Restrictions on Secured Indebtedness. (a) The Company will not, and will not cause or permit a Restricted Subsidiary to, Incur any Secured Indebtedness unless the Notes will be secured equally and ratably with (or prior to) such Secured Indebtedness.
(b) Notwithstanding the foregoing paragraph (a), the Company and its Restricted Subsidiaries may Incur Secured Indebtedness:
(i) which is secured by Liens on model homes, homes under construction, homes held for sale, homes that are under contract for sale, contracts for the sale of homes, land (improved or unimproved), manufacturing plants, warehouses or office buildings and fixtures, equipment located thereat or thereon and other related property customarily included as collateral under mortgages, deeds of trust and related documents for a homebuilding or other land development project;
(ii) which is secured by Liens on assets at the time of their acquisition by the Company or a Restricted Subsidiary, including Capitalized Lease Obligations, which Liens secure obligations assumed by the Company or a Restricted Subsidiary, or on assets of a Person existing at the time such Person is acquired or merged with or into or consolidated with the Company or any such Restricted Subsidiary (and not created in anticipation or contemplation thereof);
(iii) which is secured by Liens arising from conditional sales agreements or title retention agreements with respect to property acquired by the Company or a Restricted Subsidiary;
(iv) which is secured by Liens incurred in connection with pollution control, industrial revenue, water sewage or any similar item;
(v) which is secured by Liens securing Indebtedness of a Restricted Subsidiary owed to the Company or to a Wholly Owned Restricted Subsidiary of the Company; and
(vi) which consists of any amendment, restatement, supplement, renewal, replacement, extension or refunding in whole or in part, of Secured Indebtedness permitted to be Incurred pursuant to this Section 6.02 at the time of the original Incurrence thereof.
(c) Notwithstanding the foregoing paragraph (a), the Company and its Restricted Subsidiaries may Incur Secured Indebtedness, without equally or ratably securing the Notes, if immediately thereafter the sum of (i) the aggregate principal amount of all Secured Indebtedness outstanding Incurred by the Company or any of the Restricted Subsidiaries (excluding (A) Secured Indebtedness permitted under clauses (i) through (vi) of Section 6.02(b) above and (B) any Secured Indebtedness in relation to whic...
Restrictions on Secured Indebtedness. None of the Borrowers nor any of their Consolidated Subsidiaries shall create, incur, assume, or be or remain liable, contingently or otherwise, with respect to any Secured Indebtedness other than:
(a) Secured Indebtedness consisting of (i) Indebtedness of Ryder’s Consolidated Subsidiaries to a Borrower and (ii) unsecured Intercompany Indebtedness; and
(b) other Secured Indebtedness (including, without limitation, Indebtedness under capitalized leases); provided that the aggregate amount of Secured Indebtedness outstanding, pursuant to this §9.1(b) shall not exceed at any time thirty percent (30%) of the Adjusted Consolidated Tangible Assets of Ryder and its Consolidated Subsidiaries, determined at such time. For purposes of calculating the amount of Secured Indebtedness of Ryder and its Consolidated Subsidiaries under §9.1(b), Ryder shall be deemed to have incurred Secured Indebtedness in an amount equal to the aggregate amount of all Derivatives Obligations which are secured by a lien permitted pursuant to Section §9.2(e).
Restrictions on Secured Indebtedness. If the Company or any Restricted Subsidiary incurs any Indebtedness secured by a Lien (other than a Permitted Lien) on any asset or property of the Company or any Restricted Subsidiary, the Company or such Restricted Subsidiary will secure the Notes equally and ratably with (or at the Company's option, prior to) such secured Indebtedness so long as such Indebtedness is so secured, unless the aggregate amount of all Indebtedness secured by Liens (other than Permitted Liens), together with all Attributable Indebtedness of the Company and the Restricted Subsidiaries with respect to any Sale/Leaseback Transactions (with the exception of such transactions which are excluded as set forth in subclauses (A) through (D) of clause (2) below), would not exceed 12.5% of Consolidated Net Tangible Assets.
Restrictions on Secured Indebtedness. The Borrower will not ------------------------------------ create, incur, assume or suffer to exist any secured Indebtedness, except:
(a) the Indebtedness incurred pursuant to this Agreement and the other Loan Documents;
Restrictions on Secured Indebtedness. The Borrower shall not, and shall not permit any of its Subsidiaries to, create, incur, assume or suffer to exist any secured Indebtedness other than (a) (i) Capitalized Lease Liabilities and Operating Lease Liabilities outstanding on March 31, 2007 and set forth on Schedule 7.2.1(a) and (ii) Capitalized Lease Liabilities and Operating Lease Liabilities entered into in the ordinary course of business not to exceed at any time an aggregate notional principal amount of $100,000,000, including in the case of each of clause (i) and clause (ii) above, Capitalized Lease Liabilities and Operating Lease Liabilities entered into in the ordinary course of business to replace or refinance Capitalized Lease Liabilities or Operating Lease Liabilities permitted pursuant to this Section 7.2.1(a), (b) secured Indebtedness of any kind whatsoever existing on the Closing Date, (c) secured Indebtedness permitted to be secured pursuant to Section 7.2.2; or (d) Permitted Refinancing Indebtedness.
Restrictions on Secured Indebtedness. Guarantor will not create, incur, assume or suffer to exist any secured Indebtedness, except the Indebtedness incurred pursuant to this Agreement and the other Basic Documents, other than:
Restrictions on Secured Indebtedness. The Borrower will not create, incur, assume or suffer to exist any secured Indebtedness other than:
(a) (i) Capitalized Lease Liabilities, (ii) other secured Indebtedness of any kind whatsoever existing on the Effective Date and (iii) other secured Indebtedness not to exceed 10% of the Borrower's Net Tangible Assets, PROVIDED that: (A) neither the Company nor its subsidiaries shall be permitted to create, incur, assume or suffer to exist secured Indebtedness in reliance upon this SECTION 8.2.1(a)(iii) until the earlier to occur -50- of: (x) April 5, 2003, if the Borrower's Debt Rating is at least BBB- by S&P and Baa3 by Xxxxx'x (with stable outlook from each rating agency), and (y) the date on which S&P rates the Borrower's Debt rating at least BBB or higher and Xxxxx'x rates the Borrower's Debt Rating at least Baa2 or higher (with stable outlook from each rating agency); and (B) NOTWITHSTANDING any restriction in this SECTION 8.2.1(A)(III), the Company and its subsidiaries shall be permitted to create, incur, assume or suffer to exist secured Indebtedness in reliance upon this SECTION 8.2.1(A)(III) to secure Indebtedness not to exceed $100 million in the aggregate; PROVIDED that any secured Indebtedness exceeding such amount may be secured pursuant to CLAUSE (F) of SECTION 8.2.2; and
(b) Non-Recourse Debt with respect to which the Borrower has pledged the stock of a Subsidiary in order to secure initial project financing obtained or being obtained after the Effective Date hereof by such Subsidiary (or the Partnership in which such Subsidiary is a partner).
Restrictions on Secured Indebtedness. The Borrower will not create, incur, assume or suffer to exist any secured Indebtedness other than:
(a) Capitalized Lease Liabilities and other secured Indebtedness of any kind whatsoever (including, without limitation, Indebtedness secured by a pledge of the stock of a Subsidiary not otherwise permitted under clause (b) of this Section 8.2.1) at any time ---------- ------------- outstanding not exceeding an aggregate principal amount equal to 10% of Net Tangible Assets, subject to Section 8.2.3(g) hereof, and ------- --------
(b) Indebtedness with respect to which the Borrower has pledged the stock of a Subsidiary in order to secure initial project financing obtained or being obtained after the Effective Date hereof by such Subsidiary (or the Partnership in which such Subsidiary is a partner) if such Indebtedness, as to the Borrower, is Non-Recourse Debt.
Restrictions on Secured Indebtedness. The Guarantor will not create, incur, assume or suffer to exist any secured Indebtedness other than:
(i) Capitalised Lease Liabilities and other secured Indebtedness of any kind whatsoever (including, without limitation, Indebtedness secured by a pledge of the stock of a Subsidiary not otherwise permitted under Clause 4.2.1(ii)) at any time outstanding not exceeding an aggregate principal amount equal to 10% of Net Tangible Assets; provided that any Indebtedness exceeding such amount may be secured pursuant to Clause 4.2.2(vi) and
(ii) Non-Recourse Debt with respect to which the Guarantor has pledged the stock of a Subsidiary in order to secure initial project financing obtained or being obtained after the Effective Date by such Subsidiary (or the Partnership in which such Subsidiary is a partner).
Restrictions on Secured Indebtedness. None of the Borrowers will, nor xxxx Xxxxx permit any of its Consolidated Subsidiaries to, create, incur, assume, or be or remain liable, contingently or otherwise, with respect to any Secured Indebtedness, other than:
