Authority Covenant Clause Samples
An Authority Covenant is a contractual provision in which a party affirms that it possesses the necessary legal power and authorization to enter into and perform its obligations under the agreement. This clause typically requires each party to confirm that all requisite corporate or organizational actions, such as board approvals or shareholder consents, have been obtained prior to signing. By including this covenant, the contract ensures that all parties are legally capable of fulfilling their commitments, thereby reducing the risk of unenforceable agreements due to lack of authority.
Authority Covenant. The Authority shall remit to the County that portion of any payment received under Section 4.4 hereof necessary for the County to pay in full all then outstanding amounts owing under the bonds issued pursuant to Section 36 of the Act. TeamCo shall have no obligation to ensure that the Authority performs the obligation set forth in this Section 4.5.
Authority Covenant. The Authority shall remit (a) to the County that portion of any payment received under Section 4.4 hereof necessary for the County to pay in full all then outstanding amounts owing under the bonds issued pursuant to Section 34 of the Act and (b) to the State that portion of any payment received under Section 4.4 hereof representing tax credits required to be refunded to the State pursuant to paragraph (g) of subsection 4 of section 32 of the Act. TeamCo shall have no obligation to ensure that the Authority performs the obligation set forth in this Section 4.5.
Authority Covenant. 3 Section 4.1. Authority Tax Covenant. 3 ARTICLE 5 LIMITED AUTHORITY OBLIGATION 3
Authority Covenant. The Authority shall remit (a) to the County or the County's bond trustee that portion of any payment received under Sections 4.4(a)(ii), 4.4(a)(iii) and 4.4(a)(iv) hereof necessary for the County to pay in full all then outstanding amounts owing under the Bonds and any payments received pursuant to Sections 4.4(a)(i) and 4.4(vi) hereof and (b) to the State that portion of any payment received under Section 4.4(a)(v) hereof representing tax credits required to be refunded to the State pursuant to paragraph (g) of subsection 4 of section 32 of the Act. TeamCo shall have no obligation to ensure that the Authority performs the obligations set forth in this Section 4.5.
Authority Covenant