Common use of Payment of Base Rentals Clause in Contracts

Payment of Base Rentals. (a) The County shall, subject only to the other Sections of this Article, pay Base 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 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 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 Certificate Fund, and (iii) moneys delivered to the Trustee by the 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 Certificate Fund. Thirty days prior to each Base Rental Payment Date, the Trustee shall notify the 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.

Payment of Base Rentals. (a) The County shall, subject only to the other Sections of this Article, pay Base 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 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 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 Certificate Fund, and (iii) moneys delivered to the Trustee by the 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 Certificate Fund. Thirty days prior to each Base Rental Payment Date, the Trustee shall notify the 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.

Payment of Base Rentals. (a) The County shall, subject only to the other Sections of this Article, Town shall pay Base RentalsRentals exclusively from Town Funds. The Town shall pay Base Rentals during the Original Term and any Renewal Term in such amounts as shall be sufficient to pay principal and interest, from funds legally available for such purposeif any, when due on the Series 2024 Bonds. The Base Rentals shall be payable directly to the Trustee during Authority in annual payments in such amounts as shall equal the Lease Term in immediately available funds in principal payments falling due on the amounts Series 2024 Bonds, either by regularly scheduled maturities or by mandatory sinking fund redemption, on the next succeeding principal payment date and interest falling due on the Series 2024 Bonds on the next interest payment date, such that there shall be on deposit with the Authority at least fifteen (15) days prior to each principal payment date on the Series 2024 Bonds an amount sufficient to make such payment. Attached hereto as Exhibit “B” is the Base Rental Payment Dates set forth schedule. Notwithstanding anything contained herein to the contrary, no payment of Base Rentals shall be required to be paid prior to delivery of the Project to the Town for occupancy, provided, however, that as substantial portions of the Project are available for operation the Town shall pay Base Rentals in Exhibit B heretoproportion to the portion available. The amount of the Base Rentals otherwise payable by the Town hereunder shall be reduced by an amount equal to (i) earnings on the investment of the Bond Fund, and (ii) 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 Rentals or the Purchase Option Price. Base Rentals due at least fifteen (15) days prior to any Bond payment date shall be in consideration for the use of the Project by the Town 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 Town that, subject to the terms of this Lease and the Master Resolution, all Base Rentals payable under this Section 6.2 by the Town, 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 Town assents to such pledge. The Authority hereby directs the Town, and the Town hereby agrees to pay to the Authority at its principal office, all Base Rentals payable by the Town 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 time, including, without limitation as it may be modified as provided reflect any redemption of Series 2024 Bonds and/or the purchase of Bonds and the cancellation thereof in the final sentence advance of this subsection (a)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 Certificate Bond Fund representing (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 Certificates, Bonds (iiincluding any Additional Bonds and Refunding Bonds) earnings from the investment of moneys in the Certificate Fund, and (iii) moneys delivered to the Trustee by the 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 Certificate Fund. Thirty days prior to each Base Rental Payment Datethen Outstanding, the Trustee shall notify the 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 Town shall not be required obligated to make pay any independent investigation in connection therewithfurther Base Rentals hereunder.

Payment of Base Rentals. 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 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 (a15) The 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, subject only in the event it elects to renew this Lease during the following Renewal Term, and as a condition of renewal, pay to the other Sections of this ArticleAuthority in annual payments Additional Rentals during the following Renewal Term, pay Base Rentals, from funds legally available for such purpose, directly in an amount sufficient to fund or replenish the Reserve Fund 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 B hereto, as it may be modified from time to time, including, without limitation as it may be modified Reserve Fund Requirement as provided in the final sentence 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 Rentals or the Purchase Option Price. Base Rentals due at least fifteen (15) days prior to any Bond payment date shall be in consideration 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 subsection (a)Lease and the Master Resolution, all Base Rentals payable under this Section 6.2 by the County, as 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 reduced as appropriate to reflect 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 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 the sale of Certificates, (ii) earnings from the investment of moneys in the Certificate Fund, and (iii) moneys delivered to the Trustee by the 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 Certificate Fund. Thirty days prior to each Base Rental Payment Date, the Trustee shall notify the 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 all 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 Bonds (including any of the Certificates set forth in Section 4.04 of the Indenture is modified as provided in subsection (cAdditional Bonds and Refunding Bonds) thereofthen Outstanding, 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 obligated to make pay any independent investigation in connection therewithfurther Base Rentals hereunder.

Payment of Base Rentals. (a) The County shall, subject only to the other Sections of this Article, Board shall pay Base Rentals, Rentals exclusively from funds legally available for such purpose, directly to the Trustee 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 B hereto, C hereto as it may be modified revised from time to timetime 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, including, without limitation as it may be modified as provided in the final sentence event the market value 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 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 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 County 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 Additional Rentals shall be required to deposit the same in the Certificate Fund. Thirty days be paid prior to each Base Rental Payment Date, the Trustee shall notify the 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 Completion Date of the Base Rentals payable on the next succeeding Base Rental Payment Date. In the event that the mandatory sinking fund redemption schedule 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 Certificates set forth appropriation of them in Section 4.04 of the Indenture is modified same manner 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 therewithother Rentals as described herein.