Common use of Obligations of Company Hereunder Unconditional Clause in Contracts

Obligations of Company Hereunder Unconditional. (a) Until such time as the principal of and premium, if any, and interest on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 of this Agreement, the Company's obligations under this Agreement shall be absolute and unconditional, and the Company (i) will not suspend or discontinue payment of any amounts required to be paid by it hereunder, (ii) will perform and observe all of its other agreements contained in this Agreement, and (iii) except as permitted by this Agreement, will not terminate this Agreement for any cause, including, without limiting the generality of the foregoing, the occurrence of any act or circumstance that may constitute failure of consideration, destruction of or damage to the Project, commercial frustration of purpose, any change in the tax or other laws of the United States of America or of the State or any political subdivision of either of them, any failure of the Authority or the Trustee to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreement, or arising out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee. (b) Nothing contained in this section will be construed to release the Authority from the performance of any of the agreements on its part herein contained; and in the event the Authority should fail to perform any such agreement on its part, the Company may institute such action against the Authority as the Company may deem necessary to compel performance of the Authority hereunder so long as such action shall not violate the agreements on the part of the Company contained in Subsection 504(a) or diminish the amounts required to be paid by the Company under this Agreement. The Company may also, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so request.

Appears in 2 contracts

Samples: Loan and Trust Agreement (Teco Energy Inc), Loan and Trust Agreement (Tampa Electric Co)

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Obligations of Company Hereunder Unconditional. (a) Until such time as the principal of and premium, if any, and interest on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 13.01 of this Agreement, to the extent permitted by law, the Company's ’s obligations under this Agreement shall be absolute and unconditional, free of deductions and without any abatement, offset, recoupment, diminution or set-off whatsoever, and the Company (i) will not suspend or discontinue payment of any amounts required to be paid by it hereunder, (ii) will perform and observe all of its other agreements contained in this Agreement, (iii) will not knowingly take or authorize or permit, to the extent such action is within the control of the Company, any action with respect to the Project, the proceeds of the Bonds or any insurance, condemnation or other proceeds derived directly or indirectly in connection with the Project, which will result in the loss of the exclusion of interest on the Bonds from federal gross income, and (iiiiv) except as permitted by this Agreement, will not terminate this Agreement for any cause, including, without limiting the generality of the foregoing, the occurrence of any act or circumstance that may constitute failure of consideration, destruction of or damage to the Project, commercial frustration of purpose, any change in the tax or other laws of the United States of America or of the State or any political subdivision of either of them, any failure of the Authority or the Trustee to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreement, or arising out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee. (b) Nothing contained in this section Section will be construed to release the Authority from the performance of any of the agreements on its part herein contained; and in the event the Authority should fail to perform any such agreement on its part, the Company may institute such action against the Authority as the Company may deem necessary to compel performance of the Authority hereunder so long as such action shall not violate the agreements on the part of the Company contained in Subsection 504(a) Section 8.04 or diminish the amounts required to be paid by the Company under this Agreement. The Company may also, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's ’s expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so request.

Appears in 2 contracts

Samples: Loan and Trust Agreement (Tampa Electric Co), Loan and Trust Agreement (Tampa Electric Co)

Obligations of Company Hereunder Unconditional. (aThe obligations of the Company to make the payments required in Section 4.2(a), Section 4.2(e) Until such time as the principal of and premium, if any, and interest on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 of this Agreement, the Company's obligations under this Agreement 4.5 hereof shall be absolute and unconditionalunconditional and shall not be subject to any defense or any right of setoff, and the Company (i) will not suspend counterclaim or discontinue payment recoupment arising out of any amounts required to be paid breach by it hereunder, (ii) will perform and observe all of its other agreements contained in this Agreement, and (iii) except as permitted by this Agreement, will not terminate this Agreement for any cause, including, without limiting the generality of the foregoing, the occurrence of any act or circumstance that may constitute failure of consideration, destruction of or damage to the Project, commercial frustration of purpose, any change in the tax or other laws of the United States of America or of the State or any political subdivision of either of them, any failure of the Authority Issuer or the Trustee of any obligation to perform or observe any agreementthe Company, whether express hereunder or impliedotherwise, or any duty, liability or obligation arising out of or connected with this Agreement, or arising out of any indebtedness or liability at any time owing to the Company by the Authority Issuer or the Trustee. . Until such time as the principal of, premium, if any, and Interest on the Bonds shall have been fully paid or provision for the payment thereof shall have been made in accordance with the Indenture, the Company (bi) will not suspend or discontinue any payments provided for in Section 4.2(a), Section 4.2(e) or Section 4.5 hereof and (ii) except as provided in Article VIII hereof, will not terminate this Agreement for any reason. Nothing contained in this section will Agreement shall be construed to release the Authority Issuer or the Trustee from the performance of any of the agreements agreement on its part herein contained; and in contained or as a waiver by the event the Authority should fail to perform Company of any such agreement on its part, rights or claims the Company may institute such action have against the Authority Issuer or Trustee under this Agreement or otherwise, but any recovery upon such rights and claims shall be had from the Issuer or Trustee, as the Company case may deem necessary to compel performance be, separately, it being the intent of the Authority hereunder so long as such action shall not violate the agreements on the part of this Agreement that the Company contained in Subsection 504(a) or diminish shall be unconditionally and absolutely obligated to perform fully all of its obligations, agreements and covenants under this Agreement (including, without limitation, the Company's obligation to pay the amounts required to be paid by under Section 4.2, Section 4.2(e) and Section 4.5) for the Company under this Agreementbenefit of the Bondholders. The Company may alsomay, however, at its own cost and expense and in its own name or in the name of the AuthorityIssuer or Trustee, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority Issuer hereby agrees to cooperate fully with the Company and, at the Company's expense, and to take all action necessary to effect the substitution of the Company for the Authority Issuer in any such action or proceeding if the Company shall so request.

Appears in 2 contracts

Samples: Agreement (Weirton Steel Corp), Agreement (Weirton Steel Corp)

Obligations of Company Hereunder Unconditional. (a) Until such time as Subject to the principal provisions of Sections 9.5 and premium, if any, and interest on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 of this Agreement12.10, the Company's obligations under this Agreement of the Company to make the payments required in Section 5.3 and to perform and observe the other agreements on its part contained herein shall be absolute and unconditional, and the Company (i) will not suspend payments required in Section 5.3 shall be certainly payable on the dates and at the times specified without notice or discontinue payment demand, and without abatement or set-off, and regardless of any amounts required to be paid by it hereunder, (ii) will perform and observe all of its other agreements contained in this Agreementcontingencies whatsoever, and (iii) except as permitted by this Agreement, will not terminate this Agreement for notwithstanding any causecircumstances or occurrences that may now exist or that may hereafter arise or take place, including, but without limiting the generality of the foregoing, : (a) The unavailability of the occurrence Project or any part thereof for use by the Company at any time by reason of the failure to complete the overall industrial project by any particular time or at all or by reason of any act other contingency, occurrence, or circumstance that may constitute failure of consideration, whatsoever; (b) Damage to or destruction of the Project or damage any part thereof; (c) Legal curtailment of the Company's use of the Project or any part thereof; (d) Change in the Issuer's legal organization or status; (e) The taking of title to or the Project, temporary use of the whole or any part of the Project by condemnation; (f) Any termination of this Head Lease for any reason whatsoever (other than in connection with the acquisition of the Project by the Company hereunder); (g) Failure of consideration or commercial frustration of purpose, any purposes; (h) Any change in the tax or other laws of the United States of America or of the State of Arkansas; or (i) Any default of the Issuer under this Head Lease or any political subdivision of either of them, any other fault or failure of the Authority or the Trustee to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreement, or arising out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee. (b) Issuer whatsoever. Nothing contained in this section will Section shall be construed to release the Authority Issuer from the performance of any of the agreements provisions of this Head Lease on its part herein contained; and in the event the Authority should fail to perform any such agreement on its part, the Company may institute such action against the Authority as the Company may deem necessary to compel performance of the Authority hereunder so long as such action shall not violate the agreements on the part of the Company contained in Subsection 504(a) or diminish the amounts required to be paid by the Company under this Agreementperformed. The Company may alsocovenants that it will not enter into any contract, at its own cost and expense and indenture, or agreement of any nature whatsoever which shall in its own name any way limit, restrict, or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which prevent the Company deems reasonably necessary in order to secure or protect from performing any of its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so requestobligations under this Head Lease.

Appears in 1 contract

Samples: Assignment of Head Lease (Acxiom Corp)

Obligations of Company Hereunder Unconditional. (a) Until The obligations of the Company to make the payments required under the First Mortgage Bonds and in Section 4.02 and other sections hereof and to perform and observe the other agreements contained herein shall be absolute and unconditional and shall not be subject to any defense or any right of setoff, counterclaim or recoupment arising out of any breach by the Authority or the Trustee of any obligation to the Company, whether hereunder or otherwise, or out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee and until such time as the principal of and premium, if any, and interest on the Bonds shall have been fully paid or deemed to provision for the payment thereof shall have been paid as provided pursuant to Section 205 of this Agreementmade in accordance with the Indenture, the Company's obligations under this Agreement shall be absolute and unconditional, and the Company (ia) will not suspend or discontinue payment of any amounts required to be paid by it hereunder, (ii) will perform and observe all of its other agreements contained payments provided for in this AgreementSection 4.02 hereof, and (iiib) except as permitted by this Agreementprovided in Article VIII hereof, will not terminate this the Term of Agreement for any cause, including, without limiting the generality of the foregoing, the occurrence of any act acts or circumstance circumstances that may constitute failure of consideration, eviction or construction, eviction, destruction of or damage to any Project, the Projecttaking by eminent domain of title to or temporary use of any or all of the Projects, commercial frustration of purpose, any change in the tax or other laws of the United States of America or of the State or any political subdivision of either of them, thereof or any failure of the Authority or the Trustee to perform or and observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreement, or arising out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee. (b) Nothing contained in this section will be construed to release the Authority from the performance of any of the agreements on its part herein contained; and in the event the Authority should fail to perform any such agreement on its part, the Company may institute such action against the Authority as the Company may deem necessary to compel performance of the Authority hereunder so long as such action shall not violate the agreements on the part of the Company contained in Subsection 504(a) or diminish the amounts required to be paid by the Company under this Agreement. The Company may also, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so request.

Appears in 1 contract

Samples: Loan Agreement (Middlesex Water Co)

Obligations of Company Hereunder Unconditional. (a) Until The obligations of the Company to make the payments required in Section 4.1 hereof and to perform and observe the other agreements on its part contained herein shall be absolute and unconditional and shall not be subject to any defense or any right of set-off, counterclaim, abatement or otherwise and until such time as the principal of and premium, if any, and interest on the Bonds shall have been fully paid or deemed to provision for the payment thereof shall have been paid as provided pursuant to Section 205 of this Agreementmade in accordance with the Indenture, the Company's obligations under this Agreement shall be absolute and unconditional, and the Company (i) will not suspend or discontinue payment of discontinue, or permit the suspension or discontinuance of, any amounts required to be paid by it hereunderpayments provided for in Section 4.1 hereof, (ii) will perform and observe all of its other agreements contained in this Agreement, Agreement and (iii) except as permitted by this Agreement, will not terminate this Agreement suspend the performance of its obligations hereunder for any cause, cause including, without limiting the generality of the foregoing, the occurrence of any act acts or circumstance circumstances that may constitute failure of consideration, failure of or a defect of title to the Project or any part thereof, eviction or constructive eviction, destruction of or damage to the Project, commercial frustration of purpose, any change in the tax or other laws or administrative rulings of or administrative actions by the United States of America or of the State or any political subdivision of either of themeither, or any failure of the Authority or the Trustee Issuer to perform or and observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreement, or arising out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee. (b) . Nothing contained in this section will Section shall be construed to release the Authority Issuer from the performance of any of the agreements on its part herein contained; and in the event the Authority should Issuer shall fail to perform any such agreement on its part, the Company may institute such action against the Authority Issuer as the Company may deem necessary to compel performance of the Authority hereunder so long as or recover damages for nonperformance provided that no such action shall not (i) violate the agreements on the part of the Company contained in Subsection 504(athe first sentence of this Section 4.2 or (ii) or diminish the payments and other amounts required to be paid by the Company under this Agreement. The Company may also, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order pursuant to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so requestSection 4.1 hereof.

Appears in 1 contract

Samples: Loan Agreement (Intrepid Technology & Resources, Inc.)

Obligations of Company Hereunder Unconditional. (a) Until such time as The obligations of the principal Company to make the payments required in Section 2.6 hereof and to perform and observe any and all of the other covenants and premium, if any, agreements on its part contained herein shall be a general obligation of the Company and interest on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 of this Agreement, the Company's obligations under this Agreement shall be absolute and unconditionalunconditional irrespective of any defense or any rights of setoff, and recoupment or counterclaim it may otherwise have against the Agency. The Company agrees it will not (i) will not suspend suspend, discontinue or discontinue xxxxx any payment of any amounts required to be paid by it hereunder, Section 2.6 hereof or (ii) will perform and fail to observe all any of its other covenants or agreements contained in this Agreement, and Leaseback Agreement or (iii) except as permitted by this Agreementprovided in Section 8.1 hereof, will not terminate this Leaseback Agreement for any cause, cause whatsoever including, without limiting the generality of the foregoing, failure to complete the occurrence Facility, any defect in the title, design, operation, merchantability, fitness or condition of any act the Facility or circumstance that may constitute in the suitability of the Facility for the Company’s purposes and needs, failure of consideration, destruction of or damage to the ProjectFacility, commercial frustration of purpose, or the taking by condemnation of title to or the use of all or any part the Facility, any change in the tax or other laws of the United States of America or administrative rulings of or administrative actions by the State or any political subdivision of either of themeither, or any failure of the Authority or the Trustee Agency to perform or and observe any agreement, whether express expressed or implied, or any duty, liability or obligation arising out of or connected in connection with this Leaseback Agreement, or arising out of any indebtedness or liability at any time owing otherwise. The Agency covenants that it will not, subject to the Company by provisions of Section 6.1 hereof, take, suffer or permit any action which will adversely affect, or create any defect in its title to the Authority Facility or which will otherwise adversely affect the Trustee. (b) Nothing contained in this section will be construed to release the Authority from the performance of any of the agreements on its part herein contained; and in the event the Authority should fail to perform any such agreement on its part, the Company may institute such action against the Authority as the Company may deem necessary to compel performance of the Authority hereunder so long as such action shall not violate the agreements on the part rights or estates of the Company contained in Subsection 504(a) or diminish hereunder, except upon written consent of the amounts required to be paid by Company. None of the foregoing shall relieve the Company of its obligations under this Agreement. The Company may also, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so requestSection 5.2 hereof.

Appears in 1 contract

Samples: Leaseback Agreement (Monro Muffler Brake Inc)

Obligations of Company Hereunder Unconditional. (a) Until such time as the principal of and premium, if any, and interest on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 13.01 of this Agreement, to the extent permitted by law, the Company's ’s obligations under this Agreement shall be absolute and unconditional, free of deductions and without any abatement, offset, recoupment, diminution or set-off whatsoever, and the Company (i) will not suspend or discontinue payment of any amounts required to be paid by it hereunder, (ii) will perform and observe all of its other agreements contained in this Agreement, (iii) will not take or authorize or permit, to the extent such action is within the control of the Company, any action with respect to the Project, the proceeds of the Bonds or any insurance, condemnation or other proceeds derived directly or indirectly in connection with the Project, which the Company knows or should know will result in the loss of the exclusion of interest on the Bonds from federal gross income, and (iiiiv) except as permitted by this Agreement, will not terminate this Agreement for any cause, including, without limiting the generality of the foregoing, the occurrence of any act or circumstance that may constitute failure of consideration, destruction of or damage to the Project, commercial frustration of purpose, any change in the tax or other laws of the United States of America or of the State or any political subdivision of either of them, any failure of the Authority or the Trustee to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreement, or arising out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee. (b) Nothing contained in this section Section will be construed to release the Authority from the performance of any of the agreements on its part herein contained; and in the event the Authority should fail to perform any such agreement on its part, the Company may institute such action against the Authority as the Company may deem necessary to compel performance of the Authority hereunder so long as such action shall not violate the agreements on the part of the Company contained in Subsection 504(a) Section 8.04 or diminish the amounts required to be paid by the Company under this Agreement. The Company may also, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's ’s expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so request.

Appears in 1 contract

Samples: Loan and Trust Agreement (Tampa Electric Co)

Obligations of Company Hereunder Unconditional. (a) Until such time as the principal of and premium, if any, and interest on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 13.01 of this Agreement, to the extent permitted by law, the Company's ’s obligations under this Agreement shall be absolute and unconditional, and the Company (i) will not suspend or discontinue payment of any amounts required to be paid by it hereunder, (ii) will perform and observe all of its other agreements contained in this Agreement, (iii) will not knowingly take or authorize or permit, to the extent such action is within the control of the Company, any action with respect to the Project, the proceeds of the Bonds or any insurance, condemnation or other proceeds derived directly or indirectly in connection with the Project, which will result in the loss of the exclusion of interest on the Bonds from federal gross income, and (iiiiv) except as permitted by this Agreement, will not terminate this Agreement for any cause, including, without limiting the generality of the foregoing, the occurrence of any act or circumstance that may constitute failure of consideration, destruction of or damage to the Project, commercial frustration of purpose, any change in the tax or other laws of the United States of America or of the State or any political subdivision of either of them, any failure of the Authority or the Trustee to perform or observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreement, or arising out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee. (b) Nothing contained in this section Section will be construed to release the Authority from the performance of any of the agreements on its part herein contained; and in the event the Authority should fail to perform any such agreement on its part, the Company may institute such action against the Authority as the Company may deem necessary to compel performance of the Authority hereunder so long as such action shall not violate the agreements on the part of the Company contained in Subsection 504(a) Section 8.04 or diminish the amounts required to be paid by the Company under this Agreement. The Company may also, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's ’s expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so request.

Appears in 1 contract

Samples: Loan and Trust Agreement (Tampa Electric Co)

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Obligations of Company Hereunder Unconditional. (a) Until such time as The obligations of the principal Company to make the payments required in Section 2.6 hereof during the Term and to perform and observe any and all of the other covenants and premium, if any, agreements on its part contained herein shall be a general obligation of the Company and interest on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 of this Agreement, the Company's obligations under this Agreement shall be absolute and unconditionalunconditional irrespective of any defense or any rights of setoff, and recoupment or counterclaim it may otherwise have against the Agency. The Company agrees it will not (i) will not suspend suspend, discontinue or discontinue xxxxx any payment of any amounts required to be paid by it hereunderSection 2.6 hereof, (ii) will perform and fail to observe all any of its other covenants or agreements contained in this AgreementAgency Lease, and or (iii) except as permitted by this Agreementprovided in Section 8.1 hereof, will not terminate this Agreement Agency Lease for any cause, cause whatsoever including, without limiting the generality of the foregoing, failure to complete the occurrence Project Facility, any defect in the title, design, operation, merchantability, fitness or condition of any act the Project Facility or circumstance that may constitute in the suitability of the Project Facility for the Company’s purposes and needs, failure of consideration, destruction of or damage to the ProjectProject Facility, commercial frustration of purpose, or the taking by condemnation of title to or the use of all or any part the Project Facility, any change in the tax or other laws of the United States of America or administrative rulings of or administrative actions by the State or any political subdivision of either of themeither, or any failure of the Authority or the Trustee Agency to perform or and observe any agreement, whether express expressed or implied, or any duty, liability or obligation arising out of or connected in connection with this AgreementAgency Lease, or arising out of any indebtedness or liability at any time owing otherwise. Subject to the Company by the Authority or the Trustee. (b) Nothing foregoing provisions, nothing contained in this section will Section shall be construed to release the Authority Agency from the performance of any of the agreements on its part herein contained; contained in this Agency Lease or to affect the right of the Company to seek reimbursement, and in the event the Authority Agency should fail to perform any such agreement on its partagreement, the Company may institute such separate action against the Authority Agency as the Company may deem necessary to compel performance or recover damages for nonperformance, and the Agency covenants that it will not, subject to the provisions of Section 6.1, take, suffer or permit any action which will adversely affect, or create any defect in its title to the Authority hereunder so long as such action shall not violate Project Facility or which will otherwise adversely affect the agreements on the part rights or estates of the Company contained in Subsection 504(a) or diminish hereunder, except upon written consent of the amounts required to be paid by Company. None of the foregoing shall relieve the Company of its obligations under this Agreement. The Company may also, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so requestSection 5.2 hereof.

Appears in 1 contract

Samples: Payment in Lieu of Tax Agreement

Obligations of Company Hereunder Unconditional. (a) Until such time as The obligations of the principal of Company to make the payments required in Section 5.01 hereof and premium, if any, to perform and interest observe the other agreements on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 of this Agreement, the Company's obligations under this Agreement its part contained herein shall be absolute and unconditional, and the . The Company (ia) will not suspend or discontinue payment of discontinue, or permit the suspension or discontinuance of, any amounts required to be paid by it hereunder, payments provided for in Section 5.01 hereof; (iib) will perform and observe all of its other agreements contained in this Loan Agreement, ; and (iiic) except as permitted by this Agreementprovided in Article XI hereof, will not terminate this Loan Agreement for any cause, cause including, without limiting the generality of the foregoing, the occurrence of any act acts or circumstance circumstances that may constitute failure of consideration, eviction or constructive eviction, destruction of or damage to the Projectits solid waste recovery facilities, commercial frustration of purpose, any or change in the tax or other laws or administrative rulings of or administrative actions by the United States of America or of the State of Arkansas or any political subdivision of either of themeither, any failure of the Authority City to perform and observe any agreement, whether express or implied, or any duty, liability, or obligation arising out of or connected with this Loan Agreement, whether express or implied, or any failure of the Trustee to perform or and observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreementthe Indenture, whether express or arising out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee. (b) implied. Nothing contained in this section will Section shall be construed to release the Authority City from the performance of any of the agreements on its part herein contained; , and in if the event the Authority should City shall fail to perform any such agreement on its partagreement, the Company may institute such action against the Authority City as the Company may deem necessary to compel performance of the Authority hereunder so long as performance, provided that no such action shall not violate the agreements on the part of the Company contained in Subsection 504(a) or diminish the amounts required to be paid by the Company under this Agreementherein. The Company may alsomay, however, at its own cost and expense and in its own name or in the name of the AuthorityCity, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunderof its solid waste recovery facilities, and in such event the Authority City hereby agrees to cooperate fully with the Company and, at (without expense to the Company's expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so requestCity).

Appears in 1 contract

Samples: Loan Agreement (Advanced Environmental Recycling Technologies Inc)

Obligations of Company Hereunder Unconditional. (a) Until such time as The obligations of the principal of Company to make the payments required in Section 5.01 hereof and premium, if any, to perform and interest observe the other agreements on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 of this Agreement, the Company's obligations under this Agreement its part contained herein shall be absolute and unconditional, and the . The Company (ia) will not suspend or discontinue payment of discontinue, or permit the suspension or discontinuance of, any amounts required to be paid by it hereunder, payments provided for in Section 5.01 hereof; (iib) will perform and observe all of its other agreements contained in this Loan Agreement, ; and (iiic) except as permitted by this Agreementprovided in Article XI hereof, will not terminate this Loan Agreement for any cause, cause including, without limiting the generality of the foregoing, failure to acquire, construct, improve and equip the occurrence of Improvements, any act acts or circumstance circumstances that may constitute failure of consideration, eviction or constructive eviction, destruction of or damage to the Projectits solid waste recovery facilities, commercial frustration of purpose, any or change in the tax or other laws or administrative rulings of or administrative actions by the United States of America or of the State of Oklahoma or any political subdivision of either of themeither, any failure of the Authority to perform and observe any agreement, whether express or implied, or any duty, liability, or obligation arising out of or connected with this Loan Agreement, whether express or implied, or any failure of the Trustee to perform or and observe any agreement, whether express or implied, or any duty, liability or obligation arising out of or connected with this Agreementthe Indenture, whether express or arising out of any indebtedness or liability at any time owing to the Company by the Authority or the Trustee. (b) implied. Nothing contained in this section will Section shall be construed to release the Authority from the performance of any of the agreements on its part herein contained; , and in the event if the Authority should shall fail to perform any such agreement on its partagreement, the Company may institute such action against the Authority as the Company may deem necessary to compel performance of the Authority hereunder so long as performance, provided that no such action shall not violate the agreements on the part of the Company contained in Subsection 504(a) or diminish the amounts required to be paid by the Company under this Agreementherein. The Company may alsomay, however, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunderof its solid waste recovery facilities, and in such event the Authority hereby agrees to cooperate fully with the Company and, at (without expense to the Company's expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so requestAuthority).

Appears in 1 contract

Samples: Loan Agreement (Advanced Environmental Recycling Technologies Inc)

Obligations of Company Hereunder Unconditional. (a) Until such time as The obligations of the principal Company to make the payments required in Section 2.6 hereof and to perform and observe any and all of the other covenants and premium, if any, agreements on its part contained herein shall be a general obligation of the Company and interest on the Bonds shall have been fully paid or deemed to have been paid as provided pursuant to Section 205 of this Agreement, the Company's obligations under this Agreement shall be absolute and unconditionalunconditional irrespective of any defense or any rights of setoff, and recoupment or counterclaim it may otherwise have against the Agency. The Company agrees it will not (i) will not suspend suspend, discontinue or discontinue xxxxx any payment of any amounts required to be paid by it hereunder, Section 2.6 hereof or (ii) will perform and fail to observe all any of its other covenants or agreements contained in this Agreement, and Lease Agreement or (iii) except as permitted by this Agreementprovided in Section 8.1 hereof, will not terminate this Lease Agreement for any cause, cause whatsoever including, without limiting the generality of the foregoing, failure to complete the occurrence Facility, any defect in the title, design, operation, merchantability, fitness or condition of any act the Facility or circumstance that may constitute in the suitability of the Facility for the Company's purposes and needs, failure of consideration, destruction of or damage to the ProjectFacility, commercial frustration of purpose, or the taking by Condemnation of title to or the use of all or any part the Facility, any change in the tax or other laws of the United States of America or administrative rulings of or administrative actions by the State or any political subdivision of either of themeither, or any failure of the Authority or the Trustee Agency to perform or and observe any agreement, whether express expressed or implied, or any duty, liability or obligation arising out of or connected in connection with this Lease Agreement, or arising out of any indebtedness or liability at any time owing otherwise. Subject to the Company by the Authority or the Trustee. (b) Nothing foregoing provisions, nothing contained in this section will Section 2.7 shall be construed to release the Authority Agency from the performance of any of the agreements on its part herein contained; contained in this Lease Agreement or to affect the right of the Company to seek reimbursement, and in the event the Authority Agency should fail to perform any such agreement on its partagreement, the Company may institute such separate action against the Authority Agency as the Company may deem necessary to compel performance or recover damages for nonperformance, and the Agency covenants that it will not, subject to the provisions of Section 5.2, take, suffer or permit any action which will adversely affect, or create any defect in its title to the Authority hereunder so long as such action shall not violate Facility or which will otherwise adversely affect the agreements on the part rights or estates of the Company contained in Subsection 504(a) or diminish hereunder, except upon written consent of the amounts required to be paid by Company. None of the foregoing shall relieve the Company of its obligations under this Agreement. The Company may also, at its own cost and expense and in its own name or in the name of the Authority, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its right of possession, occupancy and use hereunder, and in such event the Authority hereby agrees to cooperate fully with the Company and, at the Company's expense, to take all action necessary to effect the substitution of the Company for the Authority in any action or proceeding if the Company shall so requestSection 5.2 hereof.

Appears in 1 contract

Samples: Lease Agreement (CVC Inc)

Obligations of Company Hereunder Unconditional. (a) The obligations of the Company to make the payments required in Sections 4.2, 4.3 and the other sections hereof and to perform and observe the other agreements contained in Sections 2.2, 5.4 and 5.6, hereof, and in Article IX hereof, shall be absolute and unconditional and shall not be subject to any defense or any right of setoff, counterclaim, or recoupment arising out of any breach by the Issuer or the Trustee of any obligation to the Company, whether hereunder or otherwise, or out of any indebtedness or liability at any time owing to the Company by the Issuer or the Trustee. Until such time as the principal of and of, premium, if any, and interest on the Bonds shall have been fully paid or deemed to provision for the payment thereof shall have been paid as provided pursuant to Section 205 of this Agreementmade in accordance with the Indenture, the Company's obligations under this Agreement shall be absolute and unconditional, and the Company (i) will not suspend or discontinue payment of any amounts required to be paid by it hereunderpayments provided for in Section 4.2(a) hereof, (ii) will perform and observe all of its other agreements contained in this Agreement, and (iii) except as permitted by this Agreement, will not terminate this the Term of Agreement for any cause, cause including, without limiting the generality of the foregoing, the occurrence of any act acts or circumstance circumstances that may constitute failure of consideration, eviction, or constructive eviction, destruction of or damage to all or a portion of the ProjectPlant, the taking by eminent domain of title to or temporary use of any or all of the Plant, commercial frustration of purpose, any change in the tax or other laws of or any action by the United States of America or of the State or any political subdivision of either of them, thereof or any failure of the Authority Issuer or the Trustee to perform or and observe any agreement, whether express or implied, or any duty, liability liability, or obligation arising out of or connected with this Agreement, or arising out of any indebtedness or liability at any time owing except to the Company extent permitted by the Authority or the Trustee. (b) this Agreement. Nothing contained in this section will Section shall be construed to release the Authority Issuer or Trustee from the performance of any of the agreements on its their part contained herein contained; or in the Indenture, and in the event the Authority Issuer or the Trustee should fail to perform any such agreement on its part, the Company may institute such action against the Authority Issuer or the Trustee as the Company may deem necessary to compel performance of the Authority hereunder so long as such action shall does not violate abrogate the agreements on the part obligations of the Company contained in Subsection 504(a) or diminish the amounts required to be paid by the Company under first sentence of this AgreementSection. The Company may alsomay, however, at its the Company's own cost and expense and in its the Company's own name or in the name of the AuthorityIssuer, prosecute or defend any action or proceeding or take any other action involving third persons which the Company deems reasonably necessary in order to secure or protect its the Company or the Company's right of possession, occupancy and use hereunder, of the Project and in such event the Authority Issuer hereby agrees to cooperate fully with the Company and, at the Company's expense, and to take all action necessary to effect the substitution of the Company for the Authority Issuer in any such action or proceeding if the Company shall so request.

Appears in 1 contract

Samples: Financing Agreement (Zeigler Coal Holding Co)

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