Project Debt Sample Clauses

Project Debt. At any time, Project Debt is the lesser of all moneys which the Company or the Trustee (whether alone or with another person) is at that time actually or contingently liable to pay to or for the account of any person under the Lending Documents (other than actual or contingent amounts created or increased as a consequence of a breach of a City Link Project Document or an ESEP Project Document (other than by the State) or of a Lending Document) and the aggregate of the amount set out in column 4 of Schedule 5 and Break Costs applicable at that time. The Company and the Trustee shall be deemed to be no longer liable in respect of Project Debt at any time if no amount is set out in column 4 of Schedule 5 in respect of that time. At any particular time, the ability to repay Project Debt shall be assessed without regard to liabilities under Lending Documents to the extent that the amount of those liabilities then exceeds the amount of Project Debt.13 14

Project Debt. The Borrower shall issue all of the initial Project Debt on the Closing Date and in compliance with the terms and conditions of the Trust Agreement. The Borrower shall deposit proceeds of the Project Debt with the Trustee in an amount sufficient, after taking into account amounts required to be deposited by the Borrower from sources other than Project Debt, to pay for (i) Project Costs as set forth in the Project Budget and (ii) all amounts required to be deposited in Trust Agreement Funds.

Project Debt. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. “Indemnitees” has the meaning specified in Section 10.04(b). “Information” has the meaning specified in Section 10.07. “Interest Payment Date” means, (a) as to any Loan other than a Base Rate Loan, the last day of each Interest Period applicable to such Loan and the Maturity Date; provided, however, that if any Interest Period for a Term SOFR Loan exceeds three months, the respective dates that fall every three months after the beginning of such Interest Period shall also be Interest Payment Dates; and (b) as to any Base Rate Loan (including a Swing Line Loan), the last Business Day of each March, June, September and December and the Maturity Date. 21 207163075_10 “Interest Period” means as to each Term SOFR Loan, the period commencing on the date such Term SOFR Loan is disbursed or converted to or continued as a Term SOFR Loan and ending on the date one, three or six months thereafter, as selected by the Company in its Loan Notice, or such other period that is twelve months or less requested by the Company and consented to by all of the Lenders and the Administrative Agent (in the case of each requested Interest Period, subject to availability); provided that: (a) any Interest Period that would otherwise end on a day that is not a Business Day shall be extended to the next succeeding Business Day unless such Business Day falls in another calendar month, in which case such Interest Period shall end on the next preceding Business Day; (b) any Interest Period that begins on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the calendar month at the end of such Interest Period) shall end on the last Business Day of the calendar month at the end of such Interest Period; and (c) no Interest Period shall extend beyond the Maturity Date. “Investment” means, as to any Person, any acquisition or investment by such Person, whether by mean...

Project Debt. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any Capital Lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Debt in respect thereof as of such date. “Direct Foreign Subsidiary” shall mean a Foreign Subsidiary a majority of whose Voting Securities, or a majority of whose Subsidiary Securities, are owned by the Company or a Domestic Subsidiary. “Domestic Subsidiary” shall mean any Subsidiary that is organized under the laws of any political subdivision of the United States, other than any such Subsidiary that is treated as a disregarded entity for U.S. federal income tax purposes if substantially all of the assets of such Subsidiary consist of capital stock of one or more direct or indirect Subsidiaries organized under the laws of any jurisdiction other than the United States or any political subdivision thereof. - 25 - “Foreign Subsidiary” shall mean any Subsidiary other than a Domestic Subsidiary. “GLC Venture” shall mean any Joint Venture, now or hereafter formed by the Company or any of its Subsidiaries with any other Person in the Ordinary Course of Business of the Company or such Subsidiary for the purpose of engaging in the business of real estate development and/or Transfer of real estate or interests in real estate or entities owning real estate; provided that a GLC Venture shall not be deemed to cease being a GLC Venture after the withdrawal or buy-out of such other Person(s) from the Joint Venture or the purchase, acquisition or redemption of such other Person’s interest in such Joint Venture. “Intangible Assets” shall mean assets that are considered to be intangible assets under GAAP, including customer lists, goodwill, computer software, copyrights, trade names, trademarks, patents, franchises, licenses, unamortized deferred charges, unamortized debt discount and capitalized research and development costs. “Intercreditor Agreement” shall mean the Collateral Agency and Intercreditor Agreement among the Collateral Agent, the Secured Parties and the Company, dated as of October 11, 2012, as amended, restated, supplemented or modified from time to time in accordance with the terms thereof. “Investment” shall mean, as to any Person, any acquisition or investment by such Person, whether by means of (a) the purchase or other acquisition of capital stock or other Securities of another Person, (b...

Project Debt. The amount of any net obligation under any Swap Contract on any date shall be deemed to be the Swap Termination Value thereof as of such date. The amount of any capital lease or Synthetic Lease Obligation as of any date shall be deemed to be the amount of Attributable Indebtedness in respect thereof as of such date. “Indemnified Taxes” means (a) Taxes, other than Excluded Taxes, imposed on or with respect to any payment made by or on account of any obligation of any Loan Party under any Loan Document and (b) to the extent not otherwise described in clause (a), Other Taxes. “Indemnitees” has the meaning specified in Section 10.04(b). “Indenture Termination Date” has the meaning assigned to such term in Section 6.14(e).

Project Debt