Common use of Limitation on Borrowing Clause in Contracts

Limitation on Borrowing. The Issuer shall not incur any indebtedness other than obligations described in Sections 3.10 or 9.08 hereof or elsewhere herein and expenses incidental thereto. In particular, the Issuer shall not guarantee or become obligated for the debts of any Person or hold out its credit as being available to satisfy the obligations of any Person, shall not pledge its assets for the benefit of any Person or make any loans or advances to any Person, and shall not acquire direct obligations or securities of its Affiliates. The Issuer shall notify the Rating Agency when it intends to incur an indebtedness pursuant to this Section 9.09. The Issuer shall not issue any new indebtedness secured by the Collateral, and shall not incur any indebtedness other than the Notes without (i) receiving written confirmation from the Rating Agency that such issuance will not result in any withdrawal or downgrading of its rating then assigned to any Class of Notes and (ii) receiving an Opinion of Counsel that such issuance will not cause the Issuer to be taxable as a corporation or a taxable mortgage pool.

Limitation on Borrowing. The Issuer shall not incur any indebtedness (aside from the Notes) other than obligations described in Sections 3.10 or 9.08 hereof or elsewhere herein and expenses incidental thereto. In particular, the Issuer shall not guarantee or become obligated for the debts of any Person or hold out its credit as being available to satisfy the obligations of any Person, shall not pledge its assets for the benefit of any Person or make any loans or advances to any Person, and shall not acquire direct obligations or securities of its Affiliates. The Issuer shall notify the Rating Agency when it intends to incur an indebtedness pursuant to this Section 9.09. The Issuer shall not issue any new indebtedness secured by the Collateral, and shall not incur any indebtedness other than the Notes without (i) receiving written confirmation from the Rating Agency that such issuance will not result in any withdrawal or downgrading of its rating then assigned to any Class of Notes Notes, and (ii) receiving an Opinion of Counsel that such issuance will not cause the Issuer to be taxable as a corporation or a taxable mortgage pool.