Emergency Member Agency Assessments Sample Clauses

Emergency Member Agency Assessments. In the event that unforeseen or exigent circumstances arise such that CIWW’s revenues and capital resources are insufficient to allow CIWW to meet its financial obligations as they become due, the Board shall issue one or more “Emergency Member Agency Assessments” to the Member Agencies. Each Member Agency’s portion of the Emergency Member Agency Assessment will be based on the Member Agency’s pro rata share of the total Allocated Capacity as defined in Schedule V-3, as amended. Each Emergency Member Agency Assessment shall be due and payable within thirty (30) days of adoption of the assessment by the Board. Emergency Member Agency Assessments shall be repaid, without interest, to the Member Agencies when and as the financial condition of CIWW permits. To the extent a shortfall necessitating an Emergency Member Agency Assessment under this section is due to one or more Member Agency’s failure to timely pay any of its financial obligations to CIWW, CIWW may reallocate the shortfall to all other Member Agencies on an adjusted pro-rata basis (excluding the non-paying Member Agency’s allocation in the calculation). Repayment to Member Agencies who funded the Emergency Member Agency Assessment shall be made from funds received by CIWW upon cure of the delayed payment by, or collection from, the non-paying Member Agency.
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Emergency Member Agency Assessments. In the event that unforeseen or exigent circumstances arise such that CIWW’s revenues and capital resources are insufficient to allow CIWW to meet its financial obligations as they become due, the Board shall issue one or more “Emergency Member Agency Assessments” to the Member Agencies. Each Member Agency’s portion of the Emergency Member Agency Assessment will be based on the Member Agency’s pro rata share of the total Allocated Capacity as defined in Schedule V-3, as amended. Each Emergency Member Agency Assessment shall be due and payable within ten (10) days of adoption of the assessment by the Board. Emergency Member Agency Assessments shall be repaid, without interest, to the Member Agencies when and as the financial condition of CIWW permits.
Sample 1

Related to Emergency Member Agency Assessments

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