Only bonds that have been issued and purchased at financial close should count as Outstanding Senior Debt. Bonds which have been issued but are being held by the Issuer to be sold to raise further financing at a later stage (e.g. to cover the cost of certain changes required under the PPP Contract) should not count until they have actually been purchased. Only the actual amount paid for the bonds should be taken into account - if they are not issued "at par" (i.e. at their face value) but at a premium or a discount, careful consideration will be needed as regards their treatment.