EDC Bond Sample Clauses

EDC Bond. The City and the RDC shall, subject to such further proceedings as may be required by law, including without limitation the receipt by the Common Council of the City of a recommendation by the City’s Economic Development Commission, use its best efforts to (a) implement the State Street Lease Structure, and (b) cause the City to issue an economic development revenue bond pursuant to I.C. § 36-7-12 (the “EDC Bond”), in each case for the purpose of securing the obligation to make the Dedicated TIF 1 Revenue and the Dedicated TIF 2 Revenue available to the Joint Board in order to make availability payments and other payments due the Developer on the Project. The (a) leases and other instruments evidencing the State Street Lease Structure and (b) the indenture and other documents evidencing the EDC Bond (and any indenture or other document evidencing the obligations thereunder) shall, as applicable, provide that: 5.6.1. payments owed by the RDC to the West Lafayette CDC pursuant to the State Street Lease Structure and the EDC Bond will be made directly to the EDC Bond trustee and deposited in a sinking fund for the benefit of the Joint Board, to be held for the purpose of making scheduled availability payments to the Developer under the PPA. 5.6.1. the RDC and the EDC Bbond trustee shall take all actions necessary to ensure, in any payment period in which there is Excess TIF Revenue, that any such Excess TIF Revenue attributable to Dedicated TIF 2 rRevenue is distributed in the manner provided in Section 5.3.24 hereof. For the avoidance of doubt, other than an amount of Dedicated TIF 2 Revenue that, together with Dedicated TIF 1 Revenue, is necessary to cover the availability payment or any other payment due the Developer in a given payment period, the Dedicated TIF 2 Revenue shall be subject to the following priority claims: 5.6.2.1 amounts owed to the sources of any Overall Shortfall Advances shall (on a pari passu basis with each other) rank senior to all other claims on Dedicated TIF 2 Revenue, 5.6.2.2 amounts owed to PRF in respect of the inaugural availability payment (if any), any TIF 2 Shortfall Advances, and any other amounts outstanding under the TIF Support Facility shall rank junior to Overall Shortfall Advances but senior to all other claims on Dedicated TIF 2 Revenue, and 5.6.2.3 amounts owed to the University in respect of Project Indirect Costs: (i) shall rank junior only to Overall Shortfall Advances, any inaugural availability payment advance...
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Related to EDC Bond

  • Payment Bond PURCHASER shall furnish an acceptable payment bond or blanket payment bond to STATE as guarantee for payment for timber. Payment bonds may be in the form of surety bonds, cash, cashier's or certified check, money order, assignment of surety, irrevocable letters of credit, or other securities as determined acceptable by the State Forester. Surety bonds must be written by a surety company authorized to do business in the State of Oregon, on a form provided by STATE. The bonds shall be in an amount at least equal to the value of timber estimated to be removed during a one-month plus 15-day billing period as determined by STATE. In any event, the amount shall not be less than one installment payment as specified in Section 42. Under a payment bond, PURCHASER may remove timber for a 30-day period, after which time, payment becomes due and owing. PURCHASER shall make cash payment within 15 days following the end of the monthly period. Upon payment for timber removed in the monthly period, the payment guarantee may be applied as a guarantee for a subsequent period. A blanket payment bond shall be in an amount at least equal to the value of the timber estimated to be removed from all contracts covered by the blanket payment bond during a one-month plus 15-day billing period as determined by STATE. PURCHASER shall obtain and furnish STATE with a written consent of surety on forms provided by STATE for coverage of any contracts to which the blanket payment bond may apply. In no event shall PURCHASER remove timber with a value greater than the amount of the payment guarantee.

  • Surety Bond (a) If a Required Surety Payment is payable pursuant to the Surety Bond with respect to any Additional Collateral Loan, the Master Servicer shall so notify the Trustee as soon as reasonably practicable and the Trustee shall promptly complete the notice in the form of Attachment 1 to the Surety Bond and shall promptly submit such notice to the Surety as a claim for a Required Surety. The Master Servicer shall upon request assist the Trustee in completing such notice and shall provide any information requested by the Trustee in connection therewith. (b) Upon receipt of a Required Surety Payment from the Surety on behalf of the Holders of Certificates, the Trustee shall deposit such Required Surety Payment in the Certificate Account and shall distribute such Required Surety Payment, or the proceeds thereof, in accordance with the provisions of Section 4.02. (c) The Trustee shall (i) receive as attorney-in-fact of each Holder of a Certificate any Required Surety Payment from the Surety and (ii) disburse the same to the Holders of such Certificates as set forth in Section 4.02.

  • Blanket Bond If Purchaser furnishes an acceptable bond, or deposits securities, in accordance with B4.3, to guarantee payment for timber from this and other timber sales within the same National Forest, the amount of such bond or deposited securities shall be al- located to such timber sales by Forest Service. When there is to be no timber cutting hereunder for 30 days or more and payment of current charges has been made, the allocation to this timber sale shall be reallocated to other timber sales at Purchaser’s request. Purchaser shall not start cutting hereunder until this timber sale re- ceives an allocation that will meet the obligation for pay- ment guarantee.

  • Performance Bond and Payment Bond The Contractor shall furnish both a performance bond and a payment bond in the exact form set forth in Section 7, (Forms) of these General Conditions.

  • Performance Bond Unless otherwise prohibited by law, the Department may require the Contractor to furnish, without additional cost to the Department, a performance bond or irrevocable letter of credit or other form of security for the satisfactory performance of work hereunder. The Department shall determine the type and amount of security.

  • Security Bond The security bond provides protection to Owner if Contractor presents an acceptable guaranteed maximum price (“GMP”) to Owner but is unable to deliver the required payment and performance bonds within the time period stated below.

  • Surety Bonds No Trustee, officer, employee or agent of the Trust shall, as such, be obligated to give any bond or surety or other security for the performance of any of his duties, unless required by applicable law or regulation, or unless the Trustees shall otherwise determine in any particular case.

  • Bond The Custodian shall at all times maintain a bond in such form and amount as is acceptable to the Fund, which shall be issued by a reputable fidelity insurance company authorized to do business in the place where such bond is issued, against larceny and embezzlement, covering each officer and employee of the Custodian who may, singly or jointly with others, have access to securities or funds of the Fund, either directly or through authority to receive and carry out any certificate instruction, order request, note or other instrument required or permitted by this Agreement. The Custodian agrees that it shall not cancel, terminate or modify such bond insofar as it adversely affects the Fund except after written notice given to the Fund not less than 10 days prior to the effective date of such cancellation, termination or modification. The Custodian shall, upon request, furnish to the Fund a copy of each such bond and each amendment thereto.

  • Bonds The Contractor shall furnish both a performance bond and a payment bond and shall pay the premiums thereon as a Cost of the Work. The Performance Bond shall guarantee the full performance of the Contract.

  • Replacement Bonds In the event that any Bond is not delivered due to any occurrence, act or event beyond the control of the Depositor and of the Trustee (such a Bond being herein called a "Special Bond"), the Depositor may so certify to the Trustee and instruct the Trustee to purchase Replacement Bonds which have been selected by the Depositor having a cost and an aggregate principal amount not in excess of the cost and aggregate principal amount of the Special Bonds not so delivered. To be eligible for inclusion in the Trust, the Replacement Bonds which the Depositor selects must: (i) for Trusts containing municipal bonds, yield current interest which is exempt from taxation for federal income tax purposes and, if the Trust is a State Trust, exempt from taxation under the personal income tax law of the particular state involved; (ii) have a fixed maturity or disposition date comparable to the bonds replaced; (iii) be purchased at a price that results in a yield to maturity and in a current return, in each case as of the execution and delivery of the applicable Reference Trust Agreement, which is approximately equivalent to the yield maturity and current return of the Special Bonds which failed to be delivered and for which the Replacement Bonds are substituted; (iv) be purchased within twenty days after delivery of notice of the failed contract to the Trustee or to the Depositor, whichever occurs first and (v) be of comparable credit quality to the Special Bond which failed to be delivered. Any Replacement Bonds received by the Trustee shall be deposited hereunder and shall be subject to the terms and conditions of this Indenture to the same extent as other Bonds deposited hereunder. No such deposit of Replacement Bonds shall be made after the earlier of (i) 90 days after the date of execution and delivery of the applicable Reference Trust Agreement or (ii) the first Distribution Date to occur after the date of execution and delivery of the applicable Reference Trust Agreement. (25) Article III is hereby amended by adding the following Section 3.19:

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