Payment undertaking agreement means one or more agreements, undertakings or arrangements under which all or a portion of the funds generated by a sale and leaseback, leaseout and leaseback, or other similar transaction are directed or paid over to a financial institution, insurance com- pany, or other entity that agrees to meet or fulfill, in consid- eration for the funds, some or all of the obligations of the regional transit authority, or any public corporation or other entity created under RCW 81.112.320, to make future rent, debt service, or purchase price installment payments in con- nection with the transaction. [2000 2nd sp.s. c 4 § 18.]
Payment undertaking agreement means one or more agreements,
More Definitions of Payment undertaking agreement
Payment undertaking agreement means the Payment Undertaking Agreement, dated as of July 1, 1996, between Old Dominion and the Bank, in substantially the form of Exhibit K to the Participation Agreement.
Payment undertaking agreement means an agreement (a) between AEE, the Owner Trust and each other or related "Owner Trust" and a PUA Provider, (b) that is drawable and payable in the event that a Payment Event shall have occurred and be continuing, (c) the benefits of which are assigned to each Indenture Trustee (so long as the Lessor Notes issued pursuant to the Indenture remain outstanding), and (d) pursuant to which such PUA Provider shall, upon the occurrence of any Payment Event, be obligated to pay on demand an amount up to the amount set forth in a schedule attached thereto. For purposes hereof, the amounts on such schedule, at any time, shall be at least equal to, in the case of the Rent Reserve Account Payment Undertaking Agreement, the maximum semi-annual payment of Basic Rent (other than Deferrable Payments) Scheduled to be Paid on any Rent Payment Date in the immediately succeeding three-year period and, in the case of the Special Rent Reserve Account Payment Undertaking Agreement, (i) prior to the fifth anniversary of the Closing Date, (A) the maximum aggregate payment of Basic Rent (other than Deferrable Payments) expected to become due on any three successive payment dates in the immediately succeeding three-year period minus (B) the amount set forth in clause (a) of the definition of the Rent Reserve Account Required Balance, or (ii) after the fifth anniversary of the Closing Date, (A) the maximum aggregate payment of Basic Rent (other than Deferrable Payments) expected to become due on any two successive Basic Rent payment dates in the immediately succeeding three-year period minus (B) the amount set forth in clause (a) of the definition of the Rent Reserve Account Required Balance; provided, however, that for purposes of this definition, Basic Rent due on January 2, 2000 shall be calculated as the product of (x) 42 133 78.9% and (y) Basic Rent (other than Deferrable Payments) payable on January 2, 2000. In any event, any payment undertaking agreement that has terms and conditions substantially similar to the Rent Reserve Account Payment Undertaking Agreement in effect on the Closing Date shall be a Payment Undertaking Agreement.
Payment undertaking agreement means the Payment Undertaking Agreement (P1), dated as of December 30, 1996, between the Facility Lessee and the Payment Undertaking Issuer, in substantially the form of Exhibit L to the Participation Agreement.