Debt Limitations. Notwithstanding any other provision of this Agreement to the contrary, if a payment of any amount to the Executive under this Agreement would, if made, be prohibited pursuant to any agreement to which the Company (as defined below) is or from time to time becomes a party, evidencing or governing indebtedness for borrowed money (each, a “Debt Agreement”), the Company shall identify to the Executive the part, if any, of the amount that the Company is permitted to pay in cash under the Debt Agreement (the “Permitted Cash Amount”). If any amount is payable under this Agreement in excess of the Permitted Cash Amount (the “Debt Covenant Shortfall”) on the applicable payment date, the Company shall pay the Permitted Cash Amount and shall pay the Debt Covenant Shortfall (in whole or in part) as rapidly as permitted by and in accordance with the terms of the Debt Agreement. The obligation to pay the Debt Covenant Shortfall shall constitute subordinated debt of the Company until paid. The Company shall use commercially reasonable efforts to obtain a waiver of any such prohibition as may be contained in any applicable Debt Agreement, but the Company shall not be obligated to post additional collateral or to accelerate or increase its debt payments to obtain such waiver.
Debt Limitations. In the event a Debt Limitation limits the exercise of the Call Right by Propco at any time, Owner shall use commercially reasonable efforts to obtain waivers or amendments under the applicable debt agreements to waive the Debt Limitation or refinance such applicable debt in order to permit the consummation of the transactions pursuant to the Call Right. In addition, with respect to any debt agreements applicable to the Property that are amended, restated, supplemented or entered into after the date hereof, Owner shall use commercially reasonable efforts to ensure that no Debt Limitations shall be applicable to the Property thereafter.
Debt Limitations. Neither Borrower nor any Consolidated Subsidiary shall incur any Debt, the occurrence of which would cause a violation or breach of any covenant or term of this Agreement, including without limitation those contained in Section 5.1 or Section 8.2.
Debt Limitations. 7. Effective immediately, the First-Tier Holding Company shall not: incur, issue, renew, redeem, or rollover any debt,2 increase any current lines of credit, or otherwise incur any additional debt without receiving the prior written non-objection of the Regional Director. All written requests to the Regional Director shall include, at a minimum: a statement regarding the purpose of the debt; a copy of the debt agreement; the planned source(s) for debt repayment; and an analysis of the cash flow resources available to meet such debt repayment. The First-Tier Holding Company’s written request for non-objection shall be submitted to the Regional Director at least forty-five (45) days prior to the anticipated date of the proposed debt issuance, renewal, redemption, or rollover; the proposed increase in any current lines of credit; or any other incurrence of additional debt.
Debt Limitations. Any provision of this Agreement that is held by a court to create an obligation that violates the debt limitation of Article XI, Section 9 of the Oregon Constitution will be void. The City’s obligation to make payments under this Agreement is conditioned upon appropriation of funds pursuant to ORS 294.305 to 294.565.
Debt Limitations. 6. Effective immediately, the Holding Company shall not (a) incur, issue, renew, or rollover any debt or debt securities, increase any current lines of credit, guarantee the debt of any entity, or otherwise incur any additional debt without receiving the prior written non-objection of the Regional Director or (b) authorize or permit any subsidiary of the Holding Company from incurring, issuing, renewing, or rolling over any debt or debt securities, increasing any current lines of credit, guaranteeing the debt of any entity, or otherwise incurring any additional debt without receiving the prior written non-objection of the Regional Director. All written requests to the Regional Director shall include, at a minimum, a statement regarding the purpose of the debt, the terms of the debt, the planned source(s) for debt repayment, and an analysis of the cash flow resources available to meet such debt repayment. The Holding Company’s written request for such non-objection shall be submitted to the Regional Director at least forty-five (45) days prior to the anticipated date of the proposed debt issuance, renewal, or rollover. Supervisory Agreement Severn Bancorp, Inc. Page of 3 of 8
Debt Limitations. 10. Effective immediately, the Holding Company shall not incur, issue, renew, or rollover any debt or debt securities, increase any current lines of credit, guarantee the debt of any entity, or otherwise incur any additional debt without receiving the prior written non-objection of the Regional Director. All written requests to the Regional Director shall include, at a minimum, a statement regarding the purpose of the debt, the terms of the debt, the planned source(s) for debt repayment, and an analysis of the cash flow resources available to meet such debt repayment. The Holding Company’s written request for non-objection shall be submitted to the Regional Director at least forty-five (45) days prior to the anticipated date of the proposed debt issuance, renewal, or rollover; the proposed increase in any current lines of credit; the proposed guarantee of the debt of any entity; or any other incurrence of additional debt. Atlantic Coast Federal, MHC Supervisory Agreement
Debt Limitations. Section 8.05 is amended by (a) changing the caption to read “Subsidiary Indebtedness.”; (b) deleting the phrase “, other than Permitted Securitizations” in subsection (a); and (c) amending subsection (b) in its entirety to read as follows:
Debt Limitations. The Parties acknowledge that the Town, as a local government entity, is subject to certain legal and constitutional restrictions upon its ability to enter into loan financing. Accordingly, the entering into loan financing is not anticipated at this time. In any case, loan financing shall only be undertaken subject to the applicable requirements of Utah law and upon separate approval by the governing body of the Town. Nothing in this Agreement shall constitute the lending of the credit of the Town in aid of a private individual or corporate enterprise, nor shall this Agreement constitute a donation by the Town in favor of UDB.
Debt Limitations. City and District are both subject to laws which limit their ability to incur debt in future years. Nothing in this Agreement shall constitute an obligation of future legislative bodies of the City or the District to appropriate funds for purposes of this Agreement.
