Continuous Operation Essential Clause Samples

Continuous Operation Essential. The City agrees that the continuous operation of the System and the collection, deposit and disbursement of the Net Revenues in the manner provided in the Resolution and this Agreement are essential to the payment and security of the Bond, and the failure or refusal of the City to perform the covenants and obligations contained in the Resolution and this Agreement will endanger the necessary continuous operation of the System and the application of the Net Revenues to the operation of the System and the payment of the Bond.