Funds Request Sample Clauses
A Funds Request clause outlines the process by which one party can formally request the disbursement of funds from another party under a contract. Typically, it specifies the documentation required, such as invoices or progress reports, and may set timelines for submission and approval of requests. This clause ensures that payments are made in an orderly and transparent manner, reducing the risk of disputes over payment timing or justification.
Funds Request. If at any time the Managers reasonably determine that (i) the available funds in the Operating Accounts for the Crystals Component are insufficient to allow for the uninterrupted and efficient operation of the Crystals Component in accordance with the terms of this Agreement, (ii) the Working Capital is less than the amount required under Section 9.1, (iii) the available funds in the Replacement Reserve Fund are insufficient to allow for the payment of all Capital Improvements and structural repairs and purchase of Equipment approved in the applicable Project Budget for such Operating Year, or (iv) the Manager requires funds for any Capital Improvements approved by Owner in the Project Budget, such Manager shall notify Owner in writing of the existence and amount of the shortfall, which written notice shall include a reasonably detailed explanation of the need for the funds so requested. Upon concurrence by the Members under the Joint Venture Agreement of the request from the Manager for additional funds, then Owner shall deposit into the corresponding Operating Accounts or Replacement Reserve Fund, as applicable, such funds agreed to be funded by Owner within a reasonable time following the Members’ approval of any such funds.
Funds Request. By no later than (i) the first (1st) anniversary of the date on which funds are first deposited by Members into your CathCAP Institution Account, and thereafter on each anniversary thereof, or (ii) such other date in each calendar year following such anniversary as may be notified to you in writing (including by email notification) by the CathCAP Coordinator at its sole discretion, but in either case no more than once each calendar year, you may submit a written request (a “Funds Request”) to the CathCAP Coordinator to receive all or part of the funds donated to the CathCAP Institution Account (“Account Funds”) for use in connection with (A) one or more Mission-Based Projects or (B) other projects or activities that the CathCAP Institution wishes to support that further the tax- exempt purpose of CCC and are approved by the CathCAP Coordinator (“Other Projects”); provided, that (x) CathCAP shall retain five percent (5%) of the Account Funds for administrative costs, and (y) Account Funds requested for Other Projects may not exceed one-third (1/3) of the Account Funds donated to the CathCAP Institution Account during the twelve (12) months immediately preceding such request.
Funds Request. If at any time Operator reasonably determines that (i) the available funds in the Operating Accounts are insufficient to allow for the uninterrupted and efficient operation of the Hotel in accordance with the terms of this Agreement, (ii) the Working Capital is less than the amount required to be maintained under Section 3.6.1, (iii) the available funds in the Replacement Reserve Fund are insufficient to allow for the payment of all purchases of Equipment, or (iv) Operator requires funds for any Capital Improvements approved by Owner in the Capital Budget, Operator shall notify Owner of the existence and amount of the shortfall (a “Funds Request”) and, within the later of (i) ten (10) days following the delivery of the Funds Request, if such funds are required by Operator immediately, or (ii) five (5) business days prior to the date upon which amounts in the Funds Request are due and owing, Owner shall deposit into the Operating Accounts, Sub-Accounts or Replacement Reserve Fund, as applicable, the funds requested by Operator in the Funds Request (in no event shall Owner have any personal liability to make any such deposit).