Debt Restriction. Create, incur, assume or suffer to exist any Debt, except: (i) Debt in existence on March 28, 1996; (ii) Debt of any Subsidiary to the Company or to any other Subsidiary; and (iii) additional Debt of the Company and/or any Subsidiary subject to the proviso set forth below; PROVIDED, HOWEVER, (x) that the aggregate principal amount of consolidated Debt of the Company and its Subsidiaries shall not exceed at any time an amount equal to 58% of Consolidated Capitalization and (y) Priority Debt shall not exceed at any time an amount equal to 20% of Consolidated Tangible Net Worth.
Appears in 3 contracts
Sources: Note Purchase Agreement (Bearings Inc /Oh/), Private Shelf Notes Agreement (Applied Industrial Technologies Inc), Note Purchase Agreement (Applied Industrial Technologies Inc)