Limitation of Authority’s Liability. Anything contained in this Agreement to the contrary notwithstanding, under no circumstances shall the Authority be obligated directly or indirectly to pay Costs of the Project, principal of or premium, if any, and interest on the Bonds, or expenses of operation, maintenance and upkeep of the Project except from Bond proceeds or from funds received under this Agreement and the Indenture, exclusive of funds received by the Authority for its own use. The Authority’s obligations under the Indenture, this Agreement and the Bonds shall not constitute a debt or liability of or a pledge of the faith and credit of the Authority, the State, any political subdivisions thereof, or any municipality therein. Nothing herein, in the Indenture or in the Bonds, shall directly, indirectly or contingently obligate the Authority, the State any political subdivision thereof or any municipality to levy or pledge any form of taxation whatsoever or make any appropriation for the payment of the Bonds.
Limitation of Authority’s Liability. Neither Authority nor any Board member, director, employee, officer or agent thereof shall have (i) any personal liability with respect to any of the provisions of this Agreement, or (ii) any liability for any consequential damages resulting from a default by Authority hereunder or from the exercise by Authority of any of its remedies hereunder upon the occurrence of an Event of Default. Contractor further agrees not to initiate or participate in any involuntary bankruptcy, reorganization, receivership or insolvency proceeding against Authority.
Limitation of Authority’s Liability. No agreements or provisions contained herein nor any agreement, covenant or undertaking of the Authority contained in any Financing Document executed by the Authority in connection with the issuance, sale and delivery of the Bonds shall give rise to any pecuniary liability of the Authority or a general obligation of or a charge against its general credit or shall obligate the Authority financially in any way, except with respect to the funds available hereunder or under the Bond Indenture and pledged to the payment of the Bonds, and their application as provided under the Bond Indenture. The Authority has no taxing power. No failure of the Authority to comply with any term, covenant or agreement herein or in any Financing Document executed by the Authority in connection with the Bonds shall subject the Authority to any pecuniary charge or liability except to the extent that the same can be paid or recovered from the funds available hereunder or under the Bond Indenture and pledged to the payment of the Bonds. Nothing herein shall preclude a proper party in interest from seeking and obtaining, to the extent permitted by law, specific performance against the Authority for any failure to comply with any term, condition, covenant or agreement herein or in the Bond Indenture; provided, that no costs, expenses or other monetary relief shall be recoverable from the Authority except as may be payable from the funds available hereunder or under the Bond Indenture and pledged to the payment of the Bonds. Notwithstanding any other provision of this Loan Agreement or any other Financing Document,
Limitation of Authority’s Liability. THE STATE IS NOT OBLIGATED TO PAY, AND NEITHER THE FAITH AND CREDIT NOR TAXING POWER OF THE STATE IS PLEDGED TO THE PAYMENT OF, THE PRINCIPAL OR REDEMPTION PRICE, IF ANY, OF OR INTEREST ON THE BONDS. THE BONDS ARE A SPECIAL, LIMITED OBLIGATION OF THE AUTHORITY, PAYABLE SOLELY OUT OF THE REVENUES OR OTHER RECEIPTS, FUNDS OR MONEYS OF THE AUTHORITY PLEDGED UNDER THE INDENTURE AND FROM ANY AMOUNTS OTHERWISE AVAILABLE UNDER THE INDENTURE FOR THE PAYMENT OF THE BONDS. THE BONDS DO NOT NOW AND SHALL NEVER CONSTITUTE A CHARGE AGAINST THE GENERAL CREDIT OF THE AUTHORITY. THE AUTHORITY HAS NO TAXING POWER. Pursuant to the Act, neither the members of the Authority, nor any person executing bonds for the Authority, shall be liable personally on said bonds by reason of the issuance thereof.
Limitation of Authority’s Liability. Anything contained in this Refunding Support Agreement to the contrary notwithstanding, any obligation the Authority may incur in connection with the issuance of the Refunding Bond for the payment of money shall not be deemed to constitute a debt or general obligation of the Authority within any constitutional or statutory limitations, but shall be a limited obligation payable solely from the revenues and receipts derived by it pursuant to this Refunding Support Agreement, the City of Galax Refunding Support Agreement and the Xxxxxxx County Refunding Support Agreement.
Limitation of Authority’s Liability. No covenant, agreement or obligation contained in any Financing Instrument shall be deemed to be a covenant, agreement or obligation of any present or future director, officer, employee or agent of the Authority in his or her individual capacity, and neither the directors of the Authority nor any officer, employee or agent thereof executing any Financing Instrument shall be liable personally on such Financing Instrument or be subject to any personal liability or accountability by reason of the issuance thereof. No director, officer, employee or agent of the Authority shall incur any personal liability with respect to any other action taken by him or her pursuant to the Financing Instruments or the Act or any of the transactions contemplated thereby provided he or she acts in good faith. THE OBLIGATIONS OF THE AUTHORITY UNDER THE FINANCING INSTRUMENTS ARE NOT GENERAL OBLIGATIONS OF THE AUTHORITY BUT ARE LIMITED OBLIGATIONS, PAYABLE SOLELY FROM THE SUPPORT AGREEMENT REVENUES, WHICH REVENUES HAVE BEEN PLEDGED AND ASSIGNED TO SUCH PURPOSES. THE OBLIGATIONS OF THE AUTHORITY UNDER THIS AGREEMENT AND THE BOND SHALL NOT BE DEEMED TO CONSTITUTE A DEBT OR A PLEDGE OF THE FAITH AND CREDIT OF THE COMMONWEALTH OF VIRGINIA OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE COUNTY AND THE AUTHORITY. NEITHER THE COMMONWEALTH OF VIRGINIA NOR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE COUNTY AND THE AUTHORITY, SHALL BE OBLIGATED TO PAY THE OBLIGATIONS UNDER THIS AGREEMENT OR THE BOND OR OTHER COSTS INCIDENT THERETO EXCEPT FROM THE SUPPORT AGREEMENT REVENUES PLEDGED THEREFOR, AND NEITHER THE FAITH AND CREDIT NOR THE TAXING POWER OF THE COMMONWEALTH OF VIRGINIA OR ANY POLITICAL SUBDIVISION THEREOF, INCLUDING THE COUNTY AND THE AUTHORITY, IS PLEDGED TO THE PAYMENT OF THE OBLIGATIONS UNDER THIS AGREEMENT OR THE BOND.
Limitation of Authority’s Liability. Anything contained in this Loan Agreement to the contrary notwithstanding, any obligation the Authority may incur hereunder for the payment of money shall not be deemed to constitute a debt or general obligation of the Authority within any constitutional or statutory limitations but shall be payable solely from the revenues and receipts derived pursuant to this Loan Agreement, including payments received under the Notes. No covenant, agreement or obligation contained herein shall be deemed to be a covenant, agreement or obligation of a present or future director, officer, employee or agent of the Authority in his individual capacity, and neither the directors of the Authority nor any officer thereof executing the Bonds shall be liable personally on the Bonds or be subject to any personal liability or accountability by reason of the issuance thereof. No director, officer, employee or agent of the Authority shall incur any personal liability with respect to any other action taken by him pursuant to this Loan Agreement or the Act, provided he does not act in bad faith. The obligations of the Authority hereunder shall not be deemed to constitute a debt or pledge of the faith and credit of the Commonwealth of Virginia or any political subdivision thereof, including the Authority. Neither the Commonwealth of Virginia nor any political subdivision thereof, including the Authority, shall be obligated to pay the obligation hereunder or other costs incident thereto except from the revenues and receipts pledged therefor, and neither the faith and credit nor the taxing power of the Commonwealth of Virginia or any political subdivision thereof, including the Authority, is pledged to the payment of the obligations hereunder. The Authority has no taxing power.
Limitation of Authority’s Liability. Notwithstanding anything herein to the contrary, any obligation the Authority may incur hereunder in connection with the undertaking of the Project or the payment of money shall not be deemed to constitute a general obligation of the Authority but shall be a limited obligation payable solely from the revenues and receipts derived by it from or in connection with the Project or otherwise under this Loan Agreement, including payments received on the Note, but specifically excluding the Authority's Unassigned Rights.
Limitation of Authority’s Liability. Notwithstanding anything herein to the contrary, any obligation the Authority may incur hereunder in connection with the undertaking of the Project or the payment of money shall not be deemed to constitute a general obligation of the Authority but shall be a limited obligation payable solely from the revenues and receipts derived by it from or in connection with the Project or otherwise under this Loan Agreement, including moneys received on the Notes, but specifically excluding the Authority's Unassigned Rights. The Authority shall be protected in acting upon any notice, request, requisition, consent, certificate or other writing reasonably believed by it to be genuine and correct and to have been signed or sent by the proper person or persons.
Limitation of Authority’s Liability. Notwithstanding anything herein to the contrary, any obligation the Authority may incur hereunder in connection with the undertaking of the Lebanon Project or the payment of money shall not be deemed to constitute a general obligation of the Authority but shall be a limited obligation payable solely from the revenues and receipts derived by it from or in connection with the Lebanon Project or otherwise under this Loan Agreement, including payments received on the Note, but specifically excluding the Authority's Unassigned Rights.
