Limitations on Incurrence of Indebtedness. (a) The Company will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness, other than Intercompany Indebtedness and guarantees of Indebtedness Incurred by the Company or any of its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the Incurrence of such Indebtedness and the application of the proceeds thereof, Total Outstanding Debt would be greater than 60% of Total Assets as of the end of the fiscal quarter covered in the annual or quarterly report of the Company most recently furnished to Holders of the Notes or filed with the SEC, as the case may be.
(b) The Company will not, and will not permit any of its Subsidiaries to, Incur any Secured Debt, other than guarantees of Secured Debt Incurred by the Company or any of its Subsidiaries in compliance with this Indenture, if, immediately after giving effect to the Incurrence of such Secured Debt and the application of the proceeds thereof, the aggregate principal amount of Secured Debt would be greater than 40% of Total Assets as of the end of the fiscal quarter covered in the annual or quarterly report of the Company most recently furnished to Holders of the Notes or filed with the SEC, as the case may be.
(c) The Company and its Subsidiaries will at all times maintain Total Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of Unsecured Debt.
(d) The Company will not, and will not permit any of its Subsidiaries to, Incur any Indebtedness other than Intercompany Indebtedness and guarantees of Indebtedness Incurred by the Company or any of its Subsidiaries in compliance with this Indenture, if the ratio of Consolidated EBITDA to Interest Expense for the most recent quarterly period covered in the annual or quarterly report of the Company most recently furnished to holders of the Notes or filed with the SEC, as the case may be and in accordance with Section 4.06 hereof, prior to such time, annualized (i.e., multiplied by four (4)) prior to the date on which such additional Indebtedness is to be Incurred shall have been less than 1.50:1.00 on a pro forma basis after giving effect thereto and to the application of the proceeds therefrom, and calculated on the assumption that:
(i) such Indebtedness and any other Indebtedness Incurred by the Company and its Subsidiaries since the first day of such quarterly period and the application of the proceeds therefrom, including to refinance other Indebtedness, had occurred ...
Limitations on Incurrence of Indebtedness. The Company ----------------------------------------- shall not incur (i) Senior Indebtedness that is not subordinated to the same extent as the 2003 Convertible Notes or (ii) Secured Indebtedness that is by its terms senior in right of payment to the 2003 Convertible Notes, except that the Company is permitted to guarantee, on a secured basis and/or a senior unsubordinated basis, the obligations of any Wholly-Owned Subsidiary with respect to any Permitted Indebtedness of such Wholly-Owned Subsidiary. No Wholly-Owned Subsidiary may incur (i) any Indebtedness that is by its terms subordinated in right of payment to any Permitted Indebtedness of such Wholly-Owned Subsidiary, (ii) any Secured Indebtedness if such Wholly-Owned Subsidiary is an obligor under any unsecured Permitted Indebtedness or (iii) any Unsecured Indebtedness if such Wholly-Owned Subsidiary is an obligor under any Secured Indebtedness which is Permitted Indebtedness. It being understood that a Wholly-Owned Subsidiary may refinance Secured Indebtedness with unsecured Indebtedness and vice versa. Indebtedness shall be deemed to be incurred by the Company or a Wholly-Owned Subsidiary whenever the Company or such Wholly-Owned Subsidiary shall create, assume, guarantee or otherwise become liable in respect thereof.
Limitations on Incurrence of Indebtedness. No Credit Party is subject to any Requirement of Law limiting its ability to borrow money or to incur or perform the Obligations or to grant Liens with respect to the Collateral as set forth in the Security Documents.
Limitations on Incurrence of Indebtedness. The Facility Lessee shall not, directly or indirectly, create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise, with respect to (collectively, "INCUR") any Indebtedness other than Subordinated Indebtedness to its Affiliates (PROVIDED that such Indebtedness shall be subject to the terms of the Subordination Agreement) and Permitted Indebtedness.
Limitations on Incurrence of Indebtedness. Neither the Company nor any Subsidiary will incur any Indebtedness if, immediately after giving effect to the incurrence of that additional Indebtedness and the application of the proceeds thereof, the aggregate principal amount of all outstanding Indebtedness of the Company and its Subsidiaries on a consolidated basis determined in accordance with GAAP is greater than 60% of the sum of (without duplication) (i) the Total Assets of the Company and its Subsidiaries as of the end of the calendar quarter covered in the Company's Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if the filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of the additional Indebtedness and (ii) the purchase price of any real estate assets or mortgages receivable acquired and the amount of any securities offering proceeds received (to the extent that the proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce Indebtedness), by the Company or any Subsidiary since the end of the calendar quarter, including those proceeds obtained in connection with the incurrence of the additional Indebtedness.
Limitations on Incurrence of Indebtedness. The definition of “Total Unencumbered Assets” set forth in Section 101 of the Indenture is hereby amended and restated in its entirety solely with respect to the Affected Securities as follows:
Limitations on Incurrence of Indebtedness. (i) SEMA will not create, incur, assume or permit to exist, or permit any Subsidiary (other than any Designated Subsidiary) to create, incur, assume or permit to exist, any Indebtedness other than Permitted Indebtedness.
(i) SEMA will not permit any Designated Subsidiary to create, incur, assume or permit to exist, any Indebtedness other than Designated Subsidiary Permitted Indebtedness.
Limitations on Incurrence of Indebtedness. The Hospital Corporation shall not incur any Long-Term Indebtedness and shall not incur any Indebtedness in excess of $100,000.
Limitations on Incurrence of Indebtedness. (a) The Issuer will not, and will not permit any Restricted Subsidiary to, directly or indirectly, incur any Indebtedness; provided that the Issuer or any Restricted Subsidiary may incur additional Indebtedness, in each case, if, as of the date of incurrence, after giving effect to such incurrence and the application of the proceeds therefrom, the Consolidated Leverage Test would be satisfied (the “Leverage Ratio Exception”).
(b) Notwithstanding the above, each of the following shall be permitted (the “Permitted Indebtedness”):
Limitations on Incurrence of Indebtedness. Excluding the Subordinated Notes to be issued and sold at the Closing, the total outstanding principal balance of Indebtedness of the Authority shall not exceed an aggregate of $270 million, plus Subordinated Notes to evidence indebtedness incurred pursuant to the Secured Completion Guarantee, at any one time outstanding; provided, however, that the total Indebtedness of the Authority permitted to be outstanding at any one time shall be reduced to the extent that the outstanding principal amount of the Senior Secured Notes is reduced from time to time, and provided further that with respect to any incurrence by the Authority of Indebtedness (the "Refinancing Indebtedness") issued in exchange for, or the proceeds of which are used to extend, refinance, renew, replace, or refund outstanding Indebtedness (i) the principal amount of such Refinancing Indebtedness shall not exceed the principal amount of Indebtedness so extended, refinanced, renewed, replaced, substituted or refunded (plus the amount of reasonable expenses incurred and any premium paid in connection therewith), and (ii) if Refinancing Indebtedness is being issued to refinance the Senior Secured Notes or any portion thereof, such Refinancing Indebtedness shall have a Weighted Average Life to Maturity (as defined in the Senior Secured Note Indenture) not less than the Weighted Average Life to Maturity of the Senior Secured Notes.
