Common use of Limitation on Guarantees by Restricted Subsidiaries Clause in Contracts

Limitation on Guarantees by Restricted Subsidiaries. (a) The Company shall not cause or permit any of its Restricted Subsidiaries, directly or indirectly, to guarantee the payment of any Indebtedness of the Company (other than to the extent such Restricted Subsidiary is a co-borrower with respect to Indebtedness permitted pursuant to clause (c) of Section 3.10), which, in the aggregate, together with all other Indebtedness of the Company that is guaranteed by Restricted Subsidiaries, exceeds $35.0 million, unless such Restricted Subsidiary of the Company executes and delivers within ten Business Days a supplemental indenture to this Indenture providing for the guarantee of payment of the Securities by such Restricted Subsidiary of the Company pursuant to Article X; provided that any guarantee by a Subsidiary Guarantor of such other Indebtedness: (i) (A) (1) is unsecured or (2) is secured and (I) in the case of any such guarantee of Indebtedness of the Company ranking pari passu with the Securities, the Subsidiary Guarantees are secured equally and ratably with any Liens securing such guarantee and (II) in the case of any such guarantee of Indebtedness of the Company subordinated to the Securities, the relevant Subsidiary Guarantees are secured on a basis ranking prior to the Liens securing such guarantee and

Appears in 2 contracts

Samples: Indenture (Navistar International Corp), Indenture (Navistar International Corp)

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Limitation on Guarantees by Restricted Subsidiaries. (a) The Company shall not cause or permit any of its Restricted Subsidiaries, directly or indirectly, to guarantee the payment of any Indebtedness of the Company (other than to the extent such Restricted Subsidiary is a co-borrower with respect to Indebtedness permitted pursuant to clause (c) of Section 3.104.07), which, in the aggregate, together with all other Indebtedness of the Company that is guaranteed by Restricted Subsidiaries, exceeds $35.0 million, unless such Restricted Subsidiary of the Company executes and delivers within ten Business Days a supplemental indenture to this Indenture providing for the guarantee of payment of the Securities Subsidiary Bond Guarantee by such Restricted Subsidiary of the Company pursuant to Article XXI; provided that any guarantee by a Subsidiary Guarantor of such other Indebtedness: (i) (A) (1) is unsecured or (2) is secured and (I) in the case of any such guarantee of Indebtedness of the Company ranking pari passu with the SecuritiesBonds, the Subsidiary Bond Guarantees are secured equally and ratably with any Liens securing such guarantee and (II) in the case of any such guarantee of Indebtedness of the Company subordinated to the SecuritiesBonds, the relevant Subsidiary Bond Guarantees are secured on a basis ranking prior to the Liens securing such guarantee guarantee; and

Appears in 2 contracts

Samples: Loan Agreement (Navistar International Corp), Loan Agreement (Navistar International Corp)

Limitation on Guarantees by Restricted Subsidiaries. (a) The Company shall not cause or permit any of its Restricted Subsidiaries, directly or indirectly, to guarantee the payment of any Indebtedness of the Company (other than to the extent such Restricted Subsidiary is a co-borrower with respect to Indebtedness permitted pursuant to clause (c) of Section 3.10)Company, which, in the aggregate, together with all other Indebtedness of the Company that is guaranteed by Restricted Subsidiaries, exceeds does not exceed $35.0 25 million, unless such Restricted Subsidiary of the Company simultaneously executes and delivers within ten Business Days a supplemental indenture to this the Indenture providing for the guarantee of payment of the Securities by such Restricted Subsidiary of the Company pursuant to Article XCompany; provided that provided, any guarantee by a Subsidiary Guarantor of such other Indebtedness: (i) (A) (1) is unsecured or (2) is secured and (I) in the case of any such guarantee of Indebtedness of the Company ranking pari passu with the Securities, the Subsidiary Guarantees are secured equally and ratably with any Liens securing such guarantee and (II) in the case of any such guarantee of Indebtedness of the Company subordinated to the Securities, the relevant Subsidiary Guarantees are secured on a basis ranking prior to the Liens securing such guarantee and

Appears in 1 contract

Samples: Indenture (International Truck & Engine Corp)

Limitation on Guarantees by Restricted Subsidiaries. (a) The Company shall not cause or permit any of its Restricted Subsidiaries, directly or indirectly, to guarantee the payment of any Indebtedness of the Company (other than to the extent such Restricted Subsidiary is a co-borrower with respect to Indebtedness permitted pursuant to clause (c) of Section 3.10)Company, which, in the aggregate, together with all other Indebtedness of the Company that is guaranteed by Restricted Subsidiaries, exceeds does not exceed $35.0 million, unless such Restricted Subsidiary of the Company simultaneously executes and delivers within ten Business Days a supplemental indenture to this the Indenture providing for the guarantee of payment of the Securities by such Restricted Subsidiary of the Company pursuant to Article XCompany; provided that any guarantee by a Subsidiary Guarantor of such other Indebtedness: (i) (A) (1) is unsecured or (2) is secured and (I) in the case of any such guarantee of Indebtedness of the Company ranking pari passu with the Securities, the Subsidiary Guarantees are secured equally and ratably with any Liens securing such guarantee and (II) in the case of any such guarantee of Indebtedness of the Company subordinated to the Securities, the relevant Subsidiary Guarantees are secured on a basis ranking prior to the Liens securing such guarantee and

Appears in 1 contract

Samples: First Supplemental Indenture (Navistar International Corp)

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Limitation on Guarantees by Restricted Subsidiaries. (a) The Company shall not cause or permit any of its Restricted Subsidiaries, directly or indirectly, to guarantee the payment of any Indebtedness of the Company (other than to the extent such Restricted Subsidiary is a co-borrower with respect to Indebtedness permitted pursuant to clause (c) of Section 3.10), which, in the aggregate, together with all other Indebtedness of the Company that is guaranteed by Restricted Subsidiaries, exceeds $35.0 million, unless such Restricted Subsidiary of the Company executes and delivers within ten Business Days a supplemental indenture to this Indenture providing for the guarantee of payment of the Securities by such Restricted Subsidiary of the Company pursuant to Article XCompany; provided that any guarantee by a Subsidiary Guarantor of such other Indebtedness: (i) (A) (1A)(1) is unsecured or (2) is secured and (I) in the case of any such guarantee of Indebtedness of the Company ranking pari passu with the Securities, the Subsidiary Guarantees are secured equally and ratably with any Liens securing such guarantee and (II) in the case of any such guarantee of Indebtedness of the Company subordinated to the Securities, the relevant Subsidiary Guarantees are secured on a basis ranking prior to the Liens securing such guarantee and

Appears in 1 contract

Samples: Indenture (Navistar, Inc.)

Limitation on Guarantees by Restricted Subsidiaries. (a) The Company shall not cause or permit any of its Restricted Subsidiaries, directly or indirectly, to guarantee the payment of any Indebtedness of the Company (other than to the extent such Restricted Subsidiary is a co-borrower with respect to Indebtedness permitted pursuant to clause (c) of Section 3.10)Company, which, in the aggregate, together with all other Indebtedness of the Company that is guaranteed by Restricted Subsidiaries, exceeds does not exceed $35.0 million, unless such Restricted Subsidiary of the Company simultaneously executes and delivers within ten Business Days a supplemental indenture to this Indenture providing for the guarantee of payment of the Securities by such Restricted Subsidiary of the Company pursuant to Article XCompany; provided that any guarantee by a Subsidiary Guarantor of such other Indebtedness: (i) (A) (1) is unsecured or (2) is secured and (I) in the case of any such guarantee of Indebtedness of the Company ranking pari passu with the Securities, the Subsidiary Guarantees are secured equally and ratably with any Liens securing such guarantee and (II) in the case of any such guarantee of Indebtedness of the Company subordinated to the Securities, the relevant Subsidiary Guarantees are secured on a basis ranking prior to the Liens securing such guarantee and

Appears in 1 contract

Samples: Indenture (Navistar International Corp)

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