Limitation on Xxxxxx'x Debt Sample Clauses

Limitation on Xxxxxx'x Debt. Section 30.01. Tenant hereby covenants that during the two (2) year period (the "Restriction Period") following the date the Bankruptcy Court's order approving the Plan of Reorganization (as defined in the Contract of Sale) becomes a Final Order (as defined in the Contract of Sale) (the "Reorganization Date"), no entity composing Tenant, including its parent corporation, Xxxxxx Furniture Incorporated (each a "Xxxxxx Entity" and collectively, the "Xxxxxx Entities"), shall incur, through the Plan of Reorganization or otherwise, unsecured funded debt ("Unsecured Debt") in excess of Fifty Million Dollars ($50,000,000.00) (the "Unsecured Debt Limit"); provided, however, in the event of a merger or consolidation between any one or more of the Xxxxxx Entities and another company (the "Other Company") which does not result in a reduction in the pro-forma audited tangible net worth of the company that survives the merger or consolidation (the "Surviving Company") (which pro forma audited tangible net worth shall be computed according to generally accepted accounting principles consistently applied) relative to the Xxxxxx Entities' audited tangible net worth immediately prior to the merger or consolidation (which audited tangible net worth shall be computed according to generally accepted accounting principles consistently applied), the Unsecured Debt Limit of the Surviving Company shall be increased, but only to the extent that the ratio between the Surviving Company's EBITDA (as hereinafter defined) and interest expense (which interest expense shall include any new interest expense that, according to generally accepted accounting principles consistently applied, must be reflected on the Surviving Company's financial statements), both of which shall be calculated on a pro-forma basis for the effects of the merger or consolidation (including interest on any incremental debt that is acquired or proposed) for the twelve (12) month period immediately preceding the merger or consolidation would exceed 2:1. Tenant further covenants that neither the Plan of Reorganization nor any loan documents evidencing the Unsecured Debt shall: (i) obligate any Xxxxxx Entity or the Surviving Company to repay any principal with respect to the Unsecured Debt during the three (3) year period following the Reorganization Date; or (ii) obligate any Xxxxxx Entity or the Surviving Company to pay interest at a rate in excess of thirteen percent (13%) per annum; or (iii) obligate any Xxxxxx Ent...
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Related to Limitation on Xxxxxx'x Debt

  • Limitation on Debt Create, incur, assume or suffer to exist any Debt, except:

  • Limitation on Amount The Employee's salary reduction contributions: (Choose (i) or at least one of (ii) or (iii))

  • Limitation on Sales Each holder of this Warrant acknowledges that this Warrant and the Warrant Shares, as of the date of original issuance of this Warrant, have not been registered under the Securities Act of 1933, as amended ("Act"), and agrees not to sell, pledge, distribute, offer for sale, transfer or otherwise dispose of this Warrant or any Warrant Shares issued upon its exercise in the absence of (a) an effective registration statement under the Act as to this Warrant or such Warrant Shares or (b) an opinion of counsel, satisfactory to the Company, that such registration and qualification are not required. The Warrant Shares issued upon exercise thereof shall be imprinted with a legend in substantially the following form: "THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT") OR APPLICABLE STATE SECURITIES LAWS AND MAY NOT BE OFFERED, SOLD, TRANSFERRED, PLEDGED, HYPOTHECATED, ASSIGNED OR OTHERWISE DISPOSED OF EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND IN COMPLIANCE WITH ANY APPLICABLE STATE SECURITIES LAWS OR IN A TRANSACTION WHICH IS EXEMPT FROM REGISTRATION UNDER THE ACT AND ANY APPLICABLE STATE SECURITIES LAWS."

  • Limitation on Asset Sales The Company will not, and will not permit any of its Restricted Subsidiaries to, consummate an Asset Sale unless:

  • Limitation on Layering The Company shall not Incur any Indebtedness if such Indebtedness is subordinate or junior in ranking in any respect to any Senior Indebtedness unless such Indebtedness is Senior Subordinated Indebtedness or is contractually subordinated in right of payment to Senior Subordinated Indebtedness. No Subsidiary Guarantor shall Incur any Indebtedness if such Indebtedness is contractually subordinate or junior in ranking in any respect to any Guarantor Senior Indebtedness of such Subsidiary Guarantor unless such Indebtedness is Guarantor Senior Subordinated Indebtedness of such Subsidiary Guarantor or is contractually subordinated in right of payment to Guarantor Senior Subordinated Indebtedness of such Subsidiary Guarantor.

  • Limitation on Use Tenant shall use the Premises solely for the Permitted Use specified in Section N of the Summary. There shall not be any change in use without the prior written consent of Landlord which will not be unreasonably withheld. Tenant shall not do anything in or about the Premises which will (i) cause structural injury to the Building, or (ii) cause damage to any part of the Building except to the extent reasonably necessary for the installation of Tenant’s Trade Fixtures and Tenant’s Alterations, and then only in a manner which has been first approved by Landlord in writing. Tenant shall not operate any equipment within the Premises which will (i) materially damage the Building or the Common Area, (ii) overload existing electrical systems or other mechanical equipment servicing the Building, (iii) impair the efficient operation of the sprinkler system or the heating, ventilating or air conditioning (“HVAC”) equipment within or servicing the Building, or (iv) damage, overload or corrode the sanitary sewer system. Tenant shall not attach, hang or suspend anything from the ceiling, roof, walls or columns of the Building or set any load on the floor in excess of the load limits for which such items are designed nor operate hard wheel forklifts within the Premises. Any dust, fumes, or waste products generated by Tenant’s use of the Premises shall be contained and disposed so that they do not (i) create an unreasonable fire or health hazard, (ii) damage the Premises, or (iii) result in the violation of any Law. Except as approved by Landlord, Tenant shall not change the exterior of the Building or install any equipment or antennas on or make any penetrations of the exterior or roof of the Building. Tenant shall not commit any waste in or about the Premises, and Tenant shall keep the Premises in a neat, clean, attractive and orderly condition, free of any nuisances. If Landlord designates a standard window covering for use throughout the Building, Tenant shall use this standard window covering to cover all windows in the Premises. Tenant shall not conduct on any portion of the Premises or the Project any sale of any kind, including any public or private auction, fire sale, going-out-of-business sale, distress sale or other liquidation sale.

  • Limitation on Payment The Salary Continuation Payment will not exceed an amount equal to $1.00 less than the amount which would cause the payment, together with any other payments received from the Company, to be a "parachute payment" as defined in Section 280G(b)(2)(A) of the Internal Revenue Code.

  • Limitation on Hedging The Borrower shall not, nor shall it permit any of its Subsidiaries to:

  • Limitation on Indebtedness Create, incur, assume or suffer to exist any Indebtedness, except:

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