Common use of Nonappropriation Clause in Contracts

Nonappropriation. If, during the then current Original Term or Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Supplement for the following fiscal year, Lessee shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Supplement beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Supplement to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a Supplement, Lessee shall cease use of all software financed or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned software. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by the service provider prior to the date of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee. In the event of such nonappropriation, upon request from Lessor, Lessee agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred and any other related documentation reasonably requested by Lessor.

Appears in 1 contract

Samples: www.pitneybowes.com

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Nonappropriation. IfIn the event the governing body of the Lessee shall not budget, during the then current Original Term appropriate or Renewal Term, allocate sufficient funds are not appropriated to make for the Lease Payments or reasonably estimated Additional Rentals required to be paid in the next occurring Renewal Term under a Supplement Schedule C of this Lease, and if the Lessee has no funds available for Lease Payments or reasonably estimated Additional Rentals from other sources, the following fiscal year, Lessee shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall may terminate this Lease at the end of the then current Original Initial Term or Renewal Term upon providing sixty (60) days' prior written notice to the Lessor and the Trustee, and the Lessee shall not be obligated to make payment of the Lease Payments under said Supplement or Additional Rentals provided for in this Lease beyond the then current fiscal year for which funds have been appropriatedInitial Term or Renewal Term. Upon The Trustee, upon the occurrence of such an event of nonappropriation, shall be entitled to all monies then on hand and being held in all funds created under the Indenture for the benefit of the Bondholders. After the expiration of the Initial Term or Renewal Term, during which an event of nonappropriation (occurs, the Trustee may, and if requested by the owners of a "Nonappropriation Event") Lessee majority in aggregate principal amount of Bondholders then Outstanding shall, no later than proceed to lease the end Facilities, as provided in Article VI of this Lease, or take one or any combination of the fiscal year for which Lease Payments have been appropriatedsteps described in Article VI of this Lease. All property, deliver possession of funds and rights acquired by the Property under said Supplement to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State and Local Government Property to Lessor upon termination of said Supplement Trustee by reason of a Nonappropriation Eventany event of nonappropriation as provided herein, less any monies due and owing to the termination shall nevertheless be effective but Lessee Trustee, shall be responsible held by the Trustee for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a Supplement, Lessee shall cease use of all software financed or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies benefit of the software from Bondholders as set forth in the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned software. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by the service provider prior to the date of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee. In the event of such nonappropriation, upon request from Lessor, Lessee agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred and any other related documentation reasonably requested by LessorIndenture.

Appears in 1 contract

Samples: Facilities Lease Agreement

Nonappropriation. IfIn the event that sufficient Board Funds shall not be budgeted and appropriated by the Board, in a final budget adopted within the time permitted by Section 4.1 hereof, for the payment of the (i) Base Rentals becoming due during the then current Original Term or such Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Supplement for the following fiscal yearand (ii) such Additional Rentals becoming due during such Renewal Term which can be determined with reasonable accuracy, Lessee then an Event of Nonappropriation shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall terminate at the end occurred as of the then current Original Term or first day of such Renewal Term and Lessee the Board shall not be obligated to make Lease Payments under said Supplement payment of the Base Rentals or Additional Rentals provided for herein beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end last day of the fiscal year for which Lease Payments have been appropriated, deliver possession Renewal Term preceding such Event of Nonappropriation. Subject to the provisions of the Property under said Supplement next succeeding sentence, once the Board has elected to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase continue this Master Agreement For State Lease for a Renewal Term by budgeting and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible appropriating sufficient Board Funds for the payment of damages Base Rentals and Additional Rentals hereunder the Board shall, as of the first day of such Renewal Term, be obligated to pay such Base Rentals and Additional Rentals during such Renewal Term. If the Board fails to pay any Base Rentals or Additional Rentals due under this Master Lease, or upon an Event of Nonappropriation the Board shall immediately quit and vacate the Projects and its obligation to pay Base Rentals or Additional Rentals hereunder shall terminate. The Trustee shall, upon the occurrence of an Event of Nonappropriation, have all rights and remedies to take possession of the Projects as trustee for the benefit of the Bondholders of the Bonds and the Trustee shall be further entitled to all moneys then on hand and being held in an amount equal all funds created under the Indenture, less any moneys then due and owing to the portion Trustee for services performed as trustee thereunder. All property, funds and rights acquired by the Trustee by reason of Lease Payments an Event of Nonappropriation as provided herein shall be held by the Trustee under the Indenture for the benefit of the Bondholders as set forth in said Indenture until the principal of, premium, if any, and interest on the Bonds are paid in full and other amounts payable under the Indenture are paid in full and other amounts payable under the Indenture are paid and any excess shall thereafter coming due that is attributable be paid to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a Supplement, Lessee shall cease use of all software financed or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned software. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by the service provider prior to the date of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee. In the event of such nonappropriation, upon request from Lessor, Lessee agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred and any other related documentation reasonably requested by LessorBoard.

Appears in 1 contract

Samples: Master Lease Agreement

Nonappropriation. If, (a) In the event that sufficient funds (i) are not appropriated by the governing body of the Lessee prior to the beginning of any Renewal Term for the payment of the Base Rentals on the Base Rental Payment Dates and reasonably estimated Additional Rentals (determined as provided in Section 1013(c) of the Indenture) payable during the then current Original Term or such Renewal Term, sufficient or (ii) are otherwise not legally available for such purpose (other than amounts on deposit in funds are not appropriated to make Lease Payments required held under a Supplement for the following fiscal yearIndenture), Lessee then an Event of Nonappropriation shall be deemed to have occurred; provided, however, that (x) the Trustee shall declare an Event of Nonappropriation on any earlier date on which the Trustee receives an Officer’s Certificate from an Authorized Lessee Representative to the effect that the governing body of the Lessee has determined by official action not have renewed such Supplement to renew the term of the Lease for the following fiscal year next succeeding Renewal Term and (y) absent receipt of such Officer’s Certificate and if an Event of Nonappropriation has otherwise occurred as provided above in this Section 4.09, the Supplement Trustee shall terminate at give written notice to the end Lessee of any Event of Nonappropriation on or before June 10 next succeeding the expiration of the term of the Lease or such earlier date as the Trustee determines to be in the best interest of the Bondowners, but any failure of the Trustee to give such written notice to the Lessee will not prevent the Trustee from declaring an Event of Nonappropriation or from taking any remedial action that would otherwise be available to the Trustee hereunder or under the Indenture. An Event of Nonappropriation shall also be deemed to have occurred (subject to waiver by the Trustee as hereinafter described) if, during the Initial Term or any Renewal Term, any Additional Rentals shall become due which were not included in the Lessee’s final budget adopted by the governing body of the Lessee, or which exceed the amount included in such budget, and funds are not legally available (including funds legally available for such purpose under the Indenture) to the Lessee to pay such Additional Rentals by the earlier of June 15 of the then current Original Renewal Term or ninety (90) days after the date on which such Additional Rentals are due. The Trustee may waive any Event of Nonappropriation which is cured by the Lessee within a reasonable time if, in the Trustee’s judgment, such waiver is in the best interests of the owners of the Bonds; provided, however, that after June 15 of each year during the term of the Lease the Trustee shall not waive any Event of Nonappropriation which results from sufficient funds not being appropriated by the governing body of the Lessee for the payment of the Base Rentals that would be payable during the next succeeding Renewal Term unless the Trustee has reason to believe that appropriate officials of the Lessee are diligently pursuing appropriations by the governing body of the Lessee to pay such Base Rentals on a timely basis and that a delay in declaring an Event of Nonappropriation, under the circumstances, is in the best interests of the owners of the Bonds. If an Event of Nonappropriation shall occur, the Lessee shall not be obligated to make Lease Payments under said Supplement payment of the Base Rentals or Additional Rentals provided for herein beyond the then current fiscal year last day of the Renewal Term during which such Event of Nonappropriation occurs, except for the Lessee’s obligation to pay Rentals which funds have been appropriatedare payable prior to the termination of the Lease; provided, however, that the Lessee shall continue to be liable for the amounts payable pursuant to Section 4.04(a) hereof during such time when the Lessee continues to use, occupy and operate the Leased Property. Upon The Trustee shall, upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shallan Event of Nonappropriation, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver all rights and remedies to take possession of the Leased Property under said Supplement to Lessor. If Lessee fails to deliver possession as trustee for the benefit of the IBM Credit LLC Lease/Purchase Master Agreement For State owners of the Bonds and Local Government Property shall be further entitled to Lessor all moneys then on hand in all funds and accounts created under the Indenture. All property, funds and rights acquired by the Trustee upon the termination of said Supplement this Lease as to the Lessee’s possessory interests hereunder by reason of a an Event of Nonappropriation Eventas provided herein shall be held by the Trustee under the Indenture for the benefit of the owners of the Bonds as set forth in the Indenture until the principal of, and premium (if any) and interest on, the termination Bonds are paid in full and any excess shall nevertheless thereafter be effective but Lessee shall be responsible for the payment of damages in an amount equal paid to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a Supplement, Lessee shall cease use of all software financed or acquired under the applicable Supplement and shall confirm and state provided in writing to Lessor that it has: (1) deleted or disabled all files and copies Section 410 of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned software. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by the service provider prior to the date of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee. In the event of such nonappropriation, upon request from Lessor, Lessee agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred and any other related documentation reasonably requested by LessorIndenture.

Appears in 1 contract

Samples: Master Lease Agreement

Nonappropriation. If, In the event that sufficient Town Funds shall not be budgeted and appropriated by the Town prior to the beginning of any Renewal Term for the payment of the (i) Base Rentals becoming due during the then current Original Term or such Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Supplement for the following fiscal yearand (ii) such Additional Rentals becoming due during such Renewal Term which can be determined with reasonable accuracy, Lessee then an Event of Nonappropriation shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall terminate at the end occurred as of the then current Original Term or first day of such Renewal Term and Lessee the Town shall not be obligated to make Lease Payments under said Supplement payment of the Base Rentals or Additional Rentals provided for herein beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end last day of the fiscal year for which Lease Payments have been appropriated, deliver possession Renewal Term preceding such Event of Nonappropriation. Subject to the provisions of the Property under said Supplement next succeeding sentence, once the Town has elected to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State continue this Lease for a Renewal Term by budgeting and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible appropriating sufficient Town Funds for the payment of damages Base Rentals and Additional Rentals hereunder the Town shall, as of the first day of such Renewal Term, be obligated to pay such Base Rentals and Additional Rentals during such Renewal Term. If the Town fails to pay any Base Rentals or Additional Rentals due under this Lease, or upon an Event of Nonappropriation, the Town shall immediately quit and vacate the Project and its obligation to pay Base Rentals or Additional Rentals hereunder shall terminate. The Authority shall, upon the occurrence of an Event of Nonappropriation, have all rights and remedies to take possession of the Project as trustee for the benefit of the Bondholders and shall hold in trust for the Bondholders all moneys then on hand and being held in all funds created under the Master Resolution. All property, funds and rights acquired by the Authority by reason of an amount equal Event of Nonappropriation as provided herein shall be held by the Authority under the Master Resolution for the benefit of the Bondholders as set forth in said Master Resolution until the principal of, and premium, and interest, if any, on the Bonds are paid in full and any excess shall thereafter be paid to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as requiredTown. In the event of a Nonappropriation Event under a Supplement, Lessee shall cease use of all software financed or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned software. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by the service provider prior to the date of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee. In the event of such nonappropriationThe parties hereto agree that, upon request from Lessorthe occurrence of an Event of Nonappropriation, Lessee agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred Town shall immediately quit and any other related documentation reasonably requested by Lessorvacate the Project.

Appears in 1 contract

Samples: Lease Agreement

Nonappropriation. IfNotwithstanding anything contained in this Master Agreement to the contrary, during in the then current Original Term or Renewal Term, event that sufficient funds are not appropriated to make Lease Payments required under a Supplement for the following and budgeted by Xxxxxx’s governing body or are not otherwise available from other legally available sources in any fiscal year, Lessee shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Supplement beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Supplement to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible period for the payment of damages in an amount equal Rent and other amounts due under any Lease, the Lease shall terminate on the last day of the fiscal period for which appropriations were received or other amounts are available to pay amounts due under the Lease without penalty or expense to Lessee of any kind whatsoever, except as to the portion portions of Lease Payments thereafter coming due that is attributable to the number of days after the termination during Rent payments or other amounts herein agreed upon for which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a Supplement, Lessee funds shall cease use of all software financed have been appropriated or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned softwareare otherwise available. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by will immediately notify the service provider prior to the date Lessor or its assignee of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lesseeoccurrence. In the event of such nonappropriation, upon request from Lessortermination, Lessee shall immediately cease all use of the Equipment, and shall immediately de-install, disassemble, pack, crate, and return the Equipment subject to such Lease to Lessor (all in accordance with Section 10 of this Master Agreement). Such Equipment shall be in the same condition as when received by Lessee (reasonable wear, tear and depreciation resulting from normal and proper use excepted), shall be in good operating order and maintenance as required by this Lease, shall be free and clear of any liens (except Lessor’s lien) and shall comply with all applicable laws and regulations. Xxxxxx agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred execute and any other related documentation deliver to Lessor all documents reasonably requested by Xxxxxx or evidence the transfer of legal and beneficial title to such Equipment to Lessor and to evidence the termination of Xxxxxx’s interest in such Equipment. Lessor will have all legal and equitable rights and remedies to take possession of the Equipment. At Lessor’s request, Lessee shall promptly provide supplemental documentation as to such Non-Appropriation satisfactory to Lessor. Lessee’s exercise of its rights pursuant to this Section 7 shall not affect the survival of any indemnity and other provisions (other than the obligation to lease the Equipment and pay amounts due under the Lease) which survive the termination of the Lease.

Appears in 1 contract

Samples: Master Lease Purchase Agreement

Nonappropriation. If, In the event that sufficient County Funds shall not be budgeted and appropriated by the County prior to the beginning of any Renewal Term for the payment of the Base Rentals becoming due during the then current Original Term or such Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Supplement for the following fiscal yearand such Additional Rentals becoming due during such Renewal Term which can be determined with reasonable accuracy, Lessee then an Event of Nonappropriation shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall terminate at the end occurred as of the then current Original Term or first day of such Renewal Term and Lessee the County shall not be obligated to make Lease Payments under said Supplement payment of the Base Rentals or Additional Rentals provided for herein beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end last day of the fiscal year for which Lease Payments have been appropriated, deliver possession Renewal Term preceding such Event of Nonappropriation. Subject to the provisions of the Property under said Supplement next succeeding sentence, once the County has elected to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State continue this Lease for a Renewal Term by budgeting and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible appropriating sufficient County Funds for the payment of damages Base Rentals and Additional Rentals hereunder the County shall, as of the first day of such Renewal Term, be obligated to pay such Base Rentals and Additional Rentals during such Renewal Term. If the County fails to pay any Base Rentals or Additional Rentals due under this Lease, or upon an Event of Nonappropriation the County shall immediately quit and vacate the Project and its obligation to pay Base Rentals or Additional Rentals hereunder shall terminate. The Authority shall, upon the occurrence of an Event of Nonappropriation, have all rights and remedies to take possession of the Project as trustee for the benefit of the Bondholders and shall hold in trust for the Bondholders all moneys then on hand and being held in all funds created under the Master Resolution. All property, funds and rights acquired by the Authority by reason of an amount equal Event of Nonappropriation as provided herein shall be held by the Authority under the Master Resolution for the benefit of the Bondholders as set forth in said Master Resolution until the principal of, and premium, and interest, if any, on the Bonds are paid in full and any excess shall thereafter be paid to the portion County. The parties hereto agree that, upon the occurrence of Lease Payments thereafter coming due that is attributable an Event of Nonappropriation, the County shall immediately quit and vacate the Project. Section VI.7 Application of Base Rentals, Additional Rentals and Purchase Option Price . All Base Rentals, the Additional Rentals specified in subsections (a). (b), (c) and (d) of Section 6.3 hereof, and, if paid by the County, the Purchase Option Price shall be paid to the number of days after Authority for application in accordance with the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a Supplement, Lessee shall cease use of all software financed or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned software. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by the service provider prior to the date of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee. In the event of such nonappropriation, upon request from Lessor, Lessee agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred and any other related documentation reasonably requested by LessorMaster Resolution.

Appears in 1 contract

Samples: Lease Agreement

Nonappropriation. If, If during the then current Original Term or Renewal Termfiscal year of Lessee, Lessee shall give notice of its intent not to appropriate sufficient funds are not appropriated to make Lease pay the Rental Payments required under a Supplement hereunder for the following fiscal year and such appropriation shall not have been made in the final official budget adopted by Lessee for such fiscal year (an “Event of Nonappropriation”), Lessee shall be deemed not to have renewed this Agreement for the following fiscal year, Lessee shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement this Agreement shall terminate at the end of the then current Original Term or Renewal Term fiscal year, and Lessee shall not be obligated to make Lease pay Rental Payments under said Supplement beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence an Event of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Supplement to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a SupplementNonappropriation, Lessee shall cease use of all software financed or acquired under return the applicable Supplement and shall confirm and state in writing Equipment to Lessor that it has: (1) deleted or disabled all files and copies in accordance with the requirements of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned software. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by the service provider prior to the date of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this AgreementSection 10.03. Lessee shall notify Lessor in writing within seven (7) no later than 30 days after the failure following an Event of the Lessee to appropriate funds sufficient for the payment of the Lease PaymentsNonappropriation, but failure to provide such notice shall not operate to extend the Lease Term Term. If Lessee fails to return the Equipment or otherwise comply with Section 10.03, the termination shall nevertheless be effective, but Lessee shall be responsible for the payment of an amount equal to the Rental Payments that would thereafter have come due if this Agreement had not been terminated and which are attributable to the number of days after which Lessee fails to comply with Lessor’s instructions and for any other loss suffered by Lessor as a result in any liability of Lessee’s failure to Lesseetake such actions as required hereunder. In the event of such nonappropriationaddition, upon request from Lessoran Event of Nonappropriation, Lessee agrees shall pay to provide in a timely manner, written evidence of such nonappropriation, a copy Lessor any undisbursed portion of the fiscal year budget in which such nonappropriation occurred Funding Amount and any other related documentation reasonably requested by Lessorearnings thereon.

Appears in 1 contract

Samples: Lease Purchase Agreement

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Nonappropriation. IfNotwithstanding anything contained in this Master Agreement to the contrary, during in the then current Original Term or Renewal Term, event that sufficient funds are not appropriated to make Lease Payments required under a Supplement for the following and budgeted by Lessee’s governing body or are not otherwise available from other legally available sources in any fiscal year, Lessee shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Supplement beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Supplement to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible period for the payment of damages in an amount equal Rent and other amounts due under any Lease, the Lease shall terminate on the last day of the fiscal period for which appropriations were received or other amounts are available to pay amounts due under the Lease without penalty or expense to Lessee of any kind whatsoever, except as to the portion portions of Lease Payments thereafter coming due that is attributable to the number of days after the termination during Rent payments or other amounts herein agreed upon for which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a Supplement, Lessee funds shall cease use of all software financed have been appropriated or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned softwareare otherwise available. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by will immediately notify the service provider prior to the date Lessor or its assignee of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lesseeoccurrence. In the event of such nonappropriationtermination, upon request Lessee shall immediately cease all use of the Equipment, and shall immediately de-install, disassemble, pack, crate, and return the Equipment subject to such Lease to Lessor (all in accordance with Section 10 of this Master Agreement). Such Equipment shall be in the same condition as when received by Lessee (reasonable wear, tear and depreciation resulting from normal and proper use excepted), shall be in good operating order and maintenance as required by this Lease, shall be free and clear of any liens (except Lessor, ’s lien) and shall comply with all applicable laws and regulations. Lessee agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred execute and any other related documentation deliver to Lessor all documents reasonably requested by Lessor or evidence the transfer of legal and beneficial title to such Equipment to Lessor and to evidence the termination of Lessee’s interest in such Equipment. Lessor will have all legal and equitable rights and remedies to take possession of the Equipment. At Lessor’s request, Lessee shall promptly provide supplemental documentation as to such Non-Appropriation satisfactory to Lessor. Lessee’s exercise of its rights pursuant to this Section 7 shall not affect the survival of any indemnity and other provisions (other than the obligation to lease the Equipment and pay amounts due under the Lease) which survive the termination of the Lease.

Appears in 1 contract

Samples: Master Lease Purchase Agreement

Nonappropriation. IfIf under state law Lessee is legally precluded from committing to make certain future rent payments due hereunder, this paragraph will apply. Lessee has appropriated the funds necessary to make all payments when due under the lease during Lessee’s initial fiscal period during the then current Original Term or Renewal Term, sufficient funds are not appropriated lease term. Lessee agrees that in each succeeding fiscal year during the term of this lease Lessee will take all necessary steps to make Lease Payments required under a Supplement for timely appropriation of funds in order to pay the following fiscal yearrent and other payments due hereunder during that period, Lessee shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Supplement beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Supplement to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible for the payment of damages in an amount equal subject to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the annual appropriations limitation imposed upon Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as requiredunder state law. In the event that despite the best efforts of a Nonappropriation Event under a SupplementLessee, Lessee shall cease use of all software financed determines that funds for any amounts under this lease will not be available or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies of the software from the equipment on which it was installed; (2) returned all software documentationcannot be obtained during any succeeding fiscal period, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned software. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by the service provider may terminate this Lease prior to the date commencement of such Nonappropriation Eventsucceeding fiscal period by giving written notice to Lessor of such determination at least 60 days prior to the first day of such succeeding period for which an appropriation has not been made by Lessee and returning the Equipment as contemplated in paragraph 10. Lessor may, The written notice of termination on the grounds of nonappropriation by written instructions Lessee shall include a certificate signed by a duly authorized officer of Lessee stating that such event of nonappropriation is not the result or related to any escrow agent who is holding proceeds intention by Lessee to, and Lessee shall not, acquire (or have the beneficial use of) items of property having functions similar to those of the SupplementEquipment or which provide similar benefits to Lessee and that no other funds of Lessee have been, instruct or shall be, appropriated for such escrow agent purpose during the subsequent fiscal period. Such failure to release obtain proper appropriation of the full amount of funds necessary to pay amounts when due hereunder during any fiscal period subsequent to the current fiscal period shall terminate all such proceeds of Lessee’s right, title, and any earnings thereon interest in and to Lessor, such sums to be credited to Lessee's the Equipment and obligations under this lease arising out of subsequent events, effective on the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure later of the Lessee to appropriate funds sufficient for the payment last day of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term last fiscal period for which appropriation of funds was properly obtained or result in any liability to completion of Lessee. In the event of such nonappropriation, upon request from Lessor, Lessee agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred and any other related documentation reasonably requested by Lessor’s surrender obligations.

Appears in 1 contract

Samples: Equipment Lease Agreement

Nonappropriation. If, during the then current Original Term or Renewal Term, sufficient funds are not appropriated to make Lease Payments required under a Supplement for the following fiscal year, Lessee shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Supplement beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Supplement to Lessor. If Lessee Xxxxxx fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible for the payment of damages in an amount equal to the portion of Lease Payments thereafter coming due that is attributable to the number of days after the termination during which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a Supplement, Lessee shall cease use of all software financed or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned software. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by the service provider prior to the date of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to LesseeXxxxxx's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lessee. In the event of such nonappropriation, upon request from LessorXxxxxx, Lessee Xxxxxx agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred and any other related documentation reasonably requested by LessorXxxxxx.

Appears in 1 contract

Samples: www.co.montgomery.ny.us

Nonappropriation. IfNotwithstanding anything contained in this Master Lease Agreement to the contrary, during in the then current Original Term or Renewal Term, event that sufficient funds are not appropriated to make Lease Payments required under a Supplement for the following and budgeted by Xxxxxx’s governing body or are not otherwise available from other legally available sources in any fiscal year, Lessee shall be deemed to not have renewed such Supplement for the following fiscal year and the Supplement shall terminate at the end of the then current Original Term or Renewal Term and Lessee shall not be obligated to make Lease Payments under said Supplement beyond the then current fiscal year for which funds have been appropriated. Upon the occurrence of such nonappropriation (a "Nonappropriation Event") Lessee shall, no later than the end of the fiscal year for which Lease Payments have been appropriated, deliver possession of the Property under said Supplement to Lessor. If Lessee fails to deliver possession of the IBM Credit LLC Lease/Purchase Master Agreement For State and Local Government Property to Lessor upon termination of said Supplement by reason of a Nonappropriation Event, the termination shall nevertheless be effective but Lessee shall be responsible period for the payment of damages in an amount equal Rent and other amounts due under any Lease, the Lease shall terminate on the last day of the fiscal period for which appropriations were received or other amounts are available to pay amounts due under the Lease without penalty or expense to Lessee of any kind whatsoever, except as to the portion portions of Lease Payments thereafter coming due that is attributable to the number of days after the termination during Rent payments or other amounts herein agreed upon for which the Lessee fails to deliver possession and for any other loss suffered by Lessor as a result of Lessee's failure to deliver possession as required. In the event of a Nonappropriation Event under a Supplement, Lessee funds shall cease use of all software financed have been appropriated or acquired under the applicable Supplement and shall confirm and state in writing to Lessor that it has: (1) deleted or disabled all files and copies of the software from the equipment on which it was installed; (2) returned all software documentation, training manuals, and physical media on which the software was delivered; and (3) has no ability to use the returned softwareare otherwise available. Lessee shall also cease receipt and/or acceptance of any Property consisting of services which shall not have been performed by will immediately notify the service provider prior to the date Lessor or its assignee of such Nonappropriation Event. Lessor may, by written instructions to any escrow agent who is holding proceeds of the Supplement, instruct such escrow agent to release all such proceeds and any earnings thereon to Lessor, such sums to be credited to Lessee's obligations under the Supplement and this Agreement. Lessee shall notify Lessor in writing within seven (7) days after the failure of the Lessee to appropriate funds sufficient for the payment of the Lease Payments, but failure to provide such notice shall not operate to extend the Lease Term or result in any liability to Lesseeoccurrence. In the event of such nonappropriation, upon request from Lessortermination, Lessee shall immediately cease all use of the Equipment, and shall immediately de-install, disassemble, pack, crate, and return the Equipment subject to such Lease to Lessor (all in accordance with Section 10 of this Master Lease Agreement). Such Equipment shall be in the same condition as when received by Lessee (reasonable wear, tear and depreciation resulting from normal and proper use excepted), shall be in good operating order and maintenance as required by this Lease, shall be free and clear of any liens (except Lessor’s lien) and shall comply with all applicable laws and regulations. Xxxxxx agrees to provide in a timely manner, written evidence of such nonappropriation, a copy of the fiscal year budget in which such nonappropriation occurred execute and any other related documentation deliver to Lessor all documents reasonably requested by Xxxxxx or evidence the transfer of legal and beneficial title to such Equipment to Lessor and to evidence the termination of Xxxxxx’s interest in such Equipment. Lessor will have all legal and equitable rights and remedies to take possession of the Equipment. At Lessor’s request, Lessee shall promptly provide supplemental documentation as to such Non-Appropriation satisfactory to Lessor. Lessee’s exercise of its rights pursuant to this Section 7 shall not affect the survival of any other provisions, including but not limited to Section 16, (other than the obligation to lease the Equipment and pay amounts due under the Lease) which survive the termination of the Lease.

Appears in 1 contract

Samples: Master Lease Agreement

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