Common use of Limitation on Indebtedness and Disqualified Stock Clause in Contracts

Limitation on Indebtedness and Disqualified Stock. The Company will not, and will not permit any of its subsidiaries to, (i) incur or permit to remain outstanding any indebtedness for money borrowed ("Indebtedness"), except (A) Senior Indebtedness (as defined in Section 14), (B) Indebtedness existing on the date of original issuance of this Note, (C) Indebtedness permitted to be incurred under the Credit Agreement as in effect from time to time after the original issuance of this Note (other than Indebtedness that is subordinate or junior in right of payment (to any extent) to any Senior Indebtedness and senior or pari passu in right of payment (to any extent) to the Notes), or (D) in the event that the Credit Agreement has terminated, Indebtedness permitted to be incurred under any successor credit agreement of the Company with respect to Senior Indebtedness, or if there exists no such credit agreement, such Indebtedness as may be mutually agreed upon by the Company and the holders of a majority of the aggregate principal amount of the Notes then outstanding, or (ii) issue any capital stock ("Disqualified Stock") of the Company or any of its subsidiaries (other than the Convertible Preferred Stock (as hereinafter defined)) which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures, or is mandatorily redeemable, whether pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to December 31, 2005.

Appears in 6 contracts

Samples: Securities Purchase and Exchange Agreement (Aurora Electronics Inc), Cerplex Group Inc, Aurora Electronics Inc

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Limitation on Indebtedness and Disqualified Stock. The Company ------------------------------------------------- will not, and will not permit any of its subsidiaries to, (i) incur or permit to remain outstanding any indebtedness for money borrowed ("Indebtedness"), except (A) Senior Indebtedness (as defined in Section 1413), (B) Indebtedness existing on the date of original issuance of this NoteFirst Issuance Date, (C) Indebtedness permitted to be incurred by or under the Credit Agreement or the Canadian Credit Agreement, in each case as in effect from time to time after the original issuance of this Note First Issuance Date (other than Indebtedness that is subordinate or junior in right of payment (to any extent) to any Senior Indebtedness and senior or pari passu in right of payment (to any extent) to the NotesNotes ("Layered Indebtedness")), or (D) in the event that the Credit Agreement or the Canadian Credit Agreement has terminated, Indebtedness permitted to be incurred by or under any successor credit agreement of the Company with respect to Senior Indebtedness other than Layered Indebtedness, or if there exists no such credit agreement, such Indebtedness as may be mutually agreed upon by the Company and the holders of a majority of the aggregate principal amount of the Notes then outstanding, (B) Indebtedness incurred after the First Issuance Date for the sole purpose of financing all or a part of the cost of acquiring any interest in any business (whether by a purchase 4 or assets, purchase of stock, merger or otherwise) other than Layered Indebtedness, (F) Indebtedness owing by the Company or any subsidiary of the Company to any subsidiary of the Company or to the Company, or (G) Indebtedness incurred pursuant to the Purchase Agreement, or (ii) issue any capital stock ("Disqualified Stock") of the Company or any of its subsidiaries (other than the Convertible Preferred Stock (as hereinafter defined)) which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures, or is mandatorily redeemable, whether pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, thereof in whole or in part, on or prior to December 31, 20052009, other than a "put" or similar right by a holder of a minority interest in any subsidiary of the Company approved by representatives to the Company's Board of Directors designated by WCAS VII or any of its affiliates in connection with the acquisition of such subsidiary by the Company (the "Put Securities").

Appears in 1 contract

Samples: Select Medical Corp

Limitation on Indebtedness and Disqualified Stock. The Company will not, and will not permit any of its subsidiaries to, (i) incur or permit to remain outstanding any indebtedness for money borrowed ("Indebtedness"), except (A) Senior Indebtedness (as defined in Section 1413), (B) Indebtedness existing on the date of original issuance of this Note, (C) Indebtedness permitted to be incurred under the Credit Agreement as in effect from time to time after the original issuance of this Note (other than Indebtedness that is subordinate or junior in right of payment (to any extent) to any Senior Indebtedness and senior or pari passu in right of payment (to any extent) to the Notes), or (D) in the event that the Credit Agreement has terminated, Indebtedness permitted to be incurred under any successor credit agreement of the Company with respect to Senior Indebtedness, or if there exists no such credit agreement, such Indebtedness as may be mutually agreed upon by the Company and the holders of a majority of the aggregate principal amount of the Notes then outstanding, or (ii) issue any capital stock ("Disqualified Stock") of the Company or any of its subsidiaries (other than the Convertible Preferred Stock (as hereinafter defined)) which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures, or is mandatorily redeemable, whether pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to December 31, 20052001.

Appears in 1 contract

Samples: Securities Purchase Agreement (Aurora Electronics Inc)

Limitation on Indebtedness and Disqualified Stock. The Company will not, and will not permit any of its subsidiaries to, (i) incur or permit to remain outstanding any indebtedness for money borrowed ("Indebtedness"), except (A) Senior Indebtedness (as defined in Section 1413), (B) Indebtedness existing on the date of original issuance of this Note, (C) Indebtedness permitted to be incurred under the Credit Agreement as in effect from time to time after the original issuance of this Note (other than Indebtedness that is subordinate or junior in right of payment (to any extent) to any Senior Indebtedness and senior or pari passu in right of payment (to any extent) to the Notes), or (D) in the event that the Credit Agreement has terminated, Indebtedness permitted to be incurred under any successor credit agreement of the Company with respect to Senior Indebtedness, or if there exists no such credit agreement, such Indebtedness as may be mutually agreed upon by the Company and the holders of a majority of the aggregate principal amount of the Notes then outstanding, or (ii) issue any capital stock ("Disqualified Stock") of the Company or any of its subsidiaries (other than the Convertible Preferred Stock (as hereinafter defined)) which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures, or is mandatorily redeemable, whether pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to December 31, 2005.a

Appears in 1 contract

Samples: Aurora Electronics Inc

Limitation on Indebtedness and Disqualified Stock. The Company will not, and will not permit any of its subsidiaries to, (i) incur or permit to remain outstanding any indebtedness for money borrowed ("Indebtedness"), except (A) Senior Indebtedness (as defined in Section 14), (B) Indebtedness existing on the date of original issuance of this Note, (C) Indebtedness permitted to be incurred under the Credit Agreement as in effect from time to time after the original issuance of this Note (other than Indebtedness that is subordinate or junior in right of payment (to any extent) to any Senior Indebtedness and senior or pari passu in right of payment (to any extent) to the Notes), or (D) in the event that the Credit Agreement has terminated, Indebtedness permitted to be incurred under any successor credit agreement of the Company with respect to Senior Indebtedness, or if there exists no such credit agreement, such Indebtedness as may be mutually agreed upon by the Company and the holders of a majority of the aggregate principal amount of the Notes then outstanding, or (ii) issue any capital stock ("Disqualified Stock") of the Company or any of its subsidiaries (other than the Convertible Preferred Stock (as hereinafter defined)) which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures, or is mandatorily redeemable, whether pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to December 31, 20051999.

Appears in 1 contract

Samples: Aurora Electronics Inc

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Limitation on Indebtedness and Disqualified Stock. The Company Guarantor will not, and will not permit any of its subsidiaries to, (i) incur or permit to remain outstanding any indebtedness for money borrowed ("Indebtedness"), except (A) Senior Indebtedness (as defined in Section 14)Indebtedness, (B) Indebtedness existing on the date of original issuance of this Notethe Notes, (C) Indebtedness permitted to be incurred under the Credit Agreement as in effect from time to time after the original issuance of this Note the Notes (other than Indebtedness that is subordinate or junior in right of payment (to any extent) to any Senior Indebtedness and senior or pari passu in right of payment (to any extent) to the Notes), or (D) in the event that the Credit Agreement has terminated, Indebtedness permitted to be incurred under any successor credit agreement of the Company Guarantor with respect to Senior Indebtedness, or if there exists no such credit agreement, such Indebtedness as may be mutually agreed upon by the Company Guarantor and the holders of a majority of the aggregate principal amount of the Notes then outstanding, or (ii) issue any capital stock ("Disqualified Stock") of the Company Guarantor or any of its subsidiaries (other than the Convertible Preferred Stock (as hereinafter defined)) which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures, or is mandatorily redeemable, whether pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to December March 31, 20052002.

Appears in 1 contract

Samples: Baker J Inc

Limitation on Indebtedness and Disqualified Stock. The Company ------------------------------------------------- will not, and will not permit any of its subsidiaries to, to (i) incur or permit to remain outstanding any indebtedness for money borrowed ("Indebtedness"), except (A) Senior Indebtedness (as defined in Section 1413), (B) Indebtedness existing on the date of original issuance of this NoteFirst Issuance Date, (C) Indebtedness permitted to be incurred by or under the Credit Agreement or the Canadian Credit Agreement, in each case as in effect from time to time after the original issuance of this Note First Issuance Date (other than Indebtedness that is subordinate or junior in right of payment (to any extent) to any Senior Indebtedness and senior or pari pan passu in right of payment (to any extent) to the NotesNotes ("Layered Indebtedness")), or (D) in the event that the Credit Agreement or the Canadian Credit Agreement has terminated, Indebtedness permitted to be incurred by or under any successor credit agreement of the Company with respect to Senior Indebtedness other than Layered Indebtedness, or if there exists no such credit agreement, such Indebtedness as may be mutually agreed upon by the Company and the holders of a majority of the aggregate principal amount of the Notes then outstanding, (E) Indebtedness incurred after the First Issuance Date for the sole purpose of financing all or a part of the cost of acquiring any interest in any business (whether by a purchase or assets, purchase of stock, merger or otherwise) other than Layered Indebtedness, (F) Indebtedness owing by the Company or any subsidiary of the Company to any subsidiary of the Company or to the Company, or (G)'Indebtedness incurred pursuant to the Purchase Agreement, or (ii) issue any capital stock ("Disqualified Stock") of the Company or any of its subsidiaries (other or her than the Convertible Preferred Stock (as hereinafter defined)) which by its terms (or by the terms of any security into which it is convertible or for which it is exchangeable), or upon the happening of any event, matures, or is mandatorily redeemable, whether pursuant to a sinking fund obligation or otherwise, or redeemable at the option of the holder thereof, in whole or in part, on or prior to December 31, 20052009, other than a "put" or similar right by a holder of a minority interest in any subsidiary of the Company approved by representatives to the Company's Board of Directors designated by WCAS VII or any of its affiliates in connection with the acquisition of such subsidiary by the Company (the "Put Securities").

Appears in 1 contract

Samples: Select Medical Corp

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