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 paperwork and Sponsor shall not be obligated to perform any provisions of this Agreement or related project paperwork.
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 to an Agreement amendment to Sponsor reflecting the reduced amount.
Budget Contingencies. (a) Exceeding Initial Budget....
(b) Reconciliation .Of Expenditures.....
Budget Contingencies. 10 (a) Exceeding Previously Established Budget.........................10 (b)
Budget Contingencies. A. State Budget Contingency
1. It is mutually agreed that if funds are not appropriated for implementation of the LIHWAP through the State budget process or otherwise, whether in the current year and/or any subsequent year covered by this Contract, this Contract shall be of no further force and effect. Upon written notice to Contractor by CSD that no funds are available for contract implementation, the Contract shall be terminated, and CSD shall have no obligation to pay Contractor or to furnish other consideration under this Contract and Contractor shall not be obligated for performance.
2. If program funding for any fiscal year is reduced to such degree that CSD reasonably determines that the program cannot be implemented effectively, CSD shall at its sole discretion have the option either to terminate this Contract upon written notice to Contractor or, in the alternative, to offer and negotiate an amendment addressing the reduced funding. If the parties fail to reach agreement on such amendment, CSD may at its option give written notice of termination without further obligation by either party except for contract closeout obligations and final settlement.
B. Federal Budget Contingency
1. The parties agree that because of uncertainty in the federal budget process, this Contract may be executed before the availability and amounts of federal funding can be ascertained, in order to minimize delays in the provision of services and the distribution of funds. The parties further agree that the obligations of the parties under this Contract are expressly contingent on adequate funding being made available to CSD by the United States Government.
2. If federal funding for any fiscal year is reduced to such degree that CSD reasonably determines that the program cannot be implemented effectively, CSD shall at its sole discretion have the option either to terminate this Contract upon written notice to Contractor or, in the alternative, to offer and negotiate an amendment addressing the reduced funding. If the parties fail to reach agreement on such amendment, CSD may at its option give written notice of termination without further obligation by either party except for contract closeout obligations and final settlement.
3. If federal funding authorities condition funding on any obligations, restrictions, limitations, or conditions not existent when this Contract was executed, this Contract shall be amended by mutual agreement for compliance with such obligations, res...
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. 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. 1. DMH may adjust or revise the Contractor’s planning estimate to provide for increases or decreases in the amount of funds expected to be available for the Contractor’s approved programs. The contractor may submit a revised budget plan and request an amendment to this agreement to change or alter its proposed programs to adjust to the revised planning estimate of funds available.
2. If there is insufficient money available in the Fund to implement or operate the programs funded by this Agreement or to fund the amount of the annual planning estimate, DMH, with the input of the California Mental Health Directors Association, may revise the planning estimate or may decide to use some or all of the prudent reserve to fund the approved programs. Decisions to use the prudent reserve will be made on a statewide basis.
3. If funds, including the prudent reserve, are not sufficient to implement andlor operate a program or provide a service, those provisions of this Agreement addressing that program or service shall be void and shall have no further force or effect. Neither DMH nor the State shall have any duty to provide funds to the Contractor for that program or service, and the Contractor shall have no obligation to perform those programs or services. If funds are insufficient to implement and/or operate the Agreement, the Agreement shall be void and shall have no further force or effect.
