Bonded Indebtedness Clause Samples
The Bonded Indebtedness clause defines and regulates the obligations a party has under bonds or similar debt instruments. It typically outlines the types of bonds covered, such as municipal or corporate bonds, and may set limits on the amount of debt that can be incurred or specify reporting requirements for outstanding bonds. This clause serves to manage and control the financial liabilities of a party, ensuring transparency and preventing excessive borrowing that could jeopardize financial stability.
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Bonded Indebtedness. Landlord retains the option to pay any assessment in full before any bonded indebtedness shall accrue as a result of Tenant’s failure to timely pay. In the event Landlord pays such assessment, Landlord may charge Tenant with a proportionate share of such assessment as if such assessment became a bonded indebtedness including a 10% penalty payment.
Bonded Indebtedness. A. In 1989 the District and the City incurred voter-approved indebtedness by the issuance of general obligation bonds. Funds for such bonds were used for the purchase and construction of stations 31 and 32.
B. In the event of successful annexation of the City into the Fire District, the City shall continue to levy taxes and cover the debt service for the 1989 general obligation bonds until the City‟s debt is retired
C. The Fire District shall continue to levy taxes and cover the debt service for the 1989 general obligation bonds until the Districts debt is retired.
D. Annexation of the City of into the Fire District shall not require any City residents to assume any of the District‟s existing debt service or the Fire District‟s residents to assume any of the City‟s existing 1989 general obligation bond debt service.
Bonded Indebtedness. 38 The Parties agree that Arena Sources of Funds shall be expended in accordance with the Facilities Agreement. In 39 accordance with the Memorandum of Understanding, UNL shall have no responsibility or liability for repayment of the 40 bonds. Except as otherwise expressly provided in this Agreement, the Parties recognize and agree that any Arena 41 components or services identified in this Agreement shall be at the City’s sole cost and expense.
Bonded Indebtedness. In addition to the Purchase Price and all other amounts to be paid by Buyer pursuant to this Agreement, Buyer agrees to assume the balance due (principal and interest) on the portion of any and all public improvement bonds and assessments attributable to the Sale Property (determined as that percentage of the total bond or assessment equal to the Sale Property's percentage of the total land area encumbered by such bonds) which may constitute a lien on the Sale Property at close of escrow or afterwards. Notwithstanding the foregoing, Seller shall be responsible for paying its allocable share of all such bonds or assessments for the period prior to the close of escrow.