Failure to Provide Funds. If Tenant fails to deposit all or any portion of any amount requested in a Funds Request, Manager shall have the right (but not the obligation) to use or pledge Manager’s credit in paying, on Tenant’s behalf, (a) ordinary and customary Operating Expenses to the extent incurred in accordance with this Agreement, (b) Building Capital Improvements and Routine Capital Improvements to the extent incurred in accordance with this Agreement and the Lease and (c) ROI Capital Improvements then contemplated in the Annual Budget or the Lease or otherwise approved by Tenant, in which case Tenant shall pay for such goods or services when such payment is due. In addition, if Tenant fails to pay for such goods or services when such payment is due, then Manager shall have the right (but not the obligation) to pay for such goods or services, in which case Tenant shall reimburse Manager immediately upon demand by Manager (and Manager shall be entitled to reimburse itself from any available funds from the Operation of the Managed Facility, including the Operating Account) for all such amounts advanced by Manager, together with interest thereon in accordance with Section 3.4. For the avoidance of doubt, neither Manager nor Tenant shall have the right or power to pledge Landlord’s credit or property under any circumstances.
Failure to Provide Funds. If Owner fails to deposit all or any portion of any amount requested in a Funds Request, Manager shall have the right (but not the obligation) to use or pledge its credit in paying, on Owner’s behalf, (a) ordinary and customary Operating Expenses to the extent incurred in accordance with this Agreement, (b) Building Capital Improvements and Routine Capital Improvements to the extent incurred in accordance with this Agreement and (c) ROI Capital Improvements then contemplated in the Annual Budget or otherwise approved by Owner, in which case Owner shall pay for such goods or services when such payment is due. In addition, if Owner fails to pay for such goods or services when such payment is due, then Manager shall have the right (but not the obligation) to pay for such goods or services, in which case Owner shall reimburse Manager immediately upon demand by Manager (and Manager shall be entitled to reimburse itself from any available funds from the Operation of the Managed Facilities, including the Operating Account) for all such amounts advanced by Manager, together with interest thereon in accordance with Section 3.4. Notwithstanding the foregoing, Manager shall not have the rights described in this Section 5.5.3 with respect to any failure by Owner to fund or pay such amounts that is caused directly or indirectly by Manager or any of its Affiliates.
Failure to Provide Funds. If Owner fails to deposit all or any portion of any amount requested in a Funds Request, Manager shall have the right, but not the obligation, to use or pledge its credit in paying, on Owner’s behalf, (a) ordinary and customary Operating Expenses or (b) Building Capital Improvements and Routine Capital Improvements then contemplated in the Annual Budget or otherwise approved by Owner or authorized under this Agreement (but not, for avoidance of doubt, ROI Capital Improvements), in which case Owner shall pay for such goods or services when such payment is due. In addition, if Owner fails to pay for such goods or services when such payment is due, then Manager shall have the right, but not the obligation, to pay for such goods or services, in which case Owner shall reimburse Manager immediately upon demand by Manager (and Manager shall be entitled to reimburse itself from any available funds from the Operation of the Managed Facilities, including the Operating Account and the Reserve Fund) for all amounts advanced by Manager, together with interest thereon in accordance with Section 3.4.
Failure to Provide Funds. As set forth above, all amounts reasonably required by Manager for the operation and maintenance of the Facility shall be generated by the operation of the Facility, or otherwise made available by the University. If, at any time, such funds are not available or projected not to be available in the Facility Operating Account, Manager agrees to promptly inform the University in writing of any projected shortfall. To the extent Manager is unable to perform under this Agreement due to the fact that sufficient funds are not generated by the operation of the Facility or otherwise made available by the University in a timely manner, Manager will not be considered in breach or default of this Agreement.
Failure to Provide Funds. As set forth above, all amounts reasonably required by Manager for the operation and maintenance of the Facility shall be generated by the operation of the Facility, or otherwise made available by the City. To the extent Manager is unable to perform under this Agreement due to the fact that sufficient funds are not made available by the City in a timely manner, Manager will not be considered in breach or default of this Agreement.
Failure to Provide Funds. If Owner fails to deposit all or any portion of the amount requested in a Funds Request (as determined by the Operating Committee in the event of a dispute), Manager shall have the right (but not the obligation), to (a) withdraw funds from the Reserve Fund, in which case Manager shall notify Owner as promptly as reasonably possible of the making of any such withdrawal from the Reserve Funds, and Owner shall replenish the Reserve Funds in the amount of such withdrawal within thirty (30) days after such notice from Manager to Owner; (b) advance such funds on Owner’s behalf; or, (c) use its credit to incur, on Owner’s behalf, (i) any Operating Expenses and (ii) expenditures for Routine Capital Improvements or Major Capital Improvements then provided for in the Business Plan or otherwise approved by Owner or authorized under this Agreement, in which case Owner shall pay for such goods or services when such payment is due. If Owner fails to pay for such goods or services when such payment is due, then Manager shall have the right (but not the obligation), without affecting Manager’s other remedies under this Agreement, to pay for such goods or services. In the event of any advance by Manager, or Manager’s payment for such goods or services, Owner shall reimburse Manager within thirty (30) days of demand by Manager, together with interest thereon as provided in Section 4.2, and Manager shall have the right to reimburse itself from any available funds from the Operation of the Managed Facilities (including the Operating Accounts and the Reserve Funds), prior to any distributions to Owner, for all amounts advanced by Manager, together with interest thereon as provided in Section 4.2.
Failure to Provide Funds. If Owner fails to deposit all or any portion of the Initial Working Capital or the amount requested in an Operating Funds Request, Operator shall have the right (but not the obligation) to use its credit to incur, on Owner’s behalf, (a) any Operating Expenses and (b) expenditures for Routine Capital Improvements, Building Capital Improvements or ROI Capital Improvements then contemplated in the Operating Plan or otherwise approved by Owner or authorized under this Agreement, in which case Owner shall pay for such goods or services when such payment is due. If Owner fails to pay for such goods or services when such payment is due, then Operator shall have the right (but not the obligation) to pay for such goods or services, in which case Owner shall reimburse Operator immediately upon demand by Operator, and Operator shall have the right to reimburse itself from any available funds from the Operation of the Hotel (including the Operating Account and the Reserve Fund) for all amounts advanced by Operator, together with interest thereon.
Failure to Provide Funds. In the event Association (i) fails to disburse funds requested by Manager relating to the operation of the Managed Elements pursuant to the budget or in respect of Reserve Amounts (ii) fails to reimburse Manager for actual expenses incurred by Manager in connection with the Management Services or (iii) fails to adopt a budget at levels sufficient to permit Manager to maintain the Managed Elements in a manner consistent with the Hotel Standards and such breach is not cured within thirty (30) days after written notice from Manager to the Association, the Manager shall be entitled to either submit the dispute to arbitration in accordance with Section 6.3 below, pursue its remedies under Section 6.2 below or to expend its own funds for such purpose and seek reimbursement from the Association for such costs, together with interest thereon, from the date of demand for reimbursement on the Association until repayment at the interest rate published in the Wall Street Journal money rates section (eastern edition) from time to time as the prime rate plus two percent (2%). If the Wall Street Journal ceases to publish the prime rate, and such prime rates are no longer generally published or are in limited, regulated or administered by a governmental or quasi-governmental body, Manager, at its reasonable discretion, shall select a comparable interest rate index. In the event the Association fails to pay the reimbursement, together with interest thereon, within thirty (30) days of written demand, then Manager shall be entitled to recover reasonable attorney fees and costs of collection. Manager shall be entitled to pursue its equitable and legal remedies in state or federal court in the event the Association fails to pay the reimbursement and interest thereon as demanded by Manager and shall not be required to arbitrate such issue unless a Dispute (as hereinafter defined) is submitted by the Association to binding arbitration pursuant to Section 6.3 below within thirty (30) days of receipt by the Association of Manager’s demand for payment. If the Association or the Manager disputes the failure of the Association to comply with the requirements of Section 6.1(iii) (a “Dispute”), either party may submit the dispute to arbitration in accordance with Section 6.3 of this Agreement. If the Association fails to submit a Dispute to arbitration pursuant to Section 6.3 within the thirty (30) day period specified above, it shall be deemed to have irrevocably waived its right to a...
Failure to Provide Funds. If a Member fails to pay when due all or any portion of any Capital Contribution, upon notice provided by the Manager, the other Member(s) shall request the non-defaulting Member(s) pay the unpaid amount of the defaulting Member’s Capital Contribution (the “Unpaid Contribution”). To the extent the Unpaid Contribution is contributed by any other Member, the defaulting Member’s Percentage Interest shall be reduced and the Percentage Interest of each Member who makes up the Unpaid Contribution shall be increased, so that each Member’s Percentage Interest is equal to a fraction, the numerator of which is that Member’s total Capital Contribution and the denominator of which is the total Capital Contributions of all Member(s). Exhibit A shall be amended accordingly. This remedy is in addition to any other remedies allowed by law or by this Agreement.
Failure to Provide Funds. If available funds needed for payment do not reach the Agent by any interest payment date, payment of items may be refused and the Issuer may be charged for reasonable expenses incurred and extra service performed in accordance with the Agent’s fee schedule in effect at the time of the payment date. The Issuer shall pay all charges or penalties from depositories if they fail to make timely payments provided, however, that the Agent agrees to abide by the depository requirement for same day wire transfer of funds for debt service payment.
