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. 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 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 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 schedule in effect at the time of the payment date. If the Note is issued under the Minnesota Credit Enhancement Program, the Agent will notify the State of non-payment pursuant to Minnesota State Statute 446A.086, and disburse funds when they are made available.
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 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.
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.
