Debt of Subsidiaries. After the Closing Date, no Subsidiary will incur, assume or otherwise be liable in respect of any Debt, except:
(a) Debt outstanding at the close of business on November 30, 2000 in an aggregate principal or face amount not exceeding $400,000,000;
(b) Debt owing to the Borrower;
(c) Non-Recourse Purchase Money Debt;
(d) Debt of any Person which becomes a Subsidiary after the Closing Date; provided that (i) such Debt is outstanding when such Person becomes a Subsidiary and was not created in contemplation of such event or (ii) such Debt is incurred solely for the purpose of refinancing Debt described in the foregoing clause (i);
(e) Guarantees by any Subsidiary of Debt relating to any assets sold or otherwise disposed of by it; provided that such Debt was outstanding when such assets were disposed of and was not created in contemplation of the disposition thereof;
(f) Debt consisting of the obligations of any Subsidiary as lessee which are capitalized in accordance with GAAP; and
(g) Debt of any Subsidiary not otherwise permitted by the foregoing clauses of this Section; provided that immediately after any such Debt is incurred, the sum of (i) the aggregate outstanding principal amount of all Debt of Subsidiaries permitted by this clause (g) and (ii) without duplication, the aggregate principal amount of secured Debt of the Borrower or any Subsidiary incurred in reliance on clause (o) of Section 5.07 shall not exceed 10% (or, if at such time the Borrower has Investment Grade Ratings from S&P and Xxxxx'x and at least one such rating is BBB or Baa2 or better, 20%) of the Consolidated Net Worth of the Borrower at such time.
Debt of Subsidiaries. Debt of Subsidiaries shall not at any time exceed U.S. $650,000,000 in the aggregate.
Debt of Subsidiaries. The Company will not permit any of its Subsidiaries (other than the Company Guarantor) to incur or at any time be liable with respect to any Debt other than (i) Debt owing to the Company or a wholly owned Subsidiary, (ii) Debt created under this Agreement, (iii) any commercial paper issued by an Eligible Subsidiary the credit support for which is provided by this Agreement, and (iv) other Debt in an aggregate principal amount outstanding not exceeding $300,000,000. For purposes of this Section any preferred stock of a Subsidiary held by a Person other than the Company or a Wholly-Owned Subsidiary shall be included, at the higher of its voluntary or involuntary liquidation value, in the “Debt” of such Subsidiary.
Debt of Subsidiaries. Total Debt of all Subsidiaries (excluding Debt of a Subsidiary to the Borrower or to a wholly owned Subsidiary) will not, on the date of incurrence of any portion of such Debt, exceed the greater of (x) $50,000,000 or (y) 10% of Consolidated Tangible Net Worth at such date.
Debt of Subsidiaries. 50 SECTION 5.14. Cash Flow Ratio....................................50
Debt of Subsidiaries. The Borrower shall not permit any Subsidiary to incur any Debt except for (i) Debt owing to the Borrower or another Subsidiary and (ii) other Debt which shall not exceed in the aggregate for all Subsidiaries an amount in excess of 20% of Consolidated Net Worth.
Debt of Subsidiaries. The Borrower will not permit any of its Material Subsidiaries to incur or at any time be liable with respect to any Debt except:
(a) Debt owed to the Borrower or to a wholly owned Subsidiary;
(b) Debt secured by a Lien permitted by Section 5.9(c) and any refinancing, extension, renewal or refunding thereof;
(c) Debt of any Person existing at the time such Person is merged or consolidated with or into any Material Subsidiary and not incurred in contemplation of such merger or consolidation;
(d) Debt of any Person existing at the time such Person becomes a Material Subsidiary, regardless of whether such Debt was incurred in contemplation of such event; and
(e) Debt not otherwise permitted by the foregoing clauses in an aggregate principal or face amount at any time outstanding not to exceed $35,000,000.
Debt of Subsidiaries. Total Debt of all Subsidiaries (excluding Debt (i) of a Subsidiary owing to the Company, (ii) of a Subsidiary owing to a Substantially-Owned Consolidated Subsidiary, (iii) of an Eligible Subsidiary under this Agreement, (iv) of PLP in an aggregate principal amount not exceeding $300,000,000 outstanding on December 15, 1997 (but not any refinancing thereof), (v) of Xxxxxx Chemical North America, Inc. and its Subsidiaries arising out of the Argus Utilities sale-leaseback transaction in an aggregate principal amount not exceeding $71,000,000, or (vi) of IMC Inorganic Chemicals Inc., formerly known as Xxxxxx Chemical Group Inc., and its Subsidiaries in an aggregate principal amount not exceeding UK 50,000,000) will not at any date exceed 25% of Consolidated Net Worth (calculated as of the last day of the fiscal quarter most recently ended on or prior to such date). For purposes of this Section any preferred stock of a Consolidated Subsidiary (other than the Series E Preferred Stock) held by a Person other than the Company or a Substantially-Owned Consolidated Subsidiary shall be included, at the higher of its voluntary or involuntary liquidation value, in the "Debt" of such Consolidated Subsidiary.
Debt of Subsidiaries. The Borrower shall not permit any Subsidiary to incur any Debt except for (i) Debt owed by a Subsidiary to the Borrower or another Subsidiary, (ii) Debt deemed incurred in connection with an Asset Securitization permitted under Section 5.10; (iii) (A) Debt of Subsidiaries arising in connection with the Summerville City IRB and the Catoosa Co. IRB and incurrence of reimbursement obligations with respect to the letters of credit relating thereto and (B) other Debt of Subsidiaries arising in connection with the issuance of bonds by governmental authorities so long as such Debt is supported by a letter of credit issued by a financial institution for the benefit of the Borrower and the Borrower is obligated to such financial institution under a reimbursement agreement for the reimbursement of amounts drawn under such letter of credit; and (iv) in addition to Debt incurred under clauses (i) through (iii) of this Section, other Debt of Subsidiaries not exceeding in the aggregate amount outstanding at any time 15% of Consolidated Net Worth.
Debt of Subsidiaries. Permit any of the Subsidiaries of the Borrower to create, incur, assume or suffer to exist any Debt other than:
(i) any Debt of (A) any Subsidiary of the Borrower that was a Subsidiary of the Borrower on the Commitment Date, or (B) MX or any Subsidiary of MX that was a Subsidiary of MX on the Commitment Date, incurred pursuant to a credit facility in effect on the Commitment Date and any Permitted Refinancing thereof;
(ii) Debt that is secured by a Permitted Purchase Money Security Interest;
(iii) any Debt of any Subsidiary of the Borrower owing to the Borrower or to a wholly-owned Subsidiary of the Borrower;
(iv) pursuant to Hedging Agreements entered by into by a Subsidiary of the Borrower to protect such Subsidiary against fluctuations in currency exchange or interest rates to which such Subsidiary is exposed in carrying on its business in the ordinary course and forwards, swaps, options or other derivatives contracts entered into in the ordinary course of the Subsidiary’s business to protect against fluctuations of the Borrower’s stock price related to share appreciation or similar rights granted to the employees and directors of the Borrower and its Subsidiaries;
(v) Specified Debt of any Subsidiary of the Borrower that is not included in the Acquisition Price in respect of a Permitted Acquisition, provided that:
(A) the aggregate amount of the Specified Debt of all Subsidiaries of the Borrower permitted pursuant to this Section 9.2(b)(v) shall not exceed at any time the maximum amount of $100 million;
(B) such Specified Debt is limited to Debt that is not secured by any Encumbrance on any Asset;
(C) on or prior to the incurrence of such Specified Debt, such Subsidiary shall have executed and delivered to the Agent a guarantee, in form reasonably satisfactory to the Agent, guaranteeing in favour of the Lenders Outstanding Principal Obligations in a maximum amount equal to the maximum amount of such Specified Debt and that will automatically terminate upon the payment in full of such Specified Debt, and shall have also delivered to the Agent such related supporting documents and opinions of counsel to such Subsidiary as the Agent may reasonably require;
(D) at any time while any such Specified Debt remains outstanding, such Subsidiary is not subject to any agreement or Legal Requirement (other than solvency requirements under any applicable business corporation statute) restricting or limiting the payment of amounts under, or the enforceability of, any...
