Examples of Annual Service Charge in a sentence
In the event that an Owner fails to timely pay any installment of the Annual Service Charge, the amount past due shall bear until paid the highest rate of interest permitted under applicable State law then being assessed against other delinquent taxpayers in the case of unpaid taxes or tax liens.
The Township's pledge of the Pledged Annual Service Charge to the Trustee shall be an obligation of the Township to transmit the Pledged Annual Service Charge received from an Owner (or such lesser portion thereof as required pursuant to Section 5.02) to the Trustee.
Each Owner hereby consents and agrees to the amount of Annual Service Charge and to the liens established in this Agreement, and neither an Owner nor any Affiliated Entities shall contest the validity or amount of any such lien.
Upon receipt of the Pledged Annual Service Charge, the Chief Financial Officer shall promptly forward these amounts (or such lesser portion thereof as required pursuant to Section 5.02) to the Trustee in accordance with this Financial Agreement and the Indenture.
Concurrently with the issuance of Bonds contemplated by this Financial Agreement and the Redevelopment Agreement, the Township and the Trustee shall enter into the Indenture in order to establish, among other things, the terms and conditions for the application of the Annual Service Charge, payment of debt service, and the relative rights and responsibilities of the Township to the Bondholders.