Event of Nonappropriation definition

Event of Nonappropriation means a termination of this Facilities Agreement pursuant to

Event of Nonappropriation means a nonrenewal of the Lease by the City determined by the failure of the City to appropriate and budget, or the election of the City not to so appropriate and budget, on or before the date required by the laws of the State during the Initial Term or any Renewal Term, moneys sufficient to pay the Rental Payments and reasonably expected Additional Payments due and payable during the next Renewal Term.

Event of Nonappropriation shall have the meaning set forth for such term in the Facilities Agreement.

Examples of Event of Nonappropriation in a sentence

• The Lessee will immediately notify the Lessor, the Disbursing Agent, and CoLT of any Event of Default or Event of Nonappropriation hereunder or any circumstance or event which, with the passage of time or the giving of notice, would qualify as an Event of Default hereunder.

• As long as no Event of Default or Event of Nonappropriation has occurred, and the Lessee’s right to control acquisition, construction, installation, and equipping of the Project has not otherwise been terminated, disbursements from the Acquisition Fund may be made by the Disbursing Agent to pay vendors or to reimburse the Lessee for Costs of the Project.

• The Lease has been duly authorized, executed, and delivered by the Lessee and constitutes the legal, valid, and binding obligation of the Lessee, enforceable against the Lessee in accordance with its terms (including the right of the Lessee to terminate the Lease at the end of each fiscal year of the Lessee by reason of an Event of Nonappropriation, as defined in the Lease).

• The term of this Lease will be the period commencing on the Commencement Date and shall terminate upon the earliest of: (i) the June 30 immediately succeeding an Event of Nonappropriation unless the Event of Nonappropriation is cured; (ii) the occurrence of an Event of Default and termination of this Lease as provided in Section 22 hereof; and (iii) the Termination Date, unless the Lessee exercises its option to purchase the Project before the Termination Date.

• If an Event of Default or Event of Nonappropriation occurs before the completion of the Project or if the right of the Lessee to control the acquisition, construction, installation, and equipping of the Project has been otherwise terminated, amounts on deposit in the Acquisition Fund shall be applied as directed by the Lessor to the payment of Lease Payments or the completion of the acquisition, construction, installation, or equipping of the Project.

More Definitions of Event of Nonappropriation

Event of Nonappropriation means a termination of this Lease by the City, determined by the City’s failure for any reason, to duly enact by the last day of each Fiscal Year an appropriation resolution for the ensuing Fiscal Year which includes (a) by specific line item reference amounts authorized and directed to be used to pay all Base Rentals and (b) sufficient amounts to pay such Additional Rentals as are estimated to become due, as provided in Section 6.06 of this Lease. The term also includes the giving of notice under Section 4.01 of this Lease of the City’s intention to terminate and the occurrence of an event described in Section 6.06 of this Lease relating to the failure by the City to appropriate amounts due as Additional Rentals in excess of the amounts estimated to become due.

Event of Nonappropriation shall have the meaning set forth in Section 3.2 hereof.

Event of Nonappropriation means any failure by the Governing Board to adopt, by the first day of any Fiscal Year, a budget for the Borrower that includes an appropriation for Required Payments, or the Governing Board’s amendment of the annual budget to remove an appropriation for Required Payments, in each case as contemplated by Section 3.05.

Event of Nonappropriation means an event described in Section 9. "Governing Body" means the Governing Body of the Lessee.

Event of Nonappropriation means an Event of Nonappropriation as described in Section 3.04.

Event of Nonappropriation means an Event of Nonappropriation as described in

Event of Nonappropriation means any failure by the Governing Board to adopt, by the first day of any Fiscal Year, a budget for the City that includes an appropriation for Required Payments as contemplated by Section 3.05.