Common use of Restriction on Refinancing Clause in Contracts

Restriction on Refinancing. In the event that the Concessionaire fails to enter into the Original TIFIA Loan Documentation on or before March 31, 2013 (or any later date ending on the last day of the 45-day period described in Section 7.07(a)(i)), during the period ending on the tenth (10th) anniversary of the Financial Close Date, the Concessionaire will not incur any Concessionaire Debt or refinance, replace or refund all or any part of the outstanding PABs, that results in an increase to the principal amount of Concessionaire Debt then outstanding without the Department’s prior approval, such approval to be given in the Department’s sole discretion; provided that such restriction shall not apply to (A) purchase money obligations incurred to finance discrete items of equipment used in connection with the Project that are not integral to the Project, (B) current accounts payable arising, and accrued expenses incurred, in the ordinary course of business which are payable in accordance with customary practices that are not overdue by more than ninety (90) days (unless subject to a good faith contest), and (C) the incurrence of Concessionaire Debt for the purposes described in clauses (i) through (iii) of Section 6.30(b)(1) of the Senior Loan Agreement, or for the purposes described in clause (iv) of Section 6.30(b)(1) of the Senior Loan Agreement so long as such incurrence does not result in the Concessionaire Debt in an amount greater than the principal amount of the then existing Concessionaire Debt (net of any deposits required to satisfy any increased reserve requirements with respect to the Concessionaire Debt being incurred, any payments to the Department required under this Agreement, and costs of issuance not to exceed 3% of the principal amount of such indebtedness).

Restriction on Refinancing. In the event that the Concessionaire fails to enter into the Original TIFIA Loan Documentation on or before March 31, 2013 (or any later date ending on the last day of the 45-day period described in Section 7.07(a)(i)), during the period ending on the tenth (10th) anniversary of the Financial Close Date, the Concessionaire will not incur any Concessionaire Debt or refinance, replace or refund all or any part of the outstanding PABs, that results in an increase to the principal amount of Concessionaire Debt then outstanding without the Department’s prior approval, such approval to be given in the Department’s sole discretion; provided that such restriction shall not apply to (A) purchase money obligations incurred to finance discrete items of equipment used in connection with the Project that are not integral to the Project, (B) current accounts payable arising, and accrued expenses incurred, in the ordinary course of business which are payable in accordance with customary practices that are not overdue by more than ninety (90) days (unless subject to a good faith contest), and (C) the incurrence of Concessionaire Debt for the purposes described in clauses (i) through (iii) of Section 6.30(b)(1) of the Senior Loan Agreement, or for the purposes described in clause (iv) of Section 6.30(b)(1) of the Senior Loan Agreement so long as such incurrence does not result in the Concessionaire Debt in an amount greater than the principal amount of the then existing Concessionaire Debt (net of any deposits required to satisfy any increased reserve requirements with respect to the Concessionaire Debt being incurred, any payments to the Department required under this Agreement, and costs of issuance not to exceed 3% of the principal amount of such indebtedness).

Restriction on Refinancing. In the event that the Concessionaire fails to enter into the Original TIFIA Loan Documentation on or before March 31, 2013 (or any later date ending on the last day of the 45-day period described in Section 7.07(a)(i)), during the period ending on the tenth (10th) anniversary of the Financial Close Date, the Concessionaire will not incur any Concessionaire Debt or refinance, replace or refund all or any part of the outstanding PABs, that results in an increase to the principal amount of Concessionaire Debt then outstanding without the Department’s prior approval, such approval to be given in the Department’s sole discretion; provided p rovided that such restriction shall not apply to (A) purchase money obligations incurred to finance discrete items of equipment used in connection with the Project that are not integral to the Project, (B) current accounts payable arising, and accrued expenses incurred, in the ordinary course of business which are payable in accordance with customary practices that are not overdue by more than ninety (90) days (unless subject to a good faith contest), and (C) the incurrence of Concessionaire Debt for the purposes described in clauses (i) through (iii) of Section 6.30(b)(1) of the Senior Loan Agreement, or for the purposes described in clause (iv) of Section 6.30(b)(1) of the Senior Loan Agreement so long as such incurrence does not result in the Concessionaire Debt in an amount greater than the principal amount of the then existing Concessionaire Debt (net of any deposits required to satisfy any increased reserve requirements with respect to the Concessionaire Debt being incurred, any payments to the Department required under this Agreement, and costs of issuance not to exceed 3% of the principal amount of such indebtedness).