Contingency Reserve. (a) Following the satisfaction of the Initial Advance Conditions, and subject to the prior approval of Lender in its sole discretion, Borrower may revise the Project Loan Budget to move amounts available under any Line Item that are designated to “Contingency” to other Line Items in the Project Loan Budget. In no event may the Contingency Line Item of the Building Loan Budget be reallocated to any Line Item in the Project Loan Budget. Provided no Event of Default exists and with Lender’s consent (which shall not be unreasonably withheld), after Completion of the Improvements, Borrower may draw amounts available under the Contingency Line Item of the Project Loan Budget to fund Shortfalls in monthly interest due, which amounts shall be deposited in the Interest Reserve. Such drawing shall be in addition to any Interest Reserve Line Item advanced under the Project Loan pursuant to Section 2.14.10 hereof.
(b) Following the occurrence of Final Completion, Lender shall reasonably cooperate with Borrower to amend the Project Loan Budget, Building Loan Budget, Project Loan Documents and Building Loan Documents such that: (x) the Building Loan Budget is amended to remove the amounts then available under the Building Loan Budget either in the contingency Line Item or as cost savings from other Line Items (the “Contingency Excess”) and the Building Loan Amount is reduced by the Contingency Excess; and (y) the contingency line item of the Project Loan Budget and the Project Loan Amount are increased by the Contingency Excess. Borrower and Lender shall execute and deliver such documents, certificates and instruments as may be reasonably required to effect the above described re-allocation, including, without limitation, the filing of an amended Section 22 Affidavit and the modification of the Project Loan Documents and Building Loan Documents to reflect the respective changes in the Project Loan Amount and the Building Loan Amount and Borrower shall obtain such other evidence as Lender may reasonably request to confirm that none of the foregoing shall adversely impact the validity or priority of its security interests in the Property or otherwise adversely impact its rights and remedies under the Loan Documents including, without limitation, appropriate endorsements to the title insurance policy. Borrower shall pay any and all title insurance, recording and other charges and all reasonable costs and expenses (including legal fees) incurred by Lender in connection with...
Contingency Reserve. At the time of the first advance made pursuant to this Agreement, Lender shall establish an contingency reserve of $400,000 of the principal amount of the Loan, which amount is to be used exclusively for the payment of bona fide and required direct production costs which are in excess of the amount set forth in the applicable line item in the Approved Budget and which cannot be funded by a Budget underage ("Contingency Reserve").. The payment of any such costs shall be treated as advances and added to the outstanding principal balance owed by Borrower to Lender.
Contingency Reserve. As the year progresses it is possible that a number of unanticipated demands on employee representative time (e.g. employment relations based projects) might arise. It is therefore important that a contingency reserve of funded time is attained to allow for this. Unused Learning and Development time, for which Operational Replacement Resource has been provided, could be used (see 2.5). Hours Hours
Contingency Reserve. Following the satisfaction of the Initial Advance Conditions, and subject to the prior approval of Lender in its sole discretion, Borrower may revise the Building Loan Budget to move (i) amounts available under any Line Item for Hard Costs that are designated to “Contingency” to other Line Items for Hard Costs in the Building Loan Budget, or (ii) amounts available under any Line Item for Soft Costs that are designated “Contingency” to other Line Items for Soft Costs in the Building Loan Budget. Any cost savings shall be allocated in accordance with Section 5.1.33 hereof. In no event may the Contingency Line Item of the Building Loan Budget be reallocated to any Line Item in the Project Loan Budget. The Contingency Line Item in the Building Loan Budget for Hard Costs shall contain at least five percent (5%) of the total projected Hard Costs, separate from the Contingency Line Items in the Project Loan Budget.
Contingency Reserve. The Borrower covenants and agrees that the amount allocated as Contingency Reserves in each Construction Budget shall not exceed ten percent (10%) without the prior approval of the Agent.
Contingency Reserve. The amount allocated as “contingency” or “contingency reserve” in the Project Budget will only be disbursed upon the prior approval of Lender, such approval not to be unreasonably conditioned, withheld or delayed. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”, provided, however, that in the event such “contingency” line item may have increased from the amount set forth in the original Project Budget, due to savings reallocated to such “contingency” line item, then Borrower may receive disbursement from such “contingency” line item without Lender’s approval (subject, however, to satisfaction of all other conditions to the making of a Loan set forth in this Agreement), so long as the amount remaining undisbursed from such “contingency” line item remains greater than amount of such “contingency” line item as set forth in the original Project Budget. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”.
Contingency Reserve. The Budget includes a contingency reserve in an amount designated in the Budget, and which may be disbursed by Lender at its sole discretion to effectuate the purposes of this Agreement. Interest will be payable by Borrower to Lender on that portion of the contingency reserve actually disbursed by Lender. The contingency reserve will be included in the computation of the undisbursed portion of the Loan for purposes of determining whether the undisbursed portion of the Loan will be sufficient to complete the construction of the Improvements.
Contingency Reserve. The amount allocated as Contingency Reserve in the Project Budget is not intended to be disbursed and will only be disbursed upon the prior approval of the Lender, which approval will not be unreasonably withheld. The disbursement of a portion of Contingency Reserve shall in no way prejudice the Lender from withholding disbursement of any further portion of Contingency Reserve.
Contingency Reserve. Any amount allocated as Contingency Reserve in the Construction Budget is not intended to be disbursed and will only be disbursed upon the prior approval of the Bank, which approval can be withheld for any reason or for no reason. The disbursement of a portion of the Contingency Reserve shall in no way prejudice the Bank from withholding its consent to disbursement of any further portion of the Contingency Reserve.
Contingency Reserve. Upon ratification of this Agreement, Landlord shall remit to the Agent the sum of $300 to be deposited in the Escrow Account(s) as a contingency reserve. If Agent is required to make payments for Agent’s compensation, mortgages, HOA/Condo dues or taxes, the Landlord will maintain with Agent a contingency reserve fund equal to $300 plus the aggregate of one-month payment to be disbursed. The Landlord shall periodically remit to Agent, upon demand, supplemental funds sufficient to maintain the contingency reserve at the amount required, as noted above (i.e., $300 or $300 plus one month’s obligations). Agent shall not be obligated to disburse funds to any third party in excess of Landlord’s then-available amount; however, Agent may, solely at Agent’s option, make such disbursements from Agent’s operating funds, in which case Landlord agrees to, and shall, immediately upon notice from Agent of such disbursement(s), reimburse Agent for such funds as Agent may then demand. Landlord shall, as required, furnish Agent adequate advance written notice, with appropriate information, in any event that Landlord desires the agent to make any additional disbursements, whether one-time, periodic, or recurring, and shall advance to Agent such additional funds as may be necessary to meet the revised contingency reserve requirements.
