Limitation on Secured Indebtedness. The Company shall not, and shall not permit any Subsidiary to, incur, issue, assume, or guarantee any Indebtedness secured by a Lien on any Principal Property or on any Capital Stock or Indebtedness of any Subsidiary of the Company owning any Principal Property, owned or acquired by the Company or any Subsidiary of the Company, without effectively providing that the outstanding Notes and the Securities Guarantees (together with, if the Company shall so determine, any other Indebtedness of the Company or such Subsidiary then existing or thereafter created which is not subordinate to the Notes or the Securities Guarantees) shall be secured equally and ratably with (or prior to) such secured Indebtedness so long as such secured Indebtedness shall be so secured. The foregoing restrictions do not apply to:
(a) Permitted Encumbrances;
(b) Liens on any asset or property at the date of the indenture, provided that,
(i) such Liens shall not apply to any other property or asset of the Company or any Subsidiary of the Company (other than the proceeds or products of the property or asset originally subject to such Liens), and
(ii) such Liens shall secure only those obligations which it secures on the date of the Indenture and extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
(c) Liens on any asset or property of any corporation or other Person at the time such corporation or other Person becomes a Subsidiary of the Company or is merged with or into or consolidated with the Company or any Subsidiary of the Company, provided that,
(i) such Liens were in existence prior to such corporation or other Person becoming a Subsidiary of the Company or such merger or consolidation and shall not apply to any other property or asset of the Company or any Subsidiary of the Company (other than the proceeds or products of the property or asset originally subject to such Liens), and
(ii) such Liens shall secure only those obligations which it secures on the date that such corporation or other Person becomes a Subsidiary of the Company or the date of such merger or consolidation, and
(iii) extensions, renewals and replacements thereof that do not increase the outstanding principal amount thereof;
(d) Liens securing Indebtedness of
(i) a Subsidiary of the Company to the Company or a Guarantor,
(ii) the Company to a Guarantor, or
(iii) a Guarantor to the Company or another Guarantor;
(e) Liens on any property or asset to secure t...
Limitation on Secured Indebtedness. The Company will not, nor shall it permit any Restricted Subsidiary to, incur, issue, assume, guarantee or create any Secured Indebtedness without effectively providing concurrently with the incurrence, issuance, assumption, guaranty or creation of any such Secured Indebtedness that the outstanding Notes (together with, if the Company shall so determine, any other Indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated to the outstanding Notes) shall be secured equally and ratably with (or prior to) such Secured Indebtedness, so long as such Secured Indebtedness will be secured by a Lien, unless, after giving effect thereto, the sum of the aggregate amount of (a) all outstanding Secured Indebtedness of the Company and its Restricted Subsidiaries, plus (b) all Attributable Debt in respect of sale and leaseback transactions (with the exception of Attributable Debt which is excluded pursuant to clauses (1) to (6) inclusive of Section 4.04 below), plus (c) all Indebtedness of CNH Capital Canada Ltd. (other than Indebtedness of CNH Capital Canada Ltd. owed to CNH Global, Fiat Industrial S.p.A., any other Parent of CNH Global, or any of the Subsidiaries of CNH Global, Fiat Industrial S.p.A. or such other Parent of CNH Global) to the extent not included under (a) or (b) above, would not exceed 15% of Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries; provided, however, that this restriction will not apply to, and there will be excluded from Secured Indebtedness in any computation under this Section 4.03, Indebtedness secured by:
(1) Liens on property of any Person existing at the time such Person becomes a Subsidiary;
(2) Liens on property existing at the time of acquisition thereof or incurred within 180 days of the time of acquisition thereof (including, without limitation, acquisition through merger or consolidation) by the Company or any Restricted Subsidiary;
(3) Liens on property hereafter acquired (or constructed) by the Company or any Restricted Subsidiary and created prior to, at the time of, or within 270 days after such acquisition (including, without limitation, acquisition through merger or consolidation) (or the completion of such construction or commencement of commercial operation of such property, whichever is later) to secure or provide for the payment of all or any part of the purchase price (or the construction price) thereof;
(4) Liens in favor of th...
Limitation on Secured Indebtedness. The Borrower shall not, and shall not permit any Subsidiary to, create, incur, assume or suffer to exist any Indebtedness secured directly or indirectly by assets of the Borrower or any Subsidiary other than the following:
(a) secured Indebtedness listed on Schedule 7.06 (including any extensions, renewals and refinancings thereof so long as the principal amount thereof is not increased);
(b) Capital Leases and purchase money financings on assets subject to such leases or financings in an aggregate amount not to exceed $100,000,000 at any time outstanding; provided that, this clause (b) shall not restrict Indebtedness under any landfill lease operating agreements entered into in the ordinary course of business, whether or not such landfill lease operating agreements are classified as Capital Leases;
(c) Indebtedness supported by letters of credit;
(d) other Indebtedness secured by Liens permitted by Section 7.02(k); and
(e) in the case of any Allied Unrestricted Subsidiary, any Securitization Subsidiary or any Republic Insurance Entity, Indebtedness secured directly or indirectly by the assets of such Person or its Subsidiaries.
Limitation on Secured Indebtedness. The Borrower shall maintain ---------------------------------- during each Fiscal Quarter on a consolidated basis a ratio of (a) total Secured Indebtedness (including, without limitation, Obligations and all Capitalized Lease Obligations) of the Borrower and its Subsidiaries to (b) Total Assets of the Borrower and its Subsidiaries not in excess of 1:2.
Limitation on Secured Indebtedness. Create, incur or suffer to exist any Secured Indebtedness exceeding $25,000,000 at any time outstanding (other than Secured Indebtedness in an aggregate amount not in excess of $50,000,000 in the nature of Contingent Obligations in respect of Letters of Credit fully executed by a Lien on cash and Cash Equivalents).
Limitation on Secured Indebtedness. During any Suspension Period, the Company will not, and will not permit any Restricted Subsidiary to, incur any Indebtedness secured by a Lien (other than a Permitted Lien) on any Principal Property or on any share of stock or Indebtedness of a Subsidiary without making effective provisions whereby the Company or such Restricted Subsidiary, as the case may be, will secure the Notes equally and ratably with (or, if the Indebtedness to be secured by such Lien is subordinated in right of payment to the Notes, prior to) the Indebtedness so secured until such time as such Indebtedness is no longer secured by a Lien, unless the aggregate amount of all Indebtedness secured by all such Liens (excluding any Permitted Lien) would not exceed 5% of Total Assets. Any Lien created for the benefit of the Holders pursuant to the preceding sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the initial Lien.
Limitation on Secured Indebtedness. It is expressly understood and agreed that the Secured Indebtedness will in no event exceed two hundred percent (200%) of (i) the total face amount of the Note plus (ii) the total interest which may hereafter accrue under the Note on such face amount.
Limitation on Secured Indebtedness. Create, incur or suffer to exist any Secured Indebtedness exceeding $50,000,000 at any time outstanding, provided, however, that, for purposes of this subsection 7.1, Secured Indebtedness shall not include Indebtedness incurred by M/I Financial Corp. to finance the origination and/or warehousing of residential mortgage loans in the ordinary course of business and secured by Liens on such mortgage loans (“M/I Financial Corp. Liens”) except to the extent that Borrower is an obligor under or guarantor of such Indebtedness, provided, however, that in the event that the lender under the M/I Financial Corp. Loan Agreement shall exercise its right to require M/I Financial Corp. to grant to such lender M/I Financial Corp. Liens as security for the Indebtedness under the M/I Financial Corp. Loan Agreement and Borrower is an obligor or guarantor of such Indebtedness, such Indebtedness shall continue to be excluded from Secured Indebtedness under this subsection 7.1 for a period of sixty (60) days after the lender’s exercise of such rights.
Limitation on Secured Indebtedness. The Borrower shall not, and shall not permit any Subsidiary to, create, incur, assume or suffer to exist any Indebtedness secured directly or indirectly by assets of the Borrower or any Subsidiary other than the following:
(a) secured Indebtedness existing on the Closing Date and listed on Schedule 7.06 (including any extensions, renewals and refinancings thereof so long as the principal amount thereof is not increased);
(b) Capital Leases and purchase money financings on assets subject to such leases or financings;
(c) Indebtedness secured by letters of credit; and
(d) other secured Indebtedness not exceeding in the aggregate at any time an outstanding amount of $50,000,000.
Limitation on Secured Indebtedness. 62 7.2 Easements Encumbrances, Liens and Restrictive Covenants........ 62 7.3
