Examples of Non-Guarantor Restricted Subsidiary in a sentence
No Restricted Subsidiary (other than a Subsidiary Guarantor) may Incur any Indebtedness if the proceeds are used to refinance Indebtedness of the Borrower or a Subsidiary Guarantor, except to the extent that the Indebtedness of the Borrower so refinanced consists of the Guarantee of Indebtedness of a Non-Guarantor Restricted Subsidiary.
In addition, the Company will not permit any Non-Guarantor Restricted Subsidiary to guarantee the payment of any Indebtedness of the Company or any other Guarantor unless such Non-Guarantor Restricted Subsidiary simultaneously delivers a supplemental indenture in the form of Exhibit D providing for a Guarantee of the Notes by such Non-Guarantor Restricted Subsidiary.
Notwithstanding any other provision of this Section 4.09, in no event will any Non-Guarantor Restricted Subsidiary be permitted to incur Indebtedness under Section 4.09(b)(iv), (xiv), (xvi) and (xix) in an aggregate principal amount (or accreted value, as applicable) at any time outstanding in excess of $50.0 million.
For purposes of this definition, “ Non-Compliant Subsidiary ” means any Restricted Subsidiary of a Person acquired pursuant to a Permitted Acquisition that will not become a Subsidiary Guarantor in accordance with the requirements of clause (b) of this definition, and “ Non-Compliant Assets ” means any assets acquired pursuant to a Permitted Acquisition to be held by a Non-Guarantor Restricted Subsidiary.
Upon the redesignation of an Unrestricted Subsidiary as a Restricted Subsidiary, such Restricted Subsidiary (unless such Restricted Subsidiary is a Non-Guarantor Restricted Subsidiary) shall execute a supplemental Indenture to become a Subsidiary Guarantor and shall become a party to all applicable Collateral Documents.