Limitation on Consolidated Debt. The Guarantor may not, and may not permit any Restricted Subsidiary of the Guarantor to, Incur any Debt (other than the Securities and the Securities Guarantee) unless the ratio of (i) the aggregate consolidated principal amount of Debt (which is defined to include the accreted value of any Debt issued at a discount) of the Guarantor outstanding as of the most recent available quarterly or annual balance sheet, after giving pro forma effect to the Incurrence of such Debt and any other Debt Incurred since such balance sheet date and the receipt and application of the proceeds thereof, to (ii) four (4) times the Consolidated Cash Flow Available for Fixed Charges for the most recent fiscal quarter next preceding the Incurrence of such Debt for which consolidated financial statements are available, determined on a pro forma basis as if any such Debt had been Incurred and the proceeds thereof had been applied at the beginning of such recent fiscal quarter, would be less than 7.0 to 1.0 for such period. Notwithstanding the foregoing limitation, the Guarantor and any Restricted Subsidiary may Incur the following:
(i) Debt under Credit Facilities in an aggregate principal amount at any one time not to exceed $200 million, and any renewal, extension, refinancing or refunding thereof in an amount which, together with any principal amount remaining outstanding under all Credit Facilities, does not exceed the aggregate principal amount outstanding under all Credit Facilities immediately prior to such renewal, extension, refinancing or refunding;
(ii) Debt owed by the Guarantor to any Restricted Subsidiary of the Guarantor or Debt owed by a Restricted Subsidiary of the Guarantor to the Guarantor or a Restricted Subsidiary of the Guarantor; provided, however, that upon either (x) the transfer or other disposition by such Restricted Subsidiary or the Guarantor of any Debt so permitted to a Person other than the Guarantor or another Restricted Subsidiary of the Guarantor or (y) such Restricted Subsidiary ceasing to be a Restricted Subsidiary, the provisions of this clause (ii) shall no longer be applicable to such Debt and such Debt shall be deemed to have been Incurred at the time of such transfer or other disposition;
(iii) Debt Incurred to renew, extend, refinance or refund (each, a "refinancing")
Limitation on Consolidated Debt. The Company shall not, and shall not permit any Restricted Subsidiary to, Incur any Debt (including Acquired Debt), other than Permitted Debt, unless (1) with respect to Debt Incurred under this clause (1), the Debt so Incurred and outstanding is in an aggregate principal amount that does not exceed 2.25 times, with respect to Capital Stock sales after June 1, 1997 and on or prior to March 31, 1998, or 2.00 times, with respect to Capital Stock sales after March 31, 1998, the aggregate amount of net cash proceeds (or the Fair Market Value of property other than cash) received by the Company after June 1, 1997 from the issuance or sale (other than to a Restricted Subsidiary) of shares of its Capital Stock (other than Redeemable Stock), or any options, warrants or other rights to purchase such Capital Stock (other than Redeemable Stock), other than (a) proceeds applied for use as a Directed Investment (unless such designation has been revoked by the Board of Directors and the Company either abandons its plans to make such Investment or is able to make such Investment pursuant to Section 1009 (other than as a Directed Investment)) and (b) proceeds which have been included in the computation of the amounts available for Restricted Payments pursuant to clause (C)(ii) of Section 1009, to the extent the inclusion thereof was necessary to allow a subsequent Restricted Payment to be made, or (2) on the date of such Incurrence, after giving effect to the Incurrence of such Debt (or Acquired Debt) and the receipt and application of the net proceeds thereof (and, if the net proceeds of such new Debt are used to acquire a Person that becomes a Restricted Subsidiary or an operating business of the Company or a Restricted Subsidiary, to all terms of such acquisition) on a pro forma basis, the Operating Cash Flow to Consolidated Interest Expense Ratio would equal or exceed 1.75 to 1.
Limitation on Consolidated Debt. The Company may not, and may not permit any Restricted Subsidiary of the Company to, Incur any Debt unless either:
(a) the ratio of:
(i) the aggregate consolidated principal amount of Debt of the Company outstanding as of the most recent available quarterly or annual balance sheet, after giving pro forma effect to the Incurrence of such Debt and any other Debt Incurred since such balance sheet date and the receipt and application of the proceeds thereof
(ii) Consolidated Cash Flow Available for Fixed Charges for the four full fiscal quarters next preceding the Incurrence of such Debt for which consolidated financial statements are available, determined on a pro forma basis as if
Limitation on Consolidated Debt. The Company will not permit the ratio of Consolidated Debt to Consolidated Total Capitalization, in each case as of the last day of each fiscal quarter of the Company, to be greater than 0.60 to 1.00.
Limitation on Consolidated Debt. The Company will not permit at any time the ratio of (a) Consolidated Debt to (b) Adjusted Consolidated EBITDA for the most recently ended period of four consecutive fiscal quarters of the Company to be greater than 3.75 to 1.00.
Limitation on Consolidated Debt. (a) The Company may not, and may not permit any Restricted Subsidiary to, directly or indirectly, Incur any Debt, unless, after giving pro forma effect to such Incurrence and the receipt and application of the net proceeds of such Incurrence, no Default or Event of Default would occur as a consequence of such Incurrence or be continuing following such Incurrence and either
(1) the ratio of (A) the aggregate consolidated principal amount (or, in the case of Debt issued at a discount, the then Accreted Value) of Debt of the Company outstanding as of the most recent available quarterly or annual balance sheet, after giving pro forma effect to o the Incurrence of such Debt and any other Debt Incurred and that remains outstanding on the date as of which the Debt to be Incurred is to be Incurred (the "INCURRENCE DATE") since such balance sheet date and the receipt and application of the net proceeds thereof, in each case as if such Incurrence, receipt and application had occurred on such balance sheet date, and o the repayment, repurchase, retirement or extinguishment of any Debt since such balance sheet date, as if such repayment, repurchase, retirement or extinguishment had occurred on such balance sheet date, to
Limitation on Consolidated Debt. The Borrower will not, at any time, permit the Consolidated Debt to exceed 45% of Consolidated Total Capitalization.
Limitation on Consolidated Debt. The Company will not permit the ratio of Consolidated Debt, as of the end of each fiscal quarter from and after the fiscal quarter ending October 2, 2004, to EBITDA for the period of twelve consecutive months ending on such date, to be greater than (i) 3.25 to 1.00 at the end of any fiscal quarter ending on or prior to March 31, 2006 and (ii) 3.00 to 1.00 at the end of any fiscal quarter thereafter."
Limitation on Consolidated Debt. Permit the ratio of (i) Consolidated Debt to (ii) Total Capitalization to exceed 0.50 to 1.00 as of the last day of any quarterly accounting period of IHOP and its Subsidiaries.
Limitation on Consolidated Debt. The Company shall not Incur any Debt unless: (a) immediately after giving effect to the Incurrence of such Debt and the receipt and application of the proceeds thereof, the Consolidated Interest Coverage Ratio for the four full fiscal quarters for which quarterly or annual financial statements are available next preceding the Incurrence of such Debt, calculated on a pro forma basis as if such Debt had been Incurred (and the receipt and application thereof had been made) at the beginning of such four full fiscal quarters, would be greater than 2 to 1;
