Pledge of Gross Revenue Sample Clauses

Pledge of Gross Revenue. Each Party to this Agreement represents and covenants to the other Parties that all payments to be made by it for the performance of governmental functions or services under this Agreement shall constitute reasonable and necessary “operating expenses” of the Party, and that all such payment will be made from the gross current revenues of the Party. Each Party represents and has determined that the activity to be performed by each Party is absolutely necessary and essential to the present and future operation of the Party, and, accordingly all payments required by this Agreement to be made by the Party shall constitute reasonable and necessary operating expenses of the Party with the effect that the obligation to make such payment from gross revenues of the Party shall have priority over any obligation to make any payments from such revenues, whether of principal, interest or otherwise, with respect to all bonds heretofore or hereafter issued by the Party. Each Party agrees throughout the term of this Agreement to fix and collect such rates and charges for its services as will produce gross revenues in an amount equal to at least all of its payments under this Agreement. A Party to this Agreement shall never have the right to demand payment by another Party of any obligations assumed by or imposed upon that Party under or by virtue of this Agreement from any funds raised or to be raised by taxation, and a Party’s obligation under this Agreement shall never be construed to be a debt of the Party of such kind as to require it under the Constitution and laws of the State to levy and collect an ad valorem tax to discharge such obligation.
Sample 1
AutoNDA by SimpleDocs

Related to Pledge of Gross Revenue

  • Pledge of Revenues This contract is entered into for the direct benefit of the holders and owners of all general obligation bonds issued under the Bond Act, and the income and revenues derived from this contract are pledged to the purposes and in the priority set forth in that act.

  • Gross Revenue 16.1.1 For the purposes of this PPP Agreement and its Schedules, Gross Revenue shall be defined as:

  • Current Revenues Under Texas law, a contract with a governmental entity that contains a claim against future revenues is void; therefore, each party paying for the performance of governmental functions or services must make those payments from current revenues available to the paying party.

  • Current Revenue The funds distributed hereunder shall be paid solely from lawfully available funds of the SEDC. 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.

  • Xxxxx Period After payment of the first Dues, the Subscriber is entitled to a grace period of 30 days for the pay- ment of any Dues due. During this grace period, the Agreement will remain in force. However, the Sub- xxxxxxx will be liable for payment of Dues accruing during the period the Agreement continues in force.

  • Unallowable Costs Costs that are unallowable under other sections of these principles shall not be allowable under this section solely on the basis that they constitute personnel compensation.

  • Knowledge of Subject Matter The teacher demonstrates a depth and breadth of knowledge of theory and content in general education and subject matter specialization(s) at the elementary and/or secondary levels. The evaluation procedure assesses the teacher's knowledge of the subject(s) she/he is required to teach and will consider the:

  • Unallowable Costs Defined All costs (as defined in the Federal Acquisition Regulation, 48 C.F.R. § 31.205-47; and in Titles XVIII and XIX of the Social Security Act, 42 U.S.C. §§ 1395-1395lll and 1396-1396w-5; and the regulations and official program directives promulgated thereunder) incurred by or on behalf of Defendants, their present or former officers, directors, employees, shareholders, and agents in connection with:

  • Gross Receipts The entire amount of all receipts, determined on a cash basis, from (a) tenant rentals collected pursuant to tenant leases of apartment units, for each month during the term hereof; provided that there shall be excluded from tenant rentals any tenant security deposits (except as provided below); (b) cleaning, tenant security and damage deposits forfeited by tenants in such period; (c) laundry and vending machines income; (d) any and all other receipts from the operation of the Project received and relating to the period in question; (e) proceeds from rental interruption insurance, but not any other insurance proceeds or proceeds from third-party damage claims, and (f) any other sums and charges collected in connection with termination of the tenant leases. Gross Receipts do not include the proceeds of (i) any sale, exchange, refinancing, condemnation, or other disposition of all or any part of the Project, (ii) any loans to Owner whether or not secured by all or any part of the Project, (iii) any capital expenditures or funds deposited to cover costs of operations made by Owner, and (iv) any insurance policy (other than rental interruption insurance or proceeds from third-party damage claims).

  • Protection Against Loss of Future District Revenues Section 4.1. INTENT OF THE PARTIES. Subject only to the limitations contained in this Agreement (including Section 7.1 of this Agreement), it is the intent of the Parties that the District shall, in accordance with the provisions of Section 313.027(f)(l) of the TEXAS TAX CODE, be compensated by Applicant for any loss that District incurs in its Maintenance and Operations Revenue in each year of this Agreement for which this Agreement was, in any manner, a producing cause, resulting, at least in part because of or on account of, the execution of this Agreement. Such payments shall be independent of, and in addition to such other payments as set forth in Article V and Article VI in this Agreement. Subject only to the limitations contained in this Agreement (including Section 7.1 of this Agreement), it is the intent of the Parties that the risk of any and all negative financial consequences to the District’s total annual Maintenance and Operations Revenue, to which the execution of this Agreement contributed in any manner, will be borne solely by Applicant and not by the District. The Parties hereto expressly understand and agree that, for all Tax Years to which this Agreement may apply, the calculation of negative financial consequences will be defined for each applicable Tax Year in accordance with the Applicable School Finance Law, as defined in Section 1.2 above, and that such definition specifically contemplates that calculations made under this Agreement may well periodically change in accordance with changes made from time to time in the Applicable School Finance Law. The Parties further agree that the printouts and projections produced during the negotiations and approval of this Agreement are: (i) for illustrative purposes only, are not intended to be relied upon, and have not been relied upon by the Parties as a prediction of future consequences to either Party to the Agreement; (ii) are based upon current School Finance Law, which is subject to change by statute, by administrative regulation, or by judicial decision at any time; and (iii) may change in future years to reflect changes in the Applicable School Finance Law.

Time is Money Join Law Insider Premium to draft better contracts faster.