Common use of Payment of Base Rentals Clause in Contracts

Payment of Base Rentals. (a) the City shall, subject only to the other Sections of this Article, pay Base Rentals directly to the Trustee during the Lease Term in immediately available funds in the amounts and on the Base Rental Payment Dates set forth in Exhibit D hereto, as it may be modified from time to time; provided, however, that there shall be credited against the amount of Base Rentals payable on any Base Rental Payment Date the amount on deposit in the Series 2017 Certificate Fund representing (i) accrued interest and capitalized interest, if any, from the sale of Certificates, (ii) earnings from the investment of moneys in the Series 2017 Certificate Fund, and (iii) moneys delivered to the Trustee by the City or any other Person that are accompanied by instructions to apply the same to the payment of Base Rentals or to deposit the same in the Series 2017 Certificate Fund. Thirty days prior to each Base Rental Payment Date, the Trustee shall notify the City as to the exact amounts that will be credited against the Base Rentals due on such date. If further amounts that are to be credited against Base Rentals accrue during such 30-day period, such amounts shall be carried over to be applied as a reduction of the Base Rentals payable on the next succeeding Base Rental Payment Date. (b) A portion of each payment of Base Rentals is paid as, and represents payment of, interest, and Exhibit D hereto sets forth the interest component of each payment of Base Rentals. Upon receipt by the Trustee of each payment of Base Rentals, the Trustee shall apply the amount of each Base Rentals payment in the following manner and order: (i) FIRST, the amount of such payment of Base Rentals designated and paid as interest under Exhibit D, as from time to time amended or supplemented, plus the amount of any past due interest on the Series 2017 Certificates, shall be deposited in the Interest Account of the Series 2017 Certificate Fund; and (ii) SECOND, the remaining portion of such payment of Base Rentals shall be deposited in the Principal Account of the Series 2017 Certificate Fund.

Payment of Base Rentals. (a) the City shall, subject only to the other Sections of this Article, The County shall pay Base Rentals exclusively from County Funds. The County shall pay Base Rentals during the Original Term and any Renewal Term in such amounts as shall be sufficient to pay principal when due on the Bonds. The Base Rentals shall be payable directly to the Trustee Authority in annual payments in such amounts as shall equal the interest payments, if any, falling due on the Bonds on the next succeeding interest payment date and the principal payments falling due on the Bonds, either by regularly scheduled maturities or by mandatory sinking fund redemption, on the next succeeding principal payment date, such that there shall be on deposit with the Authority at least fifteen (15) days prior to each principal and/or interest payment date on the Bonds an amount sufficient to make such payment. In addition, until the Reserve Fund with respect to the Bonds is at all times fully funded to the Reserve Fund Requirement, the County shall, in the event it elects to renew this Lease during the Lease Term following Renewal Term, and as a condition of renewal, pay to the Authority in immediately available funds annual payments Additional Rentals during the following Renewal Term, in an amount sufficient to fund or replenish the Reserve Fund to the Reserve Fund Requirement as provided in the amounts and Master Resolution. Notwithstanding anything contained herein to the contrary, no payment of Base Rentals or Additional Rentals shall be required to be paid prior to delivery of the Project to the County for occupancy, provided, however, that as substantial portions of the Project are available for operation the County shall pay Base Rentals in proportion to the portion available. The amount of the Base Rentals otherwise payable by the County hereunder shall be reduced by an amount equal to earnings on the investment of the Bond Fund, moneys transferred to the Bond Fund from the Reserve Fund pursuant to the last paragraph of Section 6.7 of the Master Resolution which moneys are applied to pay the principal of and interest, if any, on the Bonds, any moneys paid by the Authority for the purchase of the Bonds and the cancellation thereof or which are otherwise deposited in the Bond Fund, other than moneys paid as Base Rental Payment Dates set forth Rentals or the Purchase Option Price. Base Rentals due at least fifteen (15) days prior to any Bond payment date shall be in Exhibit D heretoconsideration for the use of the Project by the County during the one-year period succeeding each Bond payment date and for the option to purchase the Project granted herein. It is understood and agreed by the County that, subject to the terms of this Lease and the Master Resolution, all Base Rentals payable under this Section 6.2 by the County, as it may well as the Purchase Option Price, if paid with respect to the Project, are pledged by the Authority for the benefit of the Bondholders. The County assents to such pledge. The Authority hereby directs the County, and the County hereby agrees to pay to the Authority at its principal office, all Base Rentals payable by the County pursuant to this Section 6.2 and, if paid, the Purchase Option Price. The amount of the Base Rentals and Purchase Option Price otherwise payable shall be modified from time reduced as appropriate to timereflect any redemption of Bonds and/or the purchase of Bonds and the cancellation thereof in advance of their maturity; provided, however, that there adequate provision shall be credited against made for the amount payment of Base Rentals payable on any Base Rental Payment Date Additional Bonds or Refunding Bonds. If at any time the amount on deposit amounts held by the Authority in the Series 2017 Certificate Bond Fund representing and the Reserve Fund (iother than moneys held for the payment of Bonds not deemed Outstanding) accrued shall be sufficient to pay at the times required the principal of and interest and capitalized interestredemption premium, if any, from on all of the sale of CertificatesBonds (including any Additional Bonds and Refunding Bonds) then Outstanding, (ii) earnings from the investment of moneys in the Series 2017 Certificate Fund, and (iii) moneys delivered County shall not be obligated to the Trustee by the City or pay any other Person that are accompanied by instructions to apply the same to the payment of further Base Rentals or to deposit the same in the Series 2017 Certificate Fund. Thirty days prior to each Base Rental Payment Date, the Trustee shall notify the City as to the exact amounts that will be credited against the Base Rentals due on such date. If further amounts that are to be credited against Base Rentals accrue during such 30-day period, such amounts shall be carried over to be applied as a reduction of the Base Rentals payable on the next succeeding Base Rental Payment Datehereunder. (b) A portion of each payment of Base Rentals is paid as, and represents payment of, interest, and Exhibit D hereto sets forth the interest component of each payment of Base Rentals. Upon receipt by the Trustee of each payment of Base Rentals, the Trustee shall apply the amount of each Base Rentals payment in the following manner and order: (i) FIRST, the amount of such payment of Base Rentals designated and paid as interest under Exhibit D, as from time to time amended or supplemented, plus the amount of any past due interest on the Series 2017 Certificates, shall be deposited in the Interest Account of the Series 2017 Certificate Fund; and (ii) SECOND, the remaining portion of such payment of Base Rentals shall be deposited in the Principal Account of the Series 2017 Certificate Fund.

Payment of Base Rentals. (a) the City The County shall, subject only to the other Sections of this Article, pay Base Rentals Rentals, from funds legally available for such purpose, directly to the Trustee during the Lease Term in immediately available funds in the amounts and on the Base Rental Payment Dates set forth in Exhibit D B hereto, as it may be modified from time to time, including, without limitation as it may be modified as provided in the final sentence of this subsection (a); provided, however, that there shall be credited against the amount of Base Rentals payable on any Base Rental Payment Date the amount on deposit in the Series 2017 Certificate Fund representing (i) accrued interest and capitalized interest, if any, from the sale of Certificates, (ii) earnings from the investment of moneys in the Series 2017 Certificate Fund, and (iii) moneys delivered to the Trustee by the City County or any other Person that are accompanied by instructions to apply the same to the payment of Base Rentals or to deposit the same in the Series 2017 Certificate Fund. Thirty days prior to each Base Rental Payment Date, the Trustee shall notify the City County as to the exact amounts that will be credited against the Base Rentals due on such date. If further amounts that are to be credited against Base Rentals accrue during such 30-day period, such amounts shall be carried over to be applied as a reduction of the Base Rentals payable on the next succeeding Base Rental Payment Date. In the event that the mandatory sinking fund redemption schedule with respect to any of the Certificates set forth in Section 4.04 of the Indenture is modified as provided in subsection (c) thereof, the County shall provide the Trustee with a revised principal installment schedule and the Base Rental Schedule shall be correspondingly revised. The Trustee may conclusively rely on the revised Base Rental payment schedule and shall not be required to make any independent investigation in connection therewith. (b) A portion of each payment of Base Rentals is paid as, and represents payment of, interest, interest on the Certificates and Exhibit D hereto B hereto, as from time to time amended and supplemented, sets forth the interest component of each payment of Base Rentals. Upon receipt by the Trustee of each payment of Base Rentals, the Trustee shall apply the amount of each Base Rentals payment in the following manner and order: (i) FIRST, : the amount of such payment of Base Rentals designated and paid as interest under on the Certificates as set forth in Exhibit DB, as from time to time amended or supplemented, plus the amount of any past due interest on the Series 2017 Certificates, shall be deposited in the Interest Account of the Series 2017 Certificate Fund; and (ii) SECOND, : the remaining portion amount of such payment of Base Rentals designated and paid as principal of the Certificates as set forth in Exhibit B, as from time to time amended or supplemented, shall be deposited in the Principal Account of the Series 2017 Certificate Fund.

Payment of Base Rentals. (a) the City shall, subject only to the other Sections of this Article, The Board shall pay Base Rentals directly to the Trustee exclusively from Board Funds. The Board shall pay Base Rentals during the Lease Term in immediately available funds such amounts as shall be sufficient to pay principal and interest when due on the Bonds. The Base Rentals shall be payable directly to the Trustee in periodic payments at the times and manner and in the amounts as specified in the schedule of Base Rental payments attached as Exhibit C hereto as shall equal the interest payments falling due on the Bonds on the next succeeding Interest Payment Date and the principal payments falling due on the Bonds either by regularly scheduled maturities or by mandatory sinking fund installment or redemption, on the next succeeding principal payment date, such that there shall be on deposit with the Trustee at least fifteen days prior to each principal and/or interest payment date on the Bonds an amount sufficient to make such payment. At the time of execution of this Master Lease Base Rental payments for each payment date will equal the amounts set forth in Exhibit C hereto. The Board understands that the Base Rental Payment Dates set forth Schedule attached as Exhibit C may be revised from time to time based on the redemption of Bonds (other than mandatory sinking fund redemptions) or the issuance of any Additional Bonds or Refunding Bonds allowed under the Indenture. The Board hereby agrees to pay the Base Rentals in accordance with the Base Rental Payment Schedule attached hereto as Exhibit D hereto, C hereto as it may be modified revised from time to time; providedtime by such amounts as are necessary to reflect the redemption of the principal of certain Bonds or to pay the principal of the Additional Bonds or Refunding Bonds and interest on such Additional Bonds or Refunding Bonds. In addition, however, that there shall be credited against in the amount event the market value of Base Rentals payable on any Base Rental Payment Date the amount on deposit in the Series 2017 Certificate Debt Service Reserve Fund representing (i) accrued interest and capitalized interestis, if anyfor any reason, from reduced below the sale of CertificatesDebt Service Reserve Requirement, (ii) earnings from the investment of moneys Board shall, in the Series 2017 Certificate Fundevent it elects to renew this Master Lease during the following Renewal Term, and as a condition of renewal (iii) moneys delivered but solely from Board Funds), pay to the Trustee by in two substantially equal semiannual payments additional Base Rentals during the City or any other Person that are accompanied by instructions Lease Term, in an amount sufficient to apply replenish the same Debt Service Reserve Fund to the Debt Service Reserve Requirement. Notwithstanding anything contained herein to the contrary, no payment of Base Rentals or to deposit the same in the Series 2017 Certificate Fund. Thirty days prior to each Base Rental Payment Date, the Trustee shall notify the City as to the exact amounts that will be credited against the Base Rentals due on such date. If further amounts that are to be credited against Base Rentals accrue during such 30-day period, such amounts shall be carried over to be applied as a reduction of the Base Rentals payable on the next succeeding Base Rental Payment Date. (b) A portion of each payment of Base Rentals is paid as, and represents payment of, interest, and Exhibit D hereto sets forth the interest component of each payment of Base Rentals. Upon receipt by the Trustee of each payment of Base Rentals, the Trustee shall apply the amount of each Base Rentals payment in the following manner and order: (i) FIRST, the amount of such payment of Base Rentals designated and paid as interest under Exhibit D, as from time to time amended or supplemented, plus the amount of any past due interest on the Series 2017 Certificates, shall be deposited in the Interest Account of the Series 2017 Certificate Fund; and (ii) SECOND, the remaining portion of such payment of Base Additional Rentals shall be deposited required to be paid prior to the Completion Date of any one Project with respect to which such Rentals are being paid, provided however, that the Board may appropriate any of such Rentals and covenants to consider the appropriation of them in the Principal Account of the Series 2017 Certificate Fundsame manner as other Rentals as described herein.

Payment of Base Rentals. (a) the City The County shall, subject only to the other Sections of this Article, pay Base Rentals Rentals, from funds legally available for such purpose, directly to the Trustee during the Lease Term in immediately available funds in the amounts and on the Base Rental Payment Dates set forth in Exhibit D B hereto, as it may be modified from time to time, including, without limitation as it may be modified as provided in the final sentence of this subsection (a); provided, however, that there shall be credited against the amount of Base Rentals payable on any Base Rental Payment Date the amount on deposit in the Series 2017 Certificate Fund representing (i) accrued interest and capitalized interest, if any, from the sale of Certificates, (ii) earnings from the investment of moneys in the Series 2017 Certificate Fund, and (iii) moneys delivered to the Trustee by the City County or any other Person that are accompanied by instructions to apply the same to the payment of Base Rentals or to deposit the same in the Series 2017 Certificate Fund. Thirty days prior to each Base Rental Payment Date, the Trustee shall notify the City County as to the exact amounts that will be credited against the Base Rentals due on such date. If further amounts that are to be credited against Base Rentals accrue during such 30-day period, such amounts shall be carried over to be applied as a reduction of the Base Rentals payable on the next succeeding Base Rental Payment Date. In the event that the mandatory sinking fund redemption schedule with respect to any of the Certificates set forth in Section 4.04 of the Indenture is modified as provided in subsection (c) thereof, the County shall provide the Initial Purchaser and the Trustee with a revised principal installment schedule and the Base Rental Schedule shall be correspondingly revised. The Trustee may conclusively rely on the revised Base Rental payment schedule and shall not be required to make any independent investigation in connection therewith. (b) A portion Respective portions of each payment of Base Rentals is are paid as, and represents payment of, interestinterest on the 2020A Certificates and the 2020B Certificates, and Exhibit D hereto B hereto, as from time to time amended and supplemented, sets forth the such respective interest component components of each payment of Base Rentals. Upon receipt by the Trustee of each payment of Base Rentals, the Trustee shall apply the amount of each Base Rentals payment in the following manner and order: (i) FIRST, : (A) the amount of such payment of Base Rentals designated and paid as interest under on the 2020A Certificates as set forth in Exhibit DB, as from time to time amended or supplemented, plus the amount of any past due interest on the Series 2017 2020A Certificates, shall be deposited in the 2020A Interest Account of the Series 2017 Certificate Fund; and (B) the amount of such payment of Base Rentals designated and paid as interest on the 2020B Certificates as set forth in Exhibit B, as from time to time amended or supplemented, plus the amount of any past due interest on the 2020B Certificates, shall be deposited in the 2020B Interest Account of the Certificate Fund; and (ii) SECOND, : (A) the remaining portion amount of such payment of Base Rentals designated and paid as principal of the 2020A Certificates as set forth in Exhibit B, as from time to time amended or supplemented, shall be deposited in the 2020A Principal Account of the Series 2017 Certificate Fund; and (B) the amount of such payment of Base Rentals designated and paid as principal of the 2020B Certificates as set forth in Exhibit B, as from time to time amended or supplemented, shall be deposited in the 2020B Principal Account of the Certificate Fund.