Common use of Non-Liability of Authority Clause in Contracts

Non-Liability of Authority. The Authority shall not be obligated to pay the principal of or interest on the Notes, except from certain loan repayments received for the payment thereof from the Borrower under this Loan Agreement and from other from the borrowers under their loan agreements executed and delivered in accordance with the Program and attributable to the Notes. Neither the faith and credit nor the taxing power of the State or any political subdivision thereof, nor the faith and credit of the Authority or any member is pledged to the payment of the principal or interest on the Notes. The Authority shall not be liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind on any conceivable theory, under or by reason of or in connection with this Loan Agreement, the Notes or the Indenture, except only to the extent amounts are received for the payment thereof from the Borrower under this Loan Agreement and from other from the borrowers under their loan agreements executed and delivered in accordance with the Program and attributable to the Notes. The Borrower hereby acknowledges that the Authority’s sole source of moneys to repay the Notes will be provided by the payments made by the Borrower to the Trustee pursuant to this Loan Agreement, together with other amounts received by the Trustee in accordance with other loan agreements from other charter schools or borrowers participating the Program other than those operated by the Borrower, and pursuant to the Indenture, and investment income on certain funds and accounts held by the Trustee under the Indenture, and hereby agrees that if the Loan Repayments shall ever prove insufficient to pay the Borrower’s Proportionate Share of all principal of and interest on the Notes as the same shall become due (whether by maturity, acceleration or otherwise), then upon notice from the Trustee, the Borrower shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the Borrower, the Authority or any third party, subject to any right of reimbursement from the Trustee, the Authority or any such third party, as the case may be, therefor.

Non-Liability of Authority. The Authority shall not be obligated to pay the principal or Purchase Price of or interest on the NotesBonds, except from certain loan repayments Revenues and other moneys and assets received for by the payment thereof from the Borrower under Trustee pursuant to this Loan Agreement and from other from the borrowers under their loan agreements executed and delivered in accordance with the Program and attributable to the NotesAgreement. Neither the faith and credit nor the taxing power of the State Commonwealth or any political subdivision thereof, nor the faith and credit of the Authority or any member is pledged to the payment of the principal or Purchase Price or interest on the NotesBonds. The Neither the Authority nor its members, officers, directors, agents or employees or their successors and assigns shall not be liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind on any conceivable theory, under or under, by reason of or in connection with this Loan Agreement, the Notes Bonds or the Indenture, except only to the extent amounts are received for the payment thereof from the Borrower Company under this Loan Agreement and from other from the borrowers under their loan agreements executed and delivered in accordance with the Program and attributable to the NotesAgreement. The Borrower Company hereby acknowledges that the Authority’s sole source of moneys to repay the Notes Bonds will be provided by the payments made by the Borrower Company to the Trustee pursuant to this Loan Agreement, together with other Revenues with respect to the Bonds, including amounts received by the Trustee in accordance with other loan agreements from other charter schools under the Guaranty, or borrowers participating the Program other than those operated by the Borrower, and pursuant to the Indenture, any Letter of Credit and investment income on certain funds and accounts held by the Trustee under the Indenture, and hereby agrees that if the Loan Repayments payments to be made hereunder shall ever prove insufficient to pay the Borrower’s Proportionate Share of all principal of or Purchase Price and interest on the Notes Bonds as the same shall become due (whether by maturity, redemption, acceleration or otherwise), then upon notice from the Trustee, the Borrower Company shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal or Purchase Price or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the BorrowerCompany, the Authority or any third party, subject to any right of reimbursement from the Trustee, the Authority or any such third party, as the case may be, therefortherefor but solely, in the case of the Authority, from the Revenues.

Non-Liability of Authority. The obligations of the Authority shall not be obligated with respect to pay the principal Bonds and under this Loan Agreement are special and limited obligations of or interest on the NotesAuthority, except from certain loan repayments received for payable solely out of the payment thereof from the Borrower revenues and income derived under this Loan Agreement and from other from as otherwise provided under this Loan Agreement and the borrowers under their loan agreements executed and delivered in accordance with Indenture. The obligations of the Program and attributable Authority hereunder shall not be deemed to constitute an indebtedness or an obligation of the Notes. Neither the faith and credit nor the taxing power of Authority, the State or any political subdivision thereofthereof within the purview of any constitutional limitation or statutory provision, nor or a charge against the faith and credit or general taxing powers, if any, of any of them. The Authority does not have the authority to levy taxes for any purposes whatsoever. Neither the Authority nor any member, officer, employee or agent of the Authority or nor any member is pledged to person executing the payment of the principal or interest on the Notes. The Authority Bonds shall not be liable personally for the Bonds or be subject to any costs, expenses, losses, damages, claims personal liability or actions, of any conceivable kind on any conceivable theory, under or accountability by reason of or in connection with this Loan Agreement, the Notes or issuance of the Indenture, except only to the extent amounts are received for the payment thereof from the Borrower under this Loan Agreement and from other from the borrowers under their loan agreements executed and delivered in accordance with the Program and attributable to the NotesBonds. The Borrower hereby acknowledges that the Authority’s sole source of moneys to repay the Notes Bonds will be provided by the payments made by the Borrower to the Trustee pursuant to this Loan Agreement, together with other amounts received by the Trustee in accordance with other loan agreements from other charter schools or borrowers participating the Program other than those operated by the Borrower, and pursuant to the Indenture, and investment income on certain funds and accounts held by the Trustee under the Indenture, and hereby agrees that if the Loan Repayments payments to be made hereunder shall ever prove insufficient to pay the Borrower’s Proportionate Share of all principal of or Purchase Price and interest on the Notes Bonds as the same shall become due (whether by maturity, 2716988.7 redemption, acceleration or otherwise), then upon notice from the Trustee, the Borrower shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal or Purchase Price or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Trustee, the Borrower, the Authority or any third party, subject to any right of reimbursement from the Trustee, the Authority or any such third party, as the case may be, therefortherefor but solely, in the case of the Authority, from the Revenues, other than with respect to any deficiency caused by the willful misconduct of the Authority.

Non-Liability of Authority. The Authority shall not be obligated to pay the principal (or redemption price) of or interest on the NotesBonds, except from certain loan repayments received for the payment thereof from the Borrower under this Loan Agreement and from other from the borrowers under their loan agreements executed and delivered in accordance with the Program and attributable to the NotesPayments. Neither the faith and credit nor the taxing power of the State or any political subdivision thereof, nor the faith and credit of the Authority or any member is pledged to the payment of the principal (or redemption price) or interest on the NotesBonds. The Authority shall not be liable for any costs, expenses, losses, damages, claims or actions, of any conceivable kind on any conceivable theory, under or by reason of or in connection with this Loan Agreement, the Notes Bonds or the Indenture, except only to the extent amounts are received for the payment thereof from the Borrower under this Loan Agreement and from other from the borrowers under their loan agreements executed and delivered in accordance with the Program and attributable to the NotesAgreement. The Borrower hereby acknowledges that the Authority’s sole source of moneys to repay the Notes Bonds will be provided by the payments made by the Borrower to the Bond Trustee pursuant to this Loan Agreement, together with other amounts received by the Bond Trustee in accordance with other loan agreements from other charter schools or borrowers participating the Program other than those operated by the Borrower, and pursuant to the Indenture, Indenture and investment income on certain funds and accounts held by the Bond Trustee under the Indenture, and hereby agrees that if the Loan Repayments such amounts shall ever prove insufficient to pay the Borrower’s Proportionate Share of all principal of (or redemption price) and interest on the Notes Bonds as the same shall become due (whether by maturity, redemption, acceleration or otherwise), then upon notice from the Bond Trustee, the Borrower shall pay such amounts as are required from time to time to prevent any deficiency or default in the payment of such principal (or redemption price) or interest, including, but not limited to, any deficiency caused by acts, omissions, nonfeasance or malfeasance on the part of the Bond Trustee, the Borrower, the Authority or any third party, subject to any right of reimbursement from the Bond Trustee, the Authority or any such third party, as the case may be, therefor.