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.
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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. 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. 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 UK50,000,000) 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 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 its Subsidiaries to create, incur, assume or suffer to exist any Debt, other than:
(i) Debt owed to the Borrower or to a wholly owned Subsidiary of the Borrower, provided that in no event shall any Subsidiary of the Borrower be permitted to create, incur, assume or suffer to exist any Debt to the Borrower as a result of, or in connection with, the sale, lease, transfer or other disposition of assets by the Borrower to such Subsidiary,
(ii) Debt incurred to finance the purchase price of real property, fixtures or equipment acquired by such Subsidiary from a Person other than the Borrower or any other Subsidiary of the Borrower, provided that such real property, fixtures or equipment shall be purchased on an arm's-length basis and at a fair market value as reasonably determined at the time of such acquisition by the authorized officers or the Board of Directors of the Borrower, as the case may be, in a manner consistent with the Borrower's standard procedures,
(iii) secured Debt assumed by such Subsidiary in connection with the acquisition of real property, fixtures or equipment which Debt (x) is secured only by such property and (y) is outstanding at the time of the acquisition of such property and not incurred to finance the acquisition thereof, provided that the aggregate of all such Debt assumed in any such acquisition or related acquisitions shall not exceed 75% of the fair market value of the property, fixtures or equipment so acquired and by which such Debt is secured as reasonably determined at the time of each such acquisition by the authorized officers or the Board of Directors of the Borrower, as the case may be, in a manner consistent with the Borrower's standard procedures,
(iv) secured Debt of a Person that is acquired by the Borrower or a Subsidiary of the Borrower, which Person will be, upon such acquisition, a Subsidiary of the Borrower and which Debt (x) is secured only by the assets of such Person and (y) is outstanding at the time of the acquisition of such Person and not incurred to finance the acquisition thereof, provided that the aggregate of all such Debt assumed in any such acquisition or related acquisitions shall not exceed 75% of the fair market value of the assets of such Person as reasonably determined at the time of the assumption of such Debt by the authorized officers or the Board of Directors of the Borrower, as the case may be, in a manner consistent with the Borrower's standard procedures (excluding from the...
