Common use of Project Finance Clause in Contracts

Project Finance. Each Obligor shall not, and the Company shall cause each of the PGS Subsidiaries which is not an Obligor not to, invest in or extend any loans or any other form of credit or grant any guarantee or indemnity to, or for the benefit of, any Project Company or a Project or otherwise voluntarily assume any liability, whether actual or contingent, in respect of any obligation of any Project Company or Project; provided that such investment, loans, credit guarantee, indemnity or other liability shall be permitted in an amount not to exceed the sum of: (i) the proceeds from any issuance of equity securities made by the Company after Issue Date (which, for the avoidance of doubt, shall not include the securities of the Company issued in connection with the Restructuring); plus (ii) 50% of the accumulated Consolidated Net Income of the Group on an after tax basis for each fiscal year beginning with the fiscal year ended December 31, 2004 less any dividends declared by the Company during the period of accumulation; plus (iii) until the earlier of (a) the third anniversary of the Issue Date, or (b) repayment in full of the Senior Notes due 2006, US$100,000,000 and after and including that date, an amount of US$200,000,000 in aggregate.