Subsequent Indebtedness Clause Samples

Subsequent Indebtedness. The Company shall not, directly or indirectly, without the prior written consent of the holders of a majority in aggregate principal amount of the Notes then outstanding, incur any Indebtedness after the Initial Closing Date other than (i) in accordance with the Company's loan and credit facilities outstanding as of the Initial Closing Date; (ii) Indebtedness that shall rank junior to the Notes; (iii) Indebtedness that will be used to redeem the Note in its entirety; or (iv) Indebtedness incurred in the normal course of business (i.e. senior secured facilities for the financing of vessels).

Subsequent Indebtedness. The Borrower will not permit at any time Subsequent Indebtedness to exceed 10% of Consolidated Total Assets.”

Subsequent Indebtedness is hereby added to the Shelf Agreement to read as follows:

Subsequent Indebtedness. The Buyer shall not, directly or indirectly, without the prior written consent of the holders of a majority in aggregate principal amount of the Convertible Note(s) then outstanding, incur any Indebtedness after the Closing Date other than Indebtedness incurred in the normal course of business.

Subsequent Indebtedness. (Section 7.2.20). The Subsequent Indebtedness as of the Report Date was $_________________ (from item (10 )(A)(iii) below), which amount does not exceed 10% of Consolidated Total Assets (from item (10)(B)(iv) below). (A) Subsequent Indebtedness as of the Report Date is calculated, without duplication, as follows: (i) the sum of all outstanding unsecured Indebtedness of all Subsidiaries of the Borrower, excluding any Indebtedness owed by a 100% Owned PNC Bank, National Association _________________, 200___ Subsidiary of the Borrower to any other 100% Owned Subsidiary of the Borrower and any any Indebtedness under the 2002 Note Purchase Agreements $__________ (ii) any portion of the unsecured Indebtedness listed in clause (i) above which is incurred pursuant to and permitted under Subsections (i) through (vi) and (viii) of Section 7.2.1 of the Credit Agreement $__________ (iii) item (A)(i) minus item (A)(ii) equals Subsequent Indebtedness as of the Report Date $__________ (B) 10% of Consolidated Total Assets as of the Report Date is calculated as follows: (i) the total assets of the Borrower and its Subsidiaries which would be shown as assets on a consolidated balance sheet of the Borrower and its Subsidiaries as of the Report Date prepared in accordance with GAAP $__________ (ii) all amounts properly attributable to minority interests, if any, in the stock and surplus of Subsidiaries $__________ (iii) item (B)(i) minus item (B)(ii) equals Consolidated Total Assets as of the Report Date $__________ (iv) 10% of item (B)(iii) equals 10% of Consolidated Total Assets as of the Report Date $__________

Subsequent Indebtedness. If the Company wants any