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Burdensome Contracts
Burdensome Contracts contract clause examples

. Enter into or suffer to exist any Negative Pledge except for a Negative Pledge # contained in any agreement # evidencing Indebtedness which the , the or such [[Consolidated Entity:Organization]] may create, incur, assume, or permit or suffer to exist under Section 7.03, # which Indebtedness is secured by a Lien permitted to exist pursuant to this Agreement, and # which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was entered into; # contained in an Organization Document of an Unconsolidated Entity or a special purpose entity or vehicle which requires consent to, or places limitations on, the imposition of Liens on such Unconsolidated Entity’s or special purpose entity’s or vehicle’s assets or properties; # imposed by law or by this Agreement; # contained in agreements relating to the sale of a Subsidiary or assets pending such sale, provided such restrictions and conditions are customary and apply only to the Subsidiary or assets that are to be sold and such sale is permitted hereunder; # contained in leases which restrict the assignment thereof by the lessee or # contained in any agreement that evidences unsecured Indebtedness which contains restrictions on encumbering assets that are substantially similar to those restrictions contained in the Loan Documents.

Section # Burdensome Agreements. Enter into or suffer to exist any Negative Pledge except for a Negative Pledge # contained in any agreement # evidencing Indebtedness which the Borrower, the Parent or such Consolidated Entity may create, incur, assume, or permit or suffer to exist under [Section 7.03], # which Indebtedness is secured by a Lien permitted to exist pursuant to this Agreement, and # which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was entered into; # contained in an Organization Document of an Unconsolidated Entity or a special purpose entity or vehicle which requires consent to, or places limitations on, the imposition of Liens on such Unconsolidated Entity’s or special purpose entity’s or vehicle’s assets or properties; # imposed by law or by this Agreement; # contained in agreements relating to the sale of a Subsidiary or assets pending such sale, provided such restrictions and conditions are customary and apply only to the Subsidiary or assets that are to be sold and such sale is permitted hereunder; # contained in leases which restrict the assignment thereof by the lessee or # contained in any agreement that evidences unsecured Indebtedness which contains restrictions on encumbering assets that are substantially similar to those restrictions contained in the Loan Documents.

1.08Burdensome Agreements. Enter into or suffer to exist any Negative Pledge except for a Negative Pledge # contained in any agreement # evidencing Indebtedness which the [[Consolidated Parties:Organization]], the [[Consolidated Parties:Organization]] or such Consolidated Entity may create, incur, assume, or permit or suffer to exist under Section 7.03, # which Indebtedness is secured by a Lien permitted to exist pursuant to this Agreement, and # which prohibits the creation of any other Lien on only the property securing such Indebtedness as of the date such agreement was entered into; # contained in an Organization Document of an Unconsolidated Entity or a special purpose entity or vehicle which requires consent to, or places limitations on, the imposition of Liens on such Unconsolidated Entity’s or special purpose entity’s or vehicle’s assets or properties; # imposed by law or by this Agreement; # contained in agreements relating to the sale of a Subsidiary or assets pending such sale, provided such restrictions and conditions are customary and apply only to the Subsidiary or assets that are to be sold and such sale is permitted hereunder; # contained in leases which restrict the assignment thereof by the lessee or # contained in any agreement that evidences unsecured Indebtedness which contains restrictions on encumbering assets that are substantially similar to those restrictions contained in the Loan Documents.

SECTION # Limitation on Negative Pledge Clauses. Enter into or suffer to exist or become effective any agreement which prohibits or limits the ability of the Borrower or any of its Restricted Subsidiaries to create, incur, assume or suffer to exist any Lien upon any of its Property or revenues, whether now owned or hereafter acquired, to secure the Obligations or, in the case of any Subsidiary Guarantor, its obligations under the Guarantee and Collateral Agreement, other than # this Agreement and the other Loan Documents, # any agreements governing any purchase money Liens, Capital Lease Obligations otherwise permitted hereby or Liens permitted by [Sections 7.3(f) or (l)])] (in which case, any prohibition or limitation shall only be effective against the assets financed thereby) and # Permitted Restrictions.

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