Limit on Amount of Bonds Sample Clauses

Limit on Amount of Bonds. The Borrower represents that on the date of issuance of the Bonds, (i) obligations have not been assumed, capital expenditures have not been made and outstanding obligations do not exist that will cause the "aggregate face amount" of the Bonds as computed under the provisions of Section 144(a) and related sections of the Code to exceed $10,000,000, and (ii) outstanding obligations do not exist that will cause the "aggregate face amount" of the Bonds allocated to any "test-period beneficiary," as defined in Section 144(a)(10) of the Code, when increased by such obligations, to exceed $40,000,000. The "aggregate authorized face amount" of the Bonds allocated to any "test period beneficiary" (as defined in Section 144(a)(10) of the Code) of the Project, when increased by the outstanding "tax-exempt facility related" bonds allocated to such test period beneficiary, does not exceed $40,000,000. The Borrower covenants that the Borrower will not allow (i) any person or entity to become a test period beneficiary of the facilities financed by the Bonds, if such act would cause such $40,000,000 limit to be exceeded, as provided in Section 144(a)(10) of the Code and (ii) make capital expenditures in amounts within the three years after the date of the issuance of the Bonds that would cause the $10,000,000 limitation set forth in Section 144(a)(4) of the Code to be exceeded.