Nature of City’s Obligation. The City’s obligation to make Loans to the Agency in the amounts, at the times and in the manner described herein shall be absolute and unconditional, and shall not be subject to diminution by setoff, counterclaim, abatement or otherwise. The obligations of the City to make Loans hereunder shall terminate upon discharge of or payment in full of the principal of and interest on all outstanding Loan Payments.
Nature of City’s Obligation. The City’s obligation to advance funds to the District in the amounts, at the times, under the conditions and in the manner described herein shall be absolute and unconditional, and shall not be subject to diminution by setoff, counterclaim, abatement or otherwise. The full faith, credit and resources of the City are pledged irrevocably to make the loans, in the amounts, at the times, in the manner and subject to the limitations described herein, regardless of whether the Regional Center is operating at any particular time. The obligations of the City hereunder shall terminate upon payment in full of the principal of and interest on the Bonds. For each fiscal year during the term of this Agreement, the City agrees that it will include in its budget and appropriate an amount that the City reasonably expects to be necessary to fulfill its obligation to make loans to the District under the terms of this Agreement. Failure to so budget shall not be a default under this Agreement if the City fulfills its obligation to make loans to the District as required under this Article III.
Nature of City’s Obligation. The City is entering into this Agreement in reliance upon the representations, warranties and agreements of the Authority and of the Museum contained in this Agreement. The City’s obligation to advance funds to the Bond Trustee in the amounts at the times and in the manner described in this Agreement shall commence as of the date of Bond Closing, and once commenced, shall be absolute and unconditional, and shall not be subject to diminution by setoff, counterclaim, abatement or otherwise, and shall not be relieved upon the breach of a representation or warranty, or upon a Declaration of Default or the occurrence of an Event of Default hereunder. The full faith, credit and resources of the City are pledged irrevocably for the payment to the Bond Trustee of the required advances, payable in the amounts, at the times and in the manner described herein. The City makes no express or implied warranty that any money advanced to the Authority under the provisions of this Agreement will be sufficient to pay all the amounts which may have been incurred for Project Costs or to carry out the Refunding Plan. The City’s obligation under this Agreement shall terminate upon the repayment, purchase and retirement, redemption or defeasance in full of all the Bonds. Notwithstanding the foregoing and except in the case of(( an extraordinary mandatory redemption or)) a defeasance in accordance with the Indenture, the City shall remain obligated to make advances, payable within 45 days of demand, to the Bond Trustee in the event of a Bankruptcy Recovery.
