Contingency Reserves. The Board shall have the right to set aside Company funds in such reserves as it in its discretion determines to be prudent for the operation of the Company's business, including sums the Board deems necessary to reserve for the future payment or reduction of any Company obligations.
Contingency Reserves. Upon notice to Agent and provided no Event of Default exists, the amount allocated as Contingency Reserve in the respective Project Budgets may be disbursed for other line items in such Project Budget.
Contingency Reserves. The Contingency Reserves shown on the June 30, 1995 Balance Sheet are consistent with past practice, and the Contingent Reserve Amount will be adequate to pay all Specified Contingent Liabilities.
Contingency Reserves. The Managing Committee shall have the right to set aside Company funds in such reserves as it in its reasonable discretion determines to be prudent for the operation of the Company’s business, including any sums the Managing Committee deems necessary to reserve for the future payment or reduction of any Company obligations.
Contingency Reserves. The Company will maintain a contingency reserve in an aggregate amount of at least three percent (3%) of the aggregate Capital Accounts of the Members.
Contingency Reserves. 11 No Reinvestment of Net Income Available for Distribution...............11 Net Income Available for Distribution..................................11
Contingency Reserves. 32 2.12 STORED MATERIALS; DEPOSITS........................................... 33
Contingency Reserves. At any time and from time to time, the amounts allocated in each Budget as Project Loan Contingency shall be disbursed or moved to another line item upon request by Borrower and upon approval by Agent, which approval shall not be unreasonably withheld, and may be used only for Project Loan Costs set forth in the applicable Budget for which such contingency has been reserved.
Contingency Reserves. A and `C' (hereinafter referred to as the `Reserves') shall be utilised for the benefit of employees in the Industry as the Council may determine: Provided that -
(i) any such leave pay or additional holiday pay or part thereof as the Council may regard as being in excess of what is required to finance the Reserves shall be forfeited to the Council;
(ii) any leave pay or additional holiday pay that has been forfeited to the Council or paid to the Reserves in terms of this subclause, and that is subsequently claimed by the beneficiary, may be paid out at the discretion of the Council;
(iii) subject to proviso (ii), any money forfeited to the Council shall, in the case of a beneficiary who was a member of either the Motor Industry Staff Association (MISA) or the National Union of Metalworkers of South Africa, be credited separately in the books of account of the Council in accounts to be styled the "A" Contingency Account or “C” Contingency Account respectively.
Contingency Reserves. At any time and from time to time, the amounts allocated in each Budget as Building Loan Contingency (Hard Costs) and the amounts allocated in each Budget as Building Loan Contingency (Soft Costs) shall be disbursed or moved to another line item upon request by Borrower and upon approval by Agent, which approval shall not be unreasonably withheld, and may be used only for Building Loan Costs set forth in the applicable Budget for which such contingency has been reserved.
