Examples of Assigned Service Payments in a sentence
The City shall transfer Assigned Service Payments in the Special Account to the Trustee for deposit into the Assigned Service Payments Account of the Revenue Fund.
The obligation of the City to make Financing Payments from the Assigned Service Payments and the Assigned Income Taxes shall be absolute and unconditional, and the City shall make such payments without abatement, diminution or deduction regardless of any cause or circumstances whatsoever including, without limitation, any defense, set-off, recoupment or counterclaim which the City may have or assert against the Issuer, the Trustee, the Developer or any other Person.
Notwithstanding anything in this Cooperative Agreement to the contrary, the City’s obligation under this Cooperative Agreement to make Financing Payments shall be a special obligation of the City and the Financing Payments shall be required to be made solely from the Assigned Service Payments and the Assigned Income Taxes.
Upon the City’s execution and delivery of this Cooperative Agreement, the Assigned Service Payments and the Assigned Income Taxes shall be deemed to have been appropriated by the City for the purposes set forth in the Exemption Ordinance, the Authorizing Ordinance, and this Cooperative Agreement.
Each Financing Payment shall be in an amount equal to the Assigned Service Payments and Assigned Income Taxes, together with any investment earnings on such moneys, received by the City since the later to occur of (i) the date on which this Cooperative Agreement is executed, or (ii) the immediately preceding Financing Payment Date.
The City has no obligation to use or apply to the payment of Financing Payments any funds or revenues from any other source other than Assigned Service Payments, Assigned Income Taxes, and any investment earnings on such amounts while they are on deposit in the Special Account.
During the period that this Cooperative Agreement is in effect, the City shall take such further actions as may be necessary or appropriate to appropriate and transfer the Assigned Service Payments and the Assigned Income Taxes to enable the City to satisfy its obligations under this Cooperative Agreement.
The City acknowledges that it does not have any interest in the Revenue Fund, the Assigned Service Payments Account of the Revenue Fund, the Assigned Income Taxes Account of the Revenue Fund or any moneys in funds or accounts held by the Trustee under the Indenture.
The City shall continue its pledge and assignment of Assigned Service Payments until the earlier to occur of (i) the date when the Issuer certifies to the City and the Developer that all Debt Service has been paid in full, or (ii) December 31, 2059.
The City shall deposit all Assigned Service Payments and Assigned Income Taxes into the Special Account promptly upon receipt, but in no event later than five (5) Business Days after their receipt.