Security for Payment of Annual Service Charges Clause Samples

Security for Payment of Annual Service Charges. In order to secure the full and timely payment of the Annual Service Charges, the Township on its own behalf or on behalf of the Bondholder reserves the right to prosecute an In Rem Tax Foreclosure action against the Land and the Improvements erected thereon, including any Unit, as more fully set forth in this Agreement. If any installment of the Annual Service Charge has not been received from an Owner for application under the Indenture, the Owner hereby waives any objection or right to challenge the use by the Township (or the Trustee as assignee and agent of the Township) of the enforcement of remedies to collect the Annual Service Charge as are afforded the Township by Applicable Law, including the Tax Sale Law. The Township's remedies shall be limited solely to the collection of delinquent and unpaid amounts past due for payment, including interest, penalties and costs of collection provided for by Applicable Law, including, without limitation, the Tax Sale Law.
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Security for Payment of Annual Service Charges. In order to secure the full and timely payment of the Annual Service Charges, the Township on its own behalf or on behalf of the Bondholder reserves the right to prosecute an In-Rem Tax Foreclosure action against the Land and the Improvements erected thereon as more fully set forth in this Agreement. If any installment of the Annual Service Charge has not been received from the Entity for application under the Bond Agreement, the Entity hereby waives any objection or right to challenge the use by the Township of the enforcement of remedies to collect the Annual Service Charge as are afforded the Township by Applicable Law, including the Tax Sale Law. The Township's remedies shall be limited solely to the collection of delinquent and unpaid amounts past due for payment, including interest, penalties and costs of collection provided for by Applicable Law, including, without limitation, the Tax Sale Law.
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Security for Payment of Annual Service Charges. In order to secure the full and timely payment of the Annual Service Charge, the City on its own behalf reserves the right to prosecute an In Rem Tax Foreclosure action against the Property, as more fully set forth in this Agreement.
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Security for Payment of Annual Service Charges. In order to secure the full and timely payment of the Annual Service Charges, the Borough on its own behalf reserves the right to prosecute an In Rem Tax Foreclosure action against the Redevelopment Area, as more fully set forth in this Agreement.
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Security for Payment of Annual Service Charges 
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Related to Security for Payment of Annual Service Charges

  • Service Charges No service charge shall be made for any exchange or registration of transfer of Warrants.

  • Payment of Charges (a) Subject to Section 5.2(b), each Credit Party shall pay and discharge or cause to be paid and discharged promptly all Charges payable by it, including (i) Charges imposed upon it, its income and profits, or any of its property (real, personal or mixed) and all Charges with respect to tax, social security and unemployment withholding with respect to its employees, (ii) lawful claims for labor, materials, supplies and services or otherwise, and (iii) all storage or rental charges payable to warehousemen and bailees, in each case, before any thereof shall become past due. (b) Each Credit Party may in good faith contest, by appropriate proceedings, the validity or amount of any Charges, Taxes or claims described in Section 5.2(a); provided, that (i) adequate reserves with respect to such contest are maintained on the books of such Credit Party, in accordance with GAAP; (ii) no Lien shall be imposed to secure payment of such Charges (other than payments to warehousemen and/or bailees) that is superior to any of the Liens securing payment of the Obligations and such contest is maintained and prosecuted continuously and with diligence and operates to suspend collection or enforcement of such Charges, (iii) none of the Collateral becomes subject to forfeiture or loss as a result of such contest, (iv) such Credit Party shall promptly pay or discharge such contested Charges, Taxes or claims and all additional charges, interest, penalties and expenses, if any, and shall deliver to Agent evidence reasonably acceptable to Agent of such compliance, payment or discharge, if such contest is terminated or discontinued adversely to such Credit Party or the conditions set forth in this Section 5.2(b) are no longer met, and (v) Agent has not advised Borrower in writing that Agent reasonably believes that nonpayment or nondischarge thereof could have or result in a Material Adverse Effect.

  • Payment of GST Payment of the additional amount will be made at the same time as payment for the supply is required to be made under this Contract.

  • Payment of Debts, Taxes, Etc The Company shall pay, or cause to be paid, all of its indebtedness and other liabilities and perform, or cause to be performed, all of its obligations in accordance with the respective terms thereof, and pay and discharge, or cause to be paid or discharged, all taxes, assessments and other governmental charges and levies imposed upon it, upon any of its assets and properties on or before the last day on which the same may be paid without penalty, as well as pay all other lawful claims (whether for services, labor, materials, supplies or otherwise) as and when due

  • Progress Payments; Retainage A. Owner shall make progress payments on account of the Contract Price on the basis of Contractor’s Applications for Payment on the third Wednesday of the Month during performance of the Work as provided in Paragraph 6.02.A.1 below, provided that such Applications for Payment have been submitted in a timely manner and otherwise meet the requirements of the Contract. All such payments will be measured by the Schedule of Values established as provided in the General Conditions (and in the case of Unit Price Work based on the number of units completed) or, in the event there is no Schedule of Values, as provided elsewhere in the Contract. 1. Prior to Substantial Completion, progress payments will be made in an amount equal to the percentage indicated below but, in each case, less the aggregate of payments previously made and less such amounts as Owner may withhold, including but not limited to liquidated damages, in accordance with the Contract a. 95 percent of Work completed (with the balance being retainage). If the Work has been 50 percent completed as determined by Engineer, and if the character and progress of the Work have been satisfactory to Owner and Engineer, then as long as the character and progress of the Work remain satisfactory to Owner and Engineer, there will be no additional retainage; and