Common use of Limitation on Secured Indebtedness Clause in Contracts

Limitation on Secured Indebtedness. The Company will not, nor shall it permit any Restricted Subsidiary to, incur, issue, assume, guarantee or create any Secured Indebtedness without effectively providing concurrently with the incurrence, issuance, assumption, guaranty or creation of any such Secured Indebtedness that the outstanding Notes (together with, if the Company shall so determine, any other Indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated to the outstanding Notes) shall be secured equally and ratably with (or prior to) such Secured Indebtedness, so long as such Secured Indebtedness will be secured by a Lien, unless, after giving effect thereto, the sum of the aggregate amount of (a) all outstanding Secured Indebtedness of the Company and its Restricted Subsidiaries, plus (b) all Attributable Debt in respect of sale and leaseback transactions (with the exception of Attributable Debt which is excluded pursuant to clauses (1) to (6) inclusive of Section 4.04 below), plus (c) all Indebtedness of CNH Capital Canada Ltd. (other than Indebtedness of CNH Capital Canada Ltd. owed to CNH Global, Fiat Industrial S.p.A., any other Parent of CNH Global, or any of the Subsidiaries of CNH Global, Fiat Industrial S.p.A. or such other Parent of CNH Global) to the extent not included under (a) or (b) above, would not exceed 15% of Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries; provided, however, that this restriction will not apply to, and there will be excluded from Secured Indebtedness in any computation under this Section 4.03, Indebtedness secured by:

Limitation on Secured Indebtedness. Unless specified, as contemplated by the Indenture or this Agreement, as the case may be, not to be applicable to Securities of any series, this Section shall be applicable to Securities of each series for the benefit of the Securities of such series as long as any Securities of such series are Outstanding. The Company Guarantor will not, nor shall it and will not permit any Restricted Subsidiary to, incur, issuecreate, assume, incur or guarantee or create any Secured Indebtedness without effectively providing concurrently with making provision whereby all the incurrence, issuance, assumption, guaranty or creation of any such Secured Indebtedness that the outstanding Notes (together with, if the Company shall so determine, any other Indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated to the outstanding Notes) Securities shall be secured equally and ratably with (or prior to) such Secured IndebtednessIndebtedness (together with, if the Guarantor shall so determine, any other indebtedness of the Guarantor or such Restricted Subsidiary then existing or thereafter created which is not subordinate to the Securities) so long as such Secured Indebtedness will shall be secured by a Lienoutstanding unless such Secured Indebtedness, unless, after giving effect thereto, the sum of when added to (a) the aggregate amount of (a) all outstanding Secured Indebtedness of then outstanding (not including in this computation Secured Indebtedness if the Company Guarantees are secured equally and its Restricted Subsidiaries, plus ratably with (or prior to) such Secured Indebtedness and further not including in this computation any Secured Indebtedness which is concurrently being retired) and (b) the aggregate amount of all Attributable Debt then outstanding pursuant to Sale and Leaseback Transactions entered into by the Guarantor after July 15, 1985, or, entered into by a Restricted Subsidiary after July 15, 1985, or, if later, the date on which it became a Restricted Subsidiary (not including in respect of sale and leaseback transactions (with the exception of this computation any Attributable Debt which is excluded pursuant to clauses (1) to (6) inclusive of Section 4.04 belowconcurrently being retired), plus (c) all Indebtedness of CNH Capital Canada Ltd. (other than Indebtedness of CNH Capital Canada Ltd. owed to CNH Global, Fiat Industrial S.p.A., any other Parent of CNH Global, or any of the Subsidiaries of CNH Global, Fiat Industrial S.p.A. or such other Parent of CNH Global) to the extent not included under (a) or (b) above, would not exceed 1510% of Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries; provided, however, that this restriction will not apply to, and there will be excluded from Secured Indebtedness in any computation under this Section 4.03, Indebtedness secured by:Assets.

Limitation on Secured Indebtedness. Unless specified, as contemplated by Section 2.02 or Section 3.01, as the case may be, not to be applicable to Securities of any series, this Section shall be applicable to Securities of each series for the benefit of the Securities of such series as long as any Securities of such series are Outstanding (subject to clause (a)(ii) of Section 5.03, as contemplated by subclause (x) thereof). The Company Guarantor will not, nor shall it and will not permit any Restricted Subsidiary to, incur, issuecreate, assume, incur or guarantee or create any Secured Indebtedness without effectively providing concurrently with making provision whereby the incurrenceGuarantee of all the Securities (or, issuance, assumption, guaranty or creation of any such Secured Indebtedness that following the outstanding Notes (together with, if the Company shall so determine, any other Indebtedness substitution of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated to by the outstanding NotesGuarantor in accordance with Section 9.03, all the Securities) shall be secured equally and ratably with (or prior to) such Secured IndebtednessIndebtedness (together with, if the Guarantor shall so determine, any other indebtedness of the Guarantor or such Restricted Subsidiary then existing or thereafter created which is not subordinate to the Securities) so long as such Secured Indebtedness will shall be secured by a Lienoutstanding unless such Secured Indebtedness, unless, after giving effect thereto, the sum of when added to (a) the aggregate amount of (a) all outstanding Secured Indebtedness then outstanding (not including in this computation Secured Indebtedness if the Guarantee is (or, following the substitution of the Company by the Guarantor in accordance with Section 9.03, the Securities are) secured equally and its Restricted Subsidiaries, plus ratably with (or prior to) such Secured Indebtedness and further not including in this computation any Secured Indebtedness which is concurrently being retired) and (b) the aggregate amount of all Attributable Debt then outstanding pursuant to Sale and Leaseback Transactions entered into by the Guarantor after July 15, 1985, or, entered into by a Restricted Subsidiary after July 15, 1985, or, if later, the date on which it became a Restricted Subsidiary (not including in respect of sale and leaseback transactions (with the exception of this computation any Attributable Debt which is excluded pursuant to clauses (1) to (6) inclusive of Section 4.04 belowconcurrently being retired), plus (c) all Indebtedness of CNH Capital Canada Ltd. (other than Indebtedness of CNH Capital Canada Ltd. owed to CNH Global, Fiat Industrial S.p.A., any other Parent of CNH Global, or any of the Subsidiaries of CNH Global, Fiat Industrial S.p.A. or such other Parent of CNH Global) to the extent not included under (a) or (b) above, would not exceed 1510% of Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries; provided, however, that this restriction will not apply to, and there will be excluded from Secured Indebtedness in any computation under this Section 4.03, Indebtedness secured by:Assets.

Limitation on Secured Indebtedness. The Company will not, nor shall it permit any Restricted Subsidiary to, incur, issue, assume, guarantee or create any Secured Indebtedness without effectively providing concurrently with the incurrence, issuance, assumption, guaranty or creation of any such Secured Indebtedness that the outstanding Notes (together with, if the Company shall so determine, any other Indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated to the outstanding Notes) shall be secured equally and ratably with (or prior to) such Secured Indebtedness, so long as such Secured Indebtedness will be secured by a Lien, unless, after giving effect thereto, the sum of the aggregate amount of (a) all outstanding Secured Indebtedness of the Company and its Restricted Subsidiaries, plus (b) all Attributable Debt in respect of sale and leaseback transactions (with the exception of Attributable Debt which is excluded pursuant to clauses (1) to (6) inclusive of Section 4.04 below), plus (c) all Indebtedness of CNH Industrial Capital Canada Ltd. (other than Indebtedness of CNH Industrial Capital Canada Ltd. owed to CNH GlobalIndustrial, Fiat Industrial S.p.A., or any other Parent of CNH GlobalIndustrial, or any of the Subsidiaries of CNH Global, Fiat Industrial S.p.A. or such other any Parent of CNH GlobalIndustrial) to the extent not included under (a) or (b) above, would not exceed 15% of Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries; provided, however, that this restriction will not apply to, and there will be excluded from Secured Indebtedness in any computation under this Section 4.03, Indebtedness secured by:

Limitation on Secured Indebtedness. The Company will not, nor shall it permit any Restricted Subsidiary to, incur, issue, assume, guarantee or create any Secured Indebtedness without effectively providing concurrently with the incurrence, issuance, assumption, guaranty or creation of any such Secured Indebtedness that the outstanding Notes (together with, if the Company shall so determine, any other Indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated to the outstanding Notes) shall be secured equally and ratably with (or prior to) such Secured Indebtedness, so long as such Secured Indebtedness will be secured by a Lien, unless, after giving effect thereto, the sum of the aggregate amount of (a) all outstanding Secured Indebtedness of the Company and its Restricted Subsidiaries, plus (b) all Attributable Debt in respect of sale and leaseback transactions (with the exception of Attributable Debt which is excluded pursuant to clauses (1) to (6) inclusive of Section 4.04 below), plus (c) all Indebtedness of CNH Capital Canada Ltd. (other than Indebtedness of CNH Capital Canada Ltd. owed to CNH GlobalIndustrial, Fiat Industrial S.p.A., or any other Parent of CNH GlobalIndustrial, or any of the Subsidiaries of CNH Global, Fiat Industrial S.p.A. or such other any Parent of CNH GlobalIndustrial) to the extent not included under (a) or (b) above, would not exceed 15% of Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries; provided, however, that this restriction will not apply to, and there will be excluded from Secured Indebtedness in any computation under this Section 4.03, Indebtedness secured by:

Limitation on Secured Indebtedness. Unless specified, as contemplated by Section 202 or Section 301, as the case may be, not to be applicable to Securities of any series, this Section shall be applicable to Securities of each series for the benefit of the Securities of such series as long as any Securities of such series are Outstanding (subject to clause (a)(ii) of Section 503, as contemplated by subclause (x) thereof). The Company will notnot create, nor shall it assume, incur or guarantee, and will not permit any Restricted Subsidiary to, incur, issueto create, assume, guarantee incur or create guarantee, any Secured Indebtedness without effectively providing concurrently making provision whereby all the Securities shall be secured equally and ratably with the incurrence, issuance, assumption, guaranty (or creation of any prior to) such Secured Indebtedness that the outstanding Notes (together with, if the Company shall so determine, any other Indebtedness indebtedness of the Company or such Restricted Subsidiary then existing or thereafter created which is not subordinated subordinate to the outstanding NotesSecurities) so long as such Secured Indebtedness shall be outstanding unless such Secured Indebtedness, when added to (a) the aggregate amount of all Secured Indebtedness then outstanding (not including in this computation Secured Indebtedness if the Securities are secured equally and ratably with (or prior to) such Secured Indebtedness, so long as such Indebtedness and further not including in this computation any Secured Indebtedness will be secured by a Lien, unless, after giving effect thereto, the sum of which is concurrently being retired) and (b) the aggregate amount of (a) all outstanding Secured Indebtedness of the Company and its Restricted Subsidiaries, plus (b) all Attributable Debt then outstanding pursuant to Sale and Leaseback Transactions entered into by the Company after July 15, 1985, or, entered into by a Restricted Subsidiary after July 15, 1985, or, if later, the date on which it became a Restricted Subsidiary (not including in respect of sale and leaseback transactions (with the exception of this computation any Attributable Debt which is excluded pursuant to clauses (1) to (6) inclusive of Section 4.04 belowconcurrently being retired), plus (c) all Indebtedness of CNH Capital Canada Ltd. (other than Indebtedness of CNH Capital Canada Ltd. owed to CNH Global, Fiat Industrial S.p.A., any other Parent of CNH Global, or any of the Subsidiaries of CNH Global, Fiat Industrial S.p.A. or such other Parent of CNH Global) to the extent not included under (a) or (b) above, would not exceed 155% of Consolidated Net Tangible Assets of the Company and its Restricted Subsidiaries; provided, however, that this restriction will not apply to, and there will be excluded from Secured Indebtedness in any computation under this Section 4.03, Indebtedness secured by:Assets.