Exempted Debts Clause Samples
The Exempted Debts clause defines specific types of debts that are not subject to certain provisions or restrictions within an agreement, such as those related to debt limitations or covenants. Typically, this clause lists categories of obligations—like existing loans, trade payables, or debts incurred in the ordinary course of business—that are carved out from broader debt restrictions. By clearly identifying which debts are exempt, the clause ensures that routine or previously agreed-upon financial obligations do not inadvertently trigger breaches or require additional approvals, thereby providing clarity and flexibility for ongoing business operations.
Exempted Debts. Notwithstanding the restrictions in this Indenture contained in Sections 10.11 and 10.13, the Company or its Subsidiaries may, in addition to amounts permitted under such restrictions, issue, assume or guarantee Indebtedness secured by ▇▇▇▇▇, or enter into Sale and Leaseback Transactions; provided, however, that, after giving effect thereto, the aggregate outstanding amount of all such Indebtedness secured by Liens plus Attributable Debt resulting from such Sale and Leaseback Transactions (collectively, the "Exempted Debt") does not exceed 17.5% of Consolidated Net Tangible Assets at the time such Lien is granted or at the time such Sale and Leaseback Transaction is entered into."
Exempted Debts. Notwithstanding the restrictions in this Indenture contained in Section 10.11 and Section 10.13, the Company or its Subsidiaries may issue, assume or guarantee Indebtedness secured by Liens, or enter into Sale and Leaseback Transactions; provided however, that, after giving effect thereto, the aggregate outstanding amount of all such Indebtedness secured by Liens plus Attributable Debt resulting from such Sale and Leaseback Transactions (collectively, the "Exempted Debts") does not exceed 15% of Consolidated Net Tangible Assets at the time such Lien is granted or at the time such Sale and Leaseback Transaction is entered into.
Exempted Debts. Notwithstanding the restrictions in the Indenture on (i) Liens and (ii) Sale and Leaseback Transactions, the Company or its Subsidiaries may, in addition to amounts permitted under such restrictions, issue, assume or guarantee Indebtedness secured by Liens, or enter into Sale and Leaseback Transactions, provided, however, that, after giving effect thereto, the aggregate outstanding amount of all such Indebtedness secured by Liens plus Attributable Debt resulting from such Sale and Leaseback Transactions (collectively, the "Exempted Debt") does not exceed __% of Consolidated Net Tangible Assets. No Special Protection in the Event of a Highly Leveraged Transaction. The terms of the Notes will not afford the holders special protection in the event of a highly leveraged transaction.
Exempted Debts. 44 ARTICLE ELEVEN.