Except (i) as contemplated in this Agreement or as otherwise permitted by the Lender in writing, (ii) in connection with credit card agreements which shall not have outstanding balances in excess of $3,000,000.00, (iii) with respect to the pledge of cash or other liquid assets as security for letters of credits issued by PHI or any of its subsidiaries in an aggregate amount not to exceed $30,000,000.00, (iv) under the Senior Notes and as contemplated in the Indenture, (v) as otherwise permitted in the Indenture, and (vi) debt in an aggregate principal amount denominated in US dollars not to exceed $5,000,000.00 for a working capital line of credit for an international subsidiary of PHI (one whose principal office is outside of the United States and who is chartered in a country other than the United States) in connection with the acquisition of HNZ Group, Inc., neither PHI nor any of its subsidiaries (a) shall create any additional obligations for borrowed money, or (b) mortgage or encumber any of their assets or suffer any liens or indebtedness to exist on any of their assets.