Operation of the Project. The operation of the Project in the manner contemplated on the Closing Date and as described herein does not conflict with any zoning, water or air pollution or other ordinance, order, law or regulation applicable thereto; the Borrower will cause the Project to be operated in accordance with all applicable federal, state and local laws or ordinances (including rules and regulations) relating to zoning, building, safety, and environmental quality and will obtain and maintain in effect any licenses, permits, franchises or other governmental authorizations necessary for the operation of the Project.
Operation of the Project. During the Project Operational Phase the Project Premises shall be operated in accordance with the provisions of this Agreement and:
(i) the Project description, operating budget and other documents set forth in Appendix B and the Internal Review Package;
(ii) the management and operating plan as defined in Section 15 below, to be approved by the Corporation prior to commencement of occupancy of the Project Premises, or, where premises are already occupied, prior to any payment under this Agreement, and periodically thereafter throughout the Project Operational Phase;
(iii) any restrictive deed covenants affecting the Project Premises; and
(iv) any applicable federal, State or local law, regulation or ordinance governing the operation of the Project and Project Premises. The foregoing are deemed incorporated by reference as part of this Agreement.
Operation of the Project. Phase(s)
Operation of the Project. (i) Seller shall operate and maintain the Project in accordance with Prudent Utility Practice and Applicable Law in order to maximize the Storage Contract Capacity and the Discharging Energy available from the Project. If the Storage Facility is curtailed due to Force Majeure, by the Transmission Provider or Reliability Entity, or for any reason other than Buyer’s actions or omissions, Buyer shall not be obligated to pay for any curtailed Discharging Energy and Seller will not be liable for any failure to deliver such Discharging Energy.
(ii) Seller shall ensure that personnel capable of starting, operating, and stopping the Project are either available at the Project or capable of remotely starting, operating, and stopping the Project within 10 minutes, and capable of being physically present at the Project with no more than two hours’ notice. In all cases, Seller shall ensure that personnel capable of starting, operating, and stopping the Project can be reached by phone at all times.
Operation of the Project. So long as the Company operates the Project, it will operate the Project as an "industrial project" within the meaning of the Act as of the date hereof, and as "facilities for the local furnishing of electric energy or gas" as contemplated by Section 142(a)(8) of the Code, as such respective terms are defined as of the date of this Agreement.
Operation of the Project. Borrower shall at all times operate the Project as an affordable housing apartment rental facility in compliance with all Requirements.
Operation of the Project. Seller will continue to operate and maintain the Project in accordance with present standards. Seller shall perform, when due, all of Seller’s obligations under the Leases. Seller shall deliver the Project at Closing in substantially the same condition as it is on the Contract Date, reasonable wear and tear excepted. None of the Personal Property or fixtures owned by Seller shall be removed from the Project, unless replaced by personal property or fixtures of equal or greater utility or value. Subject to Section 10.B hereof, Seller will not further encumber or grant any material interest in the Project.
Operation of the Project. The Borrower will not, nor will it allow any lessee or other user of the Project to, make any material change in its use of the Project unless the Purchaser or the Trustee, as the case may be, and the Issuer receive an opinion of Bond Counsel to the effect that such change will not impair the exclusion of interest on the Bonds from the gross income of holders of the Bonds for federal income tax purposes. The Borrower will operate the Project, or cause any lessee or other user of the Project to operate the Project, as a "project" as contemplated by the Act, in conformity with the Tax Certificate and in such a manner that it will not impair the exclusion of interest on the Bonds from gross income of the holders of the Bonds for federal income tax purposes. Upon a sale or lease of all or any portion of the Borrower's interest in the Project (to the extent permitted hereunder), the Borrower will obtain, or cause there to be obtained, the agreement of the purchaser or lessee of the Project or any interest therein to comply with the provisions of this Section regardless of whether such purchaser or lessee assumes the obligations of the Borrower under this Agreement generally.
Operation of the Project. So long as the Loan is outstanding or any amounts remain due to the Guarantor under this Counter Indemnity Agreement, the Borrower shall, unless the Guarantor shall have consented otherwise in writing (such consent not to be unreasonably withheld or delayed), retain title to and possession of substantially all of the assets which comprise the Project or, as appropriate, replace and renew such assets and shall maintain the Project in substantially continuous operation in accordance with its original purpose. The Guarantor may withhold its consent only where the proposed action would prejudice the Guarantor’s interests as guarantor under this Counter Indemnity Agreement or would render the Project ineligible for financing by the Bank under its Statute (as defined in the Finance Contract).
Operation of the Project. The Borrower shall maintain and keep, or cause to be maintained and kept, the Project, any Separately Financed Facilities and its other properties in good repair, working order and condition (other than ordinary wear and tear), so that the business carried on in connection therewith may be properly conducted at all times, and consistent in all material respects with all Applicable Permits, this Agreement, the material provisions of the Major Project Contracts and Prudent Utility Practice.
