Common use of Obligation for Payment Absolute; Deficiencies Clause in Contracts

Obligation for Payment Absolute; Deficiencies. The Company agrees that its obligation to make the Company Note Payments and payments under Section 4.11 at the times and in the amounts provided in the Company Note and this Participation Agreement shall be absolute, irrevocable and unconditional and shall not be subject to any defense (other than payment) or any right of set-off, counterclaim or recoupment for any reason, including, without limitation, the unenforceability (because of judicial decision or otherwise) or the impossibility of performance of the Company Note obligations, or any breach by the Authority of any obligation to the Company, whether under this Participation Agreement or otherwise, or inaccuracy of any representation by the Authority to the Company under this Participation Agreement or in any other instrument, or any indebtedness or liability at any time owing to the Company by the Authority, or any failure to complete the Project, or the destruction by fire or other casualty of the Project or any portion thereof, or the taking of title thereto or the use thereof by the exercise of the power of eminent domain. If for any reason Company Note Payments, together with other moneys held by the Trustee and then available for such purpose (including moneys paid by the Bank under the Letter of Credit), would not be sufficient to make the corresponding payments of principal of, and premium, if any, and interest on, the Bonds when such payments are due, the Company will pay the amounts required from time to time to make up any such deficiency. If for any reason payments under Section 4.11, together with other moneys held by the Trustee and the Tender Agent and then available for such purpose (including moneys paid by the Bank under the Letter of Credit), would not be sufficient to make the corresponding payments of the purchase price of the Bonds when such payments are due, the Company will pay the amounts required from time to time to make up any such deficiency.

Obligation for Payment Absolute; Deficiencies. The Company Corporation agrees that its obligation to make the Company Corporation Note Payments and payments under Section 4.11 at the times and in the amounts provided in the Company Corporation Note and this Participation Agreement shall be absolute, irrevocable and unconditional and shall not be subject to any defense (other than payment) or any right of set-off, counterclaim or recoupment for any reason, including, without limitation, the unenforceability (because of judicial decision or otherwise) or the impossibility of performance of the Company Corporation Note obligations, or any breach by the Authority of any obligation to the CompanyCorporation, whether under this Participation Agreement or otherwise, or inaccuracy of any representation by the Authority to the Company Corporation under this Participation Agreement or in any other instrument, or any indebtedness or liability at any time owing to the Company Corporation by the Authority, or any failure to complete the Project, or the destruction by fire or other casualty of the Project or any portion thereof, or the taking of title thereto or the use thereof by the exercise of the power of eminent domain. If for any reason Company Corporation Note Payments, together with other moneys money held by the Trustee and then available for such purpose (including moneys money paid by the Bank under the Letter of Credita Liquidity Provider other than as Purchase Price), would not be sufficient to make the corresponding payments of principal of, and premium, if any, and interest on, the Bonds when such payments are due, the Company Corporation will pay the amounts required from time to time to make up any such deficiency. If for any reason payments under Section 4.11, together with other moneys money held by the Trustee and the Tender Agent and then available for such purpose (including moneys money paid by the Bank under the Letter of CreditLiquidity Provider), would not be sufficient to make the corresponding payments of the purchase price Purchase Price of the Bonds when such payments are due, the Company Corporation will pay the amounts required from time to time to make up any such deficiency.

Obligation for Payment Absolute; Deficiencies. The Company agrees that its obligation to make the Company Note Payments and payments under Section 4.11 at the times and in the amounts provided in the Company Note and this Participation Agreement shall be absolute, irrevocable and unconditional and shall not be subject to any defense (other than payment) or any right of set-off, counterclaim or recoupment for any reason, including, without limitation, the unenforceability (because of judicial decision or otherwise) or the impossibility of performance of the Company Note obligations, or any breach by the Authority of any obligation to the Company, whether under this Participation Agreement or otherwise, or inaccuracy of any representation by the Authority to the Company under this Participation Agreement or in any other instrument, or any indebtedness or liability at any time owing to the Company by the Authority, or any failure to complete the Project, or the destruction by fire or other casualty of the Project or any portion thereof, or the taking of title thereto or the use thereof by the exercise of the power of eminent domain. If for any reason Company Note Payments, together with other moneys money held by the Trustee and then available for such purpose (including moneys money paid by the Bank under the Letter of Credita Liquidity Provider other than as Purchase Price), would not be sufficient to make the corresponding payments of principal of, and premium, if any, and interest on, the Bonds when such payments are due, the Company will pay the amounts required from time to time to make up any such deficiency. If for any reason payments under Section 4.11, together with other moneys money held by the Trustee and the Tender Agent and then available for such purpose (including moneys money paid by the Bank under the Letter of CreditLiquidity Provider), would not be sufficient to make the corresponding payments of the purchase price Purchase Price of the Bonds when such payments are due, the Company will pay the amounts required from time to time to make up any such deficiency.

Obligation for Payment Absolute; Deficiencies. The Company Corporation agrees that its obligation to make the Company Note First Mortgage Bond Payments and payments under Section 4.11 at the times and in the amounts provided in the Company Note and this Participation Agreement First Mortgage Bonds shall be absolute, irrevocable and unconditional and shall not be subject to any defense (other than payment) or any right of set-offsetoff, counterclaim or recoupment for any reason, including, without limitation, the unenforceability (because of judicial decision or otherwise) or the impossibility of performance of the Company Note First Mortgage Bond obligations, or any breach by the Authority of any obligation to the CompanyCorporation, whether under this Participation Agreement or otherwise, or inaccuracy of any representation by the Authority to the Company Corporation under this Participation Agreement or in any other instrumentAgreement, or any indebtedness or liability at any time owing to the Company Corporation by the Authority, Authority or any failure to complete the any Project, or the destruction by fire or other casualty of the any Project or any portion thereof, or the taking of title thereto or the use thereof by the exercise of the power of eminent domain, provided, however, that the foregoing shall not be deemed to be a waiver of any right of recourse the Corporation may have against the Authority. If for any reason Company Note First Mortgage Bond Payments, together with other moneys held by the Trustee and then available for such purpose (including moneys paid by the Bank under the Letter of Credit)purpose, would not be sufficient to make the corresponding payments of principal of, (including sinking fund installments) of and premium, if any, either at maturity, upon redemption, by declaration or otherwise and interest on, the Bonds when such payments are due, the Company will pay the amounts required from time to time to make up any such deficiency. If for any reason payments under Section 4.11, together with other moneys held by the Trustee and the Tender Agent and then available for such purpose (including moneys paid by the Bank under the Letter of Credit), would not be sufficient to make the corresponding payments of the purchase price of the Bonds when such payments are due, the Company Corporation will pay the amounts required from time to time to make up any such deficiency.