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HBI » Topics » If we fail to meet our payment or other obligations under some of our credit facilities, the lenders could foreclose on, and acquire control of, substantially all of our assets.This excerpt taken from the HBI 10-K filed Sep 28, 2006. If we
fail to meet our payment or other obligations under some of our
credit facilities, the lenders could foreclose on, and acquire
control of, substantially all of our assets.
In connection with our incurrence of indebtedness under each of
our senior secured credit facility and our second lien credit
facilities, the lenders under those facilities have received a
pledge of substantially all of our existing and future direct
and indirect subsidiaries, with certain customary or agreed-upon
exceptions for foreign subsidiaries and certain other
subsidiaries. Additionally, these lenders generally have a lien
on substantially all of our assets and the assets of our
subsidiaries, with certain exceptions. As a result of these
pledges and liens, if we fail to meet our payment or other
obligations under our senior secured credit facility or our
second lien credit facility, the lenders under those facilities
will be entitled to foreclose on substantially all of our assets
and, at their option, liquidate these assets.
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