Common use of Incurrence Clause in Contracts

Incurrence. The Borrower may, at any time after the Effective Date, incur additional Indebtedness so long as each of the following conditions shall be satisfied: (i) such additional Indebtedness is subordinated to the obligations of the Borrower to pay principal of and interest on the Loans, the Notes and the other obligations hereunder and under the Loan Documents on terms of subordination, and pursuant to documentation containing other terms (including, without limitation, interest, amortization, covenants and events of default), in each case in form and substance reasonably satisfactory to the Majority Lenders; (ii) the Net Available Proceeds of such Indebtedness are applied to the prepayment of the Loans to the extent required by Section 2.10(e) hereof; and (iii) after giving effect to the incurrence of such Indebtedness and the application of proceeds thereof, no Default shall have occurred and be continuing. Any Subsidiary Guarantor may Guarantee such Indebtedness so long as such Guarantee is similarly subordinated to the Guarantee of such Subsidiary Guarantor hereunder upon terms (including, without limitation, terms of subordination) in form and substance reasonably satisfactory to the Majority Lenders.

Incurrence. The Borrower may, at any time after the Effective Date, incur additional Indebtedness so long as each of the following conditions shall be satisfied: (i) such additional Indebtedness is subordinated to the obligations of the Borrower to pay principal of and interest on the Loans, the Notes Loans and the other obligations hereunder and under the Loan Documents on terms of subordination, and pursuant to documentation containing other terms (including, without limitation, interest, amortization, covenants and events of default), in each case in form and substance reasonably satisfactory to the Majority Lenders; (ii) the Net Available Proceeds of such Indebtedness are applied to the prepayment of the Loans to the extent required by Section 2.10(e) hereof; and (iii) after giving effect to the incurrence of such Indebtedness and the application of proceeds thereof, no Default shall have occurred and be continuing. Any Subsidiary Guarantor may Guarantee such Indebtedness so long as such Guarantee is similarly subordinated to the Guarantee of such Subsidiary Guarantor hereunder upon terms (including, without limitation, terms of subordination) in form and substance reasonably satisfactory to the Majority Lenders.