Common use of Payment of Rental Payments and Related Amounts Clause in Contracts

Payment of Rental Payments and Related Amounts. Until all amounts payable under this Agreement have been paid in full, the Local Government shall pay, subject to Section 3.10 and Article V, to the Trustee or VRA, as applicable, the following amounts: (1) to the Trustee, all amounts specified in Schedule 1.1 on such dates as provided in Schedule 1.1. The term "interest," as used in Schedule 1.1, shall include Supplemental Interest, when and if payable; (2) to the Trustee, on VRA's demand, or to VRA, any amounts payable under the Local Tax Document, including without limitation the costs of any rebate calculation agent; (3) to VRA, on its demand, a late payment penalty in an amount equal to 5.0% of any Rental Payment, or portion thereof, not paid within 10 days after its due date; (4) to the Trustee, the Local Government's share (as determined by VRA) of the annual fees and expenses of the Trustee, less the Local Government's share of the net earnings on the Revenue Fund, Infrastructure Revenue Debt Service Fund and Moral Obligation Debt Service Fund established under the Master Indenture (as determined by VRA), and the Local Government shall pay such amounts no later than 15 days after VRA or the Trustee sends to the Local Government a written xxxx for them; and (5) to VRA, to the extent permitted by law, the reasonable costs and expenses, including reasonable attorneys' fees, if any, incurred by VRA in connection with (i) an Event of Default, Event of Non-Appropriation or default by the Local Government under this Agreement, (ii) any amendment to or discretionary action that VRA undertakes at the request of the Local Government under this Agreement or any other document related to the Related Series of VRA Bonds or (iii) any claim lawsuit or other challenge to this Agreement or the VRA Bonds that arises, at least in part, out of the Local Government's authorization of the transaction contemplated by this Agreement, and the Local Government shall pay such amounts no later than 15 days after VRA or the Trustee sends to the Local Government a written xxxx for them.

Payment of Rental Payments and Related Amounts. (a) Until all amounts payable under this Agreement have been paid in full, the Local Government shall pay, subject to Section 3.10 and Article V, to the Trustee or VRA, as applicable, the following amounts: (1) to the Trustee, all amounts specified in Schedule 1.1 on such dates as provided in Schedule 1.1. The term "interest," as used in Schedule 1.1, shall include Supplemental Interest, when and if payable; (2) to the Trustee, on VRA's demand, or to VRA, any amounts payable under the Local Tax Document, including without limitation the costs of any rebate calculation agent; (3) to VRA, on its demand, a late payment penalty in an amount equal to 5.0% of any Rental Payment, or portion thereof, not paid within 10 five days after its due date; (4) to the Trustee, the Local Government's share (as determined by VRA) of the annual fees and expenses of the Trustee, less the Local Government's share of the net earnings on the Revenue Fund, Infrastructure Revenue Debt Service Fund and Moral Obligation Debt Service Fund established under the Master Indenture (as determined by VRA), and the Local Government shall pay such amounts no later than 15 days after VRA or the Trustee sends to the Local Government a written xxxx bill for them; and (5) to VRA, to the extent permitted by law, the reasonable costs and expenses, including reasonable attorneys' fees, if any, incurred by VRA in connection with (i) an Event of Default, Event of Non-Appropriation or default by the Local Government under this Agreement, (ii) any amendment to or discretionary action that VRA undertakes at the request of the Local Government under this Agreement or any other document related to the Related Series of 2012A VRA Bonds, the 2019C VRA Bonds or this Agreement or (iii) any claim claim, lawsuit or other challenge to this Agreement or the VRA Bonds that arises, at least in part, out of the Local Government's authorization of the transaction contemplated by this Agreement, and the Local Government shall pay such amounts no later than 15 days after VRA or the Trustee sends to the Local Government a written xxxx bill for them. (b) If any failure of the Local Government to pay all or any portion of any Rental Payment results in a withdrawal from or a drawing on any VRA Reserve, the interest rates applicable to the Rental Payments shall be increased to interest rates sufficient to reimburse the VRA Reserve for any foregone investment earnings on the funds withdrawn therefrom and pay any interest, fees or penalties assessed as a result of the withdrawal from or drawing on the VRA Reserve. The increment of interest payable pursuant to the increase in rates shall be referred to as "Supplemental Interest." The Local Government's obligation to pay Supplemental Interest shall commence on the date of the withdrawal or drawing of funds from the VRA Reserve occasioned by the Local Government's failure to pay a required payment or portion thereof as described above (the "Supplemental Interest Commencement Date"). The Local Government's obligation to pay Supplemental Interest shall terminate on the date on which the Local Government makes all payments required but outstanding since the date of the initial failure to pay (the "Supplemental Interest Termination Date"). From the Supplemental Interest Commencement Date to the Supplemental Interest Termination Date, Supplemental Interest shall be due and payable on the regularly scheduled interest payment dates provided for in this Agreement. As soon as reasonably possible after the Supplemental Interest Commencement Date and before the next regularly scheduled interest payment date provided for in this Agreement, VRA shall deliver to the Local Government a certificate as to the increase in interest rates and the amount of Supplemental Interest. The certificate shall set forth in reasonable detail the basis for the increase in interest rates and the manner of calculation of the increase and the amount of Supplemental Interest. Such certificate shall be conclusive (absent manifest error) as to the interest rate increase and amount of Supplemental Interest set forth therein. In determining the interest rate increase and the amount of Supplemental Interest, VRA may use any reasonable averaging and attribution methods. (c) The Local Government shall pay the amounts described above and make payments as scheduled under this Agreement despite any amount being withdrawn from or drawn on a VRA Reserve pursuant to the Master Indenture.

Payment of Rental Payments and Related Amounts. (a) Until all amounts payable under this Agreement have been paid in full, the Local Government shall pay, subject to Section 3.10 and Article V3.10, to the Trustee or VRA, as applicable, the following amounts: (1) to the Trustee, all amounts specified in Schedule 1.1 on such dates as provided in Schedule 1.1. The term "interest," as used in Schedule 1.1, shall include Supplemental Interest, when and if payable; (2) to the Trustee, on VRA's demand, or to VRA, any amounts payable under the Local Tax Document, including without limitation the costs of any rebate calculation agent; (3) to VRA, on its demand, a late payment penalty in an amount equal to 5.0% of any the Rental Payment, or portion thereof, not Payment paid within 10 days after its due date; (4) to the Trustee, the Local Government's share (as determined by VRA) of the annual fees and expenses of the Trustee, less the Local Government's share of the net earnings on the Revenue Fund, Infrastructure Revenue Debt Service Fund and Moral Obligation Debt Service Fund established under the Master Indenture (as determined by VRA), and the Local Government shall pay such amounts no later than 15 days after VRA or the Trustee sends to the Local Government a written xxxx bill for them; and (5) to VRA, to the extent permitted by law, the reasonable costs and expenses, including reasonable attorneys' fees, if any, incurred by VRA in connection with (i) an Event of Default, Event of Non-Appropriation or default by the Local Government under this Agreement, (ii) or in connection with any amendment to or discretionary action that VRA undertakes at the request of the Local Government under this Agreement or any other document related to the Related Series of VRA Bonds or (iii) any claim lawsuit or other challenge to this Agreement or the VRA Bonds that arises, at least in part, out of the Local Government's authorization of the transaction contemplated by this AgreementBonds, and the Local Government shall pay such amounts no later than 15 days after VRA or the Trustee sends to the Local Government a written xxxx bill for themit. (b) If any failure of the Local Government to pay all or any portion of any Rental Payment results in a withdrawal from or a drawing on any VRA Reserve, the interest rates applicable to the Rental Payments shall be increased to interest rates sufficient to reimburse the VRA Reserve for any foregone investment earnings on the funds withdrawn therefrom and pay any interest, fees or penalties assessed as a result of the withdrawal from or drawing on the VRA Reserve. The increment of interest payable pursuant to the increase in rates shall be referred to as "Supplemental Interest." The Local Government's obligation to pay Supplemental Interest shall commence on the date of the withdrawal or drawing of funds from the VRA Reserve occasioned by the Local Government's failure to pay a required payment or portion thereof as described above (the "Supplemental Interest Commencement Date"). The Local Government's obligation to pay Supplemental Interest shall terminate on the date on which the Local Government makes all payments required but outstanding since the date of the initial failure to pay (the "Supplemental Interest Termination Date"). From the Supplemental Interest Commencement Date to the Supplemental Interest Termination Date, Supplemental Interest shall be due and payable on the regularly scheduled interest payment dates provided for in this Agreement. As soon as reasonably possible after the Supplemental Interest Commencement Date and before the next regularly scheduled interest payment date provided for in this Agreement, VRA shall deliver to the Local Government a certificate as to the increase in interest rates and the amount of Supplemental Interest. The certificate shall set forth in reasonable detail the basis for the increase in interest rates and the manner of calculation of the increase and the amount of Supplemental Interest. Such certificate shall be conclusive (absent manifest error) as to the interest rate increase and amount of Supplemental Interest set forth therein. In determining the interest rate increase and the amount of Supplemental Interest, VRA may use any reasonable averaging and attribution methods. (c) The Local Government shall pay the amounts described above and make payments as scheduled under this Agreement despite any amount being withdrawn from or drawn on a VRA Reserve pursuant to the Master Indenture.

Payment of Rental Payments and Related Amounts. (a) Until all amounts payable under this Agreement have been paid in full, the Local Government shall pay, subject to Section 3.10 and Article V, to the Trustee or VRA, as applicable, the following amounts: (1) to the Trustee, all amounts specified in Schedule 1.1 on such dates as provided in Schedule 1.1. The term "interest," as used in Schedule 1.1, shall include Supplemental Interest, when and if payable; (2) to the Trustee, on VRA's demand, or to VRA, any amounts payable under the Local Tax Document, including without limitation the costs of any rebate calculation agent; (3) to VRA, on its demand, a late payment penalty in an amount equal to 5.0% of any Rental Payment, or portion thereof, not paid within 10 days after its due date; (4) to the Trustee, the Local Government's share (as determined by VRA) of the annual fees and expenses of the Trustee, less the Local Government's share of the net earnings on the Revenue Fund, Infrastructure Revenue Debt Service Fund and Moral Obligation Debt Service Fund established under the Master Indenture (as determined by VRA), and the Local Government shall pay such amounts no later than 15 days after VRA or the Trustee sends to the Local Government a written xxxx for them; and (5) to VRA, to the extent permitted by lawlaw and subject to appropriation from legally available funds, the reasonable costs and expenses, including reasonable attorneys' fees, if any, incurred by VRA in connection with (i) an Event of Default, Event of Non-Appropriation or default by the Local Government under this Agreement, (ii) any amendment to or discretionary action that VRA undertakes at the request of the Local Government under this Agreement or any other document related to the Related Series of VRA Bonds or (iii) any claim lawsuit or other challenge to this Agreement or the VRA Bonds that arises, at least in part, out of the Local Government's authorization of the transaction contemplated by this Agreement, and the Local Government shall pay such amounts no later than 15 days after VRA or the Trustee sends to the Local Government a written xxxx for them. (b) If any failure of the Local Government to pay all or any portion of any Rental Payment results in a withdrawal from or a drawing on any VRA Reserve, the interest rates applicable to the Rental Payments shall be increased to interest rates sufficient to reimburse the VRA Reserve for any foregone investment earnings on the funds withdrawn therefrom and pay any interest, fees or penalties assessed as a result of the withdrawal from or drawing on the VRA Reserve. The increment of interest payable pursuant to the increase in rates shall be referred to as "Supplemental Interest." The Local Government's obligation to pay Supplemental Interest shall commence on the date of the withdrawal or drawing of funds from the VRA Reserve occasioned by the Local Government's failure to pay a required payment or portion thereof as described above (the "Supplemental Interest Commencement Date"). The Local Government's obligation to pay Supplemental Interest shall terminate on the date on which the Local Government makes all payments required but outstanding since the date of the initial failure to pay (the "Supplemental Interest Termination Date"). From the Supplemental Interest Commencement Date to the Supplemental Interest Termination Date, Supplemental Interest shall be due and payable on the regularly scheduled interest payment dates provided for in this Agreement. As soon as reasonably possible after the Supplemental Interest Commencement Date and before the next regularly scheduled interest payment date provided for in this Agreement, VRA shall deliver to the Local Government a certificate as to the increase in interest rates and the amount of Supplemental Interest. The certificate shall set forth in reasonable detail the basis for the increase in interest rates and the manner of calculation of the increase and the amount of Supplemental Interest. Such certificate shall be conclusive (absent manifest error) as to the interest rate increase and amount of Supplemental Interest set forth therein. In determining the interest rate increase and the amount of Supplemental Interest, VRA may use any reasonable averaging and attribution methods. (c) The Local Government shall pay the amounts described above and make payments as scheduled under this Agreement, subject to Section 3.10, despite any amount being withdrawn from or drawn on a VRA Reserve pursuant to the Master Indenture.

Payment of Rental Payments and Related Amounts. Until all amounts payable under pursuant to this Agreement Financing Lease have been paid in full, the Local Government School Board shall paypay the Corporation or the Paying Agent, subject in all events to the provisions of Section 3.10 3.8 and Article V, to the Trustee or VRA, as applicableV of this Financing Lease, the following amountsamounts as provided below: (1a) to the TrusteePaying Agent for the benefit of the Holder, all amounts Rental Payments specified in Schedule 1.1 on such dates as provided in Schedule 1.1. The term "interest," as used in Schedule 1.1, which shall include Supplemental Interest, when and if payablebe deposited with the Paying Agent at least thirty (30) days prior to the due date of any payments due by the Corporation under the Corporation Note; (2b) to the TrusteePaying Agent for the benefit of the Holder, upon receipt of written demand for payment, any shortfall between the amount held by the Paying Agent and any principal, premium, if any, and interest payment due on VRA's the Corporation Note or the Bond, including, but not limited to, the redemption price of the portion of the Bond subject to mandatory redemption as provided in Section 3.5(c) of the Bond Purchase Agreement and any incremental interest due as a result of the Bond accruing interest at the Default Rate; (c) to VSBFA or the Corporation on its written demand, or to VRA, any amounts payable under the Local Tax DocumentAgreement, including without limitation limitation, the costs of any rebate calculation agent; (3d) to VRAthe Corporation with respect to Section 6.1(c) and (e), or the Holder with respect to Section 6.1(a), (b) and (e) on its respective written demand, a late payment penalty in an amount equal to 5.0% of any Rental Payment, or portion thereof, payment under Section 6.1(a) not paid within 10 days after its due date; (4) date under the Corporation Note; provided with respect to Section 6.1(e), the payment shall go to the Trustee, the Local Government's share (as determined by VRA) of the annual fees and expenses of the Trustee, less the Local Government's share of the net earnings Corporation or Holder depending on the Revenue Fund, Infrastructure Revenue Debt Service Fund and Moral Obligation Debt Service Fund established under entity incurring the Master Indenture (as determined by VRA), and the Local Government shall pay such amounts no later than 15 days after VRA cost or the Trustee sends to the Local Government a written xxxx for themexpense; and (5e) to VRA, to the extent permitted by lawCorporation, the reasonable costs and expenses, including reasonable attorneys' fees, if any, incurred by VRA the Corporation in connection with (i) an Event of Default, Event of Non-Appropriation Default or default by the Local Government School Board under this AgreementFinancing Lease, (ii) any amendment to or discretionary action that VRA the Corporation undertakes at the request of the Local Government School Board under this Agreement Financing Lease or any other document related to the Related Series of VRA Bonds Bond or (iii) to the extent permitted by law, any claim claim, lawsuit or other challenge to this Agreement Financing Lease or the VRA Bonds Bond that arises, at least in part, out of the Local Government's School Board’s authorization of the transaction contemplated by this AgreementFinancing Lease, and the Local Government School Board shall pay such amounts no later than 15 thirty (30) days after VRA the Corporation or the Trustee Holder sends to the Local Government School Board a written xxxx for them.