Common use of Limitation on Indebtedness of Restricted Subsidiaries Clause in Contracts

Limitation on Indebtedness of Restricted Subsidiaries. The Company will not cause or permit any Restricted Subsidiary to, directly or indirectly, incur, create, assume or permit to exist any Indebtedness except: (i) Indebtedness of a Person existing at the time such Person becomes a Subsidiary of the Company (including any Indebtedness of a Person existing at the time such Person is merged with or into or consolidated with a Subsidiary of the Company, or at the time of a sale, lease or other disposition of all or substantially all of the properties of a Person to a Subsidiary of the Company); provided that such Indebtedness was not incurred in connection with, or in anticipation of, such event; (ii) Indebtedness owing to the Company, any Restricted Subsidiary or Worthington Receivables (or any replacement or substitute thereof); (iii) Indebtedness evidenced by letters of credit not issued or deemed issued hereunder; provided that the aggregate face amount of all such letters of credit shall not exceed $30,000,000 in the aggregate at any time; and (iv) other Indebtedness of the Restricted Subsidiaries in an aggregate principal amount at any time outstanding not in excess of 10% of Consolidated Net Tangible Assets.

Limitation on Indebtedness of Restricted Subsidiaries. The Company will not cause or permit any Restricted Subsidiary to, directly or indirectly, incur, create, assume or permit to exist any Indebtedness except: (i) Indebtedness of a Person existing at the time such Person becomes a Subsidiary of the Company (including any Indebtedness of a Person existing at the time such Person is merged with or into or consolidated with a Subsidiary of the Company, or at the time of a sale, lease or other disposition of all or substantially all of the properties of a Person to a Subsidiary of the Company); provided that such Indebtedness was not incurred in connection with, or in anticipation of, such event; (ii) Indebtedness owing to the Company, any Restricted Subsidiary or Worthington Receivables (or any replacement or substitute thereof); (iii) Indebtedness evidenced by letters of credit not issued or deemed issued hereunder; provided that the aggregate face amount of all such letters of credit shall not exceed $30,000,000 20,000,000 in the aggregate at any time; and (iv) other Indebtedness of the Restricted Subsidiaries in an aggregate principal amount at any time outstanding not in excess of 10% of Consolidated Net Tangible Assets.

Limitation on Indebtedness of Restricted Subsidiaries. The Company will not cause or permit any Restricted Subsidiary to, directly or indirectly, incur, create, assume or permit to exist any Indebtedness except: (ia) Indebtedness of a Person existing at the time such Person becomes a Subsidiary of the Company (including any Indebtedness of a Person existing at the time such Person is merged with or into or consolidated with a Subsidiary of the Company, or at the time of a sale, lease or other disposition of all or substantially all of the properties of a Person to a Subsidiary of the Company); provided that such Indebtedness was not incurred in connection with, or in anticipation of, such event; (iib) Indebtedness owing to the Company, any Restricted Subsidiary or Worthington Receivables Corporation (or any replacement or substitute thereof); (iiic) Indebtedness evidenced by letters of credit not issued for the benefit of the Company or deemed issued hereunderany Restricted Subsidiary; provided that the aggregate face sum of (i) the maximum amount of all which is, or at any time thereafter may become, available to be drawn under such letters of credit then outstanding and (ii) the aggregate amount of all payments or disbursement not yet reimbursed by the Company or any Restricted Subsidiary to the applicable letter of credit issuer in respect of drawings under such letters of credit, shall not exceed $30,000,000 20,000,000 in the aggregate at any time; and (ivd) other Indebtedness of the Restricted Subsidiaries in an aggregate principal amount at any time outstanding not in excess of 10% of Consolidated Net Tangible Assets.