Restrictions on Elimination of Payment Obligations Clause Samples

Restrictions on Elimination of Payment Obligations. No sale, assignment or other disposition of Purchaser’s Project Rights and Obligations to any Person (“Assignee”) shall release Purchaser from its payment obligations under this Agreement; provided, however, such payment obligations may be eliminated or reduced if the sale, assignment or other disposition is made pursuant to Section 15.1 of this Agreement, or if (i) such Assignee shall assume and agree in writing to fully perform and discharge the Project Rights and Obligations under its Power Sales Agreement, (ii) such Assignee shall have a corporate or long-term senior unsecured credit rating of A- or higher by S&P or A 3 or higher by Moody’s, unless otherwise provided by the Board of Directors, and (iii) the Board of Directors, by resolution, determines to eliminate or reduce such payment obligations, which determination shall not be unreasonably withheld.
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Restrictions on Elimination of Payment Obligations. So long as any obligations remain Outstanding under an Indenture, no sale, assignment or other disposition of a Participant’s GES shall release such Participant from its obligations under this Agreement except to the extent of moneys received by NCPA as a result of such sale, assignment or other disposition of GES, less NCPA’s related costs and expenses; provided however, that such obligations may be eliminated or reduced if no obligations remain Outstanding under an Indenture and the Participant Committee and NCPA’s Commission determine to eliminate or reduce such obligations, which determination shall not be unreasonably withheld.
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Restrictions on Elimination of Payment Obligations. Nb sale, assignment or other disposition of Purchaser’s Project Rights and Obligations to any Person (“Assignee”) shall release Purchaser from its payment obligations under this Agreement; provided, however, such payment obligations may be eliminated or reduced if (i) such Assignee shall assume and agree to fully perform and discharge the Project Rights and Obligations under this Agreement, (ii) unless otherwise provided by resolution of the Board of Directors, such Assignee shall have a corporate or long-term senior unsecured credit rating not less than Standard & Poors A- or ▇▇▇▇▇'▇ A3, and (iii) the Board of Directors, by resolution, determines in its sole discretion to eliminate or reduce such payment obligations. For avoidance of doubt, notwithstanding the forgoing, no such sale, assignment or disposition shall cause SCPPA to be in default of any term or condition ofthe Project Agreements.
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Restrictions on Elimination of Payment Obligations. No sale, assignment or other disposition of Purchaser’s Project Rights and Obligations to any Person (“Assignee”) that occurs when any Bonds are outstanding shall release Purchaser from its payment obligations under this Agreement; provided, however, such payment obligations may be eliminated or reduced if no Bonds are outstanding or adequate provisions for the payment thereof have been made in accordance with the provisions of the Indenture if (i) such Assignee shall assume and agree to fully perform and discharge the Project Rights and Obligations under this Agreement, (ii) unless otherwise provided by resolution of the Board of Directors, such Assignee shall have a corporate or long-term senior unsecured credit rating not less than Standard & Poors A- or ▇▇▇▇▇'▇ A3, and (iii) the Board of Directors, by resolution, determines in its sole discretion to eliminate or reduce such payment obligations. For avoidance of doubt, notwithstanding the forgoing, no such sale, assignment or disposition shall cause SCPPA to be in default of any term or condition of the Power Purchase Agreement or of any Project Agreement.
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Restrictions on Elimination of Payment Obligations. No sale, assignment or other disposition of Purchaser’s Project Rights and Obligations to any person or entity (“Assignee”) that occurs during the term of the Power Purchase Agreement shall release Purchaser from its payment obligations under this Agreement. Provided, however, such payment obligations may be eliminated or reduced if (i) the Assignee meets the credit rating set forth in the Credit Requirements of the Power Purchase Agreement (ii) such Assignee shall assume and agree to fully perform and discharge the Project Rights and Obligations under this Agreement, (iii) such Assignee shall have a corporate or long-term senior unsecured credit rating not less than investment grade, and (iv) the Board of Directors, by resolution, determines to eliminate or reduce such payment obligations, which determination shall not be unreasonably withheld.
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Related to Restrictions on Elimination of Payment Obligations

  • Restrictions on Payments An employee shall not be entitled to payment for inclement weather as provided for in this clause unless the employee remains on the job until the provisions set out in this clause have been observed.

  • Restrictions on Actions by Lenders; Sharing of Payments (a) Each of the Lenders agrees that it shall not, without the express written consent of Agent, and that it shall, to the extent it is lawfully entitled to do so, upon the written request of Agent, set off against the Obligations, any amounts owing by such Lender to any Loan Party or its Subsidiaries or any deposit accounts of any Loan Party or its Subsidiaries now or hereafter maintained with such Lender. Each of the Lenders further agrees that it shall not, unless specifically requested to do so in writing by Agent, take or cause to be taken any action, including, the commencement of any legal or equitable proceedings to enforce any Loan Document against any Borrower or any Guarantor or to foreclose any Lien on, or otherwise enforce any security interest in, any of the Collateral. (b) If, at any time or times any Lender shall receive (i) by payment, foreclosure, setoff, or otherwise, any proceeds of Collateral or any payments with respect to the Obligations, except for any such proceeds or payments received by such Lender from Agent pursuant to the terms of this Agreement, or (ii) payments from Agent in excess of such Lender’s Pro Rata Share of all such distributions by Agent, such Lender promptly shall (A) turn the same over to Agent, in kind, and with such endorsements as may be required to negotiate the same to Agent, or in immediately available funds, as applicable, for the account of all of the Lenders and for application to the Obligations in accordance with the applicable provisions of this Agreement, or (B) purchase, without recourse or warranty, an undivided interest and participation in the Obligations owed to the other Lenders so that such excess payment received shall be applied ratably as among the Lenders in accordance with their Pro Rata Shares; provided, that to the extent that such excess payment received by the purchasing party is thereafter recovered from it, those purchases of participations shall be rescinded in whole or in part, as applicable, and the applicable portion of the purchase price paid therefor shall be returned to such purchasing party, but without interest except to the extent that such purchasing party is required to pay interest in connection with the recovery of the excess payment.