Limitations on Secured Indebtedness. The Parent shall not at any time on a Consolidated basis permit the ratio of (a) the Parent’s Secured Indebtedness to (b) the Consolidated Total Book Value to exceed forty-five percent (45%). ARTICLE VIII
Limitations on Secured Indebtedness. With respect to any series of Securities, the Company will not, nor shall it permit any Restricted Subsidiary with respect to such series 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 Securities of such series (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 Securities) 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 such 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 10.10 below), plus (c) all Indebtedness of CNH Industrial Capital Canada Ltd. (other than Indebtedness of CNH Industrial Capital Canada Ltd. owed to CNH Industrial, or any Parent of CNH Industrial, or any of the Subsidiaries of CNH Industrial or any Parent of CNH Industrial) to the extent not included under (a) or (b) above, would not exceed 15% of Consolidated Net Tangible Assets of the Company and such 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 10.09, Indebtedness secured by:
Limitations on Secured Indebtedness. The Parent shall not at any time on a Consolidated basis permit the sum of the Parent's Secured Non-Recourse Indebtedness and Secured Recourse Indebtedness to exceed thirty percent (30%) of the Parent Aggregate Asset Value.
Limitations on Secured Indebtedness. (a) Notwithstanding any Indebtedness that may be incurred under Section 6.01, the Borrower shall not, and shall not permit any of its Restricted Subsidiaries to, create, incur, assume or guarantee any Secured Indebtedness unless the Obligations are equally and ratably secured with (or on a senior basis to, if the Secured Indebtedness is subordinated Indebtedness) the Secured Indebtedness. Notwithstanding the foregoing, this Section 6.02(a) shall not prohibit the creation, incurrence, assumption or guarantee of Secured Indebtedness that is secured by:
Limitations on Secured Indebtedness. The Parent shall not at any time ----------------------------------- on a Consolidated basis permit the sum of the Parent's Secured Non-Recourse Indebtedness and Secured Recourse Indebtedness to exceed thirty percent (30%) of the Parent Total Cost Basis (including Hotel Properties to be immediately acquired using the proceeds from any Indebtedness).
Limitations on Secured Indebtedness. So long as any Notes remain outstanding, the Company shall not, directly or indirectly, create or incur, and shall not permit any of its Restricted Subsidiaries to, directly or indirectly, create or incur, any Secured Indebtedness without in any such case effectively providing, concurrently with or prior to the incurrence of any such Secured Indebtedness, that the Notes or, in respect of Liens on the property or assets of any Guarantor, the Guarantee of such Guarantor shall be secured equally and ratably with such Secured Indebtedness; provided, however, that the foregoing restrictions shall not prohibit the incurrence by the Company or any Restricted Subsidiary of Secured Indebtedness if, immediately after giving effect to the incurrence of such Secured Indebtedness, the sum of the aggregate amount of (a) all Secured Indebtedness then outstanding, excluding Secured Indebtedness which is secured to the same extent as the Notes or that is being repaid concurrently, and (b) all Attributable Debt payable under leases entered into by the Company or any Restricted Subsidiary pursuant to Section 4.3(a), does not at that time exceed 15% of Consolidated Net Tangible Assets.
Limitations on Secured Indebtedness. (a) Notwithstanding any Indebtedness that may be incurred in compliance with Section 4.10, the Company shall not, and shall not permit any of its Restricted Subsidiaries to, create, incur, assume or guarantee any Secured Indebtedness unless the Notes are equally and ratably secured with (or on a senior basis to, if such Secured Indebtedness is Subordinated Indebtedness) the Secured Indebtedness. Any Lien created for the benefit of the Holders of the Notes pursuant to the preceding sentence shall provide by its terms that such Lien shall be automatically and unconditionally released and discharged upon the release and discharge of the Lien securing such Secured Indebtedness.
Limitations on Secured Indebtedness. After the date hereof, neither the Company nor any Affiliate shall incur additional Senior Indebtedness (including interest which has accrued and is being deferred) other than Refunding Senior Indebtedness (as defined below), unless (i) at the time it is incurred and after giving effect thereto, the Security Ratio would be not less than 2.2 to 1; (ii) the Trustee, the Issuer and the Bondholders shall have been provided with an appraisal performed not more than two years prior to such incurrence by an independent appraiser of recognized standing and not unacceptable to the Trustee in its reasonable discretion of the value of the property subject to the liens of the Mortgages, which value shall be determined in accordance with the methodology used in the appraisal dated August 2, 1995 by Xxxxx X. Iatorola to arrive at an appraised value as of June 30, 1995 of $164,000,000; (iii) at the time of or after giving effect to the incurrence of such Senior Indebtedness, there shall not exist any Default, and (iv) the Company shall have furnished to the Trustee, the Issuer and the Bondholders a certificate of its Chief Financial Officer demonstrating in reasonable detail compliance by the Company and such Affiliate with the provisions of this subparagraph (k). Notwithstanding the foregoing, the provisions of the first sentence of this subparagraph (k) shall not apply to Refunding Senior Indebtedness. In addition, in connection with the incurrence of any Refunding Senior Indebtedness permitted to be incurred hereunder, the Trustee
Limitations on Secured Indebtedness. The Parent shall not ----------------------------------- on any date permit the sum of the Secured Non-Recourse Indebtedness and Secured Recourse Indebtedness of the Parent and its Subsidiaries on a Consolidated basis (excluding the Obligations), to be secured by Liens on Hotel Properties or other Investments which for the Rolling Period immediately preceding such date (a) for any date prior to July 1, 1999, produced 40% or more of the EBITDA of the Parent and its Subsidiaries on a Consolidated basis and (b) for any date on or after July 1, 1999, produced 30% or more of the EBITDA of the Parent and its Subsidiaries on a Consolidated basis. The Parent shall not on any date permit the Secured Indebtedness Ratio to exceed (a) prior to July 1, 1999, 2.75 to 1.0, and (b) on and after July 1, 1999, 2.5 to 1.0.
Limitations on Secured Indebtedness. (Section 7.05 of the Agreement).
