Calculation of contribution to annual management budget Sample Clauses

Calculation of contribution to annual management budget. (a) Subject to the provisions of this Deed, the annual management budget shall be divided into the following parts to the intent that :- (i) Where any expenditure relates principally to the Residential Common Areas and Facilities providing service to Owners of the Residential Units or any part or parts thereof including but not limited to the expenditure for the operation, maintenance, repair, cleaning, lighting and security of the Recreational Facilities, the Loading and Unloading Spaces, the Visitors’ Parking Spaces and the Accessible Parking Spaces (and whether or not it so relates shall save for manifest error be conclusively decided by the Manager), the expenditure shall form part of the Management Expenses of the Residential Units (the "Residential Management Expenses") and shall be borne by the Owners of the Residential Units. For the avoidance of doubt, the Residential Management Expenses shall also include such parts of the expenditure in Clause 5.4(a)(ii) which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces. (ii) Where any expenditure relates principally to the Carpark Common Areas and Facilities providing service to Owners of the Parking Spaces or any part or parts thereof (and whether or not it so relates shall save for manifest error be conclusively decided by the Manager), the expenditure shall form part of the Management Expenses of the Parking Spaces (the "Carpark Management Expenses") and shall be borne by the Owners of the Parking Spaces. For the avoidance of doubt, such part of the aforesaid expenditure which in the reasonable opinion of the Manager are attributable to the use of the Visitors’ Parking Spaces and the Accessible Parking Spaces shall be excluded from the Carpark Management Expenses and be treated as part of the Residential Management Expenses. (iii) Where any expenditure relates principally to the Development Common Areas and Facilities (and whether or not it so relates shall save for manifest error be conclusively decided by the Manager), the expenditure shall form part of the Management Expenses of the Land and the Development as a whole (the "Development Management Expenses") and shall be borne by all Owners of the Land and the Development Provided that in relation to this part of the annual management budget the Manager may take into account any payments to be made and any receipts to be obtained pursuant to any deed or deeds of gran...
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Calculation of contribution to annual management budget. (a) Subject to the provisions of this Deed, the annual management budget shall be divided into the following parts to the intent that:- (i) The first part shall cover any expenditure which in the opinion of the Manager (whose decision shall be conclusive save for manifest error) is specifically referable to the Development Common Areas and Facilities and the Land and the Building as a whole (the "Development Management Expenses") PROVIDED THAT in relation to this part of the annual management budget the Manager may take into account any payments to be made and any receipts to be obtained pursuant to any Deed(s) of Grant of Easement and any agreement, contract and undertaking. (ii) The second part shall cover all expenditure which in the opinion of the Manager (whose decision shall be conclusive save for manifest error) is specifically referable to the Residential Common Areas and Facilities (the "Residential Management Expenses"). (iii) The third part shall cover all expenditure which in the opinion of the Manager (whose decision shall be conclusive save for manifest error) is specifically referable to the Commercial Common Areas and Facilities (the “Commercial Management Expenses”).
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Related to Calculation of contribution to annual management budget

  • Form of Contribution The contribution of a member to the Company must be in cash or property, provided that if there is more than one member, all member(s) must consent in writing to contributions of property. To the extent there is more than one member, additional contributions in the same proportion shall be made by each member, except as may be approved by all member(s). A capital account shall be maintained for each member, to which contributions and profits shall be credited and against which distributions and losses shall be charged. At any time that there is more than one member, capital accounts shall be maintained in accordance with the tax accounting principles prescribed by the Treasury Regulations promulgated under Code Section 704 (the "Allocation Regulations"), so that the tax allocations provided in this Agreement shall, to the extent possible, have "substantial economic effect" within the meaning of the Allocation Regulations, or, if such allocations cannot have substantial economic effect, so that they may be deemed to be "in accordance with the member(s') interests in the Company" within the meaning of the Allocation Regulations.

  • Payment of Contributions The College and eligible academic staff members of the plan shall each contribute one-half of the contributions to the Academic and Administrative Pension Plan.

  • Allocation of Contributions You may place your contributions in one fund or in any combination of funds, although your employer may place restrictions on investment in certain funds.

  • Return of Contribution Nonrecourse to Other Members Except as provided by law, upon dissolution, each member shall look solely to the assets of the Company for the return of the member's capital contribution. If the Company property remaining after the payment or discharge of the Company's debts and liabilities is insufficient to return the cash contribution of one or more members, such member or members shall have no recourse against any other member or the Board.

  • Return of Contributions The General Partner shall not be personally liable for, and shall have no obligation to contribute or loan any monies or property to the Partnership to enable it to effectuate, the return of the Capital Contributions of the Limited Partners or Unitholders, or any portion thereof, it being expressly understood that any such return shall be made solely from Partnership assets.

  • Investment of Contributions At the direction of the Depositor (or the direction of the beneficiary upon the Depositor's death), the Custodian shall invest all contributions to the account and earnings thereon in investments acceptable to the Custodian, which may include marketable securities traded on a recognized exchange or "over the counter" (excluding any securities issued by the Custodian), covered call options, certificates of deposit, and other investments to which the Custodian consents, in such amounts as are specifically selected and specified by the Depositor in orders to the Custodian in such form as may be acceptable to the Custodian, without any duty to diversify and without regard to whether such property is authorized by the laws of any jurisdiction as a trust investment. The Custodian shall be responsible for the execution of such orders and for maintaining adequate records thereof. However, if any such orders are not received as required, or, if received, are unclear in the opinion of the Custodian, all or a portion of the contribution may be held uninvested without liability for loss of income or appreciation, and without liability for interest pending receipt of such orders or clarification, or the contribution may be returned. The Custodian may, but need not, establish programs under which cash deposits in excess of a minimum set by it will be periodically and automatically invested in interest-bearing investment funds. The Custodian shall have no duty other than to follow the written investment directions of the Depositor, and shall be under no duty to question said instructions and shall not be liable for any investment losses sustained by the Depositor.

  • What Forms of Distribution Are Available from a Xxxxxxxxx Education Savings Account Distributions may be made as a lump sum of the entire account, or distributions of a portion of the account may be made as requested.

  • How Are Contributions to a Xxxx XXX Reported for Federal Tax Purposes You must file Form 5329 with the IRS to report and remit any penalties or excise taxes. In addition, certain contribution and distribution information must be reported to the IRS on Form 8606 (as an attachment to your federal income tax return.)

  • Negotiated Funding Amount, Board Contributions 4.1.1 Each Board shall pay an amount equal to 1/12th of the annual negotiated funding amount as described in 4.1.3 to the Trustees of the OECTA ELHT by the last day of each month from and after the Board’s Participation Date.

  • Determination of Net Asset Value, Net Income and Distributions Subject to applicable federal law including the 1940 Act and Section 3.6 hereof, the Trustees, in their sole discretion, may prescribe (and delegate to any officer of the Trust or any other Person or Persons the right and obligation to prescribe) such bases and time (including any methodology or plan) for determining the per Share or net asset value of the Shares of the Trust or any Series or Class or net income attributable to the Shares of the Trust or any Series or Class, or the declaration and payment of dividends and distributions on the Shares of the Trust or any Series or Class and the method of determining the Shareholders to whom dividends and distributions are payable, as they may deem necessary or desirable. Without limiting the generality of the foregoing, but subject to applicable federal law including the 1940 Act, any dividend or distribution may be paid in cash and/or securities or other property, and the composition of any such distribution shall be determined by the Trustees (or by any officer of the Trust or any other Person or Persons to whom such authority has been delegated by the Trustees) and may be different among Shareholders including differences among Shareholders of the same Series or Class.

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