelect Communications Inc), Loan Agreement (Intelect Communications Inc)
Restrictions on Borrowing. So long as the Indebtedness is outstanding, except for obligations of the Borrower outstanding on the date hereof, and extensions thereof, Borrower shall not, nor permit any Subsidiary to, create, incur, assume or suffer to exist any liability for borrowed money other than as permitted in SECTION Section 5.03, without the consent of Lender, which consent shall not be unreasonably withheld. Borrower will not enter into or become subject to, and will not permit any of its Material Subsidiaries to enter into or become subject to, any agreement (other than this Agreement or other agreements in existence on the date hereof disclosed to Lender) that prohibits or otherwise restricts the right of such Borrower or its Material Subsidiaries to create, incur, assume or suffer to exist any Lien in favor of the Lender on any of such Borrower's, or any of its Material Subsidiaries', assets.
Appears in 1 contract