Limitation on Issuance of Bonds Clause Samples
The "Limitation on Issuance of Bonds" clause restricts a party, typically a borrower or issuer, from issuing additional bonds beyond certain specified conditions. In practice, this clause may set a maximum amount of bonds that can be issued, require that certain financial ratios are maintained before new bonds are allowed, or mandate approval from existing bondholders for further issuances. Its core function is to protect existing bondholders by preventing excessive debt accumulation, thereby reducing the risk of default and preserving the value of outstanding bonds.
Limitation on Issuance of Bonds. No Bonds may be issued under the provisions of this Indenture except in accordance with the provisions of this Article.
Limitation on Issuance of Bonds. No Bonds may be issued under the provisions of this Indenture except in accordance with the provisions of this Article. There is hereby created for issuance under this Indenture a series of bonds designated "Parish of Natchitoches, State of Louisiana Variable Rate Demand Refunding Bonds (Trus Joist Corporation Project) Series 1988" in the aggregate principal amount of Ten Million Dollars ($10,000,000), maturing on October 1, 2005 (subject to prior redemption upon the terms and conditions hereinafter set forth), and numbered consecutively from R-1 upwards. The Bonds shall be dated the date of delivery thereof to the initial purchasers, and shall bear interest as hereinafter set forth, and each Bond shall rank on a parity with all other Bonds issued hereunder with respect to all matters of security provided for herein."
Limitation on Issuance of Bonds. District #6 shall not issue any Bonds with terms longer than thirty (30) years, or extending past the expiration date of this Agreement.
Limitation on Issuance of Bonds. No Bonds may be issued under the provisions of this Trust Agreement except in accordance with the provisions of this Article.
Limitation on Issuance of Bonds. No Bonds may be issued under the provisions of this Trust Agreement except in accordance with the provisions of this Article. --------------------------------------------------------------- --- SECTION 202. FORM OF BONDS. The definitive Bonds are issuable as fully registered Bonds without coupons, in Authorized Denominations, and substantially in the form of Exhibit A. All Bonds may have endorsed thereon such legends or text as may be necessary or appropriate to conform to any applicable rules and regulations of any governmental authority or of any securities exchange on which the Bonds may be listed or traded or any usage or requirement of law with respect thereto or as may be authorized by the Authority and approved by the Trustee.------------------------------------------------------------------------
Limitation on Issuance of Bonds. No Bonds may be issued under this Trust Agreement except in accordance with the provisions of this Article. The principal of, the interest on and the redemption premium, if any, on all Bonds issued under the provisions of this Trust Agreement shall be payable solely as described by this Trust Agreement and any respective Supplemental Trust Agreements for their payment. All covenants, agreements and provisions of this Trust Agreement shall be for the benefit and security of all present and future Owners of Bonds without preference, priority or distinction as to lien or otherwise, except as otherwise hereinafter or in any Supplemental Trust Agreement provided, of any one Bond over any other Bond by reason of priority in the issue, sale or negotiation thereof, or otherwise. Section 202 Details of Bonds. Bonds authorized hereunder may be issued in one or more Series that may be delivered from time to time. The City shall by Supplemental Trust Agreement authorize such Series and shall specify, to the extent appropriate, (a) the authorized principal amount of such Series, (b) the date and terms of maturity or maturities of the Bonds of such Series, or the dates of payment of the Bonds on the demand of the Owner; (c) the interest rate or rates of the Bonds of such Series, which may include variable, adjustable, convertible or other rates, original issue discount, capital appreciation bonds, municipal multipliers or other deferred interest arrangements and zero interest rate bonds, provided that the interest cost of such Series shall never exceed for such Series the maximum interest rate, if any, permitted by law in effect at the time such Series is issued; (d) the Interest Payment Dates for such Series of Bonds;
Limitation on Issuance of Bonds. The provisions of subsection a. notwithstanding, the Governing board shall have no power to issue bonds on behalf of the Authority unless the governing body of each Party first passes a resolution consenting to the issuance of the bonds.