Common use of Indebtedness of Clause in Contracts

Indebtedness of. a Person which becomes a Subsidiary after the date hereof or is merged with or into a Subsidiary after the date hereof, in an aggregate principal amount for all Subsidiaries not to exceed $20,000,000 at any time outstanding (exclusive of Indebtedness incurred under this Agreement or under the Revolving Credit Agreement to refinance any such Indebtedness of such Person); provided that (i) such Indebtedness existed at the time such Person became or was merged with or into a Subsidiary and was not created in anticipation thereof, (ii) immediately after giving effect to the acquisition of such Person by the Borrower or one of its Subsidiaries, no Default shall have occurred and be continuing, (iii) such Indebtedness is not revolving Indebtedness, (iv) the aggregate collateral value of the assets, if any, securing such Indebtedness, reasonably determined by the Borrower, is not in excess of the principal amount of such Indebtedness and (v) the covenants and events of default in the documentation governing such Indebtedness are not more restrictive in any material respect than the covenants and Events of Default hereunder;