Common use of Subsequent Indebtedness Clause in Contracts

Subsequent Indebtedness. The Company shall not, directly or indirectly, without the prior written consent of the holders of a majority in aggregate principal amount of the Notes then outstanding, incur any Indebtedness after the Initial Closing Date other than (i) in accordance with the Company's loan and credit facilities outstanding as of the Initial Closing Date; (ii) Indebtedness that shall rank junior to the Notes; (iii) Indebtedness that will be used to redeem the Note in its entirety; or (iv) Indebtedness incurred in the normal course of business (i.e. senior secured facilities for the financing of vessels).