Additional Parity Obligations Clause Samples

Additional Parity Obligations. Other than additional Senior Obligations, the District will not incur any obligations payable from Net Revenues superior to the payment of the 2010 Installment Payments, although the District may at any time execute and deliver any Parity Obligation to refund existing Installment Sale Agreements that results in gross debt service savings. Furthermore, the District may any time execute and deliver any Parity Obligation to finance any Water System Project, the Debt Service on which Parity Obligation is payable on a parity with the payment by the District of the 2010 Installment Payments from the Net Revenues, if (a) The Subordinate Net Revenues for the most recently audited Fiscal Year of the District, or as shown by the books of the District for any more recent twelve (12) month period selected by the District, including adjustments to give effect to increases in charges, fees, rates or tolls for the use of the Water System approved and in effect as of the date of calculation (in an amount equal to per cent ( %) of the estimated additional Net Revenues for such Fiscal Year if such increase had been in effect during the whole of such Fiscal Year), shall have produced a sum equal to at least one hundred ten per cent (110%) of the average Annual Debt Service as computed by the District for the first five (5) Fiscal Years following the latest Date of Operation of any uncompleted Water System Project; and (b) The Water System Project to be financed with the proceeds of such Parity Obligation is technically feasible and the estimated cost of the acquisition and construction thereof is reasonable, and (after giving effect to the completion of all uncompleted Water System Projects) the charges, fees, rates or tolls estimated to be fixed and prescribed for the use of the Water System for each Fiscal Year from the Fiscal Year in which such Parity Obligation is executed and delivered to and including the first complete Fiscal Year after the latest Date of Operation of all uncompleted Water System Projects are economically feasible and reasonably considered necessary, based on projected operations for such period, all as determined by the District; provided, that notwithstanding the foregoing, no such Parity Obligation shall be executed and delivered if an Event of Default of the District hereunder shall have occurred and shall be then continuing.
View SourceView Similar (6)
Additional Parity Obligations. Except as provided below, the City may incur no obligations payable from the Net Revenues (including Unconditional Output Contracts), unless such obligations are expressly made payable on a junior and subordinate basis to the payment of the Series 2021 Note. Parity debt obligations payable on a parity basis to the Series 2021 Note (the "Parity Obligations") may be issued upon satisfaction of the following conditions: (1) There shall have been obtained and filed with the City Clerk a certificate of the Finance Director stating: (i) that the audited books and records of the City relative to the Net Revenues for the most recently audited fiscal year (the "Test Period") have been reviewed by the Finance Director and that the amount of the Net Revenues adjusted as provided in paragraph (2) below, is equal to not less than 1.20x the maximum debt service becoming due in any year thereafter on all debt payable from the Net Revenues and on the Parity Obligations. (2) Upon recommendation of the Qualified Independent Consultants, the Net Revenues in the previous paragraph may be adjusted for purposes of this section by including: (i) 100% of the additional Net Revenues which in the opinion of the Qualified Independent Consultant would have been derived by the City from rate increases adopted and in effect before the issuance of the Parity Obligations, if such approved rate increases had been implemented during the Test Period, and (ii) 100% of the additional Net Revenues estimated by the Qualified Independent Consultant to be derived during the first full 12 month period after the facilities financed with proceeds of the proposed Parity Obligations are placed in service. (3) For purposes of this section 10.F., "Net Revenues" shall not include (i) any proceeds from the sale of assets of the System, (ii) proceeds of insurance or emergency assistance grants, or (iii) other extraordinary or non-recurring items or gains.
View Source
Additional Parity Obligations. So long as any of the principal components of the Payments remain unpaid and unprovided for, City will not further encumber all or any part of the revenues from the Excise Taxes and the State Shared Revenues pledged under this Agreement (a) on a basis senior or prior in claim to the payments hereunder, and (b) on a basis equal to the pledge hereunder unless (i) the revenues from the Excise Taxes and the State Shared Revenues received by the City during the last two completed Fiscal Years immediately preceding the incurring of the proposed Additional Parity Obligation shall have amounted to at least three times the highest combined total of the Debt Service requirements for all the outstanding Parity Obligations and all proposed Parity Obligations for any succeeding Fiscal Year, and (ii) City shall certify through its City Manager or other appropriate official that it is not in default in any payment hereunder or with respect to any Parity Obligation or proposed Additional Parity Obligation. As to payments other than Payments under this Agreement, the amount of each such future annual Debt Service shall be established by written certificate of the City Manager. Such obligations may include any long term obligation or deferred payment for property including, without limitation, installment purchase or lease purchase agreements. For the purpose of this Section, payments on installment purchase or lease purchase agreements shall be deemed to include a principal component and an interest component and references in this Agreement to the payment of principal and interest shall include the payment of lease purchase or installment purchase payments.
View Source
Additional Parity Obligations. Promptly, but in no event later than five
View Source

Related to Additional Parity Obligations

  • City Obligations 26.1 City shall provide full information in a timely manner regarding requirements for and limitations on projects and work tasks. With regard to subcontractor liens, City shall furnish to Engineer, within fifteen (15) days after receipt of a written request, information necessary and relevant for Engineer to evaluate, give notice of, or enforce lien. 26.2 City shall establish and update, if necessary, overall project budgets, including engineering and construction costs. 26.3 City shall furnish the services of consultants, including geotechnical engineers, when such services are requested by Engineer, reasonably required by the scope of a project, and agreed to by City. 26.4 City shall furnish all testing as required by law or the contract documents. 26.5 City shall furnish all legal accounting, auditing and insurance services as necessary for projects to meet the City’s needs and interests, after Engineer has performed requisite project management and oversight duties. 26.6 City shall provide prompt written notice to Engineer if City becomes aware of any fault or defect in a project, including any errors, omissions or inconsistencies in Engineer’s design or performance under the contract. 26.7 City shall pay Engineer in accordance with paragraph 3 and Exhibit E of this Contract, upon receipt of Engineer’s submission of monthly invoices, and satisfactory progress and performance made in accordance with the scope of work. Payments shall reflect work completed, or progress made on a project to date, on a pro rata basis. 26.8 City shall report the total amount of all payments to Engineer, including any expenses, in accordance with federal Internal Revenue Service and State of Oregon Department of Revenue regulations. 26.9 City shall guarantee access to, and make all provisions for Engineer to enter upon public and private property necessary for performance of the Scope of Work over which City exercises control. 26.10 Extra work or work on contingency tasks is not permitted unless authorized by the City in writing. Failure of Engineer to secure written authorization for extra work shall constitute a waiver of all rights to an adjustment in the Agreement price or Agreement time.

  • Surety Obligations No Borrower or Subsidiary is obligated as surety or indemnitor under any bond or other contract that assures payment or performance of any obligation of any Person, except as permitted hereunder.

  • ▇▇▇▇▇ OBLIGATIONS A ▇▇▇▇▇▇▇'s acceptance of funds directly under the Grant or indirectly through a subaward acts as acceptance of the authority of the State, under the direction of the legislative audit committee, to conduct an audit or investigation in connection with those funds. In accordance with the legislative audit committee, DFPS can request any documentation, at any time, to be sent to DFPS to a location DFPS chooses. Examples of documentation that DFPS may request include, but are not limited to: 1. Participant files in their entirety. This includes, but is not limited to: a. Progress notes. b. Action plans. c. Registration forms. d. Surveys. e. Sign-in sheets. f. Monthly tracking forms.

  • Additional Obligations of the Company The Company shall: (a) At least three (3) Business Days before filing the Mandatory Registration Statement, furnish to counsel selected by the Holders of a majority of the Registrable Securities covered by such registration statement copies of all such documents proposed to be filed (except for Annual Reports on Form 10-K, Quarterly Reports on Form 10-Q and Current Reports on Form 8-K and any similar or successor reports that have been filed via ▇▇▇▇▇ which may be incorporated or deemed to be incorporated by reference thereto), and the Company shall in good faith consider any reasonable comments of such counsel received at least one (1) Business Day prior to filing. (b) Promptly notify the Holders when the Mandatory Registration Statement is declared effective by the Commission. The Company shall respond as promptly as reasonably practicable to any comments received from the Commission with respect to the registration statement or any amendments thereto and shall furnish to the Holders, upon request, any comments of the Commission staff regarding the Holders. The Company shall promptly file with the Commission a request for acceleration of effectiveness in accordance with Rule 461 promulgated under the Securities Act after the Company concludes that the staff of the Commission has no further comments on the filing. (c) Furnish to the Holders such number of copies of a prospectus, including a preliminary prospectus, in conformity with the requirements of the Securities Act, and such other documents as they may reasonably request in order to facilitate the disposition of Registrable Securities owned by them. (d) Use commercially reasonable efforts to register and qualify the securities covered by the Mandatory Registration Statement under such other securities or Blue Sky laws of such U.S. jurisdictions as shall be reasonably requested by the Holders unless an exemption from registration and qualification exists; provided that the Company shall not be required in connection therewith or as a condition thereto to qualify to do business, file a general consent to service of process or subject itself to general taxation in any such states or jurisdictions. (e) Promptly notify each Holder of Registrable Securities covered by the Mandatory Registration Statement at any time when a prospectus relating thereto is required to be delivered under the Securities Act of the happening of any event as a result of which the prospectus included in such registration statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein not misleading in light of the circumstances then existing (provided that in no event shall such notice contain any material, non-public information regarding the Company) and, when such state of facts no longer exists whether due to passage of time or filing of supplemental disclosure by the Company, the Company shall promptly furnish to each such Holder a reasonable number of copies of any supplement or amendment to such prospectus filed by the Company. (f) Use commercially reasonable efforts to prevent the issuance of any stop order or other suspension of effectiveness of the Mandatory Registration Statement, or the suspension of the qualification of any of the Registrable Securities for sale in any jurisdiction in the United States, and in the event of the issuance of any stop order suspending the effectiveness of such registration statement, or any order suspending or preventing the use of any related prospectus or suspending the qualification of any equity securities included in such registration statement for sale in any jurisdiction, the Company shall use commercially reasonable efforts to obtain promptly the withdrawal of such order. (g) Use commercially reasonable efforts to cause all Shares to be listed on each securities exchange on which the same class of securities issued by the Company are then listed (collectively, the “Trading Markets”), including, without limitation, by the filing of any required additional listing applications. (h) Use commercially reasonable efforts to cooperate with the Holders who hold Registrable Securities being offered and, to the extent applicable, facilitate the timely preparation and delivery of certificates (not bearing any restrictive legend) representing the Registrable Securities sold pursuant to the Mandatory Registration Statement, and enable such certificates to be in such denominations or amounts, as the case may be, as the Holders may reasonably request and registered in such names as the Holders may request. (i) Provide and cause to be maintained a registrar and transfer agent for all Registrable Securities covered by any registration statement from and after a date not later than the effective date of the Mandatory Registration Statement. (j) Not, nor shall any subsidiary or affiliate thereof, identify any Holder as an underwriter in any public disclosure or filing with the SEC or the NASDAQ Stock Market or any other securities exchange or market without the consent of such Holder except as required by law.

  • Additional Indemnity Obligations Consultant shall defend, with counsel of Town’s choosing and at Consultant's own cost, expense and risk, any and all claims, suits, actions or other proceedings of every kind covered by Section 3.5.6.1 that may be brought or instituted against Town or its directors, officials, officers, employees, volunteers and agents. Consultant shall pay and satisfy any judgment, award or decree that may be rendered against Town or its directors, officials, officers, employees, volunteers and agents as part of any such claim, suit, action or other proceeding. Consultant shall also reimburse Town for the cost of any settlement paid by Town or its directors, officials, officers, employees, agents or volunteers as part of any such claim, suit, action or other proceeding. Such reimbursement shall include payment for Town's attorney's fees and costs, including expert witness fees. Consultant shall reimburse Town and its directors, officials, officers, employees, agents, and/or volunteers, for any and all legal expenses and costs incurred by each of them in connection therewith or in enforcing the indemnity herein provided. Consultant's obligation to indemnify shall not be restricted to insurance proceeds, if any, received by the Town, its directors, officials officers, employees, agents, or volunteers.