Definition 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.
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Examples of Project Financing Indebtedness in a sentence

Each such Officers 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.
On the Acquisition Date, the principal of and interest on, and all other amounts owing in respect of, the outstanding Target Companys 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).
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 Borrowers 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 Borrowers information technology project that is currently expected to be completed in 2008, shall not be included in the calculation of Capital Expenditures.