Common use of Restrictions on Sale of Project by Issuer Clause in Contracts

Restrictions on Sale of Project by Issuer. The Issuer agrees that, except as otherwise expressly permitted under the terms of this Lease or the Indenture, it will not sell, assign, transfer or convey the Project during the Agreement Term and that it will not take any other action which may reasonably be construed as tending to cause or induce the levy or assessment of additional ad valorem taxes on the Project. If the laws of Georgia at the time shall permit such action to be taken, nothing contained in this Section shall prevent the consolidation of the Issuer with, or merger of the Issuer into, or transfer of the Project as an entirety to, any public corporation whose property and income are not subject to taxation and which has corporate authority to carry on the business of owning and leasing the Project; provided, (i) that no such action shall be taken without the prior written consent of the Lessee, unless such action shall be required by law, and (ii) that upon any such consolidation, merger or transfer, the due and punctual payment of the principal of, premium, if any, and interest on the Bonds according to their tenor, and the due and punctual performance and observance of all the agreements and conditions of this Lease to be kept and performed by the Issuer, shall be expressly assumed in writing by the corporation resulting from such consolidation or surviving such merger or to which the Project shall be transferred as an entirety.

Restrictions on Sale of Project by Issuer. The Issuer ----------------------------------------- agrees that, except as otherwise expressly permitted under the terms of this Lease or the Indentureset forth in Section 8.2, it will shall not (a) sell, assign, transfer or convey the Project during the Agreement Term and that it will not Lease Term, (b) create or suffer to be created any assignment, pledge, charge, lien or encumbrance on the Trust Estate, or (c) take any other action which may might reasonably be construed as tending to cause or induce the levy or assessment of additional ad valorem taxes on the Project or on its title in and to the Project. If the laws of Georgia the State at the time shall permit such action to be taken, nothing contained in this Section shall prevent the consolidation of the Issuer with, or the merger of the Issuer into, or the transfer of the Project as an entirety to, any public corporation whose property and income are not subject to taxation and which has corporate authority to carry on the business of owning and leasing the Project; provided, provided (i) that no such action shall be taken without the prior written consent of the LesseeCompany, unless such action shall be required by law, and (ii) that upon any such consolidation, merger or transfer, the due and punctual payment of the principal of, premium, if any, of and the interest on the Bonds according to their tenorBonds, and the due and punctual performance and observance of all the agreements and conditions of this Lease hereof to be kept and performed by the Issuer, shall be expressly assumed in writing by the corporation resulting from such consolidation or surviving such merger or to which the Project shall be transferred as an entirety.

Restrictions on Sale of Project by Issuer. The Issuer agrees that, except as otherwise expressly permitted under the terms of this Lease Lease, including, without limitation, Section 3.5 hereof, or the IndentureFinancing Agreement, it will not mortgage, sell, assign, transfer transfer, convey or convey otherwise encumber the Project or any portion thereof during the Agreement Lease Term and that it will not take any other action which may reasonably be construed as tending to cause or induce the levy or assessment of additional ad valorem taxes on the ProjectProject or any portion thereof. If the laws of the State of Georgia at the time shall permit require such action to be taken, nothing contained in this Section shall prevent the consolidation of the Issuer with, or the merger of the Issuer into, or the transfer of the Project as an entirety to, any public corporation whose property and income are not subject to taxation and which has corporate authority to carry on the business of owning and leasing the Project; provided, (ia) that no such action shall be taken without the prior written consent of the Lessee, unless such action shall be required by law, and (iib) that upon any such consolidation, merger or transfer, the due and punctual payment of the principal of, premium, if any, of and interest on the Bonds according to their tenor, and the due and punctual performance and observance of all the agreements and conditions of this Lease to be kept and performed by the Issuer, shall be expressly assumed in writing by the corporation resulting from such consolidation or surviving such merger or to which the Project shall be transferred as an entirety.

Restrictions on Sale of Project by Issuer. The Issuer agrees that, except as otherwise expressly permitted under the terms of this Lease (including, but not limited to Section 3.6 hereof) or the Indenture, it will not mortgage, sell, assign, transfer transfer, convey or convey otherwise encumber the Project or any portion thereof during the Agreement Lease Term and that it will not take any other action which may reasonably be construed as tending to cause or induce the levy or assessment of additional ad valorem taxes on the Project or the Lessee’s leasehold interest in the Project. If the laws of the State of Georgia at the time shall require or permit such action to be taken, nothing contained in this Section shall prevent the consolidation of the Issuer with, or the merger of the Issuer into, or the transfer of the Project as an entirety to, any public corporation whose property and income are not subject to taxation and which has corporate authority to carry on the business of owning and leasing the Project; provided, (ia) that no such action shall be taken without the prior written consent of the Lessee, unless such action shall be required by law, Lessee and (iib) that upon any such consolidation, merger or transfer, the due and punctual payment of the principal of, premium, if any, of and interest on the Bonds according to their tenor, and the due and punctual performance and observance of all the agreements and conditions of this Lease to be kept and performed by the Issuer, shall be expressly assumed in writing by the corporation entity resulting from such consolidation or surviving such merger or to which the Project shall be transferred as an entirety.

Restrictions on Sale of Project by Issuer. The Issuer agrees that, except as otherwise expressly permitted under the terms of this Lease or the Indenture, it will not mortgage, sell, assign, transfer transfer, convey or convey otherwise encumber the Project or any portion thereof or its interest in this Lease during the Agreement Lease Term and that it will not not, unless legally required to do so, take any other action which may reasonably be construed as tending to cause or induce results in the levy or assessment of additional ad valorem taxes on the Project or the Lessee’s leasehold interest in the Project, except as otherwise provided herein. If the laws of the State of Georgia at the time shall require or permit such action to be taken, nothing contained in this Section 9.2 shall prevent the consolidation of the Issuer with, or the merger of the Issuer into, or the transfer of the Project as an entirety to, any public corporation entity whose property and income are not subject to taxation and which has corporate the authority to carry on the business of owning and leasing the Project; provided, (ia) that no such action shall be taken without the prior written consent of the Lessee, the Trustee and the Bondholders, unless such action shall be required by law, and (iib) that upon any such consolidation, merger or transfer, the due and punctual payment of the principal of, premium, if any, of and interest on the Bonds according to their tenor, and the due and punctual performance and observance of all the agreements and conditions of this Lease to be kept and performed by the Issuer, shall be expressly assumed in writing (either as a matter of law or by express written assumption agreement) by the corporation entity resulting from such consolidation or surviving such merger or to which the Project shall be transferred as an entirety.