Incurrence of Funded Debt. The Company will not, and will not permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee, or otherwise become directly or indirectly liable with respect to, any Funded Debt, except:
(a) the Notes;
(b) Funded Debt owing to the Company or a Wholly-Owned Subsidiary;
(c) Funded Debt outstanding on the date hereof and disclosed in Schedule 5.15, and any renewals, extensions, and refundings thereof so long as (i) no Default or Event of Default shall exist, and (ii) there is no increase in the aggregate principal amount thereof outstanding, in each case on the date of any such renewal, extension or refunding; and
(d) additional Funded Debt so long as on the date the Company or such Subsidiary becomes liable with respect to any such Funded Debt and immediately after giving effect thereto and the concurrent retirement of any other Funded Debt,
(i) no Default or Event of Default exists,
(ii) the sum of (A) Consolidated Senior Funded Debt, plus (B) the Clean-Down Amount of Consolidated Current Debt, does not exceed 55% of Consolidated Total Capitalization, and
(iii) the sum of (A) Consolidated Funded Debt, plus (B) the Clean-Down Amount of Consolidated Current Debt, does not exceed 65% of Consolidated Total Capitalization.
Incurrence of Funded Debt. The Principal Borrower shall not, and shall not permit any other Obligor to, create, incur, assume, or permit to be outstanding any Funded Debt, except for Permitted Debt.
Incurrence of Funded Debt. The Borrower will not, nor will it permit any of its subsidiaries to, create, assume, incur or suffer to exist any Funded Debt except:
(a) Funded Debt arising or existing under this Loan Agreement and the other Credit Documents; and
(b) capital lease obligations and other Funded Debt incurred to provide all or a portion of the purchase price or cost of construction of an asset, provided that (i) such Debt when incurred will not exceed the purchase price or cost of construction of the asset, (ii) no such Debt shall be refinanced for a principal amount in excess of the principal balance outstanding thereon at the time of such refinancing, and (iii) the aggregate principal amount of such Debt shall not exceed $1,000,000 at any time outstanding.
Incurrence of Funded Debt. The Borrower will not, nor will it permit any of its subsidiaries to, create, assume, incur or suffer to exist any Funded Debt except:
(a) capital lease obligations and Funded Debt incurred to provide all or a portion of the purchase price or cost of construction of an asset, provided that (i) such Debt when incurred will not exceed the purchase price or cost of construction of the asset , and (ii) no such Debt shall be refinanced for a principal amount in excess of the principal balance outstanding thereon at the time of such refinancing; and
(b) other Funded Debt of the Borrower not to exceed $50,000,000.
Incurrence of Funded Debt. (a) Neither the Company nor any Subsidiary will create, issue, assume, guarantee or otherwise incur or become liable in respect of any Funded Debt, except:
(1) the Notes;
(2) Funded Debt of the Company and its Subsidiaries outstanding as of the date of this Agreement and reflected on the consolidated balance sheet of the Company and its Subsidiaries as of December 30, 1995;
(3) additional unsecured Funded Debt of the Company; PROVIDED that at the time of issuance thereof and after giving effect thereto and to the application of the proceeds thereof Funded Debt of the Company and its Subsidiaries shall not exceed 60% of Total Capitalization; and
(4) additional Funded Debt of the Company and its Subsidiaries secured by Liens permitted by and incurred within the limitations of Section 6.9(a)(8), Section 6.9(a)(9) or Section 6.9(a)(10); PROVIDED that at the time of issuance thereof and after giving effect thereto and to the application of the proceeds thereof Funded Debt of the Company and its Subsidiaries shall not exceed 60% of Total Capitalization; and
(5) Funded Debt of a Subsidiary to the Company or to a Wholly- Owned Subsidiary.
(b) Any corporation which becomes a Subsidiary after the date hereof shall for all purposes of this Section 6.8 be deemed to have created, assumed or incurred at the time it becomes a Subsidiary all Funded Debt of such corporation existing immediately after it becomes a Subsidiary.
(c) The renewal, extension or refunding of any Funded Debt issued or incurred in accordance with the limitations of Section 6.8(a) shall constitute the issuance of additional Funded Debt, which is, in turn, subject to the limitations of the applicable provisions of this Section 6.8.
Incurrence of Funded Debt. The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, incur, assume, guarantee, or otherwise become directly or indirectly liable with respect to, any Funded Debt, except:
(a) Funded Debt evidenced by the Notes;
(b) Funded Debt of the Company and its Restricted Subsidiaries outstanding on the date hereof and disclosed in Schedule 5.15 hereto;
(c) Funded Debt of the Company in addition to that otherwise permitted by the foregoing provisions of this Section 10.1, provided that on the date the Company incurs or otherwise becomes liable with respect to any such additional Funded Debt and immediately after giving effect thereto and to the concurrent retirement of any other Funded Debt, (i) no Default or Event of Default shall exist and (ii) Consolidated Funded Debt does not exceed 60% of Total Capitalization; and
(d) Funded Debt of Restricted Subsidiaries permitted by Section 10.
Incurrence of Funded Debt. The Company will not, and will not permit any Subsidiary to, directly or indirectly create, incur, assume, guarantee or otherwise become directly or indirectly liable with respect to, any Funded Debt, except:
(a) the Notes;
(b) Funded Debt of a Subsidiary to the Company or to a Wholly-Owned Subsidiary; and
(c) additional Funded Debt of the Company and its Subsidiaries, provided that immediately after giving effect to the incurrence thereof and to the application of the proceeds therefrom, Consolidated Funded Debt does not exceed 55% of Consolidated Total Capitalization. For the purposes of this Section 10.4, any Person becoming a Subsidiary after the date hereof shall be deemed, at the time it becomes a Subsidiary, to have incurred all of its then outstanding Debt, and any Person extending, renewing or refunding any Debt shall be deemed to have incurred such Debt at the time of such extension, renewal or refunding.
Incurrence of Funded Debt. The Company will not, and will not permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee, or otherwise become directly or indirectly liable with respect to, any Funded Debt, except:
(a) the Notes;
(b) Funded Debt owing to the Company or a Wholly-Owned Subsidiary;
(c) Funded Debt outstanding on the date hereof and disclosed in Schedule 5.15, and any renewals, extensions, and refundings thereof so long as (i) no Default or Event of Default shall exist, and (ii) there is no increase in the aggregate principal amount thereof outstanding, in each case on the date of any such renewal, extension or refunding; and
(d) additional Funded Debt so long as on the date the Company or such Subsidiary becomes liable with respect to any such Funded Debt and immediately after giving effect thereto and the concurrent retirement of any other Funded Debt,
(i) no Default or Event of Default exists,
(ii) the sum of (A) Consolidated Senior Funded Debt, plus (B) the Clean-Down Amount of Consolidated Current Debt, does not exceed 55% of Consolidated Total Capitalization, and
(iii) the sum of (A) Consolidated Funded Debt, plus (B) the Clean-Down Amount of Consolidated Current Debt, does not exceed 65% of Consolidated Total Capitalization. As used in this Section 10.4, the term "Clean-Down Amount of Consolidated Current Debt" means, at any date, the lowest average daily amount of Consolidated Current Debt outstanding during any period of thirty (30) consecutive days occurring in the twelve consecutive calendar months most recently ended as of such date (or on such date if such date shall be the last day of a calendar month). For the purposes of this Section 10.4, any Person becoming a Subsidiary after the date hereof shall be deemed, at the time it becomes a Subsidiary, to have incurred all of its then outstanding Funded Debt, and any Person extending, renewing or refunding any Funded Debt shall be deemed to have incurred such Funded Debt at the time of such extension, renewal or refunding. For the avoidance of doubt, the parties hereto acknowledge and agree that the covenant set forth in this Section 10.4 is to be applied on and as of each date upon which the Company or any Subsidiary shall, directly or indirectly, create, incur, assume, guarantee or otherwise become directly or indirectly liable with respect to (or, as described in the immediately preceding sentence, be deemed, directly or indirectly, to create, incur, assume, guarantee or otherwise bec...
Incurrence of Funded Debt. The Borrower will not, nor will it permit any of its subsidiaries to, create, assume, incur or suffer to exist any Funded Debt except:
(a) Funded Debt arising or existing under this Loan Agreement and the other Credit Documents;
(b) capital lease obligations and other Funded Debt incurred to provide all or a portion of the purchase price or cost of construction of an asset, provided that (i) such Debt when incurred will not exceed the purchase price or cost of construction of the asset, (ii) no such Debt shall be refinanced for a principal amount in excess of the principal balance outstanding thereon at the time of such refinancing, and (iii) the aggregate principal amount of such Debt shall not exceed $1,000,000 at any time outstanding; and
(c) Funded Debt extended to the Borrower by the Company and Axys Pharmaceuticals, Inc. in an aggregate principal amount not to exceed $6,300,000.
Incurrence of Funded Debt. The Company will not, and will not permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee, or otherwise become directly or indirectly liable with respect to, any Funded Debt, unless on the date the Company or such Subsidiary becomes liable with respect to any such Debt and immediately after giving effect thereto and the concurrent retirement of any other Debt,
(1) no Default or Event of Default exists, and
(2) Consolidated Funded Debt does not exceed 90% of Consolidat- ed Net Worth determined as of the then most recently ended fiscal year of the Company. For the purposes of this Section 10.2, any Person becoming a Subsidiary after the date hereof shall be deemed, at the time it becomes a Subsidiary, to have incurred all of its then outstanding Debt, and any Person extend- ing, renewing or refunding any Debt shall be deemed to have incurred such Debt at the time of such extension, renewal or refunding.
