Exempted Indebtedness definition

Exempted Indebtedness means, as of any particular time, all then-outstanding Indebtedness of the Issuer and its Principal Property Subsidiaries incurred after the Issue Date and secured by any mortgage, security interest, pledge or lien other than those permitted by Section 3.5(b).

Exempted Indebtedness means any Indebtedness or other obligation which would be considered “Exempted Indebtedness” under (and as defined in) any indenture, agreement or instrument governing or evidencing any Existing Unsecured Debt, as such indenture, agreement or interest is in effect on the Original Effective Date.

Exempted Indebtedness means as of any particular time the sum of (i) all then outstanding indebtedness for borrowed money of the Company and Restricted Subsidiaries incurred after the date hereof and secured by any mortgage, security interest, pledge or lien other than those permitted by paragraph (a) of Section 10.7, and (ii) all Attributable Debt with respect to Sale and Leaseback Transactions entered into by the Company and Restricted Subsidiaries after the date hereof other than those permitted by paragraph (a) of Section 10.8.

Examples of Exempted Indebtedness in a sentence

• Notwithstanding the provisions of Section 3.5(b), during any Suspension Period, if the Election Date has occurred, Parent Guarantor or any of Parent Guarantor’s Restricted Property Subsidiaries may, without equally and ratably securing the Notes and the Guarantees, create or assume Liens that would otherwise be subject to the foregoing restrictions if at the time of such creation or assumption, and after giving effect thereto, Exempted Indebtedness does not exceed 10% of Consolidated Net Tangible Assets.

• Notwithstanding the provisions of paragraph (a) of this Section 10.9, the Company or any Restricted Subsidiary may enter into Sale and Leaseback Transactions, if at the time of such entering into, and after giving effect thereto, Exempted Indebtedness does not exceed 15% of Consolidated Net Tangible Assets.

• Notwithstanding the provisions of Section 3.5(b), during any Suspension Period, if the Election Date has occurred, Parent Guarantor or any of Parent Guarantor’s Restricted Property Subsidiaries may, without equally and ratably securing the Notes and the Guarantees, create or assume Liens that would otherwise be subject to the foregoing restrictions if at the time of such creation or assumption, and after giving effect thereto, Exempted Indebtedness does not exceed 10.0% of Consolidated Net Tangible Assets.

• Notwithstanding the provisions of paragraph (a) of this Section 10.9, the Company or any Restricted Subsidiary may enter into Sale and Leaseback Transactions, if at the time of such entering into, and after giving effect thereto, Exempted Indebtedness does not exceed 10% of Consolidated Net Tangible Assets.

• Notwithstanding the provisions of Section 3.5(b), from and after an Election Date and until a Reversion Date thereafter, the Issuer or any Subsidiary may, without equally and ratably securing the Notes and the Guarantees, create or Incur Liens that would otherwise be subject to the foregoing restrictions if, at the time of such creation or Incurrence, and after giving effect thereto, Exempted Indebtedness does not exceed 10.0% of Consolidated Net Tangible Assets.

More Definitions of Exempted Indebtedness

Exempted Indebtedness means Indebtedness of which the Company or any of its Subsidiaries is an obligor or guarantor, or that has been assumed by the Company or any of its Subsidiaries, which Indebtedness is secured by a Lien (other than a Permitted Lien), or any Attributable Indebtedness of the Company or any of its Subsidiaries, provided that the sum of the aggregate principal amount of all such Indebtedness then outstanding (other than the Notes) so secured by a Lien (other than a Permitted Lien) and the amount of all the outstanding Attributable Indebtedness, in each case not otherwise permitted by Section 4.06 or 4.07, does not at the time such Indebtedness or Attributable Indebtedness is incurred exceed 10% of the Consolidated Net Tangible Assets of the Company and its Subsidiaries.

Exempted Indebtedness means the sum of (i) all outstanding indebtedness of the Company and its Restricted Subsidiaries incurred after the date of this Indenture and secured by liens proscribed in paragraph (a) of Section 3.6, and (ii) the aggregate of present values (discounted at a rate per annum equal to the average interest borne by all Outstanding Securities determined on a weighted average basis and compounded semi-annually) of the obligations of the Company or any Restricted Subsidiaries for rental payments during the remaining term of all leases (including any period for which any such lease has been extended or may, at the option of the lessor, be extended) of all Principal Property other than those leases expressly permitted by paragraph (a) of Section 3.7. The net amount of rent required to be paid under any such lease for any such term shall be the amount of the rent payable by the lessee with respect to such period, after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges and contingent rents such as those based on sales. In the case of any such lease which is terminable by the lessee upon the payment of a penalty, such net amount shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated.

Exempted Indebtedness means as of any particular time the sum of (i) all then-outstanding indebtedness for borrowed money of the Company and Restricted Subsidiaries incurred after the date hereof and secured by any mortgage, security interest, pledge or lien other than those permitted by paragraph (a) of Section 10.08, and (ii) all Attributable Debt with respect to Sale and Leaseback Transactions entered into by the Company and Restricted Subsidiaries after the date hereof other than those permitted by paragraph (a) of Section 10.09.

Exempted Indebtedness means, as of any particular time, the sum of (i) the aggregate principal amount of all then outstanding indebtedness for borrowed money of the Company and Domestic Subsidiaries incurred after July 1, 1992 and secured by any mortgage, security interest, pledge or lien other than those permitted by paragraph (a) of Section 9.3 and (ii) all Attributable Debt pursuant to Sale and Leaseback Transactions (as defined in Section 9.4) incurred by the Company and Domestic Subsidiaries after July 1, 1992 at such time outstanding other than that which is not prohibited by or is permitted pursuant to paragraph (a) of Section 9.4.

Exempted Indebtedness means, as of any particular time, the sum of (i) the aggregate principal amount of all then outstanding indebtedness for money borrowed of the Company and Subsidiaries issued, assumed or guaranteed directly or indirectly after the date of this Indenture and secured by any mortgage, security interest, pledge, lien or other encumbrance other than those permitted by paragraph (a) of Section 1006 and (ii) all Attributable Debt in respect of Sale and Lease-Back Transactions (as defined in Section 1007) incurred after the date of this Indenture and at such time outstanding other than that permitted pursuant to paragraph (a) of Section 1007.

Exempted Indebtedness means, as of any particular time, all then outstanding Indebtedness of the Lux Co-Issuer and Principal Property Subsidiaries incurred after the Issue Date and secured by any mortgage, security interest, pledge or lien other than those permitted by Section 3.5(b).

Exempted Indebtedness means the sum of all outstanding indebtedness of the Company and its Restricted Subsidiaries incurred after the date of this Indenture and secured by liens proscribed in paragraph (a) of Section 1007 or proscribed by paragraph (a) of Section 1008, provided however, that the amount of Exempted Indebtedness outstanding in respect of a Sale and Leaseback Transaction shall be the amount of indebtedness capitalized in respect thereof on the financial statements of the Company or Restricted Subsidiary, as applicable, after excluding amounts required to be paid on account of maintenance and repairs, insurance, taxes, assessments, water rates and similar charges and contingent rents such as those based on sales, and provided further that in the case of any such lease which is terminable by the lessee upon the payment of a penalty, such net amount shall also include the amount of such penalty, but no rent shall be considered as required to be paid under such lease subsequent to the first date upon which it may be so terminated.