Limitations on Funded Debt. (a) The Company will not, and will not permit any Subsidiary to, create, assume, guarantee or otherwise incur or in any manner become liable in respect of any Funded Debt, except:
(i) Funded Debt evidenced by the Notes;
(ii) Funded Debt of the Company and its Subsidiaries outstanding as of the date of the Closing and described in Schedule 5.15;
(iii) Funded Debt of the Company to UAM Trademark, PROVIDED that such Funded Debt is evidenced by a promissory note or notes which are subordinated to all obligations of the Company to the holders of the Notes under this Agreement, the Notes and the Security Documents in form and substance satisfactory to the Required Holders and which promissory note or notes have been delivered to the Collateral Agent, duly endorsed to the Collateral Agent, for the ratable benefit of the Secured Parties;
(iv) Guaranties by the Company's Subsidiaries of Funded Debt of the Company, which Guaranties have been entered into pursuant to the terms and provisions and upon the conditions set forth in the Security Documents, the Bank Credit Agreement and this Agreement;
(v) additional Funded Debt of the Company and/or any one or more of its Subsidiaries, PROVIDED that at the time of creation, issuance, assumption, guarantee or incurrence thereof and after giving effect thereto and to the application of the proceeds thereof:
(A) Consolidated Operating Cash Flow for the immediately preceding four fiscal quarters will be at least equal to 22.5% of Consolidated Senior Funded Debt and to 17.5% of Consolidated Funded Debt, in each such case outstanding on the last day of each of such four fiscal quarters, and
(B) in the case of the issuance of any Funded Debt of the Company secured by Liens permitted by Section 10.5(k) and any Funded Debt of a Subsidiary, the sum of (y) the aggregate amount of all Funded Debt secured by Liens permitted by Section 10.5(k) PLUS (z) the aggregate amount of all Funded Debt of Subsidiaries, shall not exceed 15% of Consolidated Tangible Net Worth;
(vi) Funded Debt of a Subsidiary to the Company or to a Substantially-Owned Subsidiary.
(b) Indebtedness issued or incurred in accordance with the limitations of Section 10.4(a) may be renewed, extended or refunded, PROVIDED, that any increase in principal amount remaining unpaid at the time of such renewal, extension or refunding shall be within the limitations of Section 10.4(a)(v), PROVIDED FURTHER, that at the time of such renewal, extension or refunding and after giving ...
Limitations on Funded Debt. No Daisytek Corporation shall permit, as of any date, the creation, incurrence, assumption or sufferance to exist of Funded Debt of such corporation, other than (i) the Obligations, (ii) Funded Debt existing on the Closing Date and fully described in the Initial Financial Statements (other than the Funded Debt referred to in Footnote 2 to the Consolidated financial statements of Guarantor included in the Prospectus as the revolving line of credit agreement with commercial banks), (iii) Funded Debt secured as permitted by Section 8.2(a), (iv) unsecured Funded Debt of up to Ten Million Dollars ($10,000,000) to a Lender incurred under a money market line of credit, and (v) unsecured Funded Debt of such Daisytek Corporation which, together with the Funded Debt pursuant to this clause (v) of all other Daisytek Corporations, does not exceed Eighteen Million Dollars ($18,000,000)."
Limitations on Funded Debt. Neither the Company nor any of its Subsidiaries will incur, create, assume, guarantee or otherwise become liable for any additional Funded Debt unless, after giving effect thereto, the Company's Consolidated EBITDA Coverage Ratio exceeds 2.0 to 1. The foregoing restriction on additional Funded Debt shall not be applicable to (i) Funded Debt incurred to refund, extend or renew up to an equal amount of outstanding Funded Debt; provided, that, if any Funded Debt is incurred for the purpose of refunding, extending or renewing any Indebtedness which is subordinate to the Series B Notes, such Funded Debt must be subordinated to the Series B Notes, to the extent such Indebtedness is so subordinated, and provided, further, that, if any Funded Debt is incurred for the purpose of refunding, extending or renewing any Indebtedness which is of equal rank with the Series B Notes, such Funded Debt may not be Senior Indebtedness, and (ii) additional Funded Debt in an aggregate amount not to exceed $25 million at any one time outstanding; Petroleum Heat and Power Co., Inc. Sixth Amendment and Restatement provided, however, that Funded Debt incurred pursuant to this subsection (ii) shall be deemed not to be outstanding for purposes of this subsection (ii) if at any later determination date, the Company's Consolidated EBITDA Coverage Ratio exceeds 2.0 to 1.
Limitations on Funded Debt. (a) The Company will not, and will not permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee or otherwise become directly or indirectly liable with respect to, any Funded Debt (including liabilities under Capitalized Leases), except:
(1) Funded Debt evidenced by the Notes;
(2) Funded Debt (which shall in no event exceed $18,000,000) evidenced by the Amended and Restated Working Capital Line of Credit Note issued under and as defined in the Loan Agreement;
(3) Capitalized Leases to the extent permitted by Sec.5.22 of this Agreement;
(4) Funded Debt of a Subsidiary to the Company or to a Wholly-owned Subsidiary and Funded Debt of the Company to a Wholly-owned Subsidiary; and
(5) Funded Debt of the Company and its Subsidiaries outstanding as of January 14, 2002 and reflected on Schedule 1 to that certain Amendment No. 2 to Note Agreement and Waiver.
(b) Any corporation which becomes a Subsidiary after the date hereof shall for all purposes of this Sec.5.8 be deemed to have created, assumed or incurred at the time it becomes a Subsidiary all Funded Debt of such corporation existing immediately after it becomes a Subsidiary.
(c) For purposes of this Sec.5.8, if a Wholly- owned Subsidiary shall for any reason cease to be a Wholly-owned Subsidiary but shall continue to be a Subsidiary, then any Funded Debt of another Subsidiary or the Company issued to such Wholly-owned Subsidiary previously permitted by this Sec.5.8 shall be deemed to be re-incurred by the Company or such other Subsidiary at the time such Wholly-owned Subsidiary ceases to be a Wholly-owned Subsidiary."
Limitations on Funded Debt. Avnet shall not, nor shall it permit any of its Subsidiaries to, incur any Funded Debt unless (a) at the time such Funded Debt is incurred, no Default or Event of Default exists and (b) after giving effect to the incurrence of such Funded Debt on a pro forma basis as if such Funded Debt had been incurred on the first day of the four Fiscal Quarter period most recently ended, each of the covenants in Section 6.11 shall be satisfied.
Limitations on Funded Debt. (a) The Company will not, and will not permit any Subsidiary to, create, assume or incur or in any manner be or become liable in respect of any Funded Debt, except:
(1) Funded Debt evidenced by the Notes;
(2) Funded Debt of the Company and its Subsidiaries outstanding as of the date of this Agreement and reflected on Annex 2 to Exhibit B hereto; and additional Funded Debt incurred for the purpose of extending, renewing or refunding such Funded Debt, provided that the aggregate amount of such additional Funded Debt shall not exceed the aggregate amount of the Funded Debt which is the subject of such extension, renewal or refunding; and
(3) Funded Debt of the Company and its Subsidiaries, provided that at the time of issuance thereof and after immediately giving effect thereto and to the application of the proceeds thereof:
(i) Consolidated Funded Debt shall not exceed 60% of Consolidated Total Capitalization; and
(ii) in the case of the incurrence of Subsidiary Funded Debt, total Subsidiary Funded Debt shall not exceed 20% of Consolidated Adjusted Net Worth.
(b) Any corporation which becomes a Subsidiary after the date hereof shall for all purposes of this Section 5.7 be deemed to have created, assumed or incurred at the time it becomes a Subsidiary all Debt of such corporation existing immediately after it becomes a Subsidiary and, in any such event, compliance with Section 5.7(a)(3) shall be determined on a consolidated basis after giving effect to such corporation becoming a Subsidiary.
Limitations on Funded Debt. (a) of the Note Agreement is hereby amended in its entirety to read as follows: "The Company will keep and maintain Consolidated Funded Debt at an aggregate amount that (1) at all times prior to November 30, 1997 shall not exceed 55% of the sum of (a) Consolidated Funded Debt plus (b) Consolidated Tangible Net Worth and (2) at all times on or after November 30, 1997 shall not exceed 50% of the sum of (a) Consolidated Funded Debt plus (b) Consolidated Tangible Net Worth; provided that for purposes of any determination of Consolidated Funded Debt pursuant to this Section 5.7, if there shall not have been a period of 60 consecutive days during the twelve-month period immediately preceding the date of any determination hereunder during which the Company and its Subsidiaries shall have been free of all Consolidated Current Debt, then the average of the aggregate unpaid principal amounts of Consolidated Current Debt outstanding on the last day of each month of the fiscal year most recently ended shall be deemed to constitute Consolidated Funded Debt for purposes of such determination."
Limitations on Funded Debt. And will not permit any Recourse Subsidiary to, create, assume or incur or in any manner be or become liable in respect of any Funded Debt, except:
(a) Funded Debt of OSG and its Recourse Subsidiaries outstanding as of March 31, 1997 as the same is set forth on Schedule 3 attached hereto;
(b) Funded Debt of OSG and its Recourse Subsidiaries; provided, however, that at the time of issuance thereof and immediately after giving effect thereto the Borrowers shall be in compliance with Section 8.1(A)(xviii) above;
(c) renewals, extensions or refundings of Funded Debt referred to in Section 8.1(B)(ii)(a) or incurred pursuant to the provisions of Section 8.1(B)(ii)(b), without increase in the ranking or priority thereof or principal amount thereof, provided, that in the case of any refunding of any such Funded Debt, the newly issued Funded Debt shall have a weighted average life to maturity at least equal to the remaining weighted average life to maturity of the Funded Debt being refunded; and
(d) Funded Debt under the Facility.
Limitations on Funded Debt. 61 6.13 Pari Passu................................................................ 61 6.14 Investments............................................................... 61 6.15 Capital Expenditures...................................................... 63
Limitations on Funded Debt. (a) Notwithstanding anything in Section 5.8 to the contrary, no Company will create, issue, assume, guarantee or otherwise incur or in any manner be or become liable in respect of any Funded Debt, except:
(i) Funded Debt incurred pursuant to Sections 5.8(a) through 5.8(f) hereof; and
(ii) additional Funded Debt of any Company; provided, that at the time of creation, issuance, assumption, guarantee or incurrence thereof and after giving effect thereto and to the application of the proceeds thereof:
(1) the ratio of (A) Consolidated Funded Debt to (B) Consolidated Operating Cash Flow for the immediately preceding four fiscal quarter period shall not exceed 3.25 to 1.00; and
(2) no Default or Event of Default exists or will exist after giving effect thereto.
(b) The renewal, extension or refunding of any Funded Debt, issued, incurred or outstanding pursuant to Section 5.25(a) shall constitute the issuance of additional Funded Debt which is, in turn, subject to the limitations of the applicable provisions of this Section 5.25. For purposes of this Section 5.25, the following terms shall have the meanings specified with respect thereto below.
