Common use of Developer Right and Responsibility to Finance Clause in Contracts

Developer Right and Responsibility to Finance. 4.1.1 Developer may grant security interests in or assign the entire Developer’s Interest (but not less than the entire Developer’s Interest) to Lenders for purposes of securing the Facility Debt, subject to the terms and conditions contained in this Agreement and the Lease. Developer is strictly prohibited from pledging or encumbering the Developer’s Interest, or any portion thereof, to secure any indebtedness of any Person other than (a) Developer, (b) any special purpose entity that owns Developer but no other assets and has powers limited to the Facility and Work, (c) a special purpose entity subsidiary owned by Developer or an entity described in clause (b) above, or (d) the PABs Issuer.

Developer Right and Responsibility to Finance. 4.1.1 Developer may grant security interests in or assign the entire Developer’s Interest (but not less than the entire Developer’s Interest) to Lenders for purposes of securing the Facility Project Debt, subject to the terms and conditions contained in this Agreement and the Lease. Developer is strictly prohibited from pledging or encumbering the Developer’s Interest, or any portion thereof, to secure any indebtedness of any Person other than (a) Developer, (b) any special purpose entity that owns Developer but no other assets and has powers limited to the Facility Project and Work, (c) a special purpose entity subsidiary owned by Developer or an entity described in clause (b) above, or (d) the PABs Issuer.

Developer Right and Responsibility to Finance. 4.1.1 13.1.1 Developer may grant security interests in or assign the entire Developer’s Interest (but not less than the entire Developer’s Interest) to Lenders for purposes of securing the Facility Project Debt, subject to the terms and conditions contained in this Agreement and the LeaseAgreement. Developer is strictly prohibited from pledging or encumbering the Developer’s Interest, or any portion thereof, to secure any indebtedness of any Person other than (a) Developer, (b) any special purpose entity that owns Developer but no other assets and has purposes and powers limited to the Facility Project and Work, (c) a special purpose entity subsidiary owned by either Developer or an entity described in clause (b) above, or (d) the PABs Issuer.

Developer Right and Responsibility to Finance. 4.1.1 Developer may grant security interests in or assign the entire Developer’s Interest (but not less than the entire Developer’s Interest) to Lenders for purposes of securing the Facility Debt, subject to the terms and conditions contained in this Agreement and the Lease. Developer is strictly prohibited from pledging or encumbering the Developer’s Interest, or any portion thereof, to secure any indebtedness of any Person other than (a) Developer, (b) any special purpose entity that owns Developer but no other assets and has powers limited to Developer, the Facility and Work, (c) a special purpose entity subsidiary owned by Developer or an entity described in clause (b) above, or (d) the PABs Issuer.