Common use of Non Liability of Authority Expenses Indemnification Clause in Contracts

Non Liability of Authority Expenses Indemnification. SECTION 7.1 Non-Liability of Authority. Other than set forth herein or in the Indenture, the Authority shall not be obligated to pay 2015-A Purchase Payments. Neither the faith and credit nor the taxing power of the State or any political subdivision thereof is pledged to the payment of the principal of, premium, if any, or interest on the 2015-A Bonds. The City hereby agrees that if the payments to be made hereunder shall ever prove insufficient to pay all principal of, premium, if any, and interest on the 2015-A Bonds as the same shall become due (whether by maturity, redemption or otherwise), then upon notice from the Trustee, the City shall, subject to Section 4.4 hereof and to the extent permitted by law, pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal, premium or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the City, the Authority or any third party. The City, the Trustee and/or the Owners shall have no right to compel the Authority to pay Principal Components or Interest Components of 2015-A Purchase Payments.

Non Liability of Authority Expenses Indemnification. SECTION 7.1 Non-Liability of Authority. Other than set forth herein or in the Indenture, the Authority shall not be obligated to pay 20152016-A Purchase Payments. Neither the faith and credit nor the taxing power of the State or any political subdivision thereof is pledged to the payment of the principal of, premium, if any, or interest on the 20152016-A Bonds. The City hereby agrees that if the payments to be made hereunder shall ever prove insufficient to pay all principal of, premium, if any, and interest on the 20152016-A Bonds as the same shall become due (whether by maturity, redemption or otherwise), then upon notice from the Trustee, the City shall, subject to Section 4.4 hereof and to the extent permitted by law, pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal, premium or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the City, the Authority or any third party. The City, the Trustee and/or the Owners shall have no right to compel the Authority to pay Principal Components or Interest Components of 20152016-A Purchase Payments.

Non Liability of Authority Expenses Indemnification. SECTION 7.1 Non-Liability of Authority. Other than set forth herein or in the Indenture, the Authority shall not be obligated to pay 2015-A 2022 Purchase Payments. Neither the faith and credit nor the taxing power of the State or any political subdivision thereof is pledged to the payment of the principal of, premium, if any, or interest on the 2015-A 2022 Bonds. The City hereby agrees that if the payments to be made hereunder shall ever prove insufficient to pay all principal of, premium, if any, and interest on the 2015-A 2022 Bonds as the same shall become due (whether by maturity, redemption or otherwise), then upon notice from the Trustee, the City shall, subject to Section 4.4 hereof and to the extent permitted by law, pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal, premium or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the City, the Authority or any third party. The City, the Trustee and/or the Owners shall have no right to compel the Authority to pay Principal Components or Interest Components of 2015-A 2022 Purchase Payments.