2002-12-19 CC Packet - Laserfiche WebLink

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, .. ~ herein. A Member withdrawing after October ] 5 shall be obligated to pay its entire contribution for the ensuing year as outlined in the budget of the Commission for the ensuing year. Each Member acknowledges that applicable portions of its annual contribution pursuant to Article XI, Section 3 of this agreement will be for that Member's respecti ve share from year to year of the debt service (the "Debt Servi ce Share") on the Bonds and that said Debt Service Shares will be pledged by the Commission to the payment of the Bonds. So long as the Bonds are outstanding, any Member withdrawing from the Commission shall continue to owe the Commission its Debt Service Shares and shall continue to have its franchise fees paid directly to the Commission as a credit against s,jd obligations, with allY excess to be remitted by the Commission to the withdrawn Member and any shortfall being paid by the Member to the Commission. A Member that has withdrawn from the Commission may, if no Bonds are outstanding, upon rer ~st, recover an amount of any equity that exists, as of the withdmwal date, in real property and buildi '1gS purchased or constructed '''lith any Bonds, up to (but not exceeding) the withdrawn Member's individual percentage of total franchise fees paid to all the Members (or their dC3ignee), including the withdrawn Member, [01 the calendar year preceding w.hdrawal. The Comr1:1ssion may, if no Bon are outstanding, at any time an':~r the 'A7.itbdravval of i:l 1''lIenlber as pro'lided for herein, ir;jtiate n buv-out of the prooortionatc equity .) ~ ' . Literest of the withdrawn J'vlemher, which iI!terest is to be the wit!h;,'aW(] Member's individual ~eTcentage of total franchise fees paid to the ]\jIerbers (or tkir designee) and the withdrawn Member for the calendar y~ar preceL ng the buy-out, P'.ii"Sl..'mt to terms and cnditio!ls agreed upon by the partie;. Tbc amolint .,)f any equity diGtribLed to a withdrawn Member will be paid, w;-hout int3rez,t, on a payment chedule E;~;,tabEshe{1 by the Comrnjss~',)n, o"~ovidcd, hov/ever, the term of such pU.:I:ment schedule sImP not e::cced flve (5) y~?;;:s_ \Vhcn ealculating an equity repLJDle:nt schedule, the Cornrdlssioll :L:,ay deduct tl1li: withdrawn Member's proportionate share of outstandi~(l indebt.edncss from the amoum of any equity due to the withdrawn Member. Notwithstanding anything to tLe contrary, a ,vithdra~wing Mem.ber shall bave no dainl to the f-gr;chise f e the Grantee collected j its behalf for the y~ar in which its withdmwal is effective, except for the reimbursement of cable-related expenses for that ye;:r. If no Bonds are outstanding, for the calendar year following withdrawal, and for ,Jl subsecl.icnt yearsl the entire franchise fee calculated UfYAl hJTOSS revenues attributable to the system within the withdrawn Member shall be paid by Grantee to the withdrawn Member in accordance with the Franchise. 8. That Article XI!, Section I of the Agreement shall be amended tc read as foHows: The Commission shall continue for an indefinite t.elm unless li;e number of Members becomes less than five, or unless the Commission is T"rminated bv mutual agreement of a'I of the Memb"rs at any time; provided that the Commissi'Jn shall continue to exist as long as any Bonds described in Article VI'l, Section 13 of this agreement remain outstanding.