Common use of Time and Amount Clause in Contracts

Time and Amount. Subject to the provisions of Section 4.10 hereof (regarding abatement in event of loss of use of any portion of the Property), Section 7.3 hereof (regarding option to purchase) and Article X (regarding prepayment of Lease Payments), the District agrees to pay to the Lessor, its successors and assigns, as annual rental for the use and possession of the Property, the Lease Payments (denominated into components of principal and interest, the interest component being paid semiannually) in the amounts specified in Exhibit A, to be due and payable on the fifteenth (15th) day of the month (or if such day is not a Business Day, the next succeeding Business Day) immediately preceding the respective Certificate Payment Dates as specified in Exhibit A (the “Lease Payment Date”) which are sufficient in both time and amount to pay when due the annual principal and semiannual interest represented by the Certificates. In the event the District does not pay a Lease Payment due on the respective Lease Payment Date, the Trustee shall provide prompt written notice to the District of such failure to pay; provided, however, that failure to give such notice shall not excuse any event of default under such Section 9.1 hereof.

Time and Amount. Subject to the provisions of Section 4.10 hereof (regarding abatement in event of loss of use of any portion of the Property), Section 7.3 hereof (regarding option to purchase) and Article X (regarding prepayment of Lease Payments), the District agrees to pay to the Lessor, its successors and assigns, as annual rental for the use and possession of the Property, the Lease Payments (denominated into components of principal and interest, the interest component being paid semiannually) in the amounts specified in Exhibit A, to be due and payable on the fifteenth (15th) day of the month (or if such day is not a Business Day, the next succeeding Business Day) immediately preceding the respective Certificate Payment Dates as specified in Exhibit A (the “Lease Payment Date”) which are sufficient in both time and amount to pay when due the annual principal and semiannual interest represented by the Certificates. In the event the District does not pay a Lease Payment due on the respective Lease Payment Date, the Trustee shall provide prompt written notice to the District and the Insurer of such failure to paypay (with a copy to the Insurer); provided, however, that failure to give such notice shall not excuse any event of default under such Section 9.1 hereof.