Common use of Payment of WIFIA Debt Service Clause in Contracts

Payment of WIFIA Debt Service. (i) No WIFIA Debt Service shall be due or payable prior to the Debt Service Payment Commencement Date. The Borrower shall pay (A) WIFIA Debt Service in the amounts and manner and on the Payment Dates as set forth in the WIFIA Loan Amortization Schedule, as the same may be revised pursuant to Section 8(c) (Adjustments to WIFIA Loan Amortization Schedule) and (B) payments of any other amounts on each other date on which payment thereof is required to be made hereunder; provided, that, in either case if any such date is not a Business Day, payment shall be made on the next Business Day following such date. WIFIA Loan proceeds borrowed and repaid may not be reborrowed. (ii) Notwithstanding anything herein to the contrary, the WIFIA Loan Balance and any accrued interest thereon shall be due and payable in full on the Final Maturity Date. (iii) If a Capitalized Interest Period is applicable as set forth in Part C of Schedule I (WIFIA Loan Specific Terms), during the Capitalized Interest Period, no payment of principal or interest on the WIFIA Loan will be required to be made. On each Interest Payment Date occurring during the Capitalized Interest Period (including the day immediately following the end of the Capitalized Interest Period), interest accrued and not paid on the WIFIA Loan during each such six (6) month period shall be capitalized and added to the WIFIA Loan Balance, as set forth in the WIFIA Loan Amortization Schedule. Within thirty (30) days after the end of the Capitalized Interest Period, the WIFIA Lender shall give written notice to the Borrower stating the WIFIA Loan Balance as of the close of business on the last day of the Capitalized Interest Period, which statement thereof shall be deemed conclusive absent manifest error; provided, however, that no failure to give or delay in giving such notice shall affect any of the obligations of the Borrower hereunder or under any of the other WIFIA Loan Documents. Notwithstanding the foregoing, the Capitalized Interest Period shall end immediately upon written notification to the Borrower by the WIFIA Lender that an Event of Default has occurred and that the WIFIA Lender is ending the Capitalized Interest Period, in which case interest shall no longer be capitalized, payments of interest shall be due and payable beginning on the next Interest Payment Date and payments of principal shall be due and payable beginning on the next Principal Payment Date, in each case in accordance with the terms hereof. (iv) If an Interest Only Period is applicable as set forth in Part C of Schedule I (WIFIA Loan Specific Terms), during the Interest Only Period, the WIFIA Debt Service payable by the Borrower shall consist of one hundred percent (100%) of the amount of interest then due and payable on the WIFIA Loan Balance, and no payment of principal on the WIFIA Loan will be due and payable during the Interest Only Period. (v) Any defeasance of the WIFIA Loan in accordance with Section 1201 (Defeasance) of the Bond Resolution and applicable law shall not be deemed a repayment or prepayment of the WIFIA Loan in full, and the Borrower shall comply with all of its obligations hereunder and under the other WIFIA Loan Documents (other than with respect to payments of WIFIA Debt Service, which payments shall continue to be made in accordance with the WIFIA Loan Amortization Schedule by the succeeding entity assuming the Borrower’s payment obligations), unless otherwise agreed by the XXXXX Xxxxxx, until the irrevocable payment in full in immediately available funds of the WIFIA Loan Balance, together with all accrued interest, fees and expenses with respect thereto.

Payment of WIFIA Debt Service. (i) Pursuant to the applicable WIFIA IPA, not later than each Installment Payment Date occurring on or after the applicable Debt Service Payment Commencement Date, the District shall, from moneys in the Revenue Fund, transfer to the WIFIA Debt Service Account the WIFIA Installment Payment under such WIFIA IPA due and payable on the relevant Payment Date. All WIFIA Installment Payments under the applicable WIFIA IPA shall be paid directly by the District to the WIFIA Debt Service Account for the benefit of the WIFIA Lender. All WIFIA Installment Payments under the applicable WIFIA IPA and any other amounts deposited into the WIFIA Debt Service Account shall be held by the District, as agent of the Borrower pursuant to such WIFIA IPA, in trust for the benefit of the WIFIA Lender until the immediately succeeding Payment Date, whereupon such money shall be applied to the payment of WIFIA Debt Service. (ii) No WIFIA Debt Service under the applicable WIFIA Loan Agreement shall be due or payable prior to the applicable Debt Service Payment Commencement Date. The Borrower shall pay pay, or the District, as agent of the Borrower pursuant to the applicable WIFIA IPA, shall transfer from the WIFIA Debt Service Account on the Borrower’s behalf, (A) WIFIA Debt Service in the amounts and manner and on the Payment Dates as set forth in the applicable WIFIA Loan Amortization Schedule, as the same may be revised pursuant to Section 8(c8(f) (Adjustments to WIFIA Loan Amortization Schedule) and (B) payments of any other amounts on each other date on which payment thereof is required to be made hereunderhereunder or under the applicable WIFIA Loan Agreement (including the applicable Final Maturity Date and any date on which payment is due hereunder or thereunder or under the applicable WIFIA Note by reason of the mandatory redemption or prepayment or the acceleration of the maturity of the applicable WIFIA Loan or otherwise); provided, that, in either case provided that if any such date is not a Business Day, payment shall be made on the next Business Day following such date. WIFIA Loan proceeds borrowed and repaid may not be reborrowed. (iiiii) Notwithstanding anything herein to the contrary, the each Outstanding WIFIA Loan Balance and any accrued interest thereon shall be due and payable in full on the Final Maturity Date. (iii) If a Capitalized Interest Period is applicable as set forth in Part C Date of Schedule I (the related WIFIA Loan Specific Terms), during (or on any earlier date on which the Capitalized Interest Period, no payment of principal or interest on the related WIFIA Loan will be required and WIFIA Note are subject to be made. On each Interest Payment Date occurring during the Capitalized Interest Period (including the day immediately following the end of the Capitalized Interest Period), interest accrued and not paid on the WIFIA Loan during each such six (6) month period shall be capitalized and added mandatory redemption or prepayment prior to the WIFIA Loan Balance, as set forth in the WIFIA Loan Amortization Schedule. Within thirty (30) days after the end of the Capitalized Interest Period, the WIFIA Lender shall give written notice to the Borrower stating the WIFIA Loan Balance as of the close of business on the last day of the Capitalized Interest Period, which statement thereof shall be deemed conclusive absent manifest error; provided, however, that no failure to give or delay in giving such notice shall affect any of the obligations of the Borrower hereunder or under any of the other WIFIA Loan Documents. Notwithstanding the foregoing, the Capitalized Interest Period shall end immediately upon written notification to the Borrower by the WIFIA Lender that an Event of Default has occurred and that the WIFIA Lender is ending the Capitalized Interest Period, in which case interest shall no longer be capitalized, payments of interest shall be due and payable beginning on the next Interest Payment Date and payments of principal shall be due and payable beginning on the next Principal Payment Date, in each case in accordance with the terms hereofmaturity thereof). (iv) If an Interest Only Period is applicable as set forth in Part C of Schedule I (WIFIA Loan Specific Terms), during the Interest Only Period, the WIFIA Debt Service payable by the Borrower shall consist of one hundred percent (100%) of the amount of interest then due and payable on the WIFIA Loan Balance, and no payment of principal on the WIFIA Loan will be due and payable during the Interest Only Period. (v) Any defeasance of the applicable WIFIA Loan in accordance with Section 1201 (Defeasance) of the Bond Resolution and applicable law shall not be deemed a repayment or prepayment of the such WIFIA Loan in full, and each of the Borrower and the District shall comply with all of its respective obligations hereunder and under the other WIFIA Loan Documents (other than with respect to payments of WIFIA Debt Service, which payments shall continue to be made in accordance with the applicable WIFIA Loan Amortization Schedule by the succeeding entity assuming the Borrower’s payment obligations), unless otherwise agreed by the XXXXX Xxxxxx, until the irrevocable payment in full in immediately available funds by the Borrower of the Outstanding WIFIA Loan BalanceBalance with respect to such WIFIA Loan, together with all accrued interest, fees and expenses with respect thereto.

Payment of WIFIA Debt Service. (i) Pursuant to the WIFIA IPA, not later than each Installment Payment Date occurring on or after the Debt Service Payment Commencement Date, the City shall, from moneys in the Revenue Fund, transfer to the WIFIA Debt Service Account the WIFIA Installment Payment due and payable on the relevant Payment Date. All WIFIA Installment Payments shall be paid directly by the City to the WIFIA Debt Service Account for the benefit of the WIFIA Lender. All WIFIA Installment Payments and any other amounts deposited into the WIFIA Debt Service Account shall be held by the City, as agent of the Borrower pursuant to the WIFIA IPA, in trust for the benefit of the WIFIA Lender until the immediately succeeding Payment Date, whereupon such money shall be applied to the payment of WIFIA Debt Service. (ii) No WIFIA Debt Service shall be due or payable prior to the Debt Service Payment Commencement Date. The Borrower shall pay pay, or the City, as agent of the Borrower pursuant to the WIFIA IPA, shall transfer from the WIFIA Debt Service Account on the Borrower’s behalf, (A) WIFIA Debt Service in the amounts and manner and on the Payment Dates as set forth in the WIFIA Loan Amortization Schedule, as the same may be revised pursuant to Section 8(c8(f) (Payment of Principal and Interest – Adjustments to WIFIA Loan Amortization Schedule) ), and (B) payments of any other amounts on each other date on which payment thereof is required to be made hereunderhereunder (including the Final Maturity Date and any date on which payment is due by reason of the mandatory redemption or prepayment or the acceleration of the maturity of the WIFIA Loan or otherwise); provided, that, in either case provided that if any such date is not a Business Day, payment shall be made on the next Business Day following such date. WIFIA Loan proceeds borrowed and repaid may not be reborrowed. (iiiii) Notwithstanding anything herein to the contrary, the Outstanding WIFIA Loan Balance and any accrued interest thereon shall be due and payable in full on the Final Maturity Date. Date (iii) If a Capitalized Interest Period is applicable as set forth in Part C of Schedule I (WIFIA Loan Specific Terms), during the Capitalized Interest Period, no payment of principal or interest on any earlier date on which the WIFIA Loan will be required and WIFIA Note are subject to be made. On each Interest Payment Date occurring during the Capitalized Interest Period (including the day immediately following the end of the Capitalized Interest Period), interest accrued and not paid on the WIFIA Loan during each such six (6) month period shall be capitalized and added mandatory redemption or prepayment prior to the WIFIA Loan Balance, as set forth in the WIFIA Loan Amortization Schedule. Within thirty (30) days after the end of the Capitalized Interest Period, the WIFIA Lender shall give written notice to the Borrower stating the WIFIA Loan Balance as of the close of business on the last day of the Capitalized Interest Period, which statement thereof shall be deemed conclusive absent manifest error; provided, however, that no failure to give or delay in giving such notice shall affect any of the obligations of the Borrower hereunder or under any of the other WIFIA Loan Documents. Notwithstanding the foregoing, the Capitalized Interest Period shall end immediately upon written notification to the Borrower by the WIFIA Lender that an Event of Default has occurred and that the WIFIA Lender is ending the Capitalized Interest Period, in which case interest shall no longer be capitalized, payments of interest shall be due and payable beginning on the next Interest Payment Date and payments of principal shall be due and payable beginning on the next Principal Payment Date, in each case in accordance with the terms hereofmaturity thereof). (iv) If an Interest Only Period is applicable as set forth in Part C of Schedule I (WIFIA Loan Specific Terms), during the Interest Only Period, the WIFIA Debt Service payable by the Borrower shall consist of one hundred percent (100%) of the amount of interest then due and payable on the WIFIA Loan Balance, and no payment of principal on the WIFIA Loan will be due and payable during the Interest Only Period. (v) Any defeasance of the WIFIA Loan in accordance with Section 1201 (Defeasance) of the Bond Resolution and applicable law shall not be deemed a repayment or prepayment of the WIFIA Loan in full, and each of the Borrower and the City shall comply with all of its respective obligations hereunder and under the other WIFIA Loan Documents (other than with respect to payments of WIFIA Debt Service, which payments shall continue to be made in accordance with the WIFIA Loan Amortization Schedule by the succeeding entity assuming the Borrower’s payment obligations), unless otherwise agreed by the XXXXX XxxxxxWIFIA Lender, until the irrevocable payment in full in immediately available funds by the Borrower of the Outstanding WIFIA Loan Balance, together with all accrued interest, fees and expenses with respect thereto.

Payment of WIFIA Debt Service. (i) No Payments of WIFIA Debt Service shall be due made by the Borrower on each Payment Date occurring on or payable prior to after the Debt Service First Payment Commencement Date. The Borrower shall pay Date as provided in Section 8(a) (A) Payment of Principal and Interest – Payment of WIFIA Debt Service in the amounts and manner and on the Payment Dates as set forth in Service) of the WIFIA Loan Amortization Schedule, as the same may be revised pursuant to Section 8(c) (Adjustments to WIFIA Loan Amortization Schedule) and (B) payments of any other amounts on each other date on which payment thereof is required to be made hereunder; provided, that, in either case if any such date is not a Business Day, payment shall be made on the next Business Day following such date. WIFIA Loan proceeds borrowed and repaid may not be reborrowed. (ii) Notwithstanding anything herein to the contrary, the WIFIA Loan Balance and any accrued interest thereon shall be due and payable in full on the Final Maturity Date. (iii) If a Capitalized Interest Period is applicable as set forth in Part C of Schedule I (WIFIA Loan Specific Terms), during the Capitalized Interest Period, no payment of principal or interest on the WIFIA Loan will be required to be madeMaster Agreement. On each Interest Payment Date occurring during the Capitalized Interest Period (including the day immediately following the end of the Capitalized Interest Period)Initial Disbursement Date to and including June 1, 2028, interest accrued and not paid on the WIFIA Loan during in each such six (6) month 6)-month period ending immediately prior to such Interest Payment Date shall be capitalized and added to the Outstanding WIFIA Loan Balance, Balance as set forth in the Exhibit B (WIFIA Loan Amortization ScheduleDebt Service). Within As of any date that is at least thirty (30) days after prior to any Payment Date during such period, the end of the Capitalized Interest Period, Borrower may deliver to the WIFIA Lender shall give written notice to a certificate from the Borrower’s Authorized Representative (the “Early Interest Payment Notice”) stating that the Borrower stating elects to end capitalizing interest as of such Payment Date in accordance with Section 2.1(f) of the WIFIA Loan Balance as of the close of business on the last day of the Capitalized Interest PeriodSeries Agreement and, which statement thereof shall be deemed conclusive absent manifest error; providedfollowing such election, however, that no failure to give or delay in giving from and after such notice shall affect any of the obligations of the Borrower hereunder or under any of the other WIFIA Loan Documents. Notwithstanding the foregoing, the Capitalized Interest Period shall end immediately upon written notification to the Borrower by the WIFIA Lender that an Event of Default has occurred and that the WIFIA Lender is ending the Capitalized Interest Period, in which case interest shall no longer be capitalized, payments of Payment Date interest shall be currently due and payable beginning on the next Interest Payment Date and payments of principal shall be due and payable beginning on the next Principal Payment Date, in each case in accordance with the terms hereof. ; provided that (ivx) If an only one Early Interest Only Period is applicable as set forth in Part C Payment Notice may be given and (y) the Early Interest Payment Notice shall be irrevocable. Upon receipt by the WIFIA Lender of Schedule I (WIFIA Loan Specific Terms), during the Early Interest Only PeriodPayment Notice, the WIFIA Debt Service payable by Lender shall promptly modify the Borrower shall consist of one hundred percent (100%) of the amount of interest then due and payable on the WIFIA Loan Balance, and no payment of principal on the WIFIA Loan will be due and payable during the Interest Only Period. (v) Any defeasance of the WIFIA Loan Amortization Schedule in accordance with Section 1201 8(d) (DefeasancePayment of Principal and Interest – Adjustments to Loan Amortization Schedule) of the Bond Resolution and applicable law shall not be deemed a repayment or prepayment WIFIA Master Agreement to reflect such revised payments. For the avoidance of doubt, the “Outstanding WIFIA Loan Balance” with respect to the WIFIA Loan in full, and the Borrower shall comply with include all of its obligations hereunder and under the other WIFIA Loan Documents (other than with respect to payments of WIFIA Debt Service, which payments shall continue to be made in accordance with the WIFIA Loan Amortization Schedule by the succeeding entity assuming the Borrower’s payment obligations), unless otherwise agreed by the XXXXX Xxxxxx, until the irrevocable payment in full in immediately available funds of the WIFIA Loan Balance, together with all accrued interest, fees and expenses with respect theretocapitalized interest thereon.