Average Adjusted Leverage Ratio Sample Clauses

Average Adjusted Leverage Ratio. The Borrower and its Consolidated Subsidiaries shall not (except as provided in the Facility Documents), directly or indirectly, create, incur, assume, guarantee, or otherwise become, directly or indirectly, liable with respect to, any Subordinated Debt which is Funded Debt (other than Existing Subordinated Funded Debt, the Subordinated Notes, Inter-Company Debt and Swaps (as each term is defined in Schedule B)) after November 20, 1998, unless, immediately after giving effect thereto and to the application of the proceeds thereof (and without duplication), no Default or Event of Default exists, and the Average Adjusted Leverage Ratio does not exceed 3.50 to 1.0.