Common use of Basic Rental Payments Clause in Contracts

Basic Rental Payments. (a) Prior to the Trustee’s close of business on the Business Day prior to each Bond Payment Date the Lessee shall make rental payments (“Basic Rental Payments”) to the Trustee, for the account of the Issuer in an amount equal to the Debt Service on the Bonds due on such Bond Payment Date. (b) The Lessee shall receive a credit against the Basic Rental Payments required by subsection (a) of this Section as follows: (1) The amount of accrued interest received from the sale of the Bonds to the original purchaser or purchasers thereof shall be deducted from the amount of interest due on the first Interest Payment Date for purposes of calculating the required Basic Rental Payment due on such Interest Payment Date. (2) Money received by the Trustee from a draw on the Letter of Credit with respect to Debt Service due on the related Bond Payment Date shall be credited against the Basic Rental Payment due on such Bond Payment Date. (3) Investment income and profits remaining in the Bond Fund after reimbursement of the Bank for amounts due under the Credit Agreement shall be credited against Basic Rental Payments as directed by the Lessee. (4) Any other money held by the Trustee and available under the terms of the Indenture and this Lease Agreement for the payment of Debt Service on the Bonds remaining after reimbursement of the Bank for amounts due under the Credit Agreement shall be credited against Basic Rental Payments as directed by the Lessee. Such directions must be consistent with any mandatory provision of the Indenture and this Lease Agreement with respect to the required use of such money. (c) All Basic Rental Payments shall be made in funds immediately available at the Office of the Trustee on the due date of such Payments. (d) The Lessee acknowledges that Basic Rental Payments required by this Section have been calculated to provide amounts which will be sufficient to pay Debt Service on the Bonds as the same matures and comes due. If on any Bond Payment Date the amount on deposit in the Bond Fund is not sufficient to pay Debt Service on the Bonds due and payable on such Date, the Lessee shall immediately deposit the amount of such deficiency in the Bond Fund. (e) Money on deposit in the Bond Fund may be used to reimburse the Bank for amounts due to the Bank under the Credit Agreement, as provided in Section 8.01 of the Indenture.

Basic Rental Payments. Draws Under Letter of CreditBasic Rental Payments; Draws Under Letter of Credit (a) Prior to the Trustee’s close of business On or before 10:00 a.m. (Birmingham, Alabama time) on the Business Day prior to each Bond Payment Date Date, the Lessee User shall make rental payments (“Basic Rental Payments”) pay to the Trustee, for the account of the Issuer in Issuer, as Basic Rent for the use an occupancy of the Project, an amount equal to the Debt Service principal of, premium (if any) and interest on the Bonds due and payable on such Bond Payment Date. ; provided, however, that (bi) The Lessee shall receive a credit against any amount already on deposit in the Basic Rental Payments required by subsection (a) of this Section as follows: (1) The amount of accrued interest received from the sale of the Bonds to the original purchaser or purchasers thereof shall be deducted from the amount of interest due Bond Fund on the first Interest Payment Date for purposes due date of calculating the required such Basic Rental Payment due and available for the payment of the principal of, premium (if any) and interest on the Bonds on such Interest Payment Date. (2) Money received by the Trustee from a draw on the Letter of Credit with respect to Debt Service due on the related Bond Payment Date shall be credited against the amount of such Basic Rental Payment, and (ii) any amount drawn by the Trustee pursuant to the Letter of Credit for the payment of the principal of, premium (if any) and interest on the Bonds on such Bond Payment Date shall be credited against such Basic Rental Payment. (b) On each Bond Payment Date prior to 10:00 a.m. (Birmingham, Alabama time) the Trustee shall, without making any prior claim or demand on the User for the payment of Basic Rental Payments with respect to Bonds make a draw on the Letter of Credit in an amount equal to the amount of principal of, premium (if any) and interest on the Bonds due and payable on such Bond Payment Date. (3) Investment income and profits remaining in the Bond Fund after reimbursement of the Bank for amounts due under the Credit Agreement . The User shall be credited receive a credit against Basic Rental Payments as directed by for the Lesseeamount so drawn. (4c) Any other money held by The User hereby authorizes and directs the Trustee and available to draw moneys under the terms Letter of Credit in accordance with the provisions of the Indenture and this Lease Agreement for to the payment of Debt Service extent necessary to pay the principal of, premium (if any) and interest on the Bonds remaining after reimbursement of the Bank for amounts when due under the Credit Agreement shall be credited against Basic Rental Payments as directed by the Lessee. Such directions must be consistent with any mandatory provision of and payable pursuant to the Indenture and this Lease Agreement with respect to the required use Letter of such moneyCredit. (cd) All Basic Rental Payments shall be made in funds immediately available at the Office of to the Trustee at its Principal Office on or before the due date of such Payments. (d) The Lessee acknowledges that Basic Rental Payments required by this Section have been calculated to provide amounts which will be sufficient to pay Debt Service on the Bonds as the same matures and comes due. If on any related Bond Payment Date the amount on deposit in the Bond Fund is not sufficient to pay Debt Service on the Bonds due and payable on such Date, the Lessee shall immediately deposit the amount of such deficiency in the Bond Fund. (e) Money If any Basic Rental Payment is due on deposit in the Bond Fund a day which is not a Business Day, such payment may be used made on the first succeeding day which is a Business Day with the same effect as if made on the day such payment was due. (f) The User acknowledges, covenants, and agrees that until the Indenture Indebtedness is paid in full the User shall make Basic Rent Payments in such amounts and at such times as shall be necessary to reimburse enable the Bank for amounts Trustee to pay in full in accordance with the Indenture the principal of, premium (if any) and interest on the Bonds when and as the same becomes due to the Bank under the Credit Agreement, as provided in Section 8.01 of the Indentureand payable.