Common use of Failure to Maintain Existence Clause in Contracts

Failure to Maintain Existence. The Borrower shall fail to maintain its existence as a public agency and regional transit authority under Chapter 81.112 RCW and Chapter 81.104 RCW or any successor provisions under the laws of the State, unless at or prior to the time the Borrower ceases to exist in such form a successor public agency or governing body has been created by the State pursuant to a valid and unchallenged State law and has succeeded to the assets of the Borrower and has assumed all of the obligations of the Borrower under the TIFIA Loan Documents and the Bond Documents, including the payment of all obligations in respect of the Bonds.

Failure to Maintain Existence. The Borrower shall fail to maintain its existence as a public agency and regional transit authority under Chapter 81.112 RCW and Chapter 81.104 RCW or any successor provisions under the laws of the State, unless at or prior to the time the Borrower ceases to exist in such form a successor public agency or governing body has been created by the State pursuant to a valid and unchallenged State law and has succeeded to the assets of the Borrower and has assumed all of the obligations of the Borrower under the TIFIA RRIF Loan Documents and the Bond Documents, including the payment of all obligations in respect of the Bonds.