Common use of Limitation on Additional Debt Clause in Contracts

Limitation on Additional Debt. The Authority will not issue and/or incur any additional Senior Lien Debt, Parity Debt or Subordinate Obligations, unless (i) the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130%, (ii) with respect to Senior Lien Debt and Parity Debt, the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt or Parity Debt will be at least equal to 150% and (iii) the Authority remains in compliance with the Program Documents and this Section 8.13. Promptly, and in any event within ten (10) Business Days following the issuance or incurrence of any Senior Lien Debt, Parity Debt or Subordinate Obligations, the Authority shall deliver to the Lender a certification executed by the Authority’s duly appointed and acting Executive Director, Chief Deputy Director or Deputy Director for Finance & Administration as to compliance with all debt service coverage ratios that are required to be satisfied as a condition precedent to the issuance or incurrence of said Senior Lien Debt, Parity Debt or Subordinate Obligations. Notwithstanding the foregoing, the Authority will not issue any additional Senior Lien Debt, Parity Debt or Subordinate Obligations unless and until the following conditions have been satisfied: (i) no Event of Default shall have occurred and then be continuing (provided, however, that this clause (i) shall not preclude the Authority from issuing Senior Lien Debt, Parity Debt or Subordinate Obligations from and after the occurrence of an Event of Default if contemporaneously with the issuance of such indebtedness, this Agreement is terminated and all Obligations due and owing hereunder have been paid in full); (ii) the aggregate principal amount of Sales Tax Revenue Obligations authorized to be issued under the Ordinances and the Indenture, together with all outstanding Sales Tax Revenue Obligations, shall not in combination exceed any limitation imposed by the Ordinances or the Act; and (iii) the Authority shall have delivered to the Lender a certificate in the form attached hereto as Exhibit G-2 certifying that the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130% with respect to Senior Lien Debt, Parity Debt and Subordinate Obligations and 150% with respect to Senior Lien Debt and Parity Debt. For the avoidance of doubt, the requirements of this Section 8.13 shall not apply to the making of Advances or Loans hereunder.

Limitation on Additional Debt. The Authority City will not issue and/or or incur any additional Revenue Obligations (other than for refunding purposes) unless (a) the conditions set forth in applicable Junior Lien Revenue Obligation Documents, Senior Lien DebtRevenue Obligation Documents and the documents providing for all Junior Subordinate Lien Revenue Obligations are satisfied (subject to the additional requirement that Junior Subordinate Lien Revenues, Parity subject to adjustment as permitted therein, for the most recently completed Fiscal Year for which Audited Financial Statements are available, were equal to at least 110% of Maximum Annual Junior Subordinate Lien Debt or Subordinate ObligationsService, unless including the debt service requirements for the Revenue Obligations proposed to be issued), (ib) the Maximum Annual Debt Service Coverage Ratio after giving conditions set forth in Sections 4.3 and 4.5 of the 2018 Junior Lien City Purchase Agreement are satisfied (and such provisions are incorporated herein by reference, mutatis mutandis, and shall be deemed to continue in effect to for the issuance benefit of such additional Senior Lien Debtthe Bank as in effect on the Closing Date, Parity Debt whether or Subordinate Obligations will be at least equal to 130%not said provisions otherwise remain in effect or are amended, (ii) with respect to Senior Lien Debt and Parity Debtwaived or modified), the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt or Parity Debt will be at least equal to 150% and (iiic) if the Authority remains in compliance with the Program Documents and this Section 8.13. Promptly, and in any event within ten (10) Business Days following the issuance or incurrence of any Senior Lien Debt, Parity Debt or Subordinate proposed Revenue Obligations are not Series Revolving Credit Revenue Obligations, the Authority shall deliver City determines that Series Revolving Credit Revenue Obligations could have been issued under the additional indebtedness tests described above in addition to the Lender a certification executed by proposed Revenue Obligations, in an amount sufficient to pay when due all principal of and interest on the Authority’s duly appointed Outstanding Amount of Revolving Loans and acting Executive Director, Chief Deputy Director or Deputy Director for Finance & Administration as to compliance with all debt service coverage ratios Maturity Loans at maturity. The City represents and covenants that are required to be satisfied as a condition precedent to execution and delivery of the issuance or incurrence of said Senior Lien Debt, Parity Debt or Subordinate Obligations. Notwithstanding the foregoing, the Authority will not issue any additional Senior Lien Debt, Parity Debt or Subordinate Revolving Credit Agreement Obligations unless and until the following conditions have been satisfied: (i) no Event of Default shall have occurred and then be continuing (provided, however, that this clause (i) shall not preclude the Authority from issuing Senior Lien Debt, Parity Debt or Subordinate Obligations from and after the occurrence of in an Event of Default if contemporaneously with the issuance of such indebtedness, this Agreement is terminated and all Obligations due and owing hereunder have been paid in full); (ii) the aggregate principal amount of Sales Tax Revenue Obligations not less than $200,000,000 has been duly authorized by the Ordinance. Upon execution and delivery of the Series Revolving Credit Agreement Obligations, a portion of the proceeds thereof will be applied and pledged to the extent necessary to pay the principal amount of all Obligations, which pledge shall be issued under the Ordinances and the Indenture, together with all outstanding Sales Tax prior to any pledge of such amounts to payment of Revenue Obligations, shall not in combination exceed any limitation imposed by the Ordinances or the Act; and (iii) the Authority shall have delivered to the Lender a certificate in the form attached hereto as Exhibit G-2 certifying that the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130% with respect to Senior Lien Debt, Parity Debt and Subordinate Obligations and 150% with respect to Senior Lien Debt and Parity Debt. For the avoidance of doubt, the requirements of this Section 8.13 shall not apply to the making of Advances or Loans hereunder.

Limitation on Additional Debt. The Authority (a) Savia will not issue and/or incur directly or indirectly, create, incur, assume, Guarantee or otherwise become or remain directly or indirectly liable with respect to any additional Senior Lien Debt, Parity Debt or Subordinate (including without limitation Derivatives Obligations, unless ) other than (i) Debt under the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130%Financing Documents, (ii) Savia Subordinated Debt, (iii) the Existing Swaps Debt, (iv) Debt existing on the Closing Date (excluding Debt under clauses (i), (ii) and (iii)) and Debt not otherwise permitted by any clause of this Section, in an aggregate principal amount (for all Debt under this clause (iv)) at any time outstanding not to exceed $20,000,000, (v) Debt of Savia incurred to refinance any Debt referred to in clauses (iii) or (iv), provided that the aggregate principal amount thereof is not increased and the obligors with respect thereto are not changed, (vi) Debt not included in the foregoing clauses including (A) up to $30,000,000 in the form of Guarantees of DNAP Debt referred to in clause (b)(ii) below and (B) additional Debt in an aggregate principal amount outstanding at any time not exceeding $50,000,000, (vii) Assumed Debt repaid on or within 60 days after the Closing Date with the proceeds of the Notes and (viii) other Debt so long as (x) the Net Cash Proceeds thereof are applied to repay the Notes to the extent required in accordance with Section 2.03 and (y) such Debt has a final maturity date that is at least one year after the final maturity date of the Notes and does not require any prepayments or repayments of principal thereof prior to such date. (b) DNAP will not directly or indirectly, create, incur, assume, Guarantee or otherwise become or remain directly or indirectly liable with respect to Senior Lien any Debt and Parity Debt(including without limitation Derivatives Obligations) other than (i) Debt under the Financing Documents, the Maximum Annual (ii) Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt or Parity Debt will be in an aggregate amount outstanding at least equal to 150% any time not exceeding $30,000,000 and (iii) other Debt so long as (A) the Authority remains in compliance with Net Cash Proceeds thereof are applied to repay the Program Documents and this Section 8.13. Promptly, and in any event within ten (10) Business Days following the issuance or incurrence of any Senior Lien Debt, Parity Debt or Subordinate Obligations, the Authority shall deliver Notes to the Lender extent required in accordance with Section 2.03 and (B) such Debt has a certification executed by the Authority’s duly appointed and acting Executive Director, Chief Deputy Director or Deputy Director for Finance & Administration as to compliance with all debt service coverage ratios final maturity date that are required to be satisfied as a condition precedent to the issuance or incurrence of said Senior Lien Debt, Parity Debt or Subordinate Obligations. Notwithstanding the foregoing, the Authority will not issue any additional Senior Lien Debt, Parity Debt or Subordinate Obligations unless and until the following conditions have been satisfied: (i) no Event of Default shall have occurred and then be continuing (provided, however, that this clause (i) shall not preclude the Authority from issuing Senior Lien Debt, Parity Debt or Subordinate Obligations from and is at least one year after the occurrence final maturity date of an Event the Notes and does not require any prepayments or repayments of Default if contemporaneously with the issuance of principal thereof prior to such indebtedness, this Agreement is terminated and all Obligations due and owing hereunder have been paid in full); (ii) the aggregate principal amount of Sales Tax Revenue Obligations authorized to be issued under the Ordinances and the Indenture, together with all outstanding Sales Tax Revenue Obligations, shall not in combination exceed any limitation imposed by the Ordinances or the Act; and (iii) the Authority shall have delivered to the Lender a certificate in the form attached hereto as Exhibit G-2 certifying that the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130% with respect to Senior Lien Debt, Parity Debt and Subordinate Obligations and 150% with respect to Senior Lien Debt and Parity Debt. For the avoidance of doubt, the requirements of this Section 8.13 shall not apply to the making of Advances or Loans hereunderdate.

Limitation on Additional Debt. The Authority will Garden State may not, and may not issue and/or incur permit its Restricted Subsidiaries to, directly or indirectly, Issue (including through any additional Senior Lien merger or consolidation to which Garden State or such Restricted Subsidiary is a party) any Debt, Parity except that Garden State and/or its Restricted Subsidiaries may Issue Debt or Subordinate Obligations, unless (i) the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130%, (ii) with respect to Senior Lien Debt and Parity Debt, the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt or Parity Debt will be at least equal to 150% and (iii) the Authority remains in compliance with the Program Documents and this Section 8.13. Promptly, and in any event within ten (10) Business Days following the issuance or incurrence of any Senior Lien Debt, Parity Debt or Subordinate Obligations, the Authority shall deliver to the Lender a certification executed by the Authority’s duly appointed and acting Executive Director, Chief Deputy Director or Deputy Director for Finance & Administration as to compliance with all debt service coverage ratios that are required to be satisfied as a condition precedent to the issuance or incurrence of said Senior Lien Debt, Parity Debt or Subordinate Obligations. Notwithstanding the foregoing, the Authority will not issue any additional Senior Lien Debt, Parity Debt or Subordinate Obligations unless and until the following conditions have been satisfied: if (i) no Default or Event of Default shall have occurred and then be continuing at such time or shall occur as a result of such issuance and (providedii) at the time such Debt is so Issued and after giving effect thereto and to the application of the net proceeds therefrom, howeverthe Leverage Ratio of Garden State shall not be greater than 6.75 to 1, that this clause if such Debt is Issued on or prior to December 31, 1999, 6.25 to 1, if such Debt is Issued after December 31, 1999, but on or prior to December 31, 2001, and 6.0 to 1, if such Debt is Issued thereafter. The limitations set forth in the immediately (i) shall not preclude the Authority from issuing Senior Lien Notes; (ii) Existing Debt; (iii) Debt under the Garden State Credit Facility, Parity Debt or Subordinate Obligations from and after PROVIDED that the occurrence of an Event of Default if contemporaneously with the issuance aggregate amount of such Debt does not, at any time, exceed $350.0 million, less any prepayments or scheduled payments actually made thereunder (to the extent, in the case of prepayments on revolving credit indebtedness, this Agreement is terminated and all Obligations due and owing hereunder that the corresponding commitments have been paid permanently reduced); (iv) Debt owing from or to Garden State and its Restricted Subsidiaries, PROVIDED that any Debt owing from Garden State to its Restricted Subsidiaries is subordinated to the Notes; (v) other Debt issued hereafter not to exceed in fullthe aggregate $50.0 million at any one time outstanding; (vi) Debt in respect of Capitalized Lease Obligations not to exceed in the aggregate $25.0 million at any one time outstanding (including those outstanding on the Issue Date); ; (vii) Acquired Debt; and (viii) any extension, renewal or replacement of the Debt described in clauses (i) and (ii) above, PROVIDED that (a) the aggregate principal amount of Sales Tax Revenue Obligations authorized Debt so issued (or, if such Debt is issued at a price less than the principal amount thereof, the original issue price) shall not exceed the aggregate principal amount of the Debt being extended, renewed or replaced, (b) any Debt so issued shall not mature prior to the stated maturity of the Debt being extended, renewed or replaced, and (c) the Debt so issued shall not have an Average Life less than the remaining Average Life of the Debt to be issued under the Ordinances and the Indentureextended, together with all outstanding Sales Tax Revenue Obligations, shall not in combination exceed any limitation imposed by the Ordinances renewed or the Act; and (iii) the Authority shall have delivered to the Lender a certificate in the form attached hereto as Exhibit G-2 certifying that the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130% with respect to Senior Lien Debt, Parity Debt and Subordinate Obligations and 150% with respect to Senior Lien Debt and Parity Debt. For the avoidance of doubt, the requirements of this Section 8.13 shall not apply to the making of Advances or Loans hereunderreplaced.

Limitation on Additional Debt. The Authority City will not issue and/or or incur any additional Revenue Obligations (other than for refunding purposes) unless (a) the conditions set forth in applicable Junior Lien Revenue Obligation Documents, Senior Lien DebtRevenue Obligation Documents and the documents providing for all Junior Subordinate Lien Revenue Obligations are satisfied (subject to the additional requirement that Junior Subordinate Lien Revenues, Parity subject to adjustment as permitted therein, for the most recently completed Fiscal Year for which Audited Financial Statements are available, were equal to at least 110% of Maximum Annual Junior Subordinate Lien Debt or Subordinate ObligationsService, unless including the debt service requirements for the Revenue Obligations proposed to be issued), (ib) the Maximum Annual Debt Service Coverage Ratio after giving conditions set forth in Sections 4.3 and 4.5 of the 2021 City Purchase Agreement are satisfied (and such provisions are incorporated herein by reference, mutatis mutandis, and shall be deemed to continue in effect to for the issuance benefit of such additional Senior Lien Debtthe Bank as in effect on the Closing Date, Parity Debt whether or Subordinate Obligations will be at least equal to 130%not said provisions otherwise remain in effect or are amended, (ii) with respect to Senior Lien Debt and Parity Debtwaived or modified), the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt or Parity Debt will be at least equal to 150% and (iiic) if the Authority remains in compliance with the Program Documents and this Section 8.13. Promptly, and in any event within ten (10) Business Days following the issuance or incurrence of any Senior Lien Debt, Parity Debt or Subordinate proposed Revenue Obligations are not Series Revolving Credit Revenue Obligations, the Authority shall deliver City determines that Series Revolving Credit Revenue Obligations could have been issued under the additional indebtedness tests described above in addition to the Lender a certification executed by proposed Revenue Obligations, in an amount sufficient to pay when due all principal of and interest on the Authority’s duly appointed Outstanding Amount of Revolving Loans and acting Executive Director, Chief Deputy Director or Deputy Director for Finance & Administration as to compliance with all debt service coverage ratios Maturity Loans at maturity. The City represents and covenants that are required to be satisfied as a condition precedent to execution and delivery of the issuance or incurrence of said Senior Lien Debt, Parity Debt or Subordinate Obligations. Notwithstanding the foregoing, the Authority will not issue any additional Senior Lien Debt, Parity Debt or Subordinate Revolving Credit Agreement Obligations unless and until the following conditions have been satisfied: (i) no Event of Default shall have occurred and then be continuing (provided, however, that this clause (i) shall not preclude the Authority from issuing Senior Lien Debt, Parity Debt or Subordinate Obligations from and after the occurrence of in an Event of Default if contemporaneously with the issuance of such indebtedness, this Agreement is terminated and all Obligations due and owing hereunder have been paid in full); (ii) the aggregate principal amount of Sales Tax Revenue Obligations not less than $200,000,000 has been duly authorized by the Ordinance. Upon execution and delivery of the Series Revolving Credit Agreement Obligations, a portion of the proceeds thereof will be applied and pledged to the extent necessary to pay the principal amount of all Obligations, which pledge shall be issued under the Ordinances and the Indenture, together with all outstanding Sales Tax prior to any pledge of such amounts to payment of Revenue Obligations, shall not in combination exceed any limitation imposed by the Ordinances or the Act; and (iii) the Authority shall have delivered to the Lender a certificate in the form attached hereto as Exhibit G-2 certifying that the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130% with respect to Senior Lien Debt, Parity Debt and Subordinate Obligations and 150% with respect to Senior Lien Debt and Parity Debt. For the avoidance of doubt, the requirements of this Section 8.13 shall not apply to the making of Advances or Loans hereunder.

Limitation on Additional Debt. The Authority will not issue and/or and/br incur any additional Senior Lien Debt, Parity Debt or Subordinate Obligations, unless unless (i) the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal egual to 130%, (ii) with respect to Senior Lien Debt and Parity Debt, the Maximum Annual Debt Service Coverage Ccverage Ratio after giving effect to the issuance of such additional Senior Lien Debt or Parity Debt will be at least equal egual to 150% 15C% and (iii) the Authority remains in compliance with the Program Documents and this Section 8.13. Promptly, and in any event within ten At least five (105) Business Days following prior to the date of issuance or incurrence of any Senior Lien Debt, Parity Debt or Subordinate Obligations, the Authority shall deliver to the Lender Administrative Agent, on behalf of the Lenders, a certification executed by the Authority’s duly appointed and acting Executive Director, Chief Deputy Director or Deputy Director X x xxxxxx for Finance X x xxxxx & Administration A dmi ni strati on as to compliance with all compl i ance wi th al I debt service coverage ratios servi ce ccverage rati os that are required reguired to be satisfied as a condition precedent to the issuance or incurrence of said Senior Lien Debt, Parity Debt or Subordinate Obligations. Notwithstanding the foregoing, the Authority will not issue any additional Senior Lien SeniorLien Debt, Parity Debt or Subordinate Obligations unless and until the following conditions have been satisfied: (i) no Event of Default shall have occurred and then be continuing (provided, however, that this clause (i) shall not preclude the Authority from issuing Senior Lien Debt, Parity Debt or Subordinate Obligations from and after the occurrence of an Event of Default if contemporaneously with the issuance of such indebtedness, this Agreement is terminated and all Obligations due and owing hereunder have been paid in full); ; (ii) the aggregate principal amount of Sales Tax Revenue Obligations authorized to be issued under the Ordinances and the Indenture, together with all outstanding Sales Tax Revenue Obligations, shall not in combination exceed any limitation imposed by the Ordinances or the Act; and (iii) the Authority shall have delivered to the Lender Administrative Agent, on behalf of the Lenders, a certificate in the form attached hereto as Exhibit G-2 certifying that the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal egual to 130% with respect to Senior Lien Debt, Parity Debt and Subordinate Obligations and 150% 15C% with respect to Senior Lien Debt and Parity Debt. For the avoidance of doubt, the requirements reguirements of this Section thi s Secti on 8.13 shall shal I not apply to the making xxxx xx of Advances or Loans L oans hereunder.

Limitation on Additional Debt. The Authority will not issue and/or incur any additional Senior Lien Debt, Parity Debt or Subordinate Obligations, unless (i) the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130%, (ii) with respect to Senior Lien Debt and Parity Debt, the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt or Parity Debt will be at least equal to 150% and (iii) the Authority remains in compliance with the Program Documents and this Section 8.13. Promptly, and in any event within ten (10) Business Days following the issuance or incurrence of any Senior Lien Debt, Parity Debt or Subordinate Obligations, the Authority shall deliver to the Lender a certification executed by the Authority’s duly appointed and acting Executive Director, Chief Deputy Director or Deputy Director for Finance & Administration as to compliance with all debt service coverage ratios that are required to be satisfied as a condition precedent to the issuance or incurrence of said Senior Lien Debt, Parity Debt or Subordinate Obligations. Notwithstanding the foregoing, the Authority will not issue any additional Senior Lien Debt, Parity Debt or Subordinate Obligations unless and until the following conditions have been satisfied: (ia) no Event of Default shall have occurred and then be continuing (provided, however, that this clause (ia) shall not preclude the Authority from issuing Senior Lien Debt, Parity Debt or Subordinate Obligations from and after the occurrence of an Event of Default if contemporaneously with the issuance of such indebtedness, this Agreement is terminated and all Obligations due and owing hereunder have been paid in full); ; (iib) the aggregate principal amount of Sales Tax Revenue Obligations authorized to be issued under the Ordinances and the Indenture, together with all outstanding Sales Tax Revenue Obligations, shall not in combination exceed any limitation imposed by the Ordinances or the Act; and (iiic) the Authority shall have delivered to the Lender a certificate in the form attached hereto as Exhibit G-2 certifying that the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130% with respect to Senior Lien Debt, Parity Debt and Subordinate Obligations and 150% with respect to Senior Lien Debt and Parity Debt. For the avoidance of doubt, the requirements requirement to deliver a certificate of this clause (c) of Section 8.13 shall not apply to the making of Advances or Loans hereunder.

Limitation on Additional Debt. The Authority will Company shall not, and shall not issue and/or incur permit its Restricted Subsidiaries to, directly or indirectly, Issue any additional Senior Lien Debt, Parity except that the Company and/or its Restricted Subsidiaries may Issue Debt or Subordinate Obligations, unless (i) the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will be at least equal to 130%, (ii) with respect to Senior Lien Debt and Parity Debt, the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt or Parity Debt will be at least equal to 150% and (iii) the Authority remains in compliance with the Program Documents and this Section 8.13. Promptly, and in any event within ten (10) Business Days following the issuance or incurrence of any Senior Lien Debt, Parity Debt or Subordinate Obligations, the Authority shall deliver to the Lender a certification executed by the Authority’s duly appointed and acting Executive Director, Chief Deputy Director or Deputy Director for Finance & Administration as to compliance with all debt service coverage ratios that are required to be satisfied as a condition precedent to the issuance or incurrence of said Senior Lien Debt, Parity Debt or Subordinate Obligations. Notwithstanding the foregoing, the Authority will not issue any additional Senior Lien Debt, Parity Debt or Subordinate Obligations unless and until the following conditions have been satisfied: if (i) no Default or Event of Default shall have occurred and then be continuing at such time or shall occur as a result of such issuance and (providedii) at the time such Debt is so Issued and after giving effect thereto and to the application of the net proceeds therefrom, howeverthe Leverage Ratio of the Company shall not be greater than 6.75 to 1. (i) the Initial Notes; (ii) Existing Debt; (iii) Debt under the Credit Facility, to the extent that this the aggregate amount of such Debt does not, at any time, exceed $750.0 million, less the aggregate amount of Net Cash Proceeds of Asset Sales that have been applied by the Company since the Issue Date to the repayment of any term loans thereunder; (iv) Debt owing from or to the Company and its Restricted Subsidiaries, PROVIDED that any Debt owing from the Company to its Restricted Subsidiaries is subordinated to the Notes; (v) other Debt issued hereafter not to exceed in the aggregate $50.0 million at any one time outstanding; (vi) Debt in respect of Capitalized Lease Obligations and Purchase Money Obligations not to exceed in the aggregate $50.0 million at any one time outstanding; (vii) Acquired Debt; (viii) Debt incurred to renew, refinance or extend any Debt described in either clause (i) shall not preclude the Authority from issuing Senior Lien Debt, Parity Debt or Subordinate Obligations from and after the occurrence of an Event of Default if contemporaneously with the issuance of such indebtedness, this Agreement is terminated and all Obligations due and owing hereunder have been paid in full); (ii) above or represented by any Notes otherwise issued in compliance with this Indenture, PROVIDED that (a) in the case of Debt incurred to renew, refinance or extend any such Debt, the aggregate principal amount of Sales Tax Revenue Debt so issued (or, if such Debt is issued at a price less than the principal amount thereof, the original issue price) shall not exceed the aggregate principal amount of the Debt being extended, renewed or refinanced plus any premium, "make-whole" amounts and penalties actually paid on the Debt being extended, renewed or refinanced and all reasonable fees and expenses payable in connection with such renewal, refinancing or extension and (b) any Debt so issued shall not mature prior to the earlier of (x) the stated maturity of the Debt being extended, renewed or replaced and (y) 91 days following the stated maturity of the Notes and (ix) Debt under Hedging Obligations; PROVIDED that (a) such Hedging Obligations authorized are designed to protect against fluctuations in interest or currency rates or commodity prices and (b) in the case of any Hedging Obligations under clause (1) of the definition thereof, (I) such Hedging Obligations relate to payment obligations on Debt otherwise permitted to be issued incurred by this covenant, and (II) the notional principal amount of such Hedging Obligations at the time incurred does not exceed the amount of the Debt to which such Hedging Obligations relate. For purposes of this covenant, the accretion of original issue discount, the payment in kind of interest and dividends and the accrual of interest and dividends shall not be deemed to be Issuances of such Debt (but the accrual of any such amounts that constitute Debt shall be included for purposes of determining the Leverage Ratio). If an item of Debt meets the criteria of more than one of the categories described in clauses (i) through (ix) above or is permitted to be incurred pursuant to the first paragraph of this covenant and also meets the criteria of one or more of the categories described in clauses (i) through (ix) above, the Company may, in its sole discretion, classify such item of Debt in any manner that complies with this covenant and may from time to time reclassify such item of Debt in any manner in which such item could be incurred at the time of such reclassification; PROVIDED that Debt outstanding on the Issue Date under the Ordinances Credit Facility (and the Indenture, together with all outstanding Sales Tax Revenue Obligations, any refinancings thereof) shall not in combination exceed any limitation imposed by the Ordinances or the Act; and first be deemed to be incurred under clause (iii) the Authority shall have delivered to the Lender a certificate in the form attached hereto as Exhibit G-2 certifying that the Maximum Annual Debt Service Coverage Ratio after giving effect to the issuance of such additional Senior Lien Debt, Parity Debt or Subordinate Obligations will and may not be at least equal to 130% with respect to Senior Lien Debt, Parity Debt and Subordinate Obligations and 150% with respect to Senior Lien Debt and Parity Debt. For the avoidance of doubt, the requirements of this Section 8.13 shall not apply to the making of Advances or Loans hereunderreclassified.