Common use of Right of Trustee to Pay Taxes and Other Charges Clause in Contracts

Right of Trustee to Pay Taxes and Other Charges. In case any tax, assessment or governmental or other charge upon, or insurance premium with respect to, any part of the Project is not paid as required herein or in the Lease, and the Company has failed after 30 days’ written notice to make such payment, the Trustee may pay such tax, assessment or governmental charge or insurance premium or rebate amount, without prejudice, however, to any rights of the Trustee or the Bondowners hereunder arising in consequence of such failure; and any amount at any time so paid under this Section, with interest thereon from the date of payment at a rate per annum equal to the Trustee’s published prime rate in effect at the time, shall become an additional obligation secured by this Indenture, and the same shall be given a preference in payment over any payment of principal of, premium, if any, or interest on the Bonds, and shall be paid out of the proceeds of rents, revenues and receipts collected from the Project, if not otherwise caused to be paid; but the Trustee shall be under no obligation to make any such payment unless it shall have been requested to do so by Bondowners owning 100% of the aggregate principal amount of Bonds then Outstanding and shall have been provided adequate funds for the purpose of such payment.

Right of Trustee to Pay Taxes and Other Charges. In case any tax, assessment or governmental or other charge upon, or insurance premium with respect to, any part of the Project [Plant] is not paid as required herein or in the Lease, and the Company has failed after 30 days’ written notice to make such paymentAgreement, the Trustee may pay such tax, assessment or governmental charge or charge, insurance premium premium, or rebate amount, without prejudice, however, to any rights of the Trustee or the Bondowners hereunder arising in consequence of such failure; and any amount at any time so paid under this Section, with interest thereon from the date of payment at a rate per annum equal to the Trustee’s published prime 's base rate for variable rate commercial loans in effect at the timetime plus two percent (2%), shall become an additional obligation secured by this Indenture, and the same shall be given a preference in payment over any payment of principal of, premium, if any, or interest on the Bonds, and shall be paid out of the proceeds of rents, revenues and receipts collected from the Project, not including payments on the Credit Facility, if not otherwise caused to be paid; but the Trustee shall be under no obligation to make any such payment unless it shall have been requested to do so by Bondowners owning 100% the Credit Enhancer or the Owners of at least twenty-five percent (25%) of the aggregate principal amount of Bonds then Outstanding and shall have been provided adequate funds for the purpose of such payment.. [End of Article IX]

Right of Trustee to Pay Taxes and Other Charges. In If case any tax, assessment or governmental or other charge upon, or insurance premium with respect to, any part of the Project is not paid as required herein or in the Lease, and the Company has failed after 30 days’ written notice to make such paymentLease Agreement, the Trustee may pay such tax, assessment or governmental charge or insurance premium or rebate amount, without prejudice, however, prejudice to any rights of the Trustee or the Bondowners or the Letter of Credit Provider hereunder arising in consequence of such failure; but the Trustee shall be under no obligation to make any such payment unless it has been requested to do so by the Owners of at least 25% in aggregate principal amount of the Bonds then Outstanding or the Letter of Credit Provider and any has been provided adequate funds for the purpose of such payment. Any amount at any time so paid under this Section, with interest thereon from the date of payment at a 2% over the prime rate per annum equal of interest announced from time to time by the Trustee’s published prime rate in effect at the time, shall become an additional obligation secured by this Indenture, and the same shall be given a preference in payment over any payment of principal of, of or redemption premium, if any, or interest on the Bonds, and shall be paid out of the proceeds of rents, revenues and receipts collected from derived by the ProjectIssuer pursuant to the Lease Agreement, if not otherwise caused to be paid; but . In no event shall such amounts be payable from the Trustee shall be proceeds of any draw under no obligation to make any such payment unless it shall have been requested to do so by Bondowners owning 100% the Letter of the aggregate principal amount of Bonds then Outstanding and shall have been provided adequate funds for the purpose of such paymentCredit.