Additional Negative Covenants Sample Clauses
The "Additional Negative Covenants" clause restricts a party, typically the borrower in a financial agreement, from engaging in certain actions or behaviors beyond those already specified in the main agreement. These restrictions may include prohibitions on incurring additional debt, making certain investments, or selling key assets without the lender's consent. By imposing these extra limitations, the clause helps protect the interests of the lender or counterparty by reducing the risk of actions that could negatively impact the borrower's financial stability or the value of collateral.
Additional Negative Covenants. Not to, without the Bank’s written consent:
(a) Enter into any consolidation, merger, or other combination, or become a partner in a partnership, a member of a joint venture, or a member of a limited liability company.
(b) Acquire or purchase a business or its assets.
(c) Engage in any business activities substantially different from the Borrower’s present business.
(d) Liquidate or dissolve the Borrower’s business.
Additional Negative Covenants. So long as at least twenty-five percent (25%) of the principal amount of the Notes issued on the Closing Date is outstanding and during the pendency of an Event of Default (as defined in the Note) and except as set forth on Schedule 9(r), without the consent of the Subscribers, the Company will not and will not permit any of its Subsidiaries to directly or indirectly:
(i) create, incur, assume or suffer to exist any pledge, hypothecation, assignment, deposit arrangement, lien, charge, claim, security interest, security title, mortgage, security deed or deed of trust, easement or encumbrance, or preference, priority or other security agreement or preferential arrangement of any kind or nature whatsoever (including any lease or title retention agreement, any financing lease having substantially the same economic effect as any of the foregoing, and the filing of, or agreement to give, any financing statement perfecting a security interest under the Uniform Commercial Code or comparable law of any jurisdiction) (each, a “Lien”) upon any of its property, whether now owned or hereafter acquired except for (i) the Excepted Issuances, (ii) (a) Liens imposed by law for taxes that are not yet due or are being contested in good faith and for which adequate reserves have been established in accordance with generally accepted accounting principles; (b) carriers’, warehousemen’s, mechanics’, material men’s, repairmen’s and other like Liens imposed by law, arising in the ordinary course of business and securing obligations that are not overdue by more than 30 days or that are being contested in good faith and by appropriate proceedings; (c) pledges and deposits made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security laws or regulations; (d) deposits to secure the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations of a like nature, in each case in the ordinary course of business; (e) Liens created with respect to the financing of the purchase of new property in the ordinary course of the Company’s business up to the amount of the purchase price of such property, or (f) easements, zoning restrictions, rights-of-way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that do not secure any monetary obligations and do not materially detract from the value of the affecte...
Additional Negative Covenants. The Lessee covenants and agrees that, throughout the Term and such time as the Lessee remains in possession of the Leased Property:
Additional Negative Covenants. Not to, without the Bank’s written consent, not to be unreasonably withheld, conditioned or delayed:
(a) Enter into any consolidation, merger, or other combination.
(b) Engage in any business activities substantially different from the Borrower’s present business.
(c) Liquidate or dissolve the Borrower’s business.
(d) Voluntarily suspend the Borrower’s business for more than seven (7) days in any thirty (30) day period.
Additional Negative Covenants. Borrower shall not, without Agent's written consent (delivered upon such consent of any or all of the Banks as may be required under the Co-Lender Agreement):
(a) Merge or dissolve into, or consolidate with, any Person, or permit any Material Borrower Entity to do so, except in each case for mergers and consolidations (i) which result in Borrower or such Material Borrower Entity, as the case may be, being the surviving entity (provided that Borrower shall be the surviving entity in any merger or consolidation with a Material Borrower Entity), (ii) which do not have a Material Adverse Effect on Borrower or the affected Material Borrower Entity, and (iii) which do not result in Borrower, following the consummation of such merger or consolidation, being in default under any term or condition of this Agreement. Neither Borrower nor any Material Borrower Entity shall sell, lease, transfer, encumber or otherwise dispose of all or any substantial part of its properties or assets, whether in a single transaction or series of transactions, if such sale, lease, transfer, encumbrance or other disposition would cause a Material Adverse Effect on Borrower or such Material Borrower Entity; nor shall Borrower transfer to any Borrower Entity or Joint Venture Entity any Real Property or other material asset owned as of the date hereof or that constitutes proceeds (or proceeds of proceeds) of any Real Property or other material asset owned by Borrower as of the date hereof;
(b) Except for any such amendment that is required under any requirement of law imposed by any governmental authority or in order to maintain compliance with Section 6.15, amend its articles of incorporation or by-laws, or permit any Material Borrower Entity to amend any of its charter documents, except in each case (i) upon at least ten (10) Banking Days' prior written notice to Agent, and (ii) if Agent notifies Borrower within such 10-day period that such amendment is, in Agent's reasonable judgment, a material amendment, with the prior written consent of Agent;
(c) Suspend its business activity, or permit any Material Borrower Entity to suspend its business activity, in either case for more than two days;
(d) Voluntarily commence any case under the United States Bankruptcy Code (or any successor statute) with respect to itself unless Borrower concurrently causes each Guarantor to commence a voluntary case under the United States Bankruptcy Code (or such successor statute) with respect to itself, and r...
Additional Negative Covenants. The Borrower also shall comply with the additional negative covenants identified in Schedule 4 attached hereto.
Additional Negative Covenants. The Awardee shall comply with the additional negative covenants set forth in Schedule 1 hereto.
Additional Negative Covenants. Not to, without the Bank's written consent: (a) engage in any business activities substantially different from the Borrower's present business.
Additional Negative Covenants. Not to, without Bank’s written consent:
(a) Enter into any consolidation, merger, or other combination, or become a partner in a partnership, a member of a joint venture, or a member of a limited liability company.
(b) Acquire or purchase a business or its assets.
(c) Engage in any business activities substantially different from Borrower’s present business.
(d) Liquidate or dissolve ▇▇▇▇▇▇▇▇’s business.
(e) Voluntarily suspend ▇▇▇▇▇▇▇▇’s business for more than seven (7) days in any thirty (30) day period.
Additional Negative Covenants. The Grantee shall comply with the additional negative covenants set forth in Schedule 1 hereto.