Project Financing Indebtedness definition

Project Financing Indebtedness means any indebtedness incurred in connection with the financing or refinancing (including any such financing or refinancing which is intended to be in compliance with the principles of Shari'a) of all or part of the costs of the ownership, acquisition, leasing, construction, development (including any subsequent development) or operation of any project or asset (or group of related assets), provided that the principal source of payment or repayment of such indebtedness is: (i) the project or asset (or group of related assets) so financed or refinanced and/or the revenues or cashflows derived from such project or asset; or (ii) the assets and undertaking of an Excluded Subsidiary and/or shares, securities or other instruments representing ownership in, or indebtedness of, an Excluded Subsidiary and provided further that the person or persons to whom any such indebtedness is or may be owed by the relevant obligor has no recourse (other than Permitted Recourse) to the Company or any Subsidiary;

Project Financing Indebtedness means the Indebtedness incurred by Seller for the development, design, engineering, procurement, financing, construction, installation, commissioning, testing, ownership, possession, use, operation, maintenance, study, or repair of the Project.

Project Financing Indebtedness means, at any time, the unpaid balance of principal and accrued interest on the Loans (as defined in the Project Financing Agreement) at such time outstanding under the Project Financing Agreement.

Examples of Project Financing Indebtedness in a sentence

• Each such Officer’s Compliance Certificate shall include, without limitation, the aggregate amount of Non-Recourse Project Financing Indebtedness outstanding as of the last day of the relevant Fiscal Quarter or Fiscal Year, as the case may be, and the aggregate amount of Non-Recourse Debt Service paid by the Borrower and its Restricted Subsidiaries during the four (4) Fiscal Quarters immediately preceding such day.

• In addition, (A) expenditures made for any acquisition permitted under Section 11.3(a), (B) expenditures made with the proceeds of Non-Recourse Project Financing Indebtedness and (C) expenditures not exceeding Six Million Dollars ($6,000,000) in aggregate made in connection with the development and implementation of the Borrower’s information technology project that is currently expected to be completed in 2007, shall not be included in the calculation of Capital Expenditures.

• In addition, (A) expenditures made for any acquisition permitted under Section 11.3(a), (B) expenditures made with the proceeds of Non-Recourse Project Financing Indebtedness and (C) expenditures not exceeding Six Million Dollars ($6,000,000) in aggregate made in connection with the development and implementation of the Borrower’s information technology project that is currently expected to be completed in 2008, shall not be included in the calculation of Capital Expenditures.

• On the Acquisition Date, the principal of and interest on, and all other amounts owing in respect of, the outstanding Target Company’s Non-Recourse Recourse Project Financing Indebtedness (including any contingent or other amounts payable in respect of letters of credit) shall not exceed One Hundred Seventy-Five Million Dollars ($175,000,000).

• For the purposes of this Condition: Indebtedness for Borrowed Money means any indebtedness, other than a Project Financing Indebtedness, (whether being principal, premium, interest or other amounts) for or in respect of any borrowed money or any liability under or in respect of any acceptance or acceptance credit or any notes, bonds, debentures, debenture stock, loan stock or other securities.

More Definitions of Project Financing Indebtedness

Project Financing Indebtedness means indebtedness incurred to finance oil and gas related projects by a special purpose Subsidiary of Holdings to finance the acquisition, construction or development of a specific tangible property or asset (the “Specified Property”) and with respect to which the obligation to repay such obligation is recourse (a) only to the Specified Property, and not to the general credit of, or any other asset of, such Subsidiary or Holdings or any Subsidiary of Holdings or (b) only to contract revenues under a contract for the sale of products or services manufactured at or derived from the Specified Property by such Subsidiary and entered into in the ordinary course of business, and not to the general credit of, or any other asset of, such Subsidiary or Holdings or any of its other Subsidiaries.

Project Financing Indebtedness means any project financing Indebtedness of a Project Financing Subsidiary solely to the extent (i) such Indebtedness is not Indebtedness of the Company or any Subsidiary (other than a Project Financing Subsidiary) and (ii) such Indebtedness is expressly not recourse to the Company or any Subsidiary (other than a Project Financing Subsidiary).

Project Financing Indebtedness means any present or future Relevant Indebtedness incurred in financing or refinancing the ownership, acquisition, construction, development, leasing, maintenance and/or operation of an asset or assets (the “Project”), whether or not an asset of a member of the Group in respect of which the Person or Persons to whom any such Relevant Indebtedness or Indebtedness for Borrowed Money is or may be owed by the relevant borrower (whether or not a member of the Group) has or have no recourse whatsoever to any member of the Group for the repayment thereof other than:

Project Financing Indebtedness means Indebtedness incurred to finance oil and gas related projects by a special purpose Subsidiary of the Company to finance the acquisition, construction or development of a specific tangible property or asset (the “Specified Property”) and with respect to which the obligation to repay such obligation is recourse (a) only to the Specified Property, and not to the general credit of, or any other asset of, such Subsidiary or the Company or any of its other Subsidiaries or (b) only to contract revenues under a contract for the sale of products or services manufactured at or derived from the Specified Property by such Subsidiary and entered into in the ordinary course of business, and not to the general credit of, or any other asset of, such Subsidiary or the Company or any of its other Subsidiaries.

Project Financing Indebtedness means, at any time, (a) the unpaid balance of principal and accrued interest on the “Notes” (as defined in the Indentures) at such time outstanding under the Indentures and (b) the unpaid balance of principal and accrued interest on the “Loans” (as defined in the Credit Agreements) at such time outstanding under the Credit Agreements.

Project Financing Indebtedness means any indebtedness incurred in connection with the financing or refinancing (including any such financing or refinancing which is intended to be in compliance with the principles of Shari’a) of all or part of the costs of the ownership, acquisition, leasing, construction, development (including any subsequent

Project Financing Indebtedness means Indebtedness of any Subsidiary of the Company incurred in connection with the acquisition by the such Subsidiary of fixed assets used in the oil and gas Business (including office buildings and other real property used in conducting its operations) and any renewals and refinancings of such Indebtedness; provided that the holders of such Project Financing Indebtedness agree that they will look solely to the fixed assets so acquired which secure such Indebtedness (subject to customary exceptions such as indemnifications for environmental, title, fraud and other matters), and neither the Company nor any other Subsidiary (a) is directly or indirectly liable for such Indebtedness or (b) provides credit support, including any undertaking, guarantee, agreement or instrument that would constitute Indebtedness (other than the grant of a lien on such acquired fixed assets or the stock of the Subsidiary which holds such assets).