Common use of Payment of Subordinated Debt Clause in Contracts

Payment of Subordinated Debt. The Borrower shall not, and shall not permit any Subsidiary (other than any Affiliated Entity or Project Specific JV constituting, in either case, an Excluded Subsidiary) to make any payment or other distribution on account of Subordinated Debt, including the Seller Note, unless before and after giving effect to such payment, (i) no Default or Event of Default exists or would result, (ii) Borrower is in compliance with Section 7.12 on a pro forma basis and (iii) in the case of any such payment of principal, the Total Leverage Ratio shall not exceed 2.00 to 1.00 on a pro forma basis.

Payment of Subordinated Debt. The Borrower shall not, and shall not permit any Subsidiary (other than any Affiliated Entity or Project Specific JV constituting, in either case, an Excluded Subsidiary) to make any payment or other distribution on account of Subordinated Debt, including the Seller Note, unless before and after giving effect to such payment, (i) no Default or Event of Default exists or would result, (ii) Borrower is in compliance with Section 7.12 on a pro forma basis and (iii) in the case of any such payment of principal, the Total Leverage Ratio shall not exceed 2.00 to 1.00 on a pro forma basis.the

Payment of Subordinated Debt. The Borrower shall not, and shall not permit any Subsidiary (other than any Affiliated Entity or Project Specific JV constituting, in either case, an Excluded Subsidiary) to make any payment or other distribution on account of Subordinated Debt, including the Seller Note, unless before and after giving effect to such payment, (i) no Default or Event of Default exists or would result, (ii) Borrower is in compliance with Section 7.12 on a pro forma basis and (iii) in the case of any such payment of principal, the Total Leverage Ratio shall not exceed 2.00 to 1.00 on a pro forma basis. SECTION 8.