Incurrence of Funded Debt. The Company will not, and will not permit any Subsidiary to, directly or indirectly, create, incur, assume, guarantee, or otherwise become directly or indirectly liable with respect to, any Funded Debt, except: (a) the Notes; (b) Funded Debt owing to the Company or a Wholly-Owned Subsidiary; (c) Funded Debt outstanding on the date hereof and disclosed in Schedule 5.15, and any renewals, extensions, and refundings thereof so long as (i) no Default or Event of Default shall exist, and (ii) there is no increase in the aggregate principal amount thereof outstanding, in each case on the date of any such renewal, extension or refunding; and (d) additional Funded Debt so long as on the date the Company or such Subsidiary becomes liable with respect to any such Funded Debt and immediately after giving effect thereto and the concurrent retirement of any other Funded Debt, (i) no Default or Event of Default exists, (ii) the sum of (A) Consolidated Senior Funded Debt, plus (B) the Clean-Down Amount of Consolidated Current Debt, does not exceed 55% of Consolidated Total Capitalization, and (iii) the sum of (A) Consolidated Funded Debt, plus (B) the Clean-Down Amount of Consolidated Current Debt, does not exceed 65% of Consolidated Total Capitalization.
Appears in 3 contracts
Sources: Note Purchase Agreement (Smucker J M Co), Note Purchase Agreement (Smucker J M Co), Note Purchase Agreement (Smucker J M Co)