Budget Contingencies. The Budget contains line items designated for contingency (a) for Hard Costs (“Hard Costs Contingency”), the amount of which Hard Cost Contingency shall be equal to five percent (5%) of the amount for Hard Costs, and (b) Soft Costs (the “Soft Costs Contingency”) the amount of which Soft Cost Contingency shall be equal to five percent (5%) of the amount for Soft Costs, in each case, relating to the uncompleted portion of the Construction Work as of the Closing Date and taking into account the amount of contingency set forth in the General Contract. The Hard Costs Contingency and the Soft Costs Contingency shall collectively be referred to as the “Contingency Fund”, which represent amounts necessary to provide reasonable assurances to the Administrative Agent and the Lenders that funds are available within the Budget if additional costs, expenses and/or delays are incurred or additional interest accrues on the Loans, or other unanticipated events or problems occur. The Administrative Agent may, in its reasonable discretion, re-allocate the required amount of the Contingency Fund to other Budget Line Items from time to time. Upon request of Borrower, the Administrative Agent may (but shall not be obligated to do so), from time to time in its sole and absolute discretion, disburse the Contingency Fund or portions thereof to Borrower (thereby reducing the amount of the same) for use under the Budget Line Items to which they are re-allocated (subject to the provisions of the preceding sentence). Borrower agrees that the decisions with respect to utilizing any portion of the Contingency Fund shall be made by the Administrative Agent in its reasonable discretion and that the Loans may not be In Balance, and Borrower may be required to make a Deficiency Deposit or Equity Balancing Contribution, even if funds remain in the Contingency Fund.
Budget Contingencies. Notwithstanding any other provision of this Agreement:
1. Appropriation Contingency
Budget Contingencies. The Budget contains line items designated for contingency for Hard Costs and Soft Costs (collectively, the “Contingency Fund”) which represent amounts necessary to provide reasonable assurances to Administrative Agent and the Lenders that funds are available within the Budget if additional costs, expenses and/or delays are incurred or additional interest accrues on the Loans, or other unanticipated events or problems occur. Upon request of Lead Borrower, Administrative Agent may, in its reasonable discretion, re-allocate a portion of the Contingency Fund to cover cost overruns, cost of change orders, additional interests and other anticipated costs based upon the percentage of completion of the Construction Work (e.g. (and as an example only) fifty percent (50%) of the Contingency Fund may be allocated when the project is fifty percent (50%) complete). Any such re-allocation shall reduce, by the amount of such re-allocation, the amount of the Contingency Fund available to be allocated thereafter. Subject to the foregoing, Borrower agrees that the decisions with respect to utilizing any portion of the Contingency Fund shall be made by Administrative Agent in its reasonable discretion and that the Loans may not be In Balance, and Borrower may be required to make a Deficiency Deposit or Equity Balancing Contribution, even if funds remain in the Contingency Fund.
Budget Contingencies i. It is mutually agreed that if the Budget Act of the current year and/or any subsequent years covered under this Agreement does not appropriate sufficient funds for the program, this Agreement shall be of no further force and effect. In this event, the State of California and the CCC shall have no liability to pay any funds whatsoever to Sponsor or to furnish any other considerations under this Agreement or related project documentation and Sponsor shall not be obligated to perform any provisions of this Agreement or related project documentation; and,
ii. If funding for any fiscal year is reduced or deleted by the Budget Act for purposes of this program, the State of California and the CCC shall have the option to either cancel this Agreement with no liability occurring to the State of California or CCC, or offer an amendment to the Agreement reflecting the reduced amount;
Budget Contingencies. (a) Exceeding Initial Budget....
(b) Reconciliation .Of Expenditures.....
Budget Contingencies. If a Benchmark is not completed within the budget for such Benchmark, upon the recommendation of the Project Committee, and subject to the approval of the Management Board, the Management Board shall set a new budget for completion of such Benchmark. Unless the Management Committee shall determine otherwise, Steritech and Baxter will each fund one-half of the amount needed to complete such Benchmark. Steritech shall not be obligated to fund more than twelve and one-half (12.5) million dollars in the aggregate under this Agreement. To the extent that budget over-runs could obligate Steritech to spend more than twelve and one-half (12.5) million dollars, the Management Committee can modify the time lines and budget items to allow Baxter, if it desires, to fund budget over-runs that would obligate Steritech to spend more that twelve and one-half (12.5) million dollars. To the extent Baxter pays more than Steritech in budget over-runs, Baxter can recoup 50% of the difference ("Excess Payment") plus its cost of debt capital plus 8% per annum (collectively not to exceed 20%) for the Excess Payment from the Revenue Sharing Payments due Steritech.
Budget Contingencies. 17 (a) Exceeding Initial Budget.............................................. 17 (b) Reconciliation Of Expenditures........................................ 17 3.8 New Technologies............................................................. 18 3.9 Coordination and Facilitation of Communications..............................
Budget Contingencies. A. State Budget Contingency
1) It is mutually agreed that if the Budget Act of the current year and/or any subsequent years covered under this Agreement does not appropriate sufficient funds for the program, this Agreement shall be of no further force and effect. In this event, CAPOC shall have no liability to pay any funds whatsoever to Subcontractor or to furnish any other considerations under this Agreement and Subcontractor shall not be obligated to perform any provisions of this Agreement.
2) If funding for any fiscal year is reduced or deleted by the Budget Act for purposes of this program, CAPOC shall have the option to either cancel this Agreement with no liability occurring to the CAPOC, or offer an agreement amendment to Subcontractor to reflect the reduced amount.
B. Federal Budget Contingency
1) It is mutually understood that this Agreement may have been written before ascertaining the availability of Congressional appropriation of funds, for the mutual benefit of both Parties, in order to avoid program and fiscal delays that would occur if this Agreement were executed after that determination was made.
2) This Agreement is valid and enforceable only if sufficient funds are made available to the State by the United States Government for the purposes of this Agreement. In addition, this Agreement is subject to any additional restrictions, limitations, or conditions enacted by the Congress or any statute enacted by the Congress that may affect the provisions, terms, or funding of this Agreement in any manner.
3) It is mutually agreed that if the Congress does not appropriate sufficient funds for this Program, this Agreement shall be amended to reflect any such reduction in funds.
4) CAPOC has the option to invalidate this Agreement under the 30-day cancellation clause or to amend this Agreement to reflect any such reduction in funds.
Budget Contingencies. 10 (a) Exceeding Previously Established Budget.........................10 (b)
Budget Contingencies. If State funding for any fiscal year is reduced or deleted for purposes of the California Climate Investment Fire Prevention Program, the State may choose to either cancel the grant or, if possible, they may reduce the amount of funding available. It is also possible but unlikely that the State or SSCRA may terminate their grant funding agreement with each other prior to the completion of all the projects in the Xxxx area. Should this improbable event occur, SSCRA will work with the Homeowner on reasonable measures to stop further costs and any reasonable and non-cancelable operations in process prior to the date of the notice to terminate will be paid but only up to the undisbursed balance of funding available.
