Limitations on Priority Debt. On and after the Collateral Release Date, the Company will not, and will not permit any Restricted Subsidiary to, create, assume or incur or in any manner be or become liable in respect of any Priority Debt, unless at the time of issuance thereof and after giving effect thereto and to the application of the proceeds thereof, Priority Debt shall not exceed 20% of Consolidated Total Capitalization. Any Person which becomes a Restricted Subsidiary after the date of this agreement shall, for all purposes of this Section 10.4, be deemed to have created, assumed or incurred, at the time it becomes a Restricted Subsidiary, all Priority Debt of such Person existing immediately after it became a Restricted Subsidiary.
Limitations on Priority Debt. The Company will not at any time permit Priority Debt to exceed 15% of Total Capitalization as of the last day of the then most recently ended fiscal quarter of the Company.
Limitations on Priority Debt. Create, issue, incur, assume, become liable in respect of or suffer to exist Priority Debt at any time outstanding in an aggregate principal amount exceeding 12.5% of Consolidated Total Assets (determined as of the most recently ended Fiscal Quarter for which financial statements are available).
Limitations on Priority Debt. The Company will not, and will not permit any Restricted Subsidiary to, create, assume or incur or in any manner be or become liable in respect of any Priority Debt, unless at the time of issuance thereof and after giving effect thereto and to the application of the proceeds thereof, Priority Debt shall not exceed 20% of Consolidated Total Capitalization.
Limitations on Priority Debt. The Company covenants that it will not permit, at any time, Priority Debt to exceed 20% of Consolidated Total Capitalization.”
Limitations on Priority Debt. The Loan Parties will not at any time on or after the Closing Date permit Priority Debt to exceed 20% of Consolidated Net Worth (determined as of the then most recently ended fiscal quarter of the Borrower); provided, however, that no portion of the Priority Debt permitted hereby may (x) secure, directly or indirectly, any obligations under the 1999 Senior Notes, the 2010 Senior Notes, or any other Guaranteed Indebtedness or (y) be incurred if an Event of Default or Default then exists or would exist immediately after giving effect thereto.
Limitations on Priority Debt. The Company will not at any time permit the aggregate principal amount of Priority Debt to exceed 20% of Consolidated Tangible Net Worth.
Limitations on Priority Debt. 27 Section 10.5. Limitation on Liens . . . . . . . . . . . . . . . 27 Section 10.6. Sales of Assets . . . . . . . . . . . . . . . . . 29 Section 10.7.
Limitations on Priority Debt. The Company covenants that it will not, and will not permit any of its Subsidiaries to, incur, assume or otherwise become liable with respect to any Priority Debt unless, at the time of incurrence thereof and after giving effect thereto and to the application of the proceeds thereof, such Debt is permitted under the provisions of paragraph 6B and paragraph 6C and the aggregate principal amount of Priority Debt then outstanding does not exceed 20% of Consolidated Net Worth; provided, that, for purposes of determining compliance with the foregoing limitation, the amount of `total assets' of the Company and its Subsidiaries used to determine Consolidated Net Worth shall be adjusted upward to add-back (to the extent otherwise reduced thereby) amounts (net of taxes) in respect of non-cash charges relating to write-downs of investments in internet-related businesses made prior to January 1, 2001; provided further, that, the aggregate amount of all such upward adjustments permitted hereby shall not exceed $7,762,000; and provided still further, that, for purposes of determining compliance with the foregoing limitation, the amount of `total assets' of the Company and its Subsidiaries used to determine Consolidated Net Worth shall be adjusted upward to add-back (to the extent otherwise reduced thereby) amounts (net of taxes) attributable to the 2001 Non-Cash Charges reported and taken in the Company's fourth fiscal quarter of 2001; provided, however, that, the aggregate amount of such upward adjustments attributable to the 2001 Non-Cash Charges permitted hereby shall not exceed $32,209,000.".
(g) Paragraph 6 of the Note Agreement is hereby amended by adding at the end thereof, immediately prior to Paragraph 7 of the Note Agreement, the following new paragraphs 6G and 6H, in their entirety:
Limitations on Priority Debt. (a) The Company will not, at any time, permit Priority Debt to exceed 15% of Consolidated Net Worth.
(b) Any corporation which becomes a Subsidiary after the date hereof shall for all purposes of this Section 10.6 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.
