Third Party Indebtedness. On the Effective Date, immediately after giving effect to the Transactions, none of the Lead Borrower or any of its Subsidiaries shall have any third party indebtedness (other than (x) the Loans and other extensions of credit under this Agreement, (y) Additional Permanent Financing in an aggregate amount such that, immediately after giving effect to the Transactions and the incurrence or issuance of such Additional Permanent Financing, the Total Leverage Ratio of the Lead Borrower, calculated on a pro forma basis, shall not exceed 3.00 to 1.00 and (z) working capital facilities of the Lead Borrower’s Subsidiaries), and the Administrative Agent shall have received evidence satisfactory to it that all guarantees and security provided by the Lead Borrower and its Subsidiaries in connection with the Existing Credit Agreement have been terminated, cancelled and released.
Appears in 2 contracts
Sources: Credit Agreement (ESAB Corp), Credit Agreement (ESAB Corp)