Examples of Permitted Non-Recourse Guarantees in a sentence
Unrestricted Subsidiaries shall not at the time of designation, and shall not thereafter, create, incur, issue, assume, guarantee or otherwise become liable with respect to any Indebtedness pursuant to which any lender or creditor has recourse to any of the assets of the Company or any of its Restricted Subsidiaries, other than Permitted Non-Recourse Guarantees that have been incurred in compliance with Sections 4.03 and 4.04.
Notwithstanding the foregoing, with respect to the Company, AAT or any Subsidiary, the term “ Debt” shall not include Permitted Non-Recourse Guarantees of the Company, AAT or any Subsidiary until such time as they become primary obligations of, and payments are due and required to be made thereunder by, the Company, AAT or any Subsidiary.
Guarantees (it being understood that any payments made pursuant to such Permitted Non-Recourse Guarantees will not be permitted by this clause (z) other than any payments required to be made under the 2020 Non-Recourse Guaranty).