Common use of Limitation upon Liens Clause in Contracts

Limitation upon Liens. (a) The Company will not create, assume, guarantee or suffer to exist, and will not cause, suffer or permit any Restricted Subsidiary to create, assume, guarantee or suffer to exist, any indebtedness for borrowed money secured by pledge of, or mortgage or lien on, any of its Principal Plants, or on any capital stock of any Restricted Subsidiary, other than (i) purchase money pledges of, or purchase money mortgages or liens on, property acquired (including through merger or consolidation) after the date of execution of this Indenture, so long as such pledges, mortgages and liens shall attach only to the assets so acquired and improvements thereon, (ii) pledges, mortgages or liens on property acquired after the date of execution of this Indenture (1) existing at the time of acquisition of such property (including through merger or consolidation) or (2) which secure indebtedness the proceeds of which are used to pay, or to reimburse the Company or any Restricted Subsidiary for, the cost of the acquisition or construction of such property, (iii) pledges of or mortgages or liens on property of a Restricted Subsidiary existing at the time it becomes a Restricted Subsidiary, (iv) pledges, mortgages or liens to secure all or any part of the cost of development or construction of any property or assets or improvements thereon and which shall be released or satisfied within 120 days after completion of such development or construction, (v) pledges, mortgages or liens required in connection with the acquisition, construction or development of additions or extensions to Principal Plants which shall be financed by obligations described in Sections 141-145 of the Internal Revenue Code of 1986, as amended, or by obligations entitled to substantially similar tax benefits under other legislation or regulations in effect from time to time, (vi) pledges, mortgages or liens securing indebtedness owing to the Company or a Restricted Subsidiary by a Restricted Subsidiary, (vii) pledges, mortgages or liens existing at the date of this Indenture, (viii) extensions, renewals or replacements of pledges, mortgages or liens referred to in clauses (i) to (vii), inclusive, above, or (xi) below, provided that the amount of indebtedness secured by such extension, renewal or replacement shall not exceed the principal amount of indebtedness being extended, renewed or replaced, nor shall the pledge, mortgage or lien be extended to any additional Principal Plant, (ix) as permitted under Subsection (b) or Subsection (d) of this Section 1006, (x) pledges, mortgages or liens incurred in connection with sale-leaseback transactions permitted under Section 1007, and (xi) pledges, mortgages or liens required in connection with any program, law, statute or regulation of any state or local governmental entity or authority which provides financial or tax benefits not available without such pledge, mortgage or lien, provided that substantially all of the obligations secured thereby are obligations that are in lieu of, or reduce, a property tax or other payment obligation that itself would have been secured by a pledge, mortgage or lien permitted hereunder, without effectively providing that the Securities (together with, if the Company shall so determine, any other indebtedness of the Company then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created) shall be secured by the security of such secured indebtedness equally and ratably therewith. (b) If the Company or any Restricted Subsidiary shall at any time enter into a merger or consolidation with another corporation or purchase all or substantially all of the assets of another corporation, or if the Company shall sell all or substantially all of its assets to another corporation and if such other corporation has outstanding indebtedness secured by a mortgage or other lien which, by reason of an after-acquired property clause or similar provision therein contained, would extend, after such merger, consolidation, sale or purchase, to any Principal Plant owned by the Company or such Restricted Subsidiary immediately prior to such merger, consolidation, sale or purchase, or to the capital stock of a Restricted Subsidiary, the Company or such Restricted Subsidiary, as the case may be, shall in such event be deemed to have created a mortgage or lien, within the prohibition of Subsection (a) of this Section 1006, unless (i) such merger or consolidation involving a Restricted Subsidiary shall constitute a disposition by the Company of its interest in the Restricted Subsidiary, or (ii) either (A) at or prior to the effective date of such merger, consolidation, sale or purchase, such mortgage or lien shall have been released of record or otherwise satisfied to the extent it would extend to such Principal Plant or (B) prior to such merger, consolidation, sale or purchase, the Company or such Restricted Subsidiary, as the case may be, shall have created, as security for the Securities (and, if the Company shall so determine, as security for any other indebtedness of the Company then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created), a valid lien which, upon completion of said merger, consolidation, sale or purchase, will rank prior to the lien of such mortgage or other lien of such other corporation on such Principal Plant or such capital stock of Restricted Subsidiaries. (c) If pursuant to the provisions of this Section 1006 the Company or any Restricted Subsidiary shall at any time be obligated to secure the Securities (together with, if the Company shall so determine, any other indebtedness then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created), the Company covenants and agrees that it will promptly furnish to the Trustee (i) an Officers' Certificate stating that the applicable covenant of the Company above set forth in this Section 1006 has been complied with; and (ii) an Opinion of Counsel to the effect that such covenant has been complied with. (d) Notwithstanding the foregoing provisions of this Section 1006, the Company and any one or more Restricted Subsidiaries may create, assume, guarantee or suffer to exist any indebtedness for borrowed money otherwise subject to the foregoing restrictions and in addition to that permitted by Subsection (a) or (b) of this Section 1006 (other than pursuant to clause (x) of said Subsection (a)), and renew, extend or replace such indebtedness for money borrowed; provided, that, at the time of such creation, assumption, guarantee, sufferance, renewal, extension or replacement, the aggregate principal amount of such indebtedness for money borrowed, when added to the fair market value of property transferred in sale-leaseback transactions and not reacquired at such time as permitted by Section 1007(c) and the aggregate principal amount of indebtedness for borrowed money created, assumed, guaranteed or permitted to exist as permitted by Section 1008(b) (computed without duplication of amounts constituting indebtedness referred to in this Subsection (d)), does not at the time exceed 10% of Net Tangible Assets.

Limitation upon Liens. (a) The Company will not create, assume, guarantee or suffer to exist, and will not cause, suffer or permit any Restricted Subsidiary to create, assume, guarantee or suffer to exist, any indebtedness for borrowed money secured by pledge of, or mortgage or lien on, any of its Principal Plants, or on any capital stock of any Restricted SubsidiarySubsidiary (whether such capital stock is now owned or hereafter acquired) without effectively providing that the Securities (together with, if the Company shall so determine, any other indebtedness of the Company then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created) shall be secured by the security of such secured indebtedness equally and ratably therewith, other than (i) purchase money pledges of, or purchase money mortgages or liens on, property acquired (including through merger or consolidation) after the date of execution of this Indenture, so long as such pledges, mortgages and liens are created not later than 180 days following acquisition or completion of construction of a Principal Plant to secure payment of the purchase price or construction cost thereof, or to secure debt incurred for such purpose, and so long as such pledges, mortgages and liens shall attach only to the assets so acquired and improvements, (ii) pledges, mortgages or liens existing at the time of acquisition (including through merger or consolidation) on property acquired after the date of execution of this Indenture, so long as such pledges, mortgages and liens shall attach only to the assets so acquired and improvements thereon, (ii) pledges, mortgages or liens on property acquired after the date of execution of this Indenture (1) existing at the time of acquisition of such property (including through merger or consolidation) or (2) which secure indebtedness the proceeds of which are used to pay, or to reimburse the Company or any Restricted Subsidiary for, the cost of the acquisition or construction of such property, (iii) pledges of or mortgages or liens on property of a Restricted Subsidiary existing at the time it becomes a Restricted Subsidiary (including through acquisition or merger), as long as such pledge, mortgage or lien is not incurred in contemplation of such Restricted Subsidiary becoming a Restricted Subsidiary, (iv) pledges, mortgages or liens to secure all or any part of the cost of development or construction of any property or assets or improvements thereon and which shall be released or satisfied within 120 180 days after completion of such development or construction; provided, however, that such pledges, mortgages or liens shall extend solely to the property altered, repaired or improved, (v) pledges, mortgages or liens required in connection with the acquisition, construction or development of additions or extensions to Principal Plants which shall be financed by obligations described in Sections 141-145 of the Internal Revenue Code of 1986, as amended, or by obligations entitled to substantially similar tax benefits under other legislation or regulations in effect from time to time, (vi) pledges, mortgages or liens securing indebtedness owing to the Company or a wholly-owned Restricted Subsidiary by a Restricted Subsidiary, (vii) pledges, mortgages or liens existing at the date of this Indenture, (viii) pledges, mortgages or liens on property of a corporation existing at the time such corporation is merged into or consolidated with the Company or a Restricted Subsidiary or at the time of a sale, lease or other disposition of the properties of a corporation as an entirety or substantially as an entirety to the Company or a Restricted Subsidiary, (ix) pledges, mortgage or liens on property of the Company or a Restricted Subsidiary in favor of the United States of America or any State thereof, or any department, agency, instrumentality or political subdivision thereof, to secure any payments, including advance or progress payments, pursuant to any contract or statute or to secure any indebtedness incurred or guaranteed for the purpose of financing all or any part of the purchase price or the cost of construction of the property subject to such pledges, mortgages or liens (including, but not limited to, pledges, mortgages or liens incurred in connection with pollution control bonds, industrial revenue bonds or similar financings), (x) extensions, renewals or replacements of pledges, mortgages or liens referred to in clauses (i) to (viiix), inclusive, above, or (xi) below, provided that the amount of indebtedness secured by such extension, renewal or replacement shall not exceed the principal amount of indebtedness being extended, renewed or replaced, nor shall the pledge, mortgage or lien be extended to any additional Principal Plant, (ixxi) as permitted under Subsection (b) or of this Section 1006, and (xii) as permitted by Subsection (d) of this Section 1006, (x) pledges, mortgages or liens incurred in connection with sale-leaseback transactions permitted under Section 1007, and (xi) pledges, mortgages or liens required in connection with any program, law, statute or regulation of any state or local governmental entity or authority which provides financial or tax benefits not available without such pledge, mortgage or lien, provided that substantially all of the obligations secured thereby are obligations that are in lieu of, or reduce, a property tax or other payment obligation that itself would have been secured by a pledge, mortgage or lien permitted hereunder, without effectively providing that the Securities (together with, if the Company shall so determine, any other indebtedness of the Company then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created) shall be secured by the security of such secured indebtedness equally and ratably therewith. (b) If the Company or any Restricted Subsidiary shall at any time enter into a merger or consolidation with another corporation or purchase all or substantially all of the assets of another corporation, or if the Company shall sell all or substantially all of its assets to another corporation and if such other corporation has outstanding indebtedness secured by a mortgage or other lien which, by reason of an after-acquired property clause or similar provision therein contained, would extend, after such merger, consolidation, sale or purchase, to any Principal Plant owned by the Company or such Restricted Subsidiary immediately prior to such merger, consolidation, sale or purchase, or to the capital stock of a Restricted Subsidiary, the Company or such Restricted Subsidiary, as the case may be, shall in such event be deemed to have created a mortgage or lien, within the prohibition of Subsection (a) of this Section 1006, unless (i) such merger or consolidation involving a Restricted Subsidiary shall constitute a disposition by the Company of its interest in the Restricted Subsidiary, or (ii) either (A) at or prior to the effective date of such merger, consolidation, sale or purchase, such mortgage or lien shall have been released of record or otherwise satisfied to the extent it would extend to such Principal Plant or (B) prior to such merger, consolidation, sale or purchase, the Company or such Restricted Subsidiary, as the case may be, shall have created, as security for the Securities (and, if the Company shall so determine, as security for any other indebtedness of the Company then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created), a valid lien which, upon completion of said merger, consolidation, sale or purchase, will rank prior to the lien of such mortgage or other lien of such other corporation on such Principal Plant or such capital stock of Restricted SubsidiariesPlant. (c) If pursuant to the provisions of this Section 1006 the Company or any Restricted Subsidiary shall at any time be obligated to secure the Securities (together with, if the Company shall so determine, any other indebtedness then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created), the Company covenants and agrees that it will promptly furnish to the Trustee (i) an Officers' Certificate stating that the applicable covenant of the Company above set forth in this Section 1006 has been complied with; and (ii) an Opinion of Counsel to the effect that such covenant has been complied with. (d) Notwithstanding the foregoing provisions of this Section 1006, the Company and any one or more Restricted Subsidiaries may create, assume, guarantee or suffer to exist any indebtedness for borrowed money otherwise subject to the foregoing restrictions and in addition to that permitted by Subsection (a) or (b) of this Section 1006 (other than pursuant to clause (xxii) of said Subsection (a)), and renew, extend or replace such indebtedness for money borrowed; provided, that, at the time of such creation, assumption, guarantee, sufferance, renewal, extension or replacement, the aggregate principal amount of such indebtedness for money borrowed, when added to the fair market value of property transferred in sale-leaseback transactions and not reacquired at such time as permitted by Section 1007(c) and the aggregate principal amount of indebtedness for borrowed money created, assumed, guaranteed or permitted to exist as permitted by Section 1008(b) (computed without duplication of amounts constituting indebtedness referred to in this Subsection (d)), does not at the time exceed 105% of Net Tangible AssetsConsolidated Total Assets as shown in the Company's audited consolidated balance sheet contained in the latest annual report to its shareholders.

Limitation upon Liens. (a) The Company will not create, assume, guarantee or suffer to exist, and will not cause, suffer or permit any Restricted Subsidiary to create, assume, guarantee or suffer to exist, any indebtedness for borrowed money secured by pledge of, or mortgage or lien on, any of its Principal Plants, or on any capital stock of any Restricted Subsidiary, other than (i) purchase money pledges of, or purchase money mortgages or liens on, property acquired (including through merger or consolidation) after the date of execution of this Indenture, so long as such pledges, mortgages and liens shall attach only to the assets so acquired and improvements thereon, (ii) pledges, mortgages or liens on property acquired after the date of execution of this Indenture (1) existing at the time of acquisition of such property (including through merger or consolidation) or (2) which secure indebtedness the proceeds of which are used to pay, or to reimburse the Company or any Restricted Subsidiary for, the cost of the acquisition or construction of such property, (iii) pledges of or mortgages or liens on property of a Restricted Subsidiary existing at the time it becomes a Restricted Subsidiary, (iv) pledges, mortgages or liens to secure all or any part of the cost of development or construction of any property or assets or improvements thereon and which shall be released or satisfied within 120 days after completion of such development or construction, (v) pledges, mortgages or liens required in connection with the acquisition, construction or development of additions or extensions to Principal Plants which shall be financed by obligations described in Sections 141-145 of the Internal Revenue Code of 1986, as amended, or by obligations entitled to substantially similar tax benefits under other legislation or regulations in effect from time to time, (vi) pledges, mortgages or liens securing indebtedness owing to the Company or a Restricted Subsidiary by a Restricted Subsidiary, (vii) pledges, mortgages or liens existing at the date of this Indenture, (viii) extensions, renewals or replacements of pledges, mortgages or liens referred to in clauses (i) to (vii), inclusive, above, or (xi) below, provided that the amount of indebtedness secured by such extension, renewal or replacement shall not exceed the principal amount of indebtedness being extended, renewed or replaced, nor shall the pledge, mortgage or lien be extended to any additional Principal Plant, (ix) as permitted under Subsection (b) or Subsection (d) of this Section 1006, (x) pledges, mortgages or liens incurred in connection with sale-leaseback transactions permitted under Section 1007, and (xi) pledges, mortgages or liens required in connection with any program, law, statute or regulation of any state or local governmental entity or authority which provides financial or tax benefits not available without such pledge, mortgage or lien, provided that substantially all of the obligations secured thereby are obligations that are in lieu of, or reduce, a property tax or other payment obligation that itself would have been secured by a pledge, mortgage or lien permitted hereunder, without effectively providing that the Securities (together with, if the Company shall so determine, any other indebtedness of the Company then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created) shall be secured by the security of such secured indebtedness equally and ratably therewith. (b) If the Company or any Restricted Subsidiary shall at any time enter into a merger or consolidation with another corporation or purchase all or substantially all of the assets of another corporation, or if the Company shall sell all or substantially all of its assets to another corporation and if such other corporation has outstanding indebtedness secured by a mortgage or other lien which, by reason of an after-acquired property clause or similar provision therein contained, would extend, after such merger, consolidation, sale or purchase, to any Principal Plant owned by the Company or such Restricted Subsidiary immediately prior to such merger, consolidation, sale or purchase, or to the capital stock of a Restricted Subsidiary, the Company or such Restricted Subsidiary, as the case may be, shall in such event be deemed to have created a Exhibit 4.1 49 mortgage or lien, within the prohibition of Subsection (a) of this Section 1006, unless (i) such merger or consolidation involving a Restricted Subsidiary shall constitute a disposition by the Company of its interest in the Restricted Subsidiary, or (ii) either (A) at or prior to the effective date of such merger, consolidation, sale or purchase, such mortgage or lien shall have been released of record or otherwise satisfied to the extent it would extend to such Principal Plant or (B) prior to such merger, consolidation, sale or purchase, the Company or such Restricted Subsidiary, as the case may be, shall have created, as security for the Securities (and, if the Company shall so determine, as security for any other indebtedness of the Company then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created), a valid lien which, upon completion of said merger, consolidation, sale or purchase, will rank prior to the lien of such mortgage or other lien of such other corporation on such Principal Plant or such capital stock of Restricted Subsidiaries. (c) If pursuant to the provisions of this Section 1006 the Company or any Restricted Subsidiary shall at any time be obligated to secure the Securities (together with, if the Company shall so determine, any other indebtedness then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created), the Company covenants and agrees that it will promptly furnish to the Trustee (i) an Officers' Certificate stating that the applicable covenant of the Company above set forth in this Section 1006 has been complied with; and (ii) an Opinion of Counsel to the effect that such covenant has been complied with. (d) Notwithstanding the foregoing provisions of this Section 1006, the Company and any one or more Restricted Subsidiaries may create, assume, guarantee or suffer to exist any indebtedness for borrowed money otherwise subject to the foregoing restrictions and in addition to that permitted by Subsection (a) or (b) of this Section 1006 (other than pursuant to clause (x) of said Subsection (a)), and renew, extend or replace such indebtedness for money borrowed; provided, that, at the time of such creation, assumption, guarantee, sufferance, renewal, extension or replacement, the aggregate principal amount of such indebtedness for money borrowed, when added to the fair market value of property transferred in sale-leaseback transactions and not reacquired at such time as permitted by Section 1007(c) and the aggregate principal amount of indebtedness for borrowed money created, assumed, guaranteed or permitted to exist as permitted by Section 1008(b) (computed without duplication of amounts constituting indebtedness referred to in this Subsection (d)), does not at the time exceed 10% of Net Tangible Assets.

Limitation upon Liens. (a) The Company will not create, assume, guarantee or suffer to exist, and will not cause, suffer or permit any Restricted Subsidiary to create, assume, guarantee or suffer to exist, any indebtedness for borrowed money secured by pledge of, or mortgage or lien on, any of its Principal Plants, or on any capital stock of any Restricted Subsidiary, other than (i) purchase money pledges of, or purchase money mortgages or liens on, property acquired (including through merger or consolidation) after the date of execution of this Indenture, so long as such pledges, mortgages and liens shall attach only to the assets so acquired and improvements thereon, (ii) pledges, mortgages or liens on property acquired after the date of execution of this Indenture (1) existing at the time of acquisition of such property (including through merger or consolidation) or (2) which secure indebtedness the proceeds of which are used to pay, or to reimburse the Company or any Restricted Subsidiary for, the cost of the acquisition or construction of such property, (iii) pledges of or mortgages or liens on property of a Restricted Subsidiary existing at the time it becomes a Restricted Subsidiary, (iv) pledges, mortgages or liens to secure all or any part of the cost of development or construction of any property or assets or improvements thereon and which shall be released or satisfied within 120 days after completion of such development or construction, (v) pledges, mortgages or liens required in connection with the acquisition, construction or development of additions or extensions to Principal Plants which shall be financed by obligations described in Sections 141-145 of the Internal Revenue Code of 1986, as amended, or by obligations entitled to substantially similar tax benefits under other legislation or regulations in effect from time to time, (vi) pledges, mortgages or liens securing indebtedness owing to the Company or a Restricted Subsidiary by a Restricted Subsidiary, (vii) pledges, mortgages or liens existing at the date of this Indenture, (viii) extensions, renewals or replacements of pledges, mortgages or liens referred to in clauses (i) to (vii), inclusive, above, or (xi) below, provided that the amount of indebtedness secured by such extension, renewal or replacement shall not exceed the principal amount of indebtedness being extended, renewed or replaced, nor shall the pledge, mortgage or lien be extended to any additional Principal Plant, (ix) as permitted under Subsection (b) or Subsection (d) of this Section 1006, (x) pledges, mortgages or liens incurred in connection with sale-leaseback transactions permitted under Section 1007, and (xi) pledges, mortgages or liens required in connection with any program, law, statute or regulation of any state or local governmental entity or authority which provides financial or tax benefits not available without such pledge, mortgage or lien, provided that substantially all of the obligations secured thereby are obligations that are in lieu of, or reduce, a property tax or other payment obligation that itself would have been secured by a pledge, mortgage or lien permitted hereunder, without effectively providing that the Securities (together with, if the Company shall so determine, any other indebtedness of the Company then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created) shall be secured by the security of such secured indebtedness equally and ratably therewith. (b) If the Company or any Restricted Subsidiary shall at any time enter into a merger or consolidation with another corporation or purchase all or substantially all of the assets of another corporation, or if the Company shall sell all or substantially all of its assets to another corporation and if such other corporation has outstanding indebtedness secured by a mortgage or other lien which, by reason of an after-acquired property clause or similar provision therein contained, would extend, after such merger, consolidation, sale or purchase, to any Principal Plant owned by the Company or such Restricted Subsidiary immediately prior to such merger, consolidation, sale or purchase, or to the capital stock of a Restricted Subsidiary, the Company or such Restricted Subsidiary, as the case may be, shall in such event be deemed to have created a Exhibit 4.2 49 mortgage or lien, within the prohibition of Subsection (a) of this Section 1006, unless (i) such merger or consolidation involving a Restricted Subsidiary shall constitute a disposition by the Company of its interest in the Restricted Subsidiary, or (ii) either (A) at or prior to the effective date of such merger, consolidation, sale or purchase, such mortgage or lien shall have been released of record or otherwise satisfied to the extent it would extend to such Principal Plant or (B) prior to such merger, consolidation, sale or purchase, the Company or such Restricted Subsidiary, as the case may be, shall have created, as security for the Securities (and, if the Company shall so determine, as security for any other indebtedness of the Company then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created), a valid lien which, upon completion of said merger, consolidation, sale or purchase, will rank prior to the lien of such mortgage or other lien of such other corporation on such Principal Plant or such capital stock of Restricted Subsidiaries. (c) If pursuant to the provisions of this Section 1006 the Company or any Restricted Subsidiary shall at any time be obligated to secure the Securities (together with, if the Company shall so determine, any other indebtedness then existing or thereafter created ranking equally with the Securities and any other indebtedness of the Restricted Subsidiary then existing or thereafter created), the Company covenants and agrees that it will promptly furnish to the Trustee (i) an Officers' Certificate stating that the applicable covenant of the Company above set forth in this Section 1006 has been complied with; and (ii) an Opinion of Counsel to the effect that such covenant has been complied with. (d) Notwithstanding the foregoing provisions of this Section 1006, the Company and any one or more Restricted Subsidiaries may create, assume, guarantee or suffer to exist any indebtedness for borrowed money otherwise subject to the foregoing restrictions and in addition to that permitted by Subsection (a) or (b) of this Section 1006 (other than pursuant to clause (x) of said Subsection (a)), and renew, extend or replace such indebtedness for money borrowed; provided, that, at the time of such creation, assumption, guarantee, sufferance, renewal, extension or replacement, the aggregate principal amount of such indebtedness for money borrowed, when added to the fair market value of property transferred in sale-leaseback transactions and not reacquired at such time as permitted by Section 1007(c) and the aggregate principal amount of indebtedness for borrowed money created, assumed, guaranteed or permitted to exist as permitted by Section 1008(b) (computed without duplication of amounts constituting indebtedness referred to in this Subsection (d)), does not at the time exceed 10% of Net Tangible Assets.