Limitation on Subsidiary Debt. The Company shall not permit the outstanding principal amount of Debt of the Subsidiaries (other than (i) Debt owed to any Borrower or Subsidiary Guarantor and (ii) Debt owed under this Agreement or any other Loan Document) at any time to exceed, in the aggregate, 10% of Consolidated Total Assets, provided that Debt outstanding under Lilly's 7-3/4% Senior Notes due 2007 shall not be included in the determination of the Subsidiaries' "Debt" under this Section.
Appears in 2 contracts
Samples: Credit Agreement (Valspar Corp), 364 Day Credit Agreement (Valspar Corp)
Limitation on Subsidiary Debt. The Company shall not permit the outstanding principal amount of Debt of the Subsidiaries (other than (i) Debt owed to any Borrower or Subsidiary Guarantor and (ii) Debt owed under this Agreement or any other Loan Document) at any time to exceed, in the aggregate, 10% of Consolidated Total Assets, provided that Debt outstanding under Lilly's 7-3/4% Senior Notes due 2007 the Lilly Securities shall not be included in the determination of the Subsidiaries' "’ “Debt" ” under this Section.
Appears in 1 contract
Limitation on Subsidiary Debt. The Company Borrower shall not permit the outstanding principal amount of Debt of the Subsidiaries (other than (i) Debt owed to any the Borrower or any Subsidiary Guarantor and (ii) Debt owed under this Agreement or any other Loan Document) at any time to exceed, in the aggregate, 10% of Consolidated Total Assets, provided that Debt outstanding under Lilly's 7-3/4% Senior Notes due 2007 the Lilly Securities shall not be included in the determination of the Subsidiaries' "Debt" under this Section.
Appears in 1 contract
Samples: Credit Agreement (Valspar Corp)
