Incremental Payment Obligation Sample Clauses

Incremental Payment Obligation. WHLLC agrees that within ten (10) days following the Effective Date it shall transfer the WHCFD Note to Landowner and Landowner agrees it shall, in turn, cancel and return the WHCFD Note to CFD No. 2005-1 and accept in its place Incremental Payments from CFD No. 2005-1 of Special Taxes deposited in the Special Fund and the proceeds of Bonds deposited in the Incremental Payment Subaccount, as provided for in this F/A Agreement. The total amount of Incremental Payments (“Incremental Payment Obligation”) shall equal (i) a principal amount of $6,000,000, and (ii) if applicable, payments of interest on the outstanding principal amount calculated at the Default Rate (defined below). Incremental Payments shall be made on each of the following dates (each, a “Payment Date”) from and in the amount of all funds on deposit in the Incremental Payment Subaccount and the Special Fund, respectively: (i) from the Incremental Payment Subaccount within ten (10) business days following each deposit of proceeds of Bonds in, or transfer of proceeds of Bonds to, the Incremental Payment Subaccount and (ii) from the Special Fund on the first business day on or following each March 1 and September 1 until the First Series of Bonds have been issued and thereafter on the first business day on or following each January 1 and July 1 following the expiration of the “Bond Year” as defined in the Indenture. Each Incremental Payment shall be applied first against accrued Default Rate interest (if any) and then against the outstanding principal balance. If CFD No. 2005-1 (i) fails to deposit funds in the Special Fund or Incremental Payment Subaccount, (ii) improperly disburses funds from the Special Fund or Incremental Payment Subaccount, (iii) fails to make an Incremental Payment on a Payment Date, or (iv) fails to take an action necessary to offer for sale, sell, or issue Bonds pursuant to the terms of this F/A Agreement, including not by way of limitation Section 8.2 (each a “Default”), the interest rate to be used to calculate the Incremental Payment Obligation shall be ten percent (10%) per annum (“Default Rate”) calculated and payable from the date of the Default until the Default has been cured by CFD No. 2005-1. No Default Rate shall be applicable, unless Landowner gives ten
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Related to Incremental Payment Obligation

  • Repayment Obligation In the event that any State and/or federal funds are deferred and/or disallowed as a result of any audits or expended in violation of the laws applicable to the expenditure of such funds, the Contractor shall be liable to the Agency for the full amount of any claim disallowed and for all related penalties incurred. The requirements of this paragraph shall apply to the Contractor as well as any subcontractors.

  • Payment Obligation (a) The Subscriber shall bear the obligation to pay the Service Fee to SORACOM from the day when SORACOM starts to provide the Subscriber with the telecommunication channel pursuant to this Agreement.

  • Local Church’s Payment Obligations At Closing or otherwise prior to or on the Disaffiliation Date, Local Church shall pay to the Annual Conference, in a manner specified by Annual Conference, the following:

  • Basic Obligations (1) The Authority shall carry out international search and international preliminary examination in accordance with, and perform such other functions of an International Searching Authority and International Preliminary Examining Authority as are provided under, the Treaty, the Regulations, the Administrative Instructions and this Agreement.

  • Funding Amount “Funding Amount” means an amount not to exceed Five Hundred Thousand Dollars ($500,000.00) of tax increment finance revenues to be used for paying the costs associated with the construction, equipping, inspection, and delivery of the Local Public Improvements.

  • Payment of Principal, Interest, Escrow Items, Prepayment Charges, and Late Charges Borrower will pay each Periodic Payment when due. Borrower will also pay any prepayment charges and late charges due under the Note, and any other amounts due under this Security Instrument. Payments due under the Note and this Security Instrument must be made in U.S. currency. If any check or other instrument received by Lender as payment under the Note or this Security Instrument is returned to Lender unpaid, Lender may require that any or all subsequent payments due under the Note and this Security Instrument be made in one or more of the following forms, as selected by Lender: (a) cash; (b) money order; (c) certified check, bank check, treasurer’s check, or cashier’s check, provided any such check is drawn upon an institution whose deposits are insured by a U.S. federal agency, instrumentality, or entity; or (d) Electronic Fund Transfer. Payments are deemed received by Lender when received at the location designated in the Note or at such other location as may be designated by Lender in accordance with the notice provisions in Section 16. Lender may accept or return any Partial Payments in its sole discretion pursuant to Section 2. Any offset or claim that Borrower may have now or in the future against Lender will not relieve Borrower from making the full amount of all payments due under the Note and this Security Instrument or performing the covenants and agreements secured by this Security Instrument.

  • Benefits – Prepayment or Repayment of Premiums During Unpaid Portion of Leave 11.4.1 Teachers may prepay or repay benefit premiums payable during the duration of parental leave.

  • Down Payment The Mortgagor has contributed at least 5% of the purchase price for the Mortgaged Property with his/her own funds.

  • Facility of Payment If a benefit is payable to a minor, to a person declared incompetent, or to a person incapable of handling the disposition of his or her property, the Company may pay such benefit to the guardian, legal representative or person having the care or custody of such minor, incompetent person or incapable person. The Company may require proof of incompetence, minority or guardianship as it may deem appropriate prior to distribution of the benefit. Such distribution shall completely discharge the Company from all liability with respect to such benefit.

  • Refinancing Preparation Advance; Capitalizing Front-end Fee and Interest (a) If the Loan Agreement provides for the repayment out of the proceeds of the Loan of an advance made by the Bank or the Association (“Preparation Advance”), the Bank shall, on behalf of such Loan Party, withdraw from the Loan Account on or after the Effective Date the amount required to repay the withdrawn and outstanding balance of the advance as at the date of such withdrawal from the Loan Account and to pay all accrued and unpaid charges, if any, on the advance as at such date. The Bank shall pay the amount so withdrawn to itself or the Association, as the case may be, and shall cancel the remaining unwithdrawn amount of the advance.”

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