Common use of Obligation to Make Interest Rate Contract Payments Clause in Contracts

Obligation to Make Interest Rate Contract Payments. The obligation of the Authority to make fixed rate interest payments under the Interest Rate Contract is a Class I Auxiliary Obligation (and therefore a Class I Obligation) under the Indenture and the obligation of the Authority to make other payments under the Interest Rate Contract is a General Obligation of the Authority and is not secured by the Trust Estate. Regularly scheduled payments under the Interest Rate Contract shall be deemed to be interest for purposes of Section 5.5(d)(i)(C) of the Master Indenture.

Obligation to Make Interest Rate Contract Payments. The obligation of the Authority to make fixed rate interest payments to the Interest Rate Contract Provider under the Interest Rate Contract is a Class I Auxiliary Obligation (and therefore a Class I Obligation) under the Indenture and the obligation of the Authority to make other payments under the Interest Rate Contract is a General Obligation of the Authority and is not secured by the Trust Estate. Regularly scheduled payments under the Interest Rate Contract shall be deemed to be interest for purposes of Section 5.5(d)(i)(C) of the Master Indenture.