Program Document Amendments and Supplements Sample Clauses
The 'Program Document Amendments and Supplements' clause establishes the procedures and conditions under which changes or additions can be made to the original program documents. Typically, this clause outlines who has the authority to propose or approve amendments, the process for notifying relevant parties, and any requirements for written consent or formal documentation. By clearly defining how modifications are handled, the clause ensures that all parties are aware of and agree to any changes, thereby maintaining the integrity of the agreement and preventing disputes over unauthorized alterations.
Program Document Amendments and Supplements. (a) Amended Definitions of Interest Payment Date and Interest Portion related to the Series 2011B Note. Notwithstanding any provision to the contrary in the prior Program Documents, the Parties agree that (i) the definitions of “Interest Payment Date” and “Interest Portion” of the Program Documents, (ii) Section 310 of the Company Lease Agreement, (iii) Section 2.03(2) of the Bond Resolution, (iv) Section 2(a) of the Consent No. 1, and (v) any other relevant provisions of the Program Documents, effective for purposes herein, are hereby amended such that interest on the Series 2011B Note, and the Interest Portion of the corresponding Basic Lease Payment related thereto, shall be payable on January 15, 2013, January 15, 2014, and January 15, 2015 at an annual interest rate of 1.062%. The Interest Portion related to the January 15, 2015 Basic Lease Payment Date and the interest payable on the January 15, 2015 maturity date of the Series 2011B Note shall be based on an annual interest rate of 1.062%.
(b) Amended Definitions of Principal Payment Date and Principal Portion related to the Series 2011B Note. Notwithstanding any provision to the contrary in the prior Program Documents, the Parties agree that (i) the definitions of “Principal Payment Date”, and “Principal Portion” of the Program Documents, (ii) Section 310 of the Company Lease Agreement, (iii) Section 2.03(2) of the Bond Resolution, (iv) Section 2(b) of the Consent No. 1, and (v) any other relevant provisions of the Program Documents, effective for purposes herein, are hereby amended such that the maturity date of the Series 2011B Note, and the Principal Portion of the corresponding Basic Lease Payment related thereto, shall be extended for one additional year to January 15, 2015; provided, however, that it is further understood and agreed that the Parties shall utilize their commercially reasonable efforts, to the extent the Project Company does not have sufficient funds to pay such Series 2011B Note at such time, to term out such Series 2011B Note in monthly installment amounts (aggregating to $50,000 annually, or such greater amounts agreed to in writing by the Parties) to be determined in a subsequent amendment and consent of the Parties executed no later than the Arbitration Resolution Date, but only if any such term-out provisions are acceptable to the Local Finance Board and the County, as one-hundred percent (100%) holder of the Series 2011B Note.
Program Document Amendments and Supplements