Event of Nonappropriation definition

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.

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.

Examples of Event of Nonappropriation in a sentence

• If the Lessee fails, for any reason, to duly enact by June 30 of each fiscal year an appropriation ordinance for the ensuing fiscal year which includes amounts required to pay all Lease Payments to become due during that fiscal year, or on any earlier date on which the Lessor receives notice from the Lessee that this Lease will be terminated, an Event of Nonappropriation will be deemed to have occurred.

• 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 Lessee will vacate and/or surrender the Project to the Lessor by the July 1 following an Event of Nonappropriation.

• 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.

• 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; and (iii) the Termination Date, unless the Lessee exercises its option to purchase the Project prior to the Termination Date.

More Definitions of Event of Nonappropriation

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

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

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

Event of Nonappropriation is defined in Section 6.02.

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 the failure, for whatever reason, of the Legislative Assembly of the State to appropriate sufficient moneys for the payment of Basic and Additional Rent under a Lease during any Renewal Term of a Lease, wherein Basic and Additional Rent are pay able, on or before the commencement of such Renewal Term.

Event of Nonappropriation means the termination and non-renewal of this Lease by the Town, determined by the Council’s failure, for any reason, to appropriate by the last day of each Fiscal Year, (a) sufficient amounts to be used to pay Base Rentals due in the next Fiscal Year and (b) sufficient amounts to pay such Additional Rentals as are estimated to become due in the next Fiscal Year, as provided in Section 6.4 of this Lease. An Event of Nonappropriation may also occur under certain circumstances described in Section 9.3(c) of this Lease. The term also means a notice under this Lease of the Town’s intention to not renew and therefore terminate this Lease or an event described in this Lease relating to the exercise by the Town of its right to not appropriate amounts due as Additional Rentals in excess of the amounts for which an Appropriation has been previously effected.