PAYMENT COVENANTS. 4.01 The Owner hereby covenants with the Secured Creditors:
PAYMENT COVENANTS. The Mortgagor hereby covenants duly to observe and perform all its obligations under the Financial Agreement in accordance with the terms and conditions thereof and in particular:
PAYMENT COVENANTS. 4.01 The Owner hereby covenants with the Indenture Trustee, the Agent and the Lenders:-
PAYMENT COVENANTS. 2.1 In consideration of the agreement of the Mortgagee to make available the Loan to the Borrowers and to maintain available the Loan to the Borrowers throughout the Security Period in accordance with the provisions of and subject to the terms and conditions of the Loan Agreement, the Owner hereby covenants with the Mortgagee to repay the Loan by (a) twenty eight (28) consecutive quarterly repayment instalments (the “Repayment Instalments”), each to be repaid on each of the Repayment Dates so that the first be repaid three (3) months from the Drawdown Date and each of the subsequent ones consecutively falling due for payment on each of the dates falling three (3) months after the immediately preceding Repayment Date with the last of such Repayment Instalments falling due for payment on the Final Maturity Date and (b) a balloon instalment of Dollars five million six hundred fifty thousand ($5,650,000) (the “Balloon Instalment”) falling due for payment together with the last (28th) Repayment Instalment on the Final Maturity Date; subject to the provisions of the Loan Agreement, each Repayment Instalment shall be in amounts as follows:
PAYMENT COVENANTS. Phase Two Owner shall pay to Phase One Owner Forty Two and 13/100 percent (42.13%) of the maintenance, utilities, replacements, repairs, taxes, insurance and any and all other costs and expenses involved in the operation and use of the Lift Station (the “Operating Costs”), however that Phase Two Owner shall have no obligation to contribute its share until the improvements to be constructed on the Phase Two Property have received a temporary or permanent Certificate of Occupancy. Phase One Owner shall be responsible for Fifty Six and 87/100th percent (56.87%) of the Operating Costs. Phase One Owner shall provide Phase Two Owner with copies of all maintenance contracts and service agreements entered into that will generate fixed costs, and shall consult with Phase Two Owner prior to incurring any extraordinary costs for unanticipated service or repairs. Phase One Owner shall invoice Phase Two Owner for all routine and extraordinary aspects of the use, maintenance or repair of the Lift Station, and payment shall be made to Phase One Owner within ten (10) days following the date of any invoice for Operating Costs associated with the Lift Station. Invoices shall include copies of all bills and statements pertaining to the Lift Station for the billing period in question. Phase One Owner shall use reasonable efforts to tender invoices on a quarterly basis but the right is reserved to alter the billing period in any manner consistent with its bookkeeping procedures. In the event Phase One Owner discovers that any previously tendered invoice was in an amount which was insufficient to cover Phase Two Owner’s share of Operating Costs for any billing period, payment shall be made within ten (10) days following receipt of a supplemental invoice therefor. Each of the Parties shall each be individually responsible for the maintenance, repair and replacement of any portion of the pipes or other equipment pertaining to the Lift Station which solely serve their individual properties.
PAYMENT COVENANTS. 3.1 For the consideration aforesaid the Owner hereby covenants and undertakes with the Mortgagee:
PAYMENT COVENANTS. Producer covenants and agrees to timely pay all bills and invoices associated with its obligations under this Agreement and to timely pay its contractors and subcontractors for work performed by such in association with this Agreement. Processor reserves the right to shut-in Producer’s production and discontinue all services defined herein, for non-payment of all fees associated with this Agreement until Producer cures all Defaults promptly. Producer covenants and agrees to not permit any liens or other encumbrances be filed against the Host Processing Facility or any part thereof as of a result of Producer’s failure to timely pay any bill or invoice, and further agrees to indemnify, defend and hold harmless Processor from any such liens or encumbrances that may arise as a result of Producer’s acts or omissions in association with this Agreement.
PAYMENT COVENANTS
