Common use of Limitation on Primary Debt Clause in Contracts

Limitation on Primary Debt. After the date hereof, neither the Company nor any Subsidiary or Affiliate shall incur additional Indebtedness having a Lien on the Project Facility or any part thereof senior to any lien securing the Series J Bonds or the obligations of the Company or any Subsidiary or Affiliate under this Agreement or any of the Loan Documents. After the date hereof, neither the Company nor any Subsidiary or Affiliate shall incur additional Indebtedness having a Lien on the Project Facility or any part thereof of equal priority with any lien securing the Series J Bonds or the obligations of the Company or any Subsidiary or Affiliate under this Agreement or any of the Loan Documents (all of such Indebtedness, together with any indebtedness incurred pursuant to the preceding sentence whether now outstanding or hereafter incurred being referred to as "Senior Indebtedness") if, at the time it is incurred and after giving effect thereto, (i) the Security Ratio would be less than 2.2 to 1; provided that no additional Senior Indebtedness (including interest which has accrued and is being deferred) shall be incurred without providing to the Trustee an appraisal performed not more than two years prior to such incurrence by an independent appraiser of recognized standing of the value of the property subject to the lien of the Mortgage; or (ii) if, at the time of or after giving effect to the incurrence of such Indebtedness, there shall exist any Default. Prior to the incurrence of any Senior Indebtedness by the Company or any Subsidiary or Affiliate, the Company shall furnish to the Trustee a certificate of the Chief Financial Officer demonstrating in reasonable detail compliance by the Company and such Subsidiary or Affiliate with the provisions of this Section 2.4(k). In connection with the incurrence of Senior Indebtedness meeting the requirements of this Section 2.4(k), the Trustee, at the written direction of the Company, shall execute and deliver a subordination of the Mortgage or a parity agreement with respect to the Mortgage, provided that no such agreement shall amend or modify any provisions of the Mortgage, but only the priority thereof.

Limitation on Primary Debt. After the date hereof, neither Xxxx nor any Affiliate, including the Company and any other Guarantors, nor any Subsidiary or Affiliate the Authority shall incur additional Indebtedness having a Lien on the Project Facility Facilities or the Guarantor Project Facilities, or any part thereof thereof, senior to any lien securing the Series J Bonds or the obligations of the Company or any Subsidiary or Affiliate Guarantor under this Agreement or any of the Loan Bond Documents, provided that Xxxx or any Affiliate may incur such Indebtedness with a senior Lien on the Guarantor Project Facilities in an aggregate amount of up to $5,000,000 without regard to any limitation or requirements otherwise stated under this Section 1.4(k), provided there shall not exist any Event of Default. After the date hereof, neither Xxxx nor any Affiliate, including the Company and the other Guarantors, nor any Subsidiary or Affiliate the Authority shall incur additional Indebtedness having a Lien on the Project Facility Facilities or the Guarantor Project Facilities, or any part thereof thereof, of equal priority with any lien securing the Series J Bonds or the obligations of the Company or any Subsidiary or Affiliate Guarantor under this Agreement or any of the Loan Bond Documents (all of such Indebtedness, together with any indebtedness incurred pursuant to the preceding sentence whether now outstanding or hereafter incurred being referred to as "Senior Indebtedness") if, at the time it is incurred and after giving effect thereto, (i) the Security Ratio would be less than 2.2 to 1; provided that no additional Senior Indebtedness (including interest which has accrued and is being deferred) shall be incurred without providing to the Trustee and to the Purchaser an appraisal performed not more than two years prior to such incurrence by an independent appraiser of recognized standing of the value of the property subject to the lien of the Mortgage or the Guarantor Mortgage, as applicable; or (ii) if, at the time of or after giving effect to the incurrence of such Indebtedness, there shall exist any Event of Default. Prior to the incurrence of any Senior Indebtedness by the Company Xxxx or any Subsidiary or Affiliate, the Company Xxxx shall furnish to the Trustee and the Purchaser a certificate of the Chief Financial Officer its chief financial officer demonstrating in reasonable detail compliance by the Company Xxxx and such Subsidiary or Affiliate with the provisions of this Section 2.4(k1.4(k). In connection with the incurrence of Senior Indebtedness meeting the requirements of this Section 2.4(k1.4(k), the Trustee, at the written direction of the Company, Trustee shall execute and deliver a subordination of the Guarantor Mortgage or a parity agreement with respect to the Mortgage or the Guarantor Mortgage, as applicable, provided that no such agreement shall amend or modify any provisions of the Mortgage or the Guarantor Mortgage, but only the priority thereof.

Limitation on Primary Debt. After the date hereof, neither the Company nor any Subsidiary or Affiliate shall incur additional Indebtedness having a Lien on the Project Facility or any part thereof senior to any lien securing the Series J H Bonds or the obligations of the Company or any Subsidiary or Affiliate under this Agreement or any of the Loan Documents, provided that the Company or any Subsidiary or Affiliate may incur such senior indebtedness in an aggregate amount of up to $5,000,000 without regard to any limitation stated or requirements otherwise stated under this Section 2.4(k), provided there shall not exist any Default. After the date hereof, neither the Company nor any Subsidiary or Affiliate shall incur additional Indebtedness having a Lien on the Project Facility or any part thereof of equal priority with any lien securing the Series J G Bonds or the obligations of the Company or any Subsidiary or Affiliate under this Agreement or any of the Loan Documents (all of such Indebtedness, together with any indebtedness incurred pursuant to the preceding sentence whether now outstanding or hereafter incurred being referred to as "Senior Indebtedness") other than the Liens created by the Series H Loan Documents if, at the time it is incurred and after giving effect thereto, (i) the Security Ratio would be less than 2.2 to 1; provided that no additional Senior Indebtedness (including interest which has accrued and is being deferred) shall be incurred without providing to the Trustee and to the Purchaser an appraisal performed not more than two years prior to such incurrence by an independent appraiser of recognized standing of the value of the property subject to the lien of the Mortgage; or (ii) if, at the time of or after giving effect to the incurrence of such Indebtedness, there shall exist any Default. Prior to the incurrence of any Senior Indebtedness by the Company or any Subsidiary or Affiliate, the Company shall furnish to the Trustee and the Purchaser a certificate of the Chief Financial Officer demonstrating in reasonable detail compliance by the Company and such Subsidiary or Affiliate with the provisions of this Section 2.4(k). In connection with the incurrence of Senior Indebtedness meeting the requirements of this Section 2.4(k), the Trustee, at the written direction of the Company, Trustee shall execute and deliver a subordination of the Mortgage or a parity agreement with respect to the Mortgage, provided that no such agreement shall amend or modify any provisions of the Mortgage, but only the priority thereof.

Limitation on Primary Debt. After the date hereof, neither the Company nor any Subsidiary or Affiliate shall incur additional Indebtedness having a Lien on the Project Facility or any part thereof senior to any lien securing the Series J G Bonds or the obligations of the Company or any Subsidiary or Affiliate under this Agreement or any of the Loan Documents, provided that the Company or any Subsidiary or Affiliate may incur such senior indebtedness in an aggregate amount of up to $5,000,000 without regard to any limitation or requirements otherwise stated under this Section 2.4(k), provided there shall not exist any Default. After the date hereof, neither the Company nor any Subsidiary or Affiliate shall incur additional Indebtedness having a Lien on the Project Facility or any part thereof of equal priority with any lien securing the Series J G Bonds or the obligations of the Company or any Subsidiary or Affiliate under this Agreement or any of the Loan Documents (all of such Indebtedness, together with any indebtedness incurred pursuant to the preceding sentence whether now outstanding or hereafter incurred being referred to as "Senior Indebtedness") other than the Liens created by the Series H Loan Documents if, at the time it is incurred and after giving effect thereto, (i) the Security Ratio would be less than 2.2 to 1; provided that no additional Senior Indebtedness (including interest which has accrued and is being deferred) shall be incurred without providing to the Trustee and to the Purchaser an appraisal performed not more than two years prior to such incurrence by an independent appraiser of recognized standing of the value of the property subject to the lien of the Mortgage; or (ii) if, at the time of or after giving effect to the incurrence of such Indebtedness, there shall exist any Default. Prior to the incurrence of any Senior Indebtedness by the Company or any Subsidiary or Affiliate, the Company shall furnish to the Trustee and the Purchaser a certificate of the Chief Financial Officer demonstrating in reasonable detail compliance by the Company and such Subsidiary or Affiliate with the provisions of this Section 2.4(k). In connection with the incurrence of Senior Indebtedness meeting the requirements of this Section 2.4(k), the Trustee, at the written direction of the Company, Trustee shall execute and deliver a subordination of the Mortgage or a parity agreement with respect to the Mortgage, provided that no such agreement shall amend or modify any provisions of the Mortgage, but only the priority thereof.