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1913]}, {"key": "filing-with-the-commission", "type": "clause", "offset": [1928, 1954]}, {"key": "approved-by", "type": "definition", "offset": [2027, 2038]}, {"key": "directors-of-the-company", "type": "clause", "offset": [2071, 2095]}, {"key": "board-approval", "type": "definition", "offset": [2147, 2161]}, {"key": "the-foregoing", "type": "definition", "offset": [2219, 2232]}], "snippet": "As long as any portion of this Debenture remains outstanding, unless the holders of at least 67% in principal amount of the then outstanding Debentures shall have otherwise given prior written consent, which such consent shall not be unreasonably withheld, the Company shall not, and shall not permit any of the Subsidiaries to, directly or indirectly:\n(a) other than Permitted Indebtedness, enter into, create, incur, assume, guarantee or suffer to exist any Indebtedness for borrowed money of any kind, including, but not limited to, a guarantee, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;\n(b) other than Permitted Liens, enter into, create, incur, assume or suffer to exist any Liens of any kind, on or with respect to any of its property or assets now owned or hereafter acquired or any interest therein or any income or profits therefrom;\n(c) repay, repurchase or offer to repay, repurchase or otherwise acquire more than a de minimis number of shares of its Common Stock or Common Stock Equivalents other than as to (i) the Conversion Shares or Warrant Shares as permitted or required under the Transaction Documents and (ii) repurchases of Common Stock or Common Stock Equivalents of departing officers, directors or employees of the Company;\n(d) repay, repurchase or offer to repay, repurchase or otherwise acquire any Indebtedness, other than with respect to Permitted Indebtedness or the Debentures, if on a pro-rata basis, other than regularly scheduled principal and interest payments as such terms are in effect as of the Original Issue Date, provided that such payments shall not be permitted if, at such time, or after giving effect to such payment, any Event of Default shall exist or occur;\n(e) enter into any transaction with any Affiliate of the Company which would be required to be disclosed in any public filing with the Commission, unless such transaction is made on an arm\u2019s-length basis and expressly approved by a majority of the disinterested directors of the Company (even if less than a quorum otherwise required for board approval); or\n(f) enter into any agreement with respect to any of the foregoing.", "size": 759, "hash": "3c1a26686893e3413f382d1f435bc078", "id": 8}], "next_curs": "ClsSVWoVc35sYXdpbnNpZGVyY29udHJhY3RzcjcLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhtuZWdhdGl2ZS1jb3ZlbmFudHMjMDAwMDAwMGEMogECZW4YACAA", "clause": {"title": "NEGATIVE COVENANTS", "children": [["liens", "Liens"], ["transactions-with-affiliates", "Transactions with Affiliates"], ["indebtedness", "Indebtedness"], ["restricted-payments", "Restricted Payments"], ["investments", "Investments"]], "size": 67045, "parents": [["covenants", "Covenants"], ["miscellaneous", "Miscellaneous"], ["covenants-of-the-borrower", "Covenants of the Borrower"], ["covenants-and-continuing-agreements", "Covenants and Continuing Agreements"], ["covenants-of-the-company", "Covenants of the Company"]], "id": "negative-covenants", "related": [["negative-covenant", "Negative Covenant", "Negative Covenant"], ["affirmative-and-negative-covenants", "AFFIRMATIVE AND NEGATIVE COVENANTS", "AFFIRMATIVE AND <strong>NEGATIVE COVENANTS</strong>"], ["certain-negative-covenants", "Certain Negative Covenants", "Certain <strong>Negative Covenants</strong>"], ["affirmative-covenants", "AFFIRMATIVE COVENANTS", "AFFIRMATIVE COVENANTS"], ["negative-covenants-of-the-company", "Negative Covenants of the Company", "<strong>Negative Covenants</strong> of the Company"]], "related_snippets": [], "updated": "2026-05-29T05:44:52+00:00", "also_ask": ["What are the most negotiable elements of negative covenants in this context?", "Which drafting components are essential to ensure enforceability of negative covenants?", "What are the most common risks or loopholes that undermine negative covenants?", "How do negative covenants in this agreement compare to market standards or similar deals?", "What factors do courts consider when determining if a negative covenant is reasonable and enforceable?"], "drafting_tip": "Specify prohibited actions precisely to prevent loopholes, use clear definitions to avoid ambiguity, and tailor restrictions to the transaction context to ensure enforceability.", "explanation": "Negative covenants are contractual provisions that restrict one party from engaging in certain actions or behaviors. Typically found in loan agreements or business contracts, these clauses might prohibit a borrower from incurring additional debt, selling key assets, or making significant changes to business operations without the lender's consent. The core function of negative covenants is to protect the interests of the other party\u2014often a lender or investor\u2014by limiting activities that could increase risk or undermine the value of their investment."}, "json": true, "cursor": ""}}