INDEBTEDNESS; EXPENSES Clause Samples
The "INDEBTEDNESS; EXPENSES" clause defines the obligations of a party regarding the repayment of debts and the responsibility for covering related costs. Typically, this clause outlines what constitutes indebtedness under the agreement, such as loans, advances, or other financial obligations, and specifies which party is responsible for paying expenses like legal fees, administrative costs, or collection charges incurred in connection with the indebtedness. Its core practical function is to clearly allocate financial responsibility between the parties, reducing disputes over who must pay debts and associated expenses.
INDEBTEDNESS; EXPENSES. The Company has no Indebtedness other than as set forth on Schedule 5.28, which schedule sets forth the amounts owing with respect to all Indebtedness of the Company, including any prepayment penalty in connection therewith, and an identification of each lender with respect thereto.
INDEBTEDNESS; EXPENSES. The Borrower shall not, directly or indirectly, create, incur, assume, guarantee, permit to exist or otherwise become or remain directly or indirectly liable with respect to any Indebtedness, other expenses or liabilities other than obligations under the Loan 24 LEGAL\38909930\5 Documents and expenses incurred in the ordinary course of business and reflected in the then current Operating Budget.