Current Revenue. The funds distributed hereunder shall be paid solely from lawfully available funds of the Corporation. Under no circumstances shall the obligations hereunder be deemed to create any debt within the meaning of any constitutional or statutory provision. None of the obligations under this Agreement shall be pledged or otherwise encumbered in favor of any commercial lender and/or similar financial institution.
Appears in 5 contracts
Sources: Performance Agreement, Economic Development Performance Agreement, Economic Development Performance Agreement
Current Revenue. The funds distributed hereunder shall be paid solely from lawfully available funds of the CorporationBEDC. Under no circumstances shall the obligations hereunder be deemed to create any debt within the meaning of any constitutional or statutory provision. None of the obligations under this Agreement shall be pledged or otherwise encumbered in favor of any commercial lender and/or similar financial institution.
Appears in 2 contracts
Sources: Economic Development Performance Agreement, Economic Development Performance Agreement