Co-Op Obligations Clause Samples

Co-Op Obligations. Except as otherwise provided herein or ordered hereunder, Co-Op hereby undertakes the following obligations: a) Co-Op expects to receive a grant in connection with this project of approximately $1,000,000, of which $800,000 will be distributed to GEM. If said grant is not received, this Agreement shall be considered null and void. Within five (5) days of receipt of the grant funds, Co-Op will remit said amounts to GEM. Distribution of the $800,000.00 in grant funds will be paid pursuant to the Schedule set forth on pages 5-6 of Exhibit "A" of the Special Terms and Provisions Applicable to Receipt of Recovery Act Funds between Riverbay Fund, Inc., NYSERDA and GEM. b) Over the one-hundred-twenty (120) months following the installation of the Units, Co-Op will remit to GEM by the tenth of each month an amount equal to $14,997.33 from the cost savings received as a result of the installation of the Units. To the extent that the cost savings in any individual month is less than $14,997.33, Riverbay will pay GEM 90% of the actual costs savings for such month. In such case Riverbay will continue monthly payments to GEM until $1,799,680.00 is paid by Riverbay. To the extent that the costs savings in any individual month is more than $14,997.33, Riverbay will pay GEM 90% of the amount in excess of $14,997.33 saved as a result of the installation of the units. In such case Riverbay will cease making payments after $1,799,680.00 is paid to GEM, except to the extent that change orders or other alterations to the scope of the project are approved by mutual agreement between Riverbay and GEM. c) Co-Op will undertake, at its own expense, the cost of replacing, repairing or otherwise maintaining any of the Units or their components which have been damaged other than through normal wear and tear of the Unit. To the extent that Co-Op desires GEM to perform the obligations set forth in this Section (5)(d), GEM will undertake the obligations and will invoice Co-Op the cost of replacement plus 10%. Remittance of the amount of these invoices by Co-Op will be net thirty days, after which a late penalty of 1% per month will be charged by GEM to Co-Op until the invoices are satisfied; d) Co-Op will, at its own expense, obtain any servitudes, easements, rights-of-way or other rights necessary for the installation of the Units.
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Related to Co-Op Obligations

  • ▇▇▇▇▇ OBLIGATIONS A ▇▇▇▇▇▇▇'s acceptance of funds directly under the Grant or indirectly through a subaward acts as acceptance of the authority of the State, under the direction of the legislative audit committee, to conduct an audit or investigation in connection with those funds. In accordance with the legislative audit committee, DFPS can request any documentation, at any time, to be sent to DFPS to a location DFPS chooses. Examples of documentation that DFPS may request include, but are not limited to: 1. Participant files in their entirety. This includes, but is not limited to: a. Progress notes. b. Action plans. c. Registration forms. d. Surveys. e. Sign-in sheets. f. Monthly tracking forms.

  • Swap Obligations Neither the Company nor any of its Subsidiaries has incurred any outstanding obligations under any Swap Contracts, other than Permitted Swap Obligations. The Company has undertaken its own independent assessment of its consolidated assets, liabilities and commitments and has considered appropriate means of mitigating and managing risks associated with such matters and has not relied on any swap counterparty or any Affiliate of any swap counterparty in determining whether to enter into any Swap Contract.

  • Excluded Obligations Notwithstanding anything to the contrary expressed or implied in the Debt Documents, the Security Agent shall not: (a) be bound to enquire as to (i) whether or not any Default has occurred or (ii) the performance, default or any breach by a Debtor or a Security Grantor of its obligations under any of the Debt Documents; (b) be bound to account to any other Party for any sum or the profit element of any sum received by it for its own account; (c) be bound to disclose to any other person (including but not limited to any Secured Party) (i) any confidential information or (ii) any other information if disclosure would, or might in its reasonable opinion, constitute a breach of any law or be a breach of fiduciary duty; and (d) have or be deemed to have any relationship of trust or agency with, any Debtor.

  • Guaranty Obligations Unless otherwise specified, the amount of any Guaranty Obligation shall be the lesser of the principal amount of the obligations guaranteed and still outstanding and the maximum amount for which the guaranteeing Person may be liable pursuant to the terms of the instrument embodying such Guaranty Obligation.

  • Valid Obligations The execution, delivery and performance of the Loan Documents have been duly authorized by all necessary corporate action and each represents a legal, valid and binding obligation of Borrower and is fully enforceable according to its terms, except as limited by laws relating to the enforcement of creditors' rights.