Limitation on Incurrence of Debt. (a) The Company will not, and will not permit any of its Restricted Subsidiaries to, Incur any Debt (including Acquired Debt), unless, immediately after giving effect to the Incurrence of such Debt and the receipt and application of the proceeds therefrom, (a) the Interest Coverage Ratio of the Company and its Restricted Subsidiaries for the last four fiscal quarters for which financial information is available at the date of determination (the "Specified Period"), determined on a pro forma basis as if any such Debt, and any other Debt Incurred since the beginning of the Specified Period, had been Incurred and the proceeds thereof had been applied at the beginning of the Specified Period, and any other Debt repaid since the beginning of the Specified Period had been repaid at the beginning of the Specified Period, would be greater than 2.0:1 and (b) no Default or Event of Default shall have occurred and be continuing at the time or as a consequence of the Incurrence of such Debt.
(b) If, during the Specified Period or subsequent thereto and prior to the date of determination, the Company or any of its Restricted Subsidiaries shall have engaged in any Asset Sale or acquisition, or shall have designated any Restricted Subsidiary to be an Unrestricted Subsidiary or any Unrestricted Subsidiary to be a Restricted Subsidiary, EBITDA and Adjusted Interest Expense for the Specified Period shall be calculated on a pro forma basis giving effect to such Asset Sale or acquisition or designation, as the case may be, and the application of any proceeds therefrom as if such Asset Sale or acquisition or designation had occurred on the first day of the Specified Period.
(c) If the Debt which is the subject of a determination under this Section 4.6 is Acquired Debt, or Debt Incurred in connection with the simultaneous acquisition of any Person, business, Property or assets, or Debt of an Unrestricted Subsidiary being designated as a Restricted Subsidiary, then such ratio shall be determined by giving effect (on a pro forma basis, as if the transaction had occurred at the beginning of the Specified Period) to the Incurrence of such Acquired Debt or such other Debt by the Company or any of its Restricted Subsidiaries and the inclusion in EBITDA of the EBITDA of the acquired Person, business, Property or assets or redesignated Subsidiary.
(d) Notwithstanding paragraph (a) above, the Company and its Restricted Subsidiaries may Incur Permitted Debt.
(e) For purposes of determini...
Limitation on Incurrence of Debt. The Company shall not, and shall not permit any of its Subsidiaries to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of its and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) is greater than 60% of its and its Subsidiaries’ Total Asset Value.
Limitation on Incurrence of Debt. The Company shall not, and shall not permit any of its Restricted Subsidiaries to, Incur any Debt (including Acquired Debt); provided, however, that the Company and any Guarantor may Incur Debt (including Acquired Debt) if, the Company’s Consolidated Fixed Charge Coverage Ratio most recently ended Four-Quarter Period for which internal financial statements are available on or immediately preceding the date on which such additional Debt is Incurred, would have been at least 2.00 to 1.00, calculated on a Pro Forma Basis (including a pro forma application of the net proceeds therefrom). Notwithstanding the first paragraph of this Section 4.9, the Company and its Restricted Subsidiaries may Incur Permitted Debt. For purposes of determining compliance with this Section 4.9, (x) Guarantees or obligations with respect to letters of credit supporting Debt otherwise included in the determination of the amount of Debt shall not be included and (y) in the event that an item of Debt meets the criteria of more than one of the categories of Permitted Debt and/or would have been permitted to have been Incurred pursuant to the first paragraph of this Section 4.9, the Company, in its sole discretion, may classify, and from time to time may reclassify, all or any portion of such item of Debt as being within one or more of such categories or as being Debt permitted to be Incurred pursuant to the first paragraph of this Section 4.9; provided that all Indebtedness outstanding under the ABL Credit Facility on the Issue Date shall be treated as incurred on the Issue Date under clause (i) of the definition of “Permitted Debt”. Debt permitted by this Section 4.9 need not be permitted solely by reference to one provision permitting such Debt but may be permitted in part by one such provision and in part by one or more other provisions of this Section 4.9 permitting such Debt. The accrual of interest and dividends, the accretion of accreted value, the accretion or amortization of original issue discount, the payment of interest on any Debt in the form of additional Debt, the payment of dividends on Equity Interests in the forms of additional shares of Equity Interests with the same terms, and changes to amounts outstanding in respect of Hedging Obligations solely as a result of fluctuations in foreign currency exchange rates or interest rates or by reason of fees, indemnities and compensation payable thereunder will not be deemed to be an Incurrence of Debt. For purposes of determin...
Limitation on Incurrence of Debt. The Guarantor shall not, and shall not permit any of its Subsidiaries to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount of all of its and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) is greater than 60% of its and its Subsidiaries’ Total Asset Value.
Limitation on Incurrence of Debt. The Company shall not, and shall not permit any of its Subsidiaries to, Incur any Debt (including Acquired Debt) or trade payables or issue Preferred Stock (other than the Notes and the Note Guarantees and Debt or Preferred Stock issued to the Company or its Subsidiaries); provided that the Company and any of its Subsidiaries may Incur Debt or trade payables, in each case incurred in the ordinary course of business, not secured by Liens, in an aggregate amount not to exceed $50.0 million at any one time outstanding. Notwithstanding anything set forth in this Indenture, in no event shall the Company or any Subsidiary be permitted to guarantee the obligations of any other Person (other than the Company and its Subsidiaries).
Limitation on Incurrence of Debt. The Company shall not, and shall not permit any of its Subsidiaries to, Incur any Debt (including Acquired Debt) or trade payables or issue Preferred Stock (other than the Notes and the Note Guarantees and Debt or Preferred Stock issued to the Company or its Subsidiaries); provided that:
(i) the Company and any of its Subsidiaries may Incur Debt not secured by Liens or trade payables, in each case incurred in the ordinary course of business, in an aggregate amount not to exceed $50.0 million at any one time outstanding; and
(ii) in connection with the acquisition by the Company of any New Properties that become subject to the Master Lease, the Company may incur up to $150 million aggregate principal amount of Additional Notes so long as the New Property Leverage Ratio is less than or equal to 6.75x. Notwithstanding anything set forth in this Indenture, in no event shall the Company or any Subsidiary be permitted to guarantee the obligations of any other Person (other than the Company and its Subsidiaries).
Limitation on Incurrence of Debt. Guarantor covenants and agrees that until all obligations are performed in full and indefeasibly paid in full in cash and the Loan Documents are terminated, Guarantor will not, and will not permit any Subsidiary to:
a. incur any Indebtedness if, immediately after giving effect to the incurrence of such Indebtedness and the application of the proceeds thereof, the ratio of the aggregate principal amount of all outstanding Indebtedness to Adjusted Total Asset Value would be greater than 0.65 to 1.0.
b. incur any Indebtedness if the ratio of Stabilized Consolidated Income Available for Debt Service to Stabilized Consolidated Interest Expense on the date on which such additional Indebtedness is to be incurred, on a pro forma basis, after giving effect to the incurrence of such Indebtedness and the application of the proceeds thereof, would be less than 1.5 to 1.0. For purposes of Paragraph 10, the following terms shall have the meanings set forth below:
Limitation on Incurrence of Debt. (a) The Issuer will not, and will not permit any Subsidiary to, incur any Debt, other than Intercompany Debt, including that which is subordinate in right of payment to the Notes, if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds thereof, the ratio of the aggregate principal amount of all outstanding Debt to Adjusted Total Asset Value would be greater than 0.65 to 1.0.
(b) The Issuer will not, and will not permit any Subsidiary to, incur any Debt if the ratio of Stabilized Consolidated Income Available for Debt Service to Stabilized Consolidated Interest Expense on the date on which such additional Debt is to be incurred, on a pro forma basis, after giving effect to the incurrence of such Debt and to the application of the proceeds thereof, would be less than 1.5 to 1.0.
Limitation on Incurrence of Debt. The Guarantor will not, and will not permit any of its Subsidiaries to, create, issue, incur, assume, guarantee or in any manner become directly or indirectly liable with respect to, or otherwise become responsible for (collectively, "incur") any Debt, including any Acquired Debt, unless the ratio of the Guarantor's total outstanding Debt to annualized Consolidated Cash Flows (as determined by multiplying the Guarantor's Consolidated Cash Flows for the two most recent fiscal quarters by two) would be no greater than 4.0 to 1.0, determined on a pro forma basis after giving pro forma effect to such incurrence and the incurrence of any other Debt and any other changes in the Guarantor's Debt since the date of the Guarantor's most recently available quarterly or annual consolidated balance sheet and the application of the net proceeds therefrom as if it had occurred on the first date of such quarterly or annual period. For the purposes of calculating this ratio, any acquisitions that have been made by the Guarantor or a Subsidiary of the Guarantor, including through mergers or consolidations and including any related financing transactions, during or subsequent to the relevant fiscal quarter or year and on or prior to the date of the calculation of the ratio shall be deemed to have occurred on the first day of the relevant fiscal quarter or year, with the pro forma determinations of Consolidated Cash Flows resulting from any such transactions as determined in good faith by the Guarantor. The accrual of interest, the accretion or amortization of original issue discount and the payment of interest on any Debt in the form of additional Debt with the same terms will not deemed to be an incurrence of Debt for purposes of this covenant.
Limitation on Incurrence of Debt. The Company may not, and may not permit any Restricted Subsidiary of the Company to, directly or indirectly, Incur any Debt (including Acquired Debt), provided, however, that the Company and its Restricted Subsidiaries may -------- ------- Incur Debt (including Acquired Debt) if, after giving effect thereto, the Company's Debt to Annualized Cash Flow Ratio is no greater than 6.0 to 1.0. Notwithstanding the foregoing limitation, the Company and any Restricted Subsidiary may Incur the following:
(i) Debt under the Credit Facility, provided that the aggregate -------- principal amount of such Debt at any one time outstanding (with letters of credit being deemed to have a principal amount equal to the maximum reimbursement obligations of the Company and/or any of its Restricted Subsidiaries thereunder) shall not exceed $325 million less the aggregate amount of all Net Cash Proceeds of Asset Sales applied to permanently reduce the commitments with respect to such Debt pursuant to the provisions of Section 1013;
(ii) Purchase Money Debt;
(iii) Existing Debt;
(iv) Debt in an aggregate principal amount (or, in the case of Debt issued at a discount, the accreted amount at the time of incurrence, determined in accordance with GAAP) at any one time outstanding of up to $50 million;
(v) Debt in an aggregate principal amount of up to 2.5 times the sum of the net cash proceeds received by the Company after the Issue Date in connection with any issuance and sale of Equity Interests (other than Disqualified Stock), plus the Fair Market Value of Equity Interests (other than Disqualified Stock) issued in connection with an acquisition of a Telecommunications Business or Telecommunications Related Assets; provided -------- that such Debt does not mature prior to the Stated Maturity of the Securities or has an Weighted Average Life to Maturity at least equal to the Securities;
(vi) Debt represented by the principal amount of Original Securities;
(vii) Permitted Refinancing Debt issued in exchange for, or the net proceeds of which are used to refund, refinance or replace, Debt (other than Intercompany Debt) permitted to be incurred under the first paragraph of this Section 1007 or clauses (ii), (iii), (v) or (vi) of this paragraph;
(viii) Intercompany Debt; provided, however, that: -------- -------
(a) any subsequent issuance or transfer of Equity Interests that results in any such Debt being held by a Person other than the Company or any of its Restricted Subsidiaries; and
(b...
