Common use of Payment; Credit Clause in Contracts

Payment; Credit. Each installment of Base Rental Payments payable hereunder shall be paid in lawful money of the United States of America to or upon the order of the Corporation at the Principal Corporate Trust Office of the Trustee, or such other place as the Trustee shall designate. Any such installment of rental accruing hereunder which shall not be paid when due shall remain due and payable until received by the Trustee, except as provided in Section 5.04 hereof, and shall bear interest at the rate of 10% per annum from the date when the same is due hereunder until the same shall be paid. Notwithstanding any dispute between the City and the Corporation, the City shall make all rental payments when due, without deduction or offset of any kind, and shall not withhold any rental payments pending the final resolution of any such dispute. In the event of a determination that the City was not liable for said rental payments or any portion thereof, said payments or excess of payments, as the case may be, shall, at the option of the City, be credited against subsequent rental payments due hereunder or be refunded at the time of such determination. Amounts required to be deposited by the City with the Trustee pursuant to this Section 5.01(d) on any date shall be reduced to the extent of amounts on deposit on such date in the Base Rental Fund, the Interest Fund, the Principal Fund or the Prepayment Fund.

Payment; Credit. Each installment of Base Rental Payments payable hereunder shall be paid in lawful money of the United States of America to or upon the order of the Corporation Authority at the Principal Corporate Trust Office principal corporate trust office of the TrusteeTrustee in Los Angeles, California, or such other place as the Trustee shall designate. Any such installment of rental accruing hereunder which shall not be paid when due shall remain due and payable until received by the Trustee, except as provided in Section 5.04 hereof, and to the extent permitted by law shall bear simple interest at the rate of 10% ten percent per annum from the date when the same is due hereunder until the same shall be paid. Notwithstanding any dispute between the City and the CorporationAuthority, the City shall make all rental payments when due, without deduction or offset of any kind, and shall not withhold any rental payments pending the final resolution of any such dispute. In the event of a determination that the City was not liable for said rental payments or any portion thereof, said payments or excess of payments, as the case may be, shall, at the option of the City, be credited against subsequent rental payments due hereunder or be refunded at the time of such determination. Amounts Base Rental Payments required to be deposited by the City with the Trustee pursuant to this Section 5.01(d) 5.01 on any date shall be reduced to the extent of amounts on deposit on such date in the Base Rental Fund, the Interest Fund, Account or the Principal Fund Account held under the Indenture are available to make the payments of principal of and interest on the Bonds payable on the applicable Principal Payment Date or the Prepayment FundInterest Payment Date.

Payment; Credit. Each installment of Base Rental Payments payable hereunder shall be paid in lawful money of the United States of America to or upon the order of the Corporation Authority at the Principal Corporate Trust Office corporate trust office of the TrusteeTrustee in Los Angeles, California, or such other place as the Trustee Authority shall designate. Any such installment of rental accruing hereunder which shall not be paid when due shall remain due and payable until received by the Trustee, except as provided in Section 5.04 hereof, and to the extent permitted by law shall bear interest at the rate of 10% ten percent per annum from the date when the same is due hereunder until the same shall be paid. Notwithstanding any dispute between the City and the CorporationAuthority, the City shall make all rental payments when due, without deduction or offset of any kind, and shall not withhold any rental payments pending the final resolution of any such dispute. In the event of a determination that the City was not liable for said rental payments or any portion thereof, said payments or excess of payments, as the case may be, shall, at the option of the City, be credited against subsequent rental payments due hereunder or be refunded at the time of such determination. Amounts required to be deposited by the City with the Trustee pursuant to this Section 5.01(d) on any date shall be reduced to the extent of available amounts on deposit on such date in the Base Rental Revenue Fund, the Interest Fund, the Principal Fund or the Prepayment Principal Fund. Any payment scheduled to be made on a date which is not a Business Day shall be made on the next succeeding Business Day.