Common use of Limitation on Debt of Restricted Subsidiaries Clause in Contracts

Limitation on Debt of Restricted Subsidiaries. Unless otherwise indicated with respect to any series of Securities, the Company agrees as to each series of Securities, that it will not permit any Restricted Subsidiary to create, incur, issue, assume or guaranty any Debt, except: (i) Debt outstanding on the date of the Indenture; (ii) Debt issued to and held by the Company or a wholly-owned Restricted Subsidiary; (iii) Debt created, incurred, issued, assumed or guaranteed by a Person prior to the time the Person became, merges into, or consolidates with such Person and thereby such Person becomes a Restricted Subsidiary (which Debt was not incurred in anticipation of such transaction and was outstanding prior to such transaction); (iv) Debt incurred to provide funds for all or part of the cost of acquisition, construction, development or improvement of property, provided that the commitment of the creditor to extend the credit evidenced by such Debt shall have been obtained not later than 270 days after the later of (a) the completion of the acquisition, construction, development or improvement of such property or (b) the placing in operation of such property; (v) Debt which is exchanged for, or the proceeds of which are used to replace or refund, any Debt permitted to be outstanding pursuant to clauses (i) through (iv) above (or any extension or renewal thereof), in an aggregate principal amount not to exceed the principal amount of the Debt so exchanged, replaced or refunded; (vi) guaranties of Debt of the Company and any of its Subsidiaries, whether owned at the time of this Indenture or hereafter acquired, so long as the Outstanding Securities (together with, if the Company shall so determine, any other Debt of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinate to the Securities) shall be guaranteed equally and ratably with or, at the option of the Company, prior to such Debt so long as such Debt shall be so guaranteed; and (vii) Debt not otherwise permitted pursuant to clauses (i) through (vi) above that, together with any other outstanding Debt created, incurred, issued, assumed or guaranteed pursuant to this clause (vi), has an aggregate principal amount at any time outstanding that does not exceed 15% of Consolidated Net Tangible Assets."

Limitation on Debt of Restricted Subsidiaries. Unless otherwise indicated indicated, with respect to any series of Securities, the Company agrees as to each series of Securities, that it will not permit any Restricted Subsidiary to create, incur, issue, assume or guaranty any Debt, except: : (i) Debt outstanding on the date of the Indenture; (ii) Debt issued to and held by the Company or a wholly-owned Restricted Subsidiary; (iii) Debt created, incurred, issued, assumed or guaranteed by a Person prior to the time the Person became, merges into, or consolidates with such Person and thereby such Person becomes a Restricted Subsidiary (which Debt was not incurred in anticipation of such transaction and was outstanding prior to such transaction); (iv) Debt incurred to provide funds for all or part of the cost of acquisition, construction, development or improvement of property, provided that the commitment of the creditor to extend the credit evidenced by such Debt shall have been obtained not later than 270 days after the later of (a) the completion of the acquisition, construction, development or improvement of such property or (b) the placing in operation of such property; (v) Debt which is exchanged for, or the proceeds of which are used to replace or refund, any Debt permitted to be outstanding pursuant to clauses (i) through (iv) above (or any extension or renewal thereof), in an aggregate principal amount not to exceed the principal amount of the Debt so exchanged, replaced or refunded; and (vi) guaranties of Debt of the Company and any of its Subsidiaries, whether owned at the time of this Indenture or hereafter acquired, so long as the Outstanding Securities (together with, if the Company shall so determine, any other Debt of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinate to the Securities) shall be guaranteed equally and ratably with or, at the option of the Company, prior to such Debt so long as such Debt shall be so guaranteed; and (vii) Debt not otherwise permitted pursuant to clauses (i) through (viv) above that, together with any other outstanding Debt created, incurred, issued, assumed or guaranteed pursuant to this clause (vi), has an aggregate principal amount at any time outstanding that does not exceed 15% of Consolidated Net Tangible Assets."