Payment of the Installment Payments. The City shall, subject to any right of prepayment as provided herein, pay the Authority the Installment Payments as herein provided, without offset or deduction of any kind, by paying the principal components of the Installment Payments annually in the amounts and on October 1 in each of the years in accordance with Exhibit A attached hereto and incorporated herein and made a part hereof, together with the interest components of the Installment Payments, which interest components shall be paid at the times and in the amounts that (i) interest is payable on the Bonds as provided in the Indenture and (ii) interest is payable on or with respect to Credit Facility Provider Reimbursement Obligations under the Credit Facility Provider Agreement (each such date when a principal component or interest component of an Installment Payment is due being herein called an “Installment Payment Date”); provided, that in the event the City fails to make any Installment Payment when due, the defaulted Installment Payment shall continue as an obligation of the City, and the City shall pay the same with interest thereon from the due date thereof at the rate of interest applicable thereto. The obligation of the City to pay the Installment Payments from the Net System Revenues as herein provided is absolute and unconditional, and until such time as the Installment Payments shall have been fully paid (or provision for the payment thereof shall have been made pursuant to Section 7.01), the City will not discontinue or suspend any Installment Payments required to be made by it under this section, whether or not the Water System, the 2010 Water Project or any part thereof is operating or operable or has been completed, or its use is suspended, interfered with, reduced or curtailed or terminated in whole or in part, and such payments shall not be subject to abatement because of any damage to, destruction or condemnation of the Water System or the 2010 Water Project, and such payments shall not be subject to reduction whether by offset or otherwise and shall not be conditioned upon the performance or nonperformance by any party of any agreement for any cause whatsoever.
Payment of the Installment Payments. The City shall, subject to any right of prepayment provided in Section 3.03 hereof, pay the Authority the purchase price of the Projects by paying, without any offset or deduction of any kind, the following amounts on the following dates: (i) the principal installments of the Installment Payments, which principal installments shall be paid in the amounts and on the dates that principal of the Notes becomes due and payable under the Notes and the Credit Agreement (whether due to maturity, prepayment or otherwise); (ii) the interest installments of the Installment Payments, which interest installments shall be paid in the amounts and on the dates that interest on the Notes becomes due and payable under the Notes and the Credit Agreement; and (iii) the additional installments of the Installment Payments, which additional installments shall be paid in the amounts and on the dates that any amounts (other than principal of or interest on the Notes) become due and payable by the Authority under the Credit Agreement or the Fee Letter Agreement (as defined in the Credit Agreement).
