{"component": "clause", "props": {"groups": [{"snippet_links": [{"key": "the-word", "type": "definition", "offset": [0, 8]}, {"key": "the-indebtedness", "type": "clause", "offset": [30, 46]}, {"key": "the-note", "type": "clause", "offset": [60, 68]}, {"key": "related-documents", "type": "clause", "offset": [72, 89]}, {"key": "principal-and-interest", "type": "definition", "offset": [105, 127]}, {"key": "other-indebtedness", "type": "clause", "offset": [146, 164]}, {"key": "costs-and-expenses", "type": "clause", "offset": [169, 187]}, {"key": "agreement-or", "type": "definition", "offset": [233, 245]}], "size": 561, "samples": [{"hash": "3rVlAUHekux", "uri": "/contracts/3rVlAUHekux#indebtedness", "label": "Business Loan Agreement (Focus Universal Inc.)", "score": 37.306640625, "published": true}, {"hash": "juGnGYF6fOm", "uri": "/contracts/juGnGYF6fOm#indebtedness", "label": "Business Loan Agreement (Gaia, Inc)", "score": 37.1752243042, "published": true}, {"hash": "827QGULwudd", "uri": 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as the same are in effect on the date of this Agreement and (ii) refinancings and extensions of any such Indebtedness if the terms and conditions thereof are not less favorable to the obligor thereon or to the Lenders than the Indebtedness being refinanced or extended, and the average life to maturity thereof is greater than or equal to that of the Indebtedness being refinanced or extended; provided, such Indebtedness permitted under the immediately preceding clause (i) or (ii) above shall not (A) include Indebtedness of an obligor that was not an obligor with respect to the Indebtedness being extended, renewed or refinanced, (B) exceed in a principal amount the Indebtedness being renewed, extended or refinanced, or (C) be incurred, created or assumed if any Default or Event of Default has occurred and is continuing or would result therefrom;\n(c) Indebtedness with respect to Capital Leases and purchase money Indebtedness in an amount not to exceed $1,000,000 in the aggregate at any time outstanding; provided that any such Indebtedness (x) in the case of additional Capital Leases or purchase money Indebtedness, shall be secured by the asset subject to such additional Capital Leases or acquired asset in connection with the incurrence of such Indebtedness, as the case may be, and (y) in the case of purchase money Indebtedness, shall constitute not less than 75% of the aggregate consideration paid with respect to such asset;\n(d) the SBA PPP Loan;\n(e) Indebtedness in respect of Swap Contracts designed to hedge against interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes;\n(f) Indebtedness incurred by any Loan Party in respect of letters of credit, bank guarantees, bankers\u2019 acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims;\n(g) Indebtedness incurred by any Loan Party in respect of accounts payable to trade creditors for goods and services and current operating liabilities (not the result of the borrowing of money) incurred in the ordinary course of business in accordance with customary terms and paid within the specified time, unless contested in good faith by appropriate proceedings and reserved for substantially in accordance with GAAP;\n(h) Indebtedness consisting of guarantees resulting from endorsement of negotiable instruments for collection by any Loan Party in the ordinary course of business;\n(i) Indebtedness of (i) any Loan Party owing to any other Loan Party and (ii) Indebtedness owed by a Subsidiary that is not a Guarantor Subsidiary to any Loan Party to the extent such Indebtedness is permitted as an Investment pursuant to Section 7.02; provided, that, in each case (A) all such Indebtedness shall be evidenced by promissory notes and all such notes shall be subject to a first priority Lien pursuant to the Collateral Documents and (B) all such Indebtedness shall be unsecured and subordinated in right of payment to the payment in full of the Obligations pursuant to the terms of the applicable promissory notes or an intercompany subordination agreement that in any such case, is reasonably satisfactory to the Collateral Agent;\n(j) unsecured Indebtedness (other than for borrowed money) that may be deemed to exist pursuant to any bona fide warranty or contractual service obligations or performance in the ordinary course of business of the Loan Parties;\n(k) Indebtedness in respect of the convertible notes; provided that, all such Indebtedness in respect of the convertible notes shall be unsecured and subordinated in right of payment to the payment in full (other than any payment as a result of the conversion of such convertible notes into Equity Interests of Parent) to the Obligations;\n(l) other unsecured Indebtedness, provided that such Indebtedness matures not less than one hundred eighty (180) days following the Last Out Maturity Date; and\n(m) the 2021 Preferred Stock on terms reasonably acceptable to the Administrative Agent in its sole discretion. For purposes of determining compliance with this Section 7.03, all Obligations outstanding under the Loan Documents will be deemed to have been incurred in reliance only on the exception in clause (a) of this Section 7.03. 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"/contracts/4mFq01tJnDN#indebtedness", "label": "Credit Agreement (Medline Inc.)", "score": 36.8220405579, "published": true}, {"hash": "hn9rsRxaTb9", "uri": "/contracts/hn9rsRxaTb9#indebtedness", "label": "Credit Agreement (Medline Inc.)", "score": 36.6194381714, "published": true}], "snippet": "Neither the Borrower nor any of the Restricted Subsidiaries shall, directly or indirectly, create, incur, assume or suffer to exist any Indebtedness, except:\n(a) Indebtedness of any Loan Party (i) under the Loan Documents, (ii) in respect of any Senior Notes in an aggregate principal amount under this clause (ii) not to exceed $7,000,000,000, (iii) in respect of any ABL Credit Agreements, in an aggregate principal amount not to exceed the greater of (x) $2,000,000,000 and (y) the Borrowing Base; (provided that the Borrower shall concurrently reduce the Revolving Credit Commitments dollar-for-dollar pursuant to Section 2.06(a) for every dollar of commitments (or any other similar term), in excess of $1,300,000,000 made available to the Borrower or any of its Restricted Subsidiaries under such ABL Credit Agreements in an amount not to exceed $500,000,000), and in each case, any Permitted Refinancing thereof;\n(b) (i) Indebtedness outstanding on the Closing Date and, with respect any such Indebtedness in an aggregate principal amount in excess of $50,000,000, listed on Schedule 7.03(b) and any Permitted Refinancing thereof and (ii) Indebtedness owed to the Borrower or any Restricted Subsidiary outstanding on the Closing Date and any refinancing thereof with Indebtedness owed to the Borrower or any Restricted Subsidiary in a principal amount that does not exceed the principal amount (or accreted value, if applicable) of the intercompany Indebtedness so refinanced; provided that (x) any Indebtedness advanced by any Person that is not a Loan Party to any Loan Party pursuant to this clause (b) shall be subordinated in right of payment to the Loans and (y) any Indebtedness advanced by any Loan Party to any Person that is not a Loan Party shall either (i) be made in the ordinary course of business or consistent with past practice or (ii) be evidenced by a note pledged as Collateral on a first priority basis for the benefit of the Obligations, which note shall be in form and substance reasonably satisfactory to the Administrative Agent (it being understood that an Intercompany Note shall be satisfactory to the Administrative Agent);\n(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; provided that (A) no Guarantee (other than Guarantees by a Foreign Subsidiary of Indebtedness of another Foreign Subsidiary or any Designated Alternative Security Indebtedness) of any Senior Notes, any ABL Credit Agreement or any Indebtedness constituting Junior Financing with a principal amount in excess of the Threshold Amount shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated to the Obligations, such Guarantee shall be subordinated to the Guarantee of the Obligations on terms at least as favorable to the Lenders as those contained in the subordination of such Indebtedness;\n(d) Indebtedness of the Borrower or any Restricted Subsidiary owing to the Borrower or any Restricted Subsidiary (or issued or transferred to any direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Restricted Subsidiary of a Loan Party); provided that (x) any such Indebtedness advanced by any Loan Party to any Person that is not a Loan Party shall either (i) be made in the ordinary course of business or consistent with past practice or (ii) be evidenced by an Intercompany Note and (y) any such Indebtedness advanced by any Person that is not a Loan Party to any Loan Party shall be subordinated in right of payment to the Loans (for the avoidance of doubt, any such Indebtedness owing by a Loan Party to a Restricted Subsidiary that is not a Loan Party shall be deemed to be expressly subordinated in right of payment to the Loans unless the terms of such Indebtedness expressly provided otherwise);\n(i) Financing Lease Obligations and other Indebtedness (including Financing Leases) financing an acquisition, construction, repair, replacement, lease, expansion, development, installation, relocation, renewal, maintenance, upgrade or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary in an aggregate amount not to exceed (A) the amount of such Indebtedness outstanding on the Closing Date plus (B) the greater of (1) $960,000,000 and (2) beginning with the first day of the fiscal quarter ending June 25, 2022, 40% of LTM Consolidated EBITDA, in each case determined at the time of incurrence at any time outstanding plus (C) additional amounts (including at any time prior to the utilization of amounts under clause (B) above) so long as the Consolidated First Lien Net Leverage Ratio (provided that, solely for purposes of calculating the Consolidated First Lien Net Leverage Ratio in connection with this clause (C), such Indebtedness incurred pursuant to this Section 7.03(e) shall be deemed to constitute Consolidated First Lien Net Debt), determined on a Pro Forma Basis as of the last day of the most recently ended period of four consecutive fiscal quarters for which financial statements are internally available, does not exceed 5.50 to 1.00 (together with any Permitted Refinancings thereof but without giving effect to any increase in principal amount permitted under clause (a) of the proviso to the definition of \u201cPermitted Refinancing\u201d) and (ii) any Permitted Refinancing of any of the foregoing;\n(f) Indebtedness in respect of Swap Contracts incurred in the ordinary course of business and not for speculative purposes;\n(i) Indebtedness of the Borrower or any Restricted Subsidiary incurred or assumed in connection with any Permitted Acquisition, Investment or similar transaction not prohibited hereunder; provided that after giving Pro Forma Effect to such Permitted Acquisition, Investment or similar transaction and the incurrence or assumption of such Indebtedness, the aggregate principal amount of such Indebtedness does not exceed (x) the greater of (1) $960,000,000 and (2) beginning with the first day of the fiscal quarter ending June 25, 2022, 40% of LTM Consolidated EBITDA at any time outstanding plus (y) any additional amount of such Indebtedness so long (A) if such incurred Indebtedness is secured by the Collateral on a pari passu basis with the Facilities, either (1) the Consolidated First Lien Net Leverage Ratio determined on a Pro Forma Basis would not exceed the Consolidated First Lien Net Leverage Ratio immediately prior thereto or (2) on a Pro Forma Basis, the Borrower could incur $1.00 of Permitted First Lien Ratio Debt, (B) if such Indebtedness is secured by the Collateral on a junior lien basis to the Facilities, either (1) either (x) the Consolidated Interest Coverage Ratio determined on a Pro Forma Basis would be greater than or equal to the Consolidated Interest Coverage Ratio immediately prior thereto or (y) the Consolidated Secured Net Leverage Ratio determined on a Pro Forma Basis would not exceed the Consolidated Secured Net Leverage Ratio immediately prior thereto or (2) on a Pro Forma Basis, the Borrower could incur $1.00 of Permitted Junior Secured Ratio Debt or (C) if such Indebtedness is unsecured or not secured by all or any portion of the Collateral (and including all such Indebtedness of Restricted Subsidiaries that are not Loan Parties), either (1) either (I) the Consolidated Interest Coverage Ratio determined on a Pro Forma Basis would be greater than or equal to the Consolidated Interest Coverage Ratio immediately prior thereto or (II) the Consolidated Total Net Leverage Ratio determined on a Pro Forma Basis would not exceed the Consolidated Total Net Leverage Ratio immediately prior thereto or (2) on a Pro Forma Basis, the Borrower could incur $1.00 of Permitted Unsecured Ratio Debt; and (ii) any Permitted Refinancing thereof;\n(h) Indebtedness representing deferred compensation or similar arrangements to any future, present or former employees, directors, officers, managers, members, partners, independent contractors or consultants of the Borrower (or any direct or indirect parent thereof) or any of its Restricted Subsidiaries incurred in the ordinary course of business or consistent with past practice;\n(i) Indebtedness consisting of promissory notes issued by the Borrower or any of the Restricted Subsidiaries to future, present or former officers, managers, members, independent contractors, consultants, directors and employees, their respective Controlled Investment Affiliates or Immediate Family Members, in each case, to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by Section 7.06;\n(j) Indebtedness incurred by the Borrower or any Restricted Subsidiary prior to the Closing Date or thereafter in a Permitted Acquisition, any other Investment expressly permitted hereunder or any Disposition, in each case, constituting indemnification obligations or obligations in respect of purchase price (including earn-outs) or other similar adjustments;\n(k) Indebtedness consisting of obligations of the Borrower or any Restricted Subsidiary under deferred purchase price, earn-outs or other similar arrangements incurred by such Person prior to the Closing Date or thereafter in connection with Permitted Acquisitions or any other Investment expressly permitted hereunder;\n(l) obligations in respect of Treasury Services Agreements and other Indebtedness in respect of netting services, automatic clearinghouse arrangements, overdraft protections and similar arrangements in each case in connection with deposit accounts;\n(m) Indebtedness of the Borrower or any Restricted Subsidiary, in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed (x) the greater of (i) $1,200,000,000 and (ii) beginning with the first day of the fiscal quarter ending June 25, 2022, 50% of LTM Consolidated EBITDA at any time outstanding plus (y) 200% of the cumulative amount of the net cash proceeds and Cash Equivalent proceeds from the sale of Equity Interests (other than Excluded Contributions, proceeds of Disqualified Equity Interests, Designated Equity Contributions or sales of Equity Interests to the Borrower or any of its Subsidiaries) of the Borrower or any direct or indirect parent of the Borrower after the Closing Date and on or prior to such time (including upon exercise of warrants or options) which proceeds have been contributed as common equity to the capital of the Borrower that has been Not Otherwise Applied;\n(n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business or consistent with past practice;\n(o) Indebtedness incurred by the Borrower or any Restricted Subsidiary in respect of letters of credit, bank guarantees, bankers\u2019 acceptances, warehouse receipts or similar instruments or other discounting or factoring of receivables, or similar facilities or instruments related thereto issued or created, or relating to obligations or liabilities incurred, in the ordinary course of business or consistent with past practice, including in respect of workers\u2019 compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims;\n(p) obligations in respect of self-insurance and obligations in respect of stays, customs, performance, bid, indemnity, appeal, judgment and other similar bonds or instruments and performance, bankers\u2019 acceptance and completion guarantees and similar obligations provided by the Borrower or any Restricted Subsidiary or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case in the ordinary course of business or consistent with past practice;\n(i) Indebtedness incurred (x) and secured by the Collateral on a pari passu basis with the Facilities (\u201cIncremental Equivalent First Lien Debt\u201d) or (y) and secured by the Collateral on a junior lien basis with the Facilities and any Permitted Refinancing thereof (\u201cIncremental Equivalent Junior Lien Debt\u201d), in an aggregate principal amount under this clause (q), when aggregated with the amount of Incremental Term Loans and Incremental Revolving Credit Commitments incurred pursuant to Section 2.14(d)(v) and Incremental Equivalent Unsecured Debt incurred pursuant to Section 7.03(w), not to exceed the Available Incremental Amount, so long as (x) if the proceeds of such Indebtedness are being used to finance a Permitted Acquisition, Investment, prepayment, repayment, redemption, repurchase, defeasance, satisfaction and discharge or other refinancing of any Indebtedness or of any Equity Interests, that in the case of equity, require irrevocable notice in advance thereof, no Event of Default under Sections 8.01(a) or, solely with respect to the Borrower, Section 8.01(f) shall have occurred and be continuing or would exist after giving effect to such Indebtedness, or (y) if otherwise, no Event of Default shall have occurred and be continuing or would exist after giving effect to such Indebtedness; provided that such Indebtedness shall (A) in the case of Incremental Equivalent First Lien Debt, have a maturity date that is after the Latest Maturity Date at the time such Indebtedness is incurred, and in the case of Incremental Equivalent Junior Lien Debt, have a maturity date that is at least ninety-one (91) days after the Latest Maturity Date at the time such Indebtedness is incurred (and in each case subject to the Permitted Earlier Maturity Indebtedness Exception); provided that the foregoing requirements of this clause (A) shall not apply to the extent such Indebtedness constitutes (i) a customary bridge facility, so long as the long-term Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (A) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges or (ii) term loan facilities other than term \u201cb\u201d loans (as determined by the Borrower in good faith), (B) in the case of Incremental Equivalent First Lien Debt (other than any revolving Indebtedness), have a Weighted Average Life to Maturity not shorter than the longest remaining Weighted Average Life to Maturity of the Facilities and, in the case of Incremental Equivalent Junior Lien Debt, shall not be subject to scheduled amortization prior to maturity (and in each case subject to the Permitted Earlier Maturity Indebtedness Exception); provided that the foregoing requirements of this clause (B) shall not apply to the extent such Indebtedness constitutes (i) a customary bridge facility, so long as the long-term Indebtedness into which such customary bridge facility is to be converted or exchanged satisfies the requirements of this clause (B) and such conversion or exchange is subject only to conditions customary for similar conversions or exchanges or (ii) term loan facilities other than term \u201cb\u201d loans (as determined by the Borrower in good faith), (C) if such Indebtedness is secured by a Loan Party with respect to the Collateral, be subject to the each applicable Intercreditor Agreement then in effect or that will be in effect at the time such Indebtedness is incurred and (D) have terms and conditions (other than (x) pricing, rate floors, discounts, fees, premiums and optional prepayment or redemption provisions and (y) covenants or other provisions applicable only to periods after the Latest Maturity Date at the time of incurrence of such Indebtedness and to the extent any financial maintenance covenant is added for the benefit of such Incremental Equivalent First Lien Debt or Incremental Equivalent Junior Lien Debt, to the extent that such financial maintenance covenant is also added for the benefit of each Facility remaining outstanding after the incurrence or issuance of such Incremental Equivalent First Lien Debt or Incremental Equivalent Junior Lien Debt, as applicable) that", "hash": "df7bd2b4a48f8fe2bf7a10721f848cce", "id": 10}, {"snippet_links": [{"key": "with-respect-to", "type": "clause", "offset": [90, 105]}, {"key": "permitted-indebtedness", "type": "clause", "offset": [278, 300]}], "size": 535, "samples": [{"hash": "4jiW9yltF85", "uri": "/contracts/4jiW9yltF85#indebtedness", "label": "Financing Agreement (Turtle Beach Corp)", "score": 37.3367538452, "published": true}, {"hash": "e9IveLfURmV", "uri": "/contracts/e9IveLfURmV#indebtedness", "label": "Term Loan Credit Agreement (Synergy CHC Corp.)", "score": 37.2272415161, "published": true}, {"hash": "c2LkmynWg1b", "uri": "/contracts/c2LkmynWg1b#indebtedness", "label": "Financing Agreement (FiscalNote Holdings, Inc.)", "score": 37.2245025635, "published": true}], "snippet": "Create, incur, assume, guarantee or suffer to exist, or otherwise become or remain liable with respect to, or permit any of its Subsidiaries to create, incur, assume, guarantee or suffer to exist or otherwise become or remain liable with respect to, any Indebtedness other than Permitted Indebtedness.", "hash": "a10b3eaa0be14600fbdd4b0d2750d2f0", "id": 3}, {"snippet_links": [{"key": "the-obligations", "type": "clause", "offset": [71, 86]}, {"key": "unused-commitment", "type": "definition", "offset": [120, 137]}, {"key": "provided-that", "type": "clause", "offset": [260, 273]}, {"key": "loan-party", "type": "definition", "offset": [303, 313]}, {"key": "not-a-loan", "type": "clause", "offset": [356, 366]}, {"key": "unsecured-and-subordinated", "type": "clause", "offset": [382, 408]}, {"key": "the-secured-obligations", "type": "clause", "offset": [412, 435]}, {"key": "intercompany-note", "type": "clause", "offset": [451, 468]}, {"key": "by-the-borrower", "type": "clause", "offset": [485, 500]}, {"key": "in-respect-of", "type": "clause", "offset": [531, 544]}, {"key": "indebtedness-of-the-borrower-or-any-restricted-subsidiary", "type": "clause", "offset": [545, 602]}, {"key": "no-guarantee", "type": "clause", "offset": [652, 664]}, {"key": "junior-financing", "type": "clause", "offset": [729, 745]}, {"key": "the-terms", "type": "definition", "offset": [881, 890]}, {"key": "the-indebtedness", "type": "clause", "offset": [919, 935]}, {"key": "the-guarantee", "type": "clause", "offset": [1037, 1050]}, {"key": "the-lenders", "type": "clause", "offset": [1155, 1166]}, {"key": "contained-in", "type": "definition", "offset": [1176, 1188]}, {"key": "indirect-parent", "type": "definition", "offset": [1393, 1408]}, {"key": "substantially-contemporaneously", "type": "clause", "offset": [1434, 1465]}, {"key": "subsidiary-of-a", "type": "definition", "offset": [1512, 1527]}, {"key": "in-the-case", "type": "clause", "offset": [1556, 1567]}, {"key": "a-non", "type": "clause", "offset": [1587, 1592]}, {"key": "permitted-reorganization", "type": "clause", "offset": [1717, 1741]}, {"key": "ipo-reorganization-transaction", "type": "definition", "offset": [1745, 1775]}, {"key": "indebtedness-owed-to", "type": "definition", "offset": [1811, 1831]}, {"key": "the-collateral-agent", "type": "definition", "offset": [1927, 1947]}, {"key": "in-accordance-with", "type": "definition", "offset": [1948, 1966]}, {"key": "the-security-agreement", "type": "clause", "offset": [1980, 2002]}, {"key": "subordination-terms", "type": "clause", "offset": [2185, 2204]}, {"key": "consistent-with-the", "type": "clause", "offset": [2219, 2238]}, {"key": "attributable-indebtedness", "type": "definition", "offset": [2279, 2304]}, {"key": "other-indebtedness", "type": "clause", "offset": [2309, 2327]}, {"key": "capitalized-leases", "type": "definition", "offset": [2339, 2357]}, {"key": "a-fixed", "type": "clause", "offset": [2444, 2451]}, {"key": "capital-asset", "type": "definition", "offset": [2455, 2468]}, {"key": "prior-to", "type": "clause", "offset": [2523, 2531]}, {"key": "days-after", "type": "definition", "offset": [2546, 2556]}, {"key": "the-acquisition", "type": "clause", "offset": [2557, 2572]}, {"key": "applicable-asset", "type": "definition", "offset": [2602, 2618]}, {"key": "amount-not-to-exceed", "type": "clause", "offset": [2643, 2663]}, {"key": "each-case", "type": "definition", "offset": [2749, 2758]}, {"key": "at-the-time", "type": "definition", "offset": [2770, 2781]}, {"key": "permitted-refinancings", "type": "definition", "offset": [2815, 2837]}, {"key": "at-any-time", "type": "clause", "offset": [2847, 2858]}, {"key": "arising-out-of", "type": "definition", "offset": [2906, 2920]}, {"key": "transactions-permitted", "type": "clause", "offset": [2936, 2958]}, {"key": "secured-hedge-obligations", "type": "definition", "offset": [3047, 3072]}, {"key": "swap-contracts", "type": "clause", "offset": [3110, 3124]}, {"key": "interest-rates", "type": "clause", "offset": [3209, 3223]}, {"key": "foreign-exchange-rates", "type": "clause", "offset": [3225, 3247]}, {"key": "in-the-ordinary-course-of-business", "type": "definition", "offset": [3286, 3320]}, {"key": "not-for-speculative-purposes", "type": "definition", "offset": [3325, 3353]}, {"key": "and-guarantees", "type": "clause", "offset": [3354, 3368]}, {"key": "in-connection-with", "type": "clause", "offset": [3452, 3470]}, {"key": "in-contemplation", "type": "clause", "offset": [3636, 3652]}, {"key": "the-obligors", "type": "clause", "offset": [3776, 3788]}, {"key": "with-respect-to", "type": "clause", "offset": [3789, 3804]}, {"key": "the-persons", "type": "clause", "offset": [3838, 3849]}, {"key": "indebtedness-incurred", "type": "clause", "offset": [4024, 4045]}, {"key": "the-payment", "type": "clause", "offset": [4057, 4068]}, {"key": "seller-notes", "type": "definition", "offset": [4081, 4093]}, {"key": "after-giving", "type": "clause", "offset": [4111, 4123]}, {"key": "pro-forma-effect", "type": "definition", "offset": [4124, 4140]}, {"key": "this-clause", "type": "clause", "offset": [4309, 4320]}, {"key": "trailing-four-quarter-consolidated-ebitda", "type": "definition", "offset": [4409, 4450]}, {"key": "date-of", "type": "clause", "offset": [4498, 4505]}, {"key": "deferred-compensation", "type": "clause", "offset": [4548, 4569]}, {"key": "employees-of-the", "type": "clause", "offset": [4573, 4589]}, {"key": "promissory-notes", "type": "definition", "offset": [4713, 4729]}, {"key": "issued-by", "type": "definition", "offset": [4730, 4739]}, {"key": "former-managers", "type": "definition", "offset": [4805, 4820]}, {"key": "service-providers", "type": "clause", "offset": [4853, 4870]}, {"key": "the-purchase", "type": "clause", "offset": [4961, 4973]}, {"key": "the-transactions", "type": "clause", "offset": [5199, 5215]}, {"key": "other-investment", "type": "definition", "offset": [5246, 5262]}, {"key": "indemnification-obligations", "type": "definition", "offset": [5358, 5385]}, {"key": "purchase-price-adjustments", "type": "definition", "offset": [5415, 5441]}, {"key": "transaction-tax-benefits", "type": "definition", "offset": [5522, 5546]}, {"key": "obligations-of-the-borrower", "type": "definition", "offset": [5580, 5607]}, {"key": "similar-arrangements", "type": "definition", "offset": [5683, 5703]}, {"key": "permitted-acquisitions", "type": "clause", "offset": [5769, 5791]}, {"key": "secured-cash-management-obligations", "type": "definition", "offset": [5845, 5880]}, {"key": "services-and", "type": "clause", "offset": [5936, 5948]}, {"key": "resulting-from-the", "type": "clause", "offset": [6052, 6070]}, {"key": "a-bank", "type": "clause", "offset": [6083, 6089]}, {"key": "other-financial-institution", "type": "clause", "offset": [6093, 6120]}, {"key": "funds-in", "type": "definition", "offset": [6188, 6196]}, {"key": "business-days-of", "type": "clause", "offset": [6358, 6374]}, {"key": "payment-items", "type": "definition", "offset": [6436, 6449]}, {"key": "aggregate-principal-amount", "type": "definition", "offset": [6521, 6547]}, {"key": "the-financing", "type": "clause", "offset": [6811, 6824]}, {"key": "insurance-premiums", "type": "definition", "offset": [6828, 6846]}, {"key": "pay-obligations", "type": "clause", "offset": [6863, 6878]}, {"key": "supply-arrangements", "type": "definition", "offset": [6892, 6911]}, {"key": "bank-guarantees", "type": "definition", "offset": [7076, 7091]}, {"key": "warehouse-receipts", "type": "definition", "offset": [7115, 7133]}, {"key": "similar-instruments", "type": "definition", "offset": [7137, 7156]}, {"key": "compensation-claims", "type": "definition", "offset": [7243, 7262]}, {"key": "other-employee-benefits", "type": "clause", "offset": [7286, 7309]}, {"key": "liability-insurance", "type": "clause", "offset": [7335, 7354]}, {"key": "surety-bonds", "type": "clause", "offset": [7577, 7589]}, {"key": "completion-guarantees", "type": "definition", "offset": [7610, 7631]}, {"key": "consistent-with-past-practice", "type": "clause", "offset": [7875, 7904]}, {"key": "to-the-extent", "type": "clause", "offset": [7908, 7921]}, {"key": "required-by", "type": "definition", "offset": [7922, 7933]}, {"key": "aggregate-face-amount", "type": "definition", "offset": [8004, 8025]}, {"key": "issued-in", "type": "definition", "offset": [8236, 8245]}, {"key": "not-available", "type": 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"type": "definition", "offset": [9293, 9315]}, {"key": "unsecured-indebtedness", "type": "definition", "offset": [9430, 9452]}, {"key": "equal-to", "type": "definition", "offset": [9466, 9474]}, {"key": "lesser-of", "type": "definition", "offset": [9479, 9488]}, {"key": "net-cash-proceeds", "type": "definition", "offset": [9501, 9518]}, {"key": "by-holdings", "type": "clause", "offset": [9528, 9539]}, {"key": "date-from", "type": "definition", "offset": [9619, 9628]}, {"key": "the-issuance", "type": "clause", "offset": [9629, 9641]}, {"key": "sale-of-equity-interests", "type": "clause", "offset": [9645, 9669]}, {"key": "the-capital", "type": "clause", "offset": [9748, 9759]}, {"key": "disqualified-equity-interests", "type": "clause", "offset": [9853, 9882]}, {"key": "pursuant-to-section", "type": "definition", "offset": [10104, 10123]}, {"key": "cure-amounts", "type": "clause", "offset": [10165, 10177]}, {"key": "other-term-loans", "type": "clause", "offset": [10210, 10226]}, {"key": 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{"key": "accrual-of-interest", "type": "clause", "offset": [13513, 13532]}, {"key": "accreted-value", "type": "clause", "offset": [13551, 13565]}, {"key": "payment-of-interest", "type": "definition", "offset": [13571, 13590]}, {"key": "form-of", "type": "clause", "offset": [13598, 13605]}, {"key": "additional-indebtedness", "type": "clause", "offset": [13606, 13629]}, {"key": "interest-on-obligations", "type": "clause", "offset": [13706, 13729]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [13786, 13814]}, {"key": "any-non", "type": "clause", "offset": [13845, 13852]}, {"key": "interest-bearing-indebtedness", "type": "definition", "offset": [13853, 13882]}, {"key": "discount-security", "type": "clause", "offset": [13892, 13909]}, {"key": "balance-sheet", "type": "definition", "offset": [14011, 14024]}, {"key": "date-prepared", "type": "definition", "offset": [14052, 14065]}, {"key": "compliance-with-this-section", "type": "clause", "offset": [14119, 14147]}, {"key": "in-the-event", "type": "clause", "offset": [14154, 14166]}, {"key": "the-criteria", "type": "clause", "offset": [14202, 14214]}, {"key": "categories-of", "type": "clause", "offset": [14239, 14252]}, {"key": "the-borrower-shall", "type": "clause", "offset": [14314, 14332]}, {"key": "sole-discretion", "type": "clause", "offset": [14341, 14356]}, {"key": "type-of", "type": "definition", "offset": [14510, 14517]}, {"key": "indebtedness-outstanding", "type": "clause", "offset": [14591, 14615]}, {"key": "the-loan-documents", "type": "clause", "offset": [14622, 14640]}, {"key": "reliance-on", "type": "clause", "offset": [14694, 14705]}], "size": 396, "samples": [{"hash": "kT2Lw7bm4ML", "uri": "/contracts/kT2Lw7bm4ML#indebtedness", "label": "Credit Agreement (AEVEX Corp.)", "score": 37.2217674255, "published": true}, {"hash": "ipgwSCmneMM", "uri": "/contracts/ipgwSCmneMM#indebtedness", "label": "Credit Agreement (AEVEX Corp.)", "score": 37.2217674255, "published": true}, {"hash": "4Mf7R0Ounmu", "uri": "/contracts/4Mf7R0Ounmu#indebtedness", "label": "Credit Agreement (AEVEX Corp.)", "score": 37.2217674255, "published": true}], "snippet": "Create, incur, assume or suffer to exist any Indebtedness, except:\n(a) the Obligations;\n(b) Indebtedness (including any unused commitment in respect thereof) outstanding on the Closing Date and listed in Schedule 7.03(b) and any Permitted Refinancing thereof; provided that all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to an Intercompany Note;\n(c) Guarantees by the Borrower and any Restricted Subsidiary in respect of Indebtedness of the Borrower or any Restricted Subsidiary otherwise permitted hereunder; provided that (A) no Guarantee by any Restricted Subsidiary of any Indebtedness constituting a Junior Financing of any Loan Party shall be permitted unless such guaranteeing party shall have also provided a Guarantee of the Secured Obligations on the terms set forth herein and (B) if the Indebtedness being Guaranteed is subordinated to the Secured Obligations, such Guarantee shall be subordinated to the Guarantee of the Secured Obligations on terms at least as favorable (as reasonably determined by the Borrower) to the Lenders as those contained in the subordination of such Indebtedness;\n(d) Indebtedness of the Borrower or any Restricted Subsidiary owing to any Loan Party or any other Restricted Subsidiary (or issued or transferred to any direct or indirect parent of a Loan Party which is substantially contemporaneously transferred to a Loan Party or any Restricted Subsidiary of a Loan Party), provided that, in the case of Indebtedness of a non-Loan Party owing to a Loan Party, such Indebtedness is an Investment permitted by Section 7.02 or consists of any part of a Permitted Reorganization or IPO Reorganization Transaction; provided further that (x) no such Indebtedness owed to a Loan Party shall be evidenced by a promissory note unless such promissory note is pledged to the Collateral Agent in accordance with the terms of the Security Agreement and (y) all such Indebtedness of any Loan Party owed to any Restricted Subsidiary that is not a Loan Party shall be unsecured and subordinated to the Secured Obligations pursuant to subordination terms substantially consistent with the terms of the Intercompany Note;\n(e) (i) Attributable Indebtedness and other Indebtedness (including Capitalized Leases) financing an acquisition, construction, repair, replacement, lease or improvement of a fixed or capital asset incurred by the Borrower or any Restricted Subsidiary prior to or within 270 days after the acquisition, lease or improvement of the applicable asset thereof in an aggregate amount not to exceed the greater of $3,750,000 and 12.5% of Trailing Four-Quarter Consolidated EBITDA, in each case determined at the time of incurrence (together with any Permitted Refinancings thereof) at any time outstanding and (ii) Attributable Indebtedness arising out of sale-leaseback transactions permitted by Section 7.05(m) and any Permitted Refinancing of such Attributable Indebtedness;\n(f) Secured Hedge Obligations and other Indebtedness in respect of Swap Contracts designed to hedge against the Borrower\u2019s or any Restricted Subsidiary\u2019s exposure to interest rates, foreign exchange rates or commodities pricing risks incurred in the ordinary course of business and not for speculative purposes and Guarantees thereof;\n(g) Indebtedness of the Borrower or any Restricted Subsidiary (i) assumed in connection with any Permitted Acquisition or other similar Investment permitted hereunder and any Permitted Refinancing thereof; provided that (x) such Indebtedness is not incurred in contemplation of such Permitted Acquisition or other similar Investment permitted hereunder or any Permitted Refinancing thereof and (y) the obligors with respect to such Indebtedness are limited to the Persons acquired in such Permitted Acquisition or Investment or (ii) incurred to finance any Permitted Acquisition or Investment permitted hereunder (including earn-out obligations, Indebtedness incurred to finance the payment thereof and seller notes); provided, that after giving pro forma effect to such Permitted Acquisition or Investment permitted hereunder and the incurrence of such Indebtedness, the aggregate amount of such Indebtedness incurred pursuant to this clause (ii) does not exceed at any time outstanding (x) the greater of $4,500,000 and 15.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the applicable date of incurrence;\n(h) Indebtedness representing deferred compensation to employees of the Borrower or any of its Restricted Subsidiaries incurred in the ordinary course of business;\n(i) Indebtedness consisting of promissory notes issued by the Borrower or any of its Restricted Subsidiaries to current or former managers, officers, directors, advisors, service providers, consultants or employees, their respective estates, spouses or former spouses to finance the purchase or redemption of Equity Interests of the Borrower or any direct or indirect parent of the Borrower permitted by Section 7.06;\n(j) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in connection with the Transactions, a Permitted Acquisition, any other Investment permitted hereunder, merger or any Disposition permitted hereunder, in each case, constituting indemnification obligations or obligations in respect of purchase price adjustments or other similar adjustments (including earn-outs and obligations in respect of transaction tax benefits);\n(k) Indebtedness consisting of obligations of the Borrower or any of its Restricted Subsidiaries under deferred compensation or other similar arrangements incurred by such Person in connection with the Transactions, and Permitted Acquisitions or any other Investment permitted hereunder;\n(l) (i) Secured Cash Management Obligations, (ii) other Indebtedness in respect of Cash Management Services and similar arrangements in the ordinary course of business and any Guarantees thereof, (iii) Indebtedness resulting from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against insufficient funds in the ordinary course of business and solely with respect to each incurrence pursuant to this clause (iii), so long as such Indebtedness is extinguished within 10 Business Days of its incurrence, and (iv) endorsement of instruments or other payment items for deposit in the ordinary course of business;\n(m) Indebtedness in an aggregate principal amount that at the time of, and after giving effect to, the incurrence thereof, would not exceed the greater of $10,000,000 and 33.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence;\n(n) Indebtedness consisting of (i) the financing of insurance premiums or (ii) take-or-pay obligations contained in supply arrangements, in each case, in the ordinary course of business;\n(o) Indebtedness incurred by the Borrower or any of its Restricted Subsidiaries in respect of letters of credit, bank guarantees, bankers\u2019 acceptances, warehouse receipts or similar instruments issued or created in the ordinary course of business, including in respect of workers compensation claims, health, disability or other employee benefits or property, casualty or liability insurance or self-insurance or other Indebtedness with respect to reimbursement-type obligations regarding workers compensation claims;\n(p) to extent constituting Indebtedness, obligations in respect of performance, bid, appeal and surety bonds and performance and completion guarantees and similar obligations provided by the Borrower or any of its Restricted Subsidiaries or obligations in respect of letters of credit, bank guarantees or similar instruments related thereto, in each case, in the ordinary course of business or consistent with past practice or to the extent required by Laws or pursuant to any statutory filing;\n(q) letters of credit in an aggregate face amount at any time outstanding not to exceed the greater of $3,000,000 and 10.0% of Trailing Four Quarter Consolidated EBITDA, in each case, determined as of the date of incurrence consisting of (i) letters of credit issued in currencies not available hereunder or (ii) documentary or commercial letters of credit not issued hereunder;\n(r) Indebtedness supported by a Letter of Credit, in a principal amount not to exceed the face amount of such Letter of Credit;\n(s) Permitted Ratio Debt and any Permitted Refinancing thereof;\n(t) Credit Agreement Refinancing Indebtedness;\n(u) Indebtedness incurred by a Restricted Subsidiary that is not a Loan Party which, when aggregated with the principal amount of all other Indebtedness incurred pursuant to this Section 7.03(u) and then outstanding for all such Persons taken together, does not exceed the greater of $5,250,000 and 17.5% of Trailing Four Quarter Consolidated EBITDA, in each case determined as of the date of incurrence;\n(v) Indebtedness incurred by a Securitization Subsidiary in a Qualified Securitization Financing that is not recourse (except for Standard Securitization Undertakings and Limited Originator Recourse) to the Borrower or any of the Restricted Subsidiaries; provided, that the aggregate principal amount of Indebtedness at any time outstanding in connection therewith shall not exceed $15,000,000;\n(w) [reserved];\n(x) [reserved];\n(y) unsecured Indebtedness in an amount equal to the lesser of 100% of the net cash proceeds received by Holdings (or any direct or indirect parent thereof) since immediately after the Closing Date from the issuance or sale of Equity Interests of Holdings (or any direct or indirect parent thereof) or cash contributed to the capital of Holdings (or any direct or indirect parent thereof) (in each case, other than proceeds of Disqualified Equity Interests or sales of Equity Interests to Holdings (or any direct or indirect parent thereof) or any of its Subsidiaries) to the extent such net cash proceeds or cash have been contributed to the Borrower and have not been applied pursuant to Section 7.02, 7.06 or 7.13 and do not constitute Cure Amounts;\n(i) Indebtedness in respect of Other Term Loans and Other Notes incurred or issued in accordance with Section 2.14 and (ii) Permitted Refinancings thereof;\n(aa) Indebtedness incurred by the Borrower as a result of the exchange of Term Loans assigned to the Borrower pursuant to Section 10.07(k), as long as such Indebtedness would be a Permitted Refinancing of such Term Loans;\n(bb) obligations in respect of Disqualified Equity Interests (x) issued to and held by the Borrower, Holdings or any Restricted Subsidiary (to the extent permitted by Section 7.02) or (y) in an amount not to exceed 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Collateral on a junior basis shall be subject to a Junior Intercreditor Agreement, and (III) any such Indebtedness that constitutes Pari Passu Secured Obligations or which is secured by the Collateral on a junior basis shall be junior in right of payment to the Revolving Facility to the extent set forth in such agreement among Lenders or such Intercreditor Agreement. For purposes of determining compliance with any Dollar-denominated restriction on the incurrence of Indebtedness, the Dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to extend, replace, refund, Refinance, renew or defease other Indebtedness denominated in a foreign currency, and such extension, replacement, refunding, Refinancing, renewal or defeasance would cause the applicable Dollar-denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such extension, replacement, refunding, Refinancing, renewal or defeasance, such Dollar-denominated restriction shall be deemed not to have been exceeded so long as the principal amount of such Refinancing Indebtedness does not exceed the principal amount of such Indebtedness being extended, replaced, refunded, Refinanced, renewed or defeased, plus the aggregate amount of fees, underwriting discounts, premiums (including tender premiums) and other costs and expenses (including OID) incurred in connection with such Refinancing. Interest (including post-petition interest), the accrual of interest, the accretion of accreted value, the payment of interest in the form of additional Indebtedness and premiums (if any), fees, expenses, charges and additional or contingent interest on obligations shall not be deemed to be an incurrence of Indebtedness for purposes of this Section 7.03. The principal amount of any non-interest bearing Indebtedness or other discount security constituting Indebtedness at any date shall be the principal amount thereof that would be shown on a balance sheet of the Borrower dated such date prepared in accordance with GAAP. For purposes of determining compliance with this Section 7.03, in the event that an item of Indebtedness meets the criteria of more than one of the categories of Indebtedness described in Sections 7.03(a) through 7.03(dd), the Borrower shall, in its sole discretion, divide or classify or later divide or reclassify such item of Indebtedness (or any portion thereof) and will only be required to include the amount and type of such Indebtedness in one or more of the above clauses; provided that all Indebtedness outstanding under the Loan Documents on the Closing Date will be deemed to be incurred in reliance on the exception in Section 7.03(a).", "hash": "86184c7c268f897aeedb84bcb4dc1b07", "id": 5}, {"snippet_links": [{"key": "the-borrower-shall", "type": "clause", "offset": [0, 18]}, {"key": "subsidiary-of", "type": "definition", "offset": [48, 61]}, {"key": "directly-or-indirectly", "type": "clause", "offset": [79, 101]}, {"key": "with-respect-to", "type": "clause", "offset": [184, 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22.8151950836, "published": true}, {"hash": "8gxb6kwUFsj", "uri": "/contracts/8gxb6kwUFsj#indebtedness", "label": "Credit Agreement (Knology Inc)", "score": 22.3524990082, "published": true}], "snippet": "The Borrower shall not, nor shall it permit any Subsidiary of the Borrower to, directly or indirectly create, incur, assume or otherwise become or remain directly or indirectly liable with respect to any Indebtedness except for the following:\n(a) the Secured Obligations (other than in respect of Hedging Contracts not permitted to be incurred pursuant to clause (h) below) and Guaranty Obligations with respect thereto;\n(b) Indebtedness existing on the Effective Date (after giving effect to the Transactions) and disclosed on Schedule 8.1 (Existing Indebtedness);\n(c) Guaranty Obligations incurred by the Borrower or any Guarantor in respect of Indebtedness of the Borrower or any Guarantor that is otherwise permitted by this Section 8.1 (other than clause (a) above);\n(d) Capital Lease Obligations and purchase money Indebtedness (i) set forth in Schedule 8.1(d) (Capital Leases) or (ii) incurred after the Effective Date by the Borrower or a Subsidiary of the Borrower to finance the acquisition of assets; provided, however, that the Capital Expenditure related thereto is otherwise permitted by Section 5.3 (Capital Expenditures) and that the aggregate outstanding principal amount of all such Capital Lease Obligations and purchase money Indebtedness shall not exceed $50,000,000 at any time on or after the Effective Date;\n(e) Renewals, extensions, refinancings and refundings of Indebtedness permitted by clauses (b) and (d) above, clause (k) below or this clause (e); provided, however, that any such renewal, extension, refinancing or refunding is in an aggregate principal amount not greater than the principal amount of the Indebtedness being renewed, extended, refinanced or refunded (plus accrued but unpaid interest on or premium, if any, under such Indebtedness);\n(f) Indebtedness arising from intercompany loans (i) from the Borrower to any Guarantor, (ii) from any Guarantor to the Borrower or any other Guarantor or (iii) from the Borrower or any Guarantor to any Subsidiary of the Borrower that is not a Guarantor; provided, however, that in each case the Investment in such intercompany loan is permitted under Section 8.3 (Investments);\n(g) Indebtedness arising under any performance or surety bond entered into in the ordinary course of business;\n(h) Secured Obligations under Interest Rate Contracts mandated by Section 7.15 (Interest Rate Contract) and other Hedging Contracts permitted under Section 8.16 (No Speculative Transactions);\n(i) Indebtedness not otherwise permitted under this Section 8.1; provided, however, that the aggregate outstanding principal amount of all such Indebtedness shall not exceed $20,000,000 at any time;\n(j) Indebtedness under unsecured promissory notes issued by the Borrower as consideration in connection with any Permitted Acquisition; provided, however, that (x)(i) the obligations under such notes are subordinated to the Obligations on terms reasonably satisfactory to the Administrative Agent, (ii) no principal in respect of such notes is, or may be, payable before the first anniversary of the Term Loan B Maturity Date and (iii) no interest in respect of such notes is required to be paid in cash prior to the Term Loan B Maturity Date or (y) the aggregate outstanding principal amount of all such Indebtedness incurred, shall not exceed $20,000,000 at any time on or after the Effective Date;\n(k) Indebtedness assumed pursuant to, or incurred to finance, a Permitted Acquisition; provided that (i) in the case of assumed Indebtedness, such Indebtedness was not created in contemplation of such Permitted Acquisition and (ii) before and after giving effect to such assumption or such incurrence of such Indebtedness, the Borrower is in pro forma compliance with each covenant set forth in Article V (Financial Covenants) hereof;\n(l) Permitted MDU Transactions and Permitted CIU Transactions, in each case, to the extent accounted for as Capital Lease Obligations; and\n(m) Indebtedness incurred by the Borrower or any Guarantor pursuant to programs established under The American Recovery and Reinvestment Act of 2009 or other similar federal or state economic stimulus programs in an aggregate outstanding principal amount not to exceed $75,000,000 at any time.", "hash": "828d3e9438b75c31af7875f8f501539d", "id": 4}, {"snippet_links": [], "size": 305, "samples": [{"hash": "4nH1fnbiRk1", "uri": "/contracts/4nH1fnbiRk1#indebtedness", "label": "Credit Agreement (Holley Inc.)", "score": 35.9267616272, "published": true}, {"hash": "dyi5GqofrP7", "uri": "/contracts/dyi5GqofrP7#indebtedness", "label": "Credit Agreement (International Money Express, Inc.)", "score": 35.658454895, "published": true}, {"hash": "b0jH8Y5YwPx", "uri": "/contracts/b0jH8Y5YwPx#indebtedness", "label": "Credit Agreement (Emergent BioSolutions Inc.)", "score": 35.2902107239, "published": true}], "snippet": "Create, incur, assume or suffer to exist any Indebtedness, except:", "hash": "5ef5106bfb92579459237e24511ccbb2", "id": 9}], "next_curs": "ClUST2oVc35sYXdpbnNpZGVyY29udHJhY3RzcjELEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhVpbmRlYnRlZG5lc3MjMDAwMDAwMGEMogECZW4YACAA", "clause": {"size": 47448, "children": [["", ""], ["indebtedness", "Indebtedness"], ["notices", "Notices"], ["indebtedness-of-the-u", "Indebtedness of the U"], ["existing-indebtedness", "Existing Indebtedness"]], "parents": [["negative-covenants", "NEGATIVE COVENANTS"], ["representations-and-warranties", "Representations and Warranties"], ["covenants", "Covenants"], ["representations-and-warranties-of-the-company", "Representations and Warranties of the Company"], ["miscellaneous", "Miscellaneous"]], "title": "Indebtedness", "id": "indebtedness", "related": [["permitted-indebtedness", "Permitted Indebtedness", "Permitted <strong>Indebtedness</strong>"], ["company-indebtedness", "Company Indebtedness", "Company <strong>Indebtedness</strong>"], ["secured-indebtedness", "Secured Indebtedness", "Secured <strong>Indebtedness</strong>"], ["subordinated-indebtedness", "Subordinated Indebtedness", "Subordinated <strong>Indebtedness</strong>"], ["indebtedness-for-borrowed-money", "Indebtedness for Borrowed Money", "<strong>Indebtedness</strong> for Borrowed Money"]], "related_snippets": [], "updated": "2026-05-13T04:23:52+00:00", "also_ask": ["What are the most effective carve-outs to negotiate in the Indebtedness definition?", "Which drafting elements are essential to prevent unintended debt restrictions or loopholes?", "What are the most common fatal flaws or ambiguities in Indebtedness clauses?", "How does this Indebtedness clause compare to market standards in similar transactions?", "What factors most influence a court\u2019s interpretation and enforcement of Indebtedness provisions?"], "drafting_tip": "Define 'Indebtedness' precisely to avoid ambiguity; specify inclusions and exclusions to ensure clarity; align definitions with related agreements to prevent conflicts.", "explanation": "The Indebtedness clause defines and regulates the types and amounts of debt that a party may incur during the term of an agreement. It typically outlines what constitutes indebtedness, such as loans, credit lines, or guarantees, and may set limits or require consent for taking on new financial obligations. This clause serves to protect the interests of the other party by preventing excessive or risky borrowing that could jeopardize the financial stability or creditworthiness of the party subject to the restriction."}, "json": true, "cursor": ""}}