Common use of No Restrictive Agreement Clause in Contracts

No Restrictive Agreement. No Loan Party will, nor will any Loan Party permit any of its Subsidiaries to, enter into, after the date of this Agreement, any indenture, agreement, instrument or other arrangement that, directly or indirectly, (a) prohibits or restrains, or has the effect of prohibiting or restraining, or imposes materially adverse conditions upon, any of the following by the Loan Party or any such Subsidiary: (i) the ability to act as a Loan Party, (ii) the incurrence or payment of Debt, (iii) the granting of Liens, (iv) the declaration or payment of Restricted Payments or other distributions in respect of Capital Securities of the Loan Party or any Subsidiary, or (v) the making of loans, advances or Investments or the sale, assignment, transfer or other disposition of property, real, personal, intangible or tangible, except (in respect of any of the matters referred to in clauses (i) through (v) above) for (1) for any document or instrument governing Debt incurred pursuant to Sections 6.22(e) or 6.22 (k); provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, (2) any agreement in effect at the time any Subsidiary becomes a Subsidiary of the Borrower, so long as such agreement was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower, or (3) customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 6.10 pending the consummation of such sale; or (b) requires the grant of any Lien on property for any obligation if a Lien on such property is given as security for the Obligations.

No Restrictive Agreement. No Loan Party will, nor will any Loan Party permit any of its Subsidiaries to, enter into, after the date of this Agreement, any indenture, agreement, instrument or other arrangement that, directly or indirectly, (a) prohibits or restrains, or has the effect of prohibiting or restraining, or imposes materially adverse conditions upon, any of the following by the Loan Party or any such Subsidiary: (i) the ability to act as a Loan Party, (ii) the incurrence or payment of Debt, (iii) the granting of Liens, (iv) the declaration or payment of Restricted Payments or other distributions in respect of Capital Securities of the Loan Party or any Subsidiary, or (v) the making of loans, advances or Investments or the sale, assignment, transfer or other disposition of property, real, personal, intangible or tangible, except (in respect of any of the matters referred to in clauses (i) through (v) above) for (1) for any document or instrument governing Debt incurred pursuant to Sections Section 6.22(e) or 6.22 (k); provided that any such restriction contained therein relates only to the asset or assets constructed or acquired in connection therewith, (2) any agreement in effect at the time any Subsidiary becomes a Subsidiary of the Borrower, so long as such agreement was not entered into solely in contemplation of such Person becoming a Subsidiary of the Borrower, or (3) customary restrictions and conditions contained in any agreement relating to the sale of any property permitted under Section 6.10 pending the consummation of such sale; or (b) requires the grant of any Lien on property for any obligation if a Lien on such property is given as security for the Obligations.