Payment of Debt Service. If required by any lender as a segment of OPERATOR'S approved financing package and notwithstanding and in addition to the other terms of this Agreement, OPERATOR shall, on or before the tenth (10th) day of each calendar month, pay the bond trustee or lender an amount equal to 1/12th of the annual debt service of any financing packages, including revenue bonds, which are issued under the name of CITY. The CITY and the OPERATOR acknowledge that the payment of debt service is to be undertaken and made by OPERATOR before any distribution to the OPERATOR is made from the revenues of the Project.
Appears in 2 contracts
Sources: Management Operating Agreement (Magicworks Entertainment Inc), Management Operating Agreement (Magicworks Entertainment Inc)