Public Debt. Prior to the Closing, the City will not offer or issue any bonds, notes or other obligations for borrowed money or incur any material liabilities, direct or contingent, payable from or secured by a pledge of the Assessments which secure the Bonds without the prior approval of the Underwriter.
Public Debt. 1. The Parties recognise that the purchase of debt issued by a Party entails commercial risk. For greater certainty, no award shall be made in favour of a disputing investor for a claim under Article 17 (Submission of a Claim) with respect to default or non-payment of debt issued by a Party unless the disputing investor meets its burden of proving that such default or non- payment constitutes a breach of an obligation under Chapter II (Protection), including an uncompensated expropriation pursuant to Article 6 (Expropriation).
2. No claim that a restructuring of debt issued by a Party breaches an obligation under Chapter II (Protection) shall be submitted to, or if already submitted continued in, arbitration under Section One (Settlement of Disputes between a Party and an Investor of the Other Party) of Chapter II (Dispute Settlement) if the restructuring is a negotiated restructuring at the time of submission, or becomes a negotiated restructuring after that submission, except for a claim that the restructuring violates Article 4 (National Treatment) or Article 5 (Most- Favoured-Nation Treatment).
3. Notwithstanding Article 17 (Submission of a Claim), and subject to paragraph 2, an investor of the other Party shall not submit a claim under Section One (Settlement of Disputes between a Party and an Investor of the Other Party) of Chapter IM (Dispute Settlement) that a restructuring of debt issued by a Party breaches an obligation under Chapter If (Protection), other than Article 4 (National Treatment) or Article 5 (Most- Favoured-Nation Treatment), unless 450 days have elapsed from the date of receipt by the disputing Party of the written request for consultations pursuant to Article 15 (Consultations).
4. For the purposes of this Annex, "negotiated restructuring" means the restructuring or rescheduling of a debt instrument that has been effected through (a) a modification or amendment of that debt instrument, as provided for under its terms, or
Public Debt. No claim that a restructuring of debt of a Contracting Party breaches an obligation under Part III (Investment Protection) may be submitted to, or if already submitted, be pursued under Article 26(4) if the restructuring is a negotiated restructuring at the time of submission, or becomes a negotiated restructuring after such submission, except for a claim that the restructuring violates Article 10(7) (
Public Debt. Unsecured Indebtedness, not subordinated to the Obligations (or to the holders thereof), issued by the Borrower and which is either (a) in offerings registered under the Securities Act of 1933, as amended, or in transactions exempt from registration pursuant to rule 144A or Regulation B thereunder or listed on non-U.S. securities exchanges or (b) pursuant to the Indenture dated as of March 16, 1999 by and between the Borrower, MCRC and Wilmington Trust Company, a Delaware banking corporation as trustee, or any successor trustee or assignee thereof (collectively, the “Trustee”), as supplemented by Supplemental Indenture No. 1 dated as of the same date between the Borrower and the Trustee, and by Supplemental Indenture No. 2 dated as of August 2, 1999 between the Borrower and the Trustee, and by Supplemental Indenture No. 3 dated as of December 21, 2000 between the Borrower and the Trustee, and by Supplemental Indenture No. 4 dated as of January 29, 2001 between the Borrower and the Trustee, and by Supplemental Indenture No. 5 dated as of December 20, 2002 between the Borrower and the Trustee, and by Supplemental Indenture No. 6 dated as of March 14, 2003 between the Borrower and the Trustee, and by Supplemental Indenture No. 7 dated as of June 12, 2003 between the Borrower and the Trustee, and by Supplemental Indenture No. 8 dated as of February 9, 2004 between the Borrower and the Trustee, and by Supplemental Indenture No. 9 dated as of March 22, 2004 between the Borrower and the Trustee and by Supplemental Indenture No. 10 dated as of January 25, 2005 between the Borrower and the Trustee, and by Supplemental Indenture No. 11 dated as of April 15, 2005 between the Borrower and the Trustee, and by Supplemental Indenture No. 12 dated as of November 30, 2005 between the Borrower and the Trustee, and by Supplemental Indenture No. 13 dated as of January 24, 2006 between the Borrower and the Trustee, and as the Indenture may be further supplemented and/or amended from time to time.
Public Debt. 1. The Parties recognize that the purchase of debt issued by a Party entails commercial risk. For greater certainty, no award may be made in favour of a disputing investor for a claim with respect to default or non- payment of debt issued by a Party unless the disputing investor meets its burden of proving that such default or non-payment constitutes an uncompensated expropriation for purposes of Article 10.10 (Expropriation and Nationalisation) or a breach of any other obligation under this Chapter.
2. No claim that a restructuring of debt issued by a Party breaches an obligation under this Chapter may be submitted to, or if already submitted continue in, arbitration under this Chapter if the restructuring is a negotiated restructuring at the time of submission, or becomes a negotiated restructuring after such submission, except for a claim that the restructuring violates Article 10.3 (National Treatment) or Article 10.4 (Most-Favoured-Nation Treatment).
3. Subject to paragraph 2, an investor of the other Party may not submit a claim under this Chapter that a restructuring of debt issued by a Party breaches an obligation under this Chapter (other than Article 10.3 (National Treatment) or 10.4 (Most-Favoured-Nation Treatment)) unless two hundred and seventy (270) days have elapsed from the date of the events giving rise to the claim.
Public Debt. Unsecured Indebtedness, not subordinated to the Obligations (or to the holders thereof), issued by the Borrower and which is either (a) in offerings registered under the Securities Act of 1933, as amended, or in transactions exempt from registration pursuant to rule 144A or Regulation B thereunder or listed on non-U.S. securities exchanges or (b) pursuant to the Indenture dated as of March 16, 1999 by and between the Borrower, MCRC and Wilmington Trust Company, a Delaware banking corporation as trustee, or any successor trustee or assignee thereof (collectively, the "TRUSTEE"), as supplemented by Supplemental Indenture No. 1 dated as of the same date between the Borrower and the Trustee, and by Supplemental Indenture No. 2 dated as of August 2, 1999 between the Borrower and the Trustee, and by Supplemental Indenture No. 3 dated as of December 21, 2000 between the Borrower and the Trustee, and by Supplemental Indenture No. 4 dated as of January 29, 2001 between the Borrower and the Trustee, and as the Indenture may be further supplemented and/or amended from time to time.
Public Debt. Grace-Conn. may also elect, in its discretion, to defease or otherwise acquire any portion of the Grace-Conn.
Public Debt. To the extent that upon consummation of the Distribution, there remains outstanding (other than to the extent owned by Grace-Conn. or New Grace) in excess of $50 million in principal amount of the Grace-Conn. Public Debt, New Grace or Grace-Conn. shall obtain an "evergreen" letter of credit, with an initial expiration date no sooner than 364 days after the Effective Time, from a financial institution or group of financial institutions reasonably acceptable to Grace and SAC for the benefit of Grace with respect to such outstanding amount from time to time in excess of $50 million. The letter of credit shall be in form and substance reasonably acceptable to SAC and shall entitle Grace to draw thereunder if Grace shall be required to make (and makes) any payment pursuant to the terms of its guarantee of any Grace-Conn. Public Debt. The expiration date of such letter of credit shall be automatically extended for successive 364-day periods, with an absolute expiration date on the date that is the 91st day after the date on which the outstanding principal amount of the Grace-Conn. Public Debt shall have been reduced to no more than $50 million, unless, prior to such 91st day, any payments shall have been made that are subject to avoidance pursuant to a bankruptcy or similar proceeding, in which case such letter of credit shall be extended (with respect to the applicable payments) until such payments are no longer subject to such avoidance, unless notice of termination is given by the issuing bank or banks, in which case Grace shall be entitled to draw thereunder (whether or not any demand for payment in respect of its guarantee shall have been made), provided that, to the extent such funds are not used to make payments on the Grace-Conn. Public Debt, Grace shall hold such proceeds separate in an interest-bearing escrow account with a financial institution and pursuant to escrow arrangements reasonably acceptable to Grace-Conn. To the extent that the amount held in such escrow account is greater than (i) the outstanding Grace-Conn. Public Debt minus (ii) $50 million, Grace shall remit such excess amount to Grace-Conn. The amount of the letter of credit may be reduced from time to time, but shall not at any time be less than the amount by which the outstanding principal amount of the Grace-Conn. Public Debt (other than such debt owned by a member of the New Grace Group) exceeds $50 million.
Public Debt. 1. No claim that a restructuring of debt of a Party breaches an obligation under Section B (Investment Protection) may be submitted to, or if already submitted, be pursued under Section C (Resolution of Investment Disputes and Investment Court System) if the restructuring is a negotiated restructuring at the time of submission, or becomes a negotiated restructuring after such submission.
2. Notwithstanding Article 2.24 (Submission of a Claim) of Section C (Resolution of Investment Disputes and Investment Court System), and subject to paragraph 1 of this Annex, an investor may not submit a claim under Section C (Resolution of Investment Disputes and Investment Court System) that a restructuring of debt of a Party breaches Articles 2.3 (National Treatment) or 2.4 (Most Favoured Nation Treatment) of Section A (Liberalisation of Investments)10 or an obligation under Section B (Investment Protection), unless 270 days have elapsed from the date of submission by the claimant of the written request for consultations pursuant to Article 2.22 (Consultations) of Sub- Section 1 (Scope and Definitions) of Section C (Resolution of Investment Disputes and Investment Court System).
3. For the purposes of this Annex:
(a) “negotiated restructuring” means the restructuring or rescheduling of debt of a Party that has been effected through (i) a modification or amendment of debt instruments, as provided for under their terms, including their governing law, or
Public Debt. 1. No claim that a restructuring of debt of a Party breaches an obligation of Chapter Two (Investment Protection) may be submitted to, or if already submitted, be pursued under Chapter Three (Dispute Settlement) Section A (Resolution of Disputes between Investors and Parties) if the restructuring is a negotiated restructuring at the time of submission, or becomes a negotiated restructuring after such submission, except for a claim that the restructuring violates Article 2.3 (National Treatment) (1).
2. Notwithstanding Article 3.6 (Submission of Claim to Tribunal) under Chapter Three (Dispute Settlement) Section A (Resolution of Disputes between Investors and Parties), and subject to paragraph 1 of this Annex, an investor may not submit a claim under Chapter Three (Dispute Settlement) Section A (Resolution of Disputes between Investors and Parties) that a restructuring of debt of a Party breaches an obligation under Chapter Two (Investment Protection) other than Article
