QUARTER OF THE BORROWER
TO BE LESS THAN 2.00 TO 1.00.
(B)
CONSOLIDATED LEVERAGE RATIO.
PERMIT THE CONSOLIDATED LEVERAGE
RATIO AS OF THE LAST DAY OF ANY FISCAL QUARTER TO BE GREATER THAN 6.00 TO 1.00.
7.14
LICENSE SUBSIDIARIES.
EXCEPT AS SET FORTH ON SCHEDULE 5.17 OR
PERMITTED BY THE TERMS OF SECTION 5.17, PERMIT ANY SUBSIDIARY (OTHER THAN A
LICENSE SUBSIDIARY) TO HOLD ANY FCC LICENSES, OR PERMIT ANY LICENSE SUBSIDIARY
TO BE AN UNRESTRICTED SUBSIDIARY, EXCEPT STRICTLY IN ACCORDANCE WITH THE TERMS
HEREOF.
THE BORROWER SHALL NOT PERMIT ANY LICENSE SUBSIDIARY TO (A) INCUR,
CREATE, ASSUME OR PERMIT TO EXIST ANY INDEBTEDNESS OTHER THAN THE OBLIGATIONS
AND INDEBTEDNESS OWING BY A LICENSE SUBSIDIARY TO ANY OTHER LOAN PARTY, (B)
INCUR, CREATE, ASSUME OR PERMIT TO EXIST ANY LIEN OF ANY NATURE WHATSOEVER ON
ANY PROPERTY OR ASSETS NOW OWNED OR HEREAFTER ACQUIRED BY IT EXCEPT (I) IN FAVOR
OF THE ADMINISTRATIVE AGENT, FOR THE BENEFIT OF THE LENDERS AND (II)
SUBORDINATED GUARANTIES PERMITTED BY SECTION 7.03, (C) MAKE ANY CAPITAL
EXPENDITURES, (D) ACQUIRE ANY ASSETS OTHER THAN THE LICENSES, (E) CONDUCT ANY
BUSINESS, OR (F) HIRE OR ENGAGE ANY EMPLOYEES.
NO LICENSE SUBSIDIARY SHALL BE
AN UNRESTRICTED SUBSIDIARY UNLESS ALL ENTITIES (I) OPERATING AND (II) OWNING A
SUBSTANTIAL AMOUNT OR THE RELATED STATION'S ASSETS ARE ALSO UNRESTRICTED
SUBSIDIARIES.
7.15
SENIOR SUBORDINATED NOTES.
MAKE ANY INTEREST OR PRINCIPAL PAYMENT
ON THE SENIOR SUBORDINATED NOTES OR OTHER SUBORDINATED INDEBTEDNESS DURING THE
EXISTENCE OF A PAYMENT DEFAULT OR EVENT OF DEFAULT.
UPON THE OCCURRENCE OF AN
EVENT OF DEFAULT, THE BORROWER AND THE PARENT SHALL IMMEDIATELY, UPON THE
WRITTEN REQUEST OF THE ADMINISTRATIVE AGENT, NOTIFY THE TRUSTEE UNDER THE
INDENTURE OF SUCH OCCURRENCE.
UPON THE OCCURRENCE OF ANY BREACH DEFAULT OR
EVENT OF DEFAULT UNDER THE INDENTURE OR ANY OTHER SENIOR SUBORDINATED NOTES
DOCUMENTS, THE PARENT AND THE BORROWER SHALL PROMPTLY NOTIFY THE ADMINISTRATIVE
AGENT.
THE PARENT AND THE BORROWER SHALL TAKE ALL ACTIONS NECESSARY UNDER THE
INDENTURE TO CAUSE THE OBLIGATIONS TO BE DESIGNATED SENIOR INDEBTEDNESS (AS THAT
TERM IS DEFINED IN THE INDENTURE) AT ALL TIMES AND FOR ALL PURPOSES OF THE
INDENTURE AND THE SENIOR SUBORDINATED NOTES.
7.16
SALE AND LEASEBACK TRANSACTIONS.
ENTER INTO ANY ARRANGEMENT
WHEREBY THE PARENT, THE BORROWER, OR ANY RESTRICTED SUBSIDIARY SELLS OR
TRANSFERS ANY OF ITS ASSETS, AND THEREAFTER RENTS OR LEASES SUCH ASSETS,
PROVIDED THAT, SO LONG AS THE THERE EXISTS NO DEFAULT BOTH BEFORE AND AFTER
GIVING EFFECT TO THIS TRANSACTION AND THE BORROWER IS OTHERWISE IN COMPLIANCE
WITH THE PROVISIONS OF SECTION 7.05, THE BORROWER, THE PARENT AND THEIR
RESTRICTED SUBSIDIARIES
78
MAY CONSUMMATE SALES AND LEASEBACKS AGGREGATING NOT MORE THAN $15,000,000 IN
GROSS SALES PROCEEDS FOR ALL SUCH TRANSACTIONS OVER THE TERM OF THIS AGREEMENT.
7.17
UNRESTRICTED SUBSIDIARIES.
INVEST (WHETHER IN CASH, CONTRIBUTION
OF ASSETS OR EQUITY INTERESTS OR OTHERWISE, PROVIDED THAT THE VALUE OF THE
ASSETS AND EQUITY INTERESTS SHALL BE DETERMINED TO BE THE FAIR MARKET VALUE OF
SUCH ASSETS AND EQUITY INTERESTS ON THE DATE