Nonrecourse Indebtedness. Any of the following events shall occur with respect to any Extension of Credit that is Nonrecourse Indebtedness, owing by Borrower, Parent or any Significant Subsidiary, and having an aggregate outstanding principal amount equal to or greater than three percent (3%) of Gross Asset Value for the quarter most recently ended as reported on the Compliance Certificate for such quarter:
Nonrecourse Indebtedness. To the extent permitted by applicable law and if no Breach under the Leases, or an event that with the giving of notice or passage of time or both would constitute an Breach under the Leases, has occurred and is continuing, Lessee may incur or assume Nonrecourse Indebtedness (as defined below), but limited with Short-Term Indebtedness (as defined below), and Interim Indebtedness (as defined below) to a total aggregate principal amount outstanding at any time that is not in excess of the greater of: (1) 35% of Operating Expenses in any Fiscal Year, or (2) the maximum amount of advance apportionment and principal apportionment due to the Obligated Group Schools in any fiscal year that is deferred at any time or subject to deferral pursuant to Section 14041.6 of the California Education Code or Sections 16325.5 and 16326 of the California Government Code, or any subsequent legislation authorizing additional deferrals of such apportionments (collectively “Maximum Deferred Apportionment”).
Nonrecourse Indebtedness. To the extent permitted by applicable law and if no Event of Default hereunder, or an event that with the giving of notice or passage of time or both would constitute an Event of Default hereunder, has occurred and is continuing, the Tenant may incur or assume Nonrecourse Indebtedness (as defined below), but limited with Short-Term Indebtedness (as defined below), and Interim Indebtedness (as defined below) to a total aggregate principal amount outstanding at any time that is not in excess of the maximum amount of advance apportionment and principal apportionment due to the School in any fiscal year that is deferred at any time or subject to deferral pursuant to Section 14041.6 of the California Education Code or Sections 16325.5 and 16326 of the California Government Code, or any subsequent legislation authorizing additional deferrals of such apportionments.
Nonrecourse Indebtedness. Schedule 3.12 sets forth the aggregate outstanding amount on a consolidated basis of the Nonrecourse Debt as of March 31, 2006.
Nonrecourse Indebtedness. 30 SECTION 6 CONDITIONS PRECEDENT 6.1. Conditions of Initial Loan.................................................................30 6.2. Conditions to All Loans....................................................................31 SECTION 7 AFFIRMATIVE COVENANTS
Nonrecourse Indebtedness. (ii) Indebtedness owing to the Borrower under the RRG Note; and
Nonrecourse Indebtedness. During the Tax Protection Period and absent a change in law, the Operating Partnership will allocate “excess nonrecourse liabilities” (within the meaning of Section 1.752-3(a)(3) of the Treasury Regulations) secured by the Property Interests, if any, to each of the Tax-Protected Partnership Unit Holders first to the extent of such Tax-Protected Partnership Unit Holder’s Built-In Gain in the Property Interests, but only to the extent such Built-In Gain exceeds such Tax-Protected Partnership Unit Holder’s Code Section 704(c) “minimum gain” in such Property Interests, described in Section 1.752-3(a)(2) of the Treasury Regulations.
