Common use of Restrictions on Debt Clause in Contracts

Restrictions on Debt. The Borrower will not permit Bairnco or any Bairnco Subsidiary to create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Debt other than: (a) Senior Debt; (b) Debt to the Lender arising under any of the Loan Documents; (c) Debt in respect of Plan Waiver Obligations; (d) current liabilities of Bairnco or any Bairnco Subsidiary incurred in the ordinary course of business not incurred through (i) the borrowing of money, or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services; (e) Debt incurred in the ordinary course of business in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.4; (f) Debt in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which Bairnco or its Subsidiary shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (g) endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; and (h) Debt owed by any of Bairnco or any Bairnco Subsidiary to trade vendors, in the amount of the cost to the Loan Party of inventory held on consignment from such trade vendors, including, without limitation, in connection with and pursuant to agreements with such trade vendors.

Restrictions on Debt. The Borrower Borrowers will not, and will not permit Bairnco or any Bairnco Subsidiary to Loan Party to, create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Debt other than: (a) Senior DebtDebt in principal amount not in excess of the Maximum Lender Debt (as defined in the Intercreditor Agreement); (b) Debt to the Lender arising under any of the Loan Documents; (c) Debt in respect of Plan Waiver Obligations; (d) current liabilities of Bairnco or any Bairnco Subsidiary a Loan Party incurred in the ordinary course of business not incurred through (i) the borrowing of money, or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services; (ed) Debt incurred in the ordinary course of business in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.4; (fe) Debt in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which Bairnco or its Subsidiary the Loan Party shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (gf) endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; and; (hg) Debt owed by any of Bairnco or any Bairnco Subsidiary Loan Party to trade vendors, in the amount of the cost to the Loan Party of inventory held on consignment from such trade vendors, including, without limitation, in connection with and pursuant to agreements with such the Loan Party's trade vendors; (h) All obligations of the Loan Parties in respect of the obligations of WHX under the WHX Subordinated Loan.

Restrictions on Debt. The Borrower and its Subsidiaries will not permit Bairnco or any Bairnco Subsidiary to create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Debt other than: (a) Senior Debt; (b) Debt to the Lender arising under any of the Loan Documents; (cb) Debt in respect of Plan Waiver Obligations; (d) current liabilities of Bairnco Borrower or any Bairnco Subsidiary its Subsidiaries incurred in the ordinary course of business not incurred through (i) the borrowing of money, or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services; (ec) outstanding liabilities of Borrower as of the date of execution of this Agreement all of which are listed on Schedule 8.2 attached hereto; (d) Debt incurred in the ordinary course Ordinary Course of business Business in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.4; (fe) Debt in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which Bairnco the Borrower or any its Subsidiary Subsidiaries shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (gf) endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; and (hg) Debt owed by any of Bairnco the Borrower or any Bairnco Subsidiary its Subsidiaries to trade vendors, in the amount of the cost to the Loan Party of inventory held on consignment from such trade vendors, including, without limitation, in connection with and pursuant to agreements with such trade vendors.

Restrictions on Debt. The Borrower will not permit Bairnco or any Bairnco Subsidiary to createCreate, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Debt other than: (a) Senior Debt; (b) Debt to the Lender Lenders arising under any of the Loan Documents; (c) Debt in respect of Plan Waiver Obligations; (db) current liabilities of Bairnco or any Bairnco Subsidiary incurred in the ordinary course of business not including as incurred through (i) the borrowing of money, or (ii) the obtaining of credit except and for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and servicesservices (excluding for the avoidance of doubt merchant cash advances or any sale of receivables); (ec) Debt incurred in of any Loan Party to another Loan Party; provided all such Debt shall be subject to the ordinary course of business Intercompany Subordination Agreement; (d) Debt in respect of taxesTaxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.43.3; (fe) Debt in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which Bairnco Borrower or any of its Subsidiary Subsidiaries shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (gf) endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; and; (hg) Debt owed by any of Bairnco or any Bairnco Subsidiary the Loan Parties to trade vendors, in the amount of the cost to the Loan Party Parties of inventory held on consignment from such trade vendors, including, without limitation, in connection with and pursuant to agreements with such the Loan Party’s trade vendors.vendors in the ordinary course of business; and

Restrictions on Debt. The Borrower will not permit Bairnco No Loan Party shall directly or any Bairnco Subsidiary to indirectly, create, incur, assume, guarantee guarantee, endorse or be or remain liable, contingently or otherwise, with respect to any Debt other than: (a) Senior Debt; (b) Debt to the Lender Lenders arising under any of the Loan Documents; (cb) Debt existing on the Issue Date listed on Schedule 8.2 that, if required by the Agent, is subject to an intercreditor agreement in respect of Plan Waiver Obligationsform and substance satisfactory to the Agent; (dc) current liabilities of Bairnco the Borrower or any Bairnco Subsidiary the Guarantors incurred in the ordinary course of business not including as incurred through (i) the borrowing of money, or (ii) the obtaining of credit except and for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and servicesservices as well as any extensions, renewals, refinancings or replacements of any such liabilities or indebtedness; (ed) Debt incurred in the ordinary course of business in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.4; (fe) Debt in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which Bairnco the Borrower or its Subsidiary Guarantors shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review;; and (gf) endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; and (h) Debt owed by any of Bairnco or any Bairnco Subsidiary to trade vendors, in the amount of the cost to the Loan Party of inventory held on consignment from such trade vendors, including, without limitation, in connection with and pursuant to agreements with such trade vendors.

Restrictions on Debt. The Borrower will not, and will not permit Bairnco or any Bairnco Subsidiary to of the BNS Subsidiaries to, create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any Debt other than: (a) Senior Debt; (b) Debt to the Lender arising under any of the Loan Documents; (c) Debt in respect of Plan Waiver Obligations; (db) current liabilities of Bairnco the Borrower or any Bairnco such Subsidiary incurred in the ordinary course of business not incurred through (i) the borrowing of money, or (ii) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services; (ec) Debt incurred in the ordinary course of business in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 7.4; (fd) Debt in respect of judgments or awards that have been in force for less than the applicable period for taking an appeal so long as execution is not levied thereunder or in respect of which Bairnco the Borrower or its such BNS Subsidiary shall at the time in good faith be prosecuting an appeal or proceedings for review and in respect of which a stay of execution shall have been obtained pending such appeal or review; (ge) endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the ordinary course of business; and (hf) Debt owed by the Borrower or any of Bairnco or any Bairnco Subsidiary the BNS Subsidiaries to trade vendors, in the amount of the cost to the Loan Party Borrower or such BNS Subsidiary of inventory held on consignment from such trade vendors, including, without limitation, in connection with and pursuant to agreements with such the Borrower's trade vendors.