Payment by the Authority Sample Clauses

Payment by the Authority. Upon the occurrence of an Event of Default, if the Authority elects to proceed pursuant to either one of the options described in Section 5.2B or 5.2D hereof, the Authority shall make payments to the Lender to the extent provided in this Section 6. 1. Upon such payment, the obligations of the Authority hereunder shall terminate, and the Authority shall be forever discharged from any and all liability hereunder.

Payment by the Authority. Provided that an Application for Payment consistent with the requirements of this Agreement is received by the Program Manager and Authority not later than the second day of the calendar month, and the Authority approves such Application for Payment, the Authority shall make payment in the amount due to the DB Contractor not later than 30 days after the Authority’s approval of the Application for Payment. The DB Contractor understands and agrees that approval of the Application for Payment by the Authority is required prior to payment.

Payment by the Authority. The Authority agrees to pay the County an annual fiscal agent services fee. For the fiscal year beginning July 1, 2022 and ending on June 30, 2023, the annual fiscal agent services fee will be in the amount of One Hundred Thirty-Four Thousand Eight Hundred and Ninety Dollars ($134,890). Starting with the fiscal year beginning July 1, 2023 and for each year thereafter, the annual fiscal agent services fee shall be increased by two and a half percent (2.5%) above the prior year’s fee. The County agrees to remit quarterly statements to the Authority requesting payment. The Authority agrees to make payments within 30 days of each request. If the scope of services changes significantly during any fiscal period, the Authority and the County shall renegotiate the fiscal agent services fee for the remainder of the fiscal period.

Payment by the Authority. If, the Service Provider has used its reasonable endeavours to obtain funding for Capital Expenditure pursuant to clause 21.7(a) but has been unable to do so within forty (40) Business Days of the date on which it is agreed or determined pursuant to clause 21.1(b)(i), then the Authority shall (subject to receipt of a valid invoice) pay to the Service Provider an amount equal to the Capital Expenditure, on or before the date falling twenty (20) Business Days after the date that a liability in respect of such Capital Expenditure: (a) has been incurred by the Service Provider; or (b) has been incurred by a third party on behalf of the Service Provider, whether or not such liability has been discharged by the Service Provider or such third party.

Payment by the Authority. All payments by the Authority hereunder shall be in lawful money of the United States and may be made by check of the Maryland State Treasurer. The Authority shall not be obligated to make any payment unless either (a) the Authority has notified the Bank of its intention to cure an Event of Default pursuant to the provisions of Section 6.2A of this Agreement, or (b) the Authority has notified the Bank of its intention to purchase the Bond Documents and the Letter of Credit Documents pursuant to the provisions of Section 6.2C of this Agreement, or (c) the Authority has received a Notice of Default (which Notice of Default shall include a Certification) and is required to make such payment pursuant to the provisions of this Agreement. Upon payment in full of the Insured Portion of the Debt, the obligations of the Authority hereunder shall terminate, and the Authority shall be forever discharged from any and all liability hereunder, provided, however, the Authority’s rights to subrogation and reimbursement pursuant to the terms and provisions of this Agreement and the other Letter of Credit Documents shall continue until this Agreement has been terminated in accordance with its terms and the insurance provided by this Agreement shall be subject to reinstatement as set forth in Section 3.1C until this Agreement is terminated.