Limitation on Subsidiary Debt. The Parent shall not permit the outstanding principal amount of Debt of its Subsidiaries (other than (i) Debt owed to any Borrower or Guarantor and (ii) Debt owed under this Agreement or any Loan Document) at any time to exceed, in the aggregate, an amount equal to or greater than 10% of Consolidated Total Assets.
Appears in 2 contracts
Sources: Credit Agreement (Valspar Corp), Credit Agreement (Valspar Corp)
Limitation on Subsidiary Debt. The Parent shall not permit the outstanding principal amount of Debt of its Subsidiaries (other than (i) Debt owed to any Borrower or Guarantor and the Borrower, (ii) Debt owed under this Agreement or any Loan Document, (iii) Debt under any of the Chase Credit Documents, and (iv) Debt evidenced by the Lilly Securities (as such term is defined in the Chase Credit Documents)) at any time to exceed, in the aggregate, an amount equal to or greater than 10% of Consolidated Total Assets.
Appears in 1 contract
Sources: Credit Agreement (Valspar Corp)