Common use of Limitations on Exchange and Issuance of Capital Stock Clause in Contracts

Limitations on Exchange and Issuance of Capital Stock. Issue, sell or otherwise dispose of any class or series of capital stock that, by its terms or by the terms of any security into which it is convertible or exchangeable, is, or upon the happening of an event or passage of time would be, (a) convertible or exchangeable into Indebtedness or (b) required to be redeemed or repurchased, including at the option of the holder, in whole or in part, or has, or upon the happening of an event or passage of time would have, a redemption or similar payment due, unless (i) no Default or Event of Default shall have occurred and be continuing both before and after giving effect to such issuance, sale or disposition and (ii) the Borrower shall have delivered to the Administrative Agent a Compliance Certificate demonstrating, in form and substance reasonably satisfactory thereto, the pro forma compliance, immediately before and after such issuance, sale or disposition, with the Consolidated Leverage Ratio covenant contained in Section 7.14(b).

Limitations on Exchange and Issuance of Capital Stock. Issue, sell or otherwise dispose of any class or series of capital stock that, by its terms or by the terms of any security into which it is convertible or exchangeable, is, or upon the happening of an event or passage of time would be, (a) convertible or exchangeable into Indebtedness or (b) required to be redeemed or repurchased, including at the option of the holder, in whole or in part, or has, or upon the happening of an event or passage of time would have, a redemption or similar payment due, unless (i) no Default or Event of Default shall have occurred and be continuing both before and after giving effect to such issuance, sale or disposition disposition, and (ii) the Borrower shall have delivered to the Administrative Agent a Compliance Certificate demonstrating, in form and substance reasonably satisfactory thereto, the pro forma compliance, immediately before and after such issuance, sale or disposition, with the Consolidated Leverage Ratio covenant contained in Section 7.14(b).