Common use of – Payment Assurance Clause in Contracts

– Payment Assurance. 5.1 In the event that the Borrower fails to, or is in jeopardy of failing to, make payments as required under Section 4.1, the Borrower shall impose and collect fees, charges, rates and other levies as permitted by the Drainage Districts Act (Alberta) of an amount sufficient to pay to ACFA all amounts in arrears and becoming due and owing under this Agreement or any Debenture. 5.2 In authorizing its borrowing of each Principal Amount, the Borrower’s authorizing bylaw shall specifically obligate the Borrower to impose and collect adequate fees, charges, rates and other levies as required under Section 5.1, with such obligation being set out in the form as required by ACFA. Such obligation shall not be amended or rescinded without the prior written consent of ACFA.

– Payment Assurance. 5.1 In the event that the Borrower fails to, or is in jeopardy of failing to, make payments as required under Section 4.1, the Borrower shall impose and collect fees, charges, rates and other levies as permitted by the Drainage Irrigation Districts Act (Alberta) of an amount sufficient to pay to ACFA all amounts in arrears and becoming due and owing under this Agreement or any Debenture. 5.2 In authorizing its borrowing of each Principal Amount, the Borrower’s authorizing bylaw shall specifically obligate the Borrower to impose and collect adequate fees, charges, rates and other levies as required under Section 5.1, with such obligation being set out in the form as required by ACFA. Such obligation shall not be amended or rescinded without the prior written consent of ACFA.