investment grade credit rating from any replacement rating agency or rating agencies selected by the Company.
Moodys means Moodys Investors Service, Inc., and its successors.
Rating Agencies means (1) each of Moodys, S&P and Fitch; (2) if any of
Moodys, S&P or Fitch ceases to rate the notes or fails to make a rating of the notes publicly available for reasons outside of the Companys control, a nationally recognized statistical rating organization within the
meaning of Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company (as certified by a resolution of the Companys Board of Directors) to act as a replacement agency for Moodys,
S&P or Fitch or all of them, as the case may be.
Rating Event means the credit rating on
the notes is lowered by at least two of the three Rating Agencies and the notes are rated below an Investment Grade Rating by at least two of the three Rating Agencies on any day during the period (which period shall be extended so long as the
rating of the notes is under publicly announced consideration for a possible downgrade by any of the Rating Agencies) commencing 60 days prior to the first public notice of the occurrence of a Change of Control or the Companys intention
to effect a Change of Control and ending 60 days following consummation of such Change of Control.
S&P means Standard & Poors Rating Services, a division of The McGraw-Hill
Companies, Inc., and its successors.
Voting Stock means, with respect to any specified
person (as that term is used in Section 13(d)(3) of the Exchange Act) as of any date, the capital stock of such person that is at the time entitled to vote generally in the election of the board of directors of such person.
Limitation on Liens
Company covenants and agrees for the benefit of the Holders that for so long as any notes are outstanding, the Company will not, and will not permit any of its subsidiaries to, create, assume, incur or suffer to exist any Lien upon any Principal
Property or upon any shares of Capital Stock or Indebtedness of any subsidiary owning or leasing any Principal Property, whether owned or leased on the date of the indenture or thereafter acquired, other than Permitted Liens or as permitted under
Exempted Liens and Sale-Leaseback Transactions below, to secure any Indebtedness incurred or guaranteed by the Company or any subsidiary, without in any such case making effective provision whereby all of the notes then outstanding
(together with, if the Company so determines, any other Indebtedness or guarantee thereof by the Company ranking equally with the notes) shall be secured equally and ratably with, or prior to, such Indebtedness so long as such Indebtedness shall be
Permitted Liens means:
(i) Liens existing on the date of the indenture or the date the notes are issued and securing Indebtedness in an aggregate
principal amount not exceeding the greater of $25.0 million or 5% of Consolidated Stockholders Equity of the Company; provided that no increase in the amount secured thereby is permitted;
(ii) Liens on the property or assets of the Company or any other property or assets of the subsidiaries of the Company
given to secure the payment of the purchase price incurred in connection with the acquisition, lease (including any Capital Lease Obligation) or construction of property (other than accounts receivable or inventory) intended to be used in carrying
on of the business of the Company or the businesses of the subsidiaries of the Company, including Liens existing on such
RPM International Inc. (NYSE: RPM) owns subsidiaries that are world leaders in coatings, sealants, building materials and related services. From homes to precious landmarks worldwide, their brands are trusted by consumers and professionals alike to protect, improve and beautify. Among its leading consumer brands are Rust-Oleum, DAP and Zinsser. Learn more about RPM brands >>
RPM is a compelling long-term investment.
The percent by which RPM's 10-year total return has bested the S&P 500. More reasons >>
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