Interim Balancing Requirement Sample Clauses

Interim Balancing Requirement. Within thirty (30) days after the Interim Reconciliation Date, Development Manager shall prepare calculations comparing the Remaining Funding Obligation to the estimated remaining Project Costs as of the Interim Reconciliation Date and submit such calculations to Owner. The “Remaining Funding Obligation” shall be determined by subtracting the aggregate amount of Project Costs actually paid by Owner as of the Interim Reconciliation Date from the Guaranteed Delivery Price (as it may have been adjusted for Permitted Changes previous to the Interim Reconciliation Date). Owner shall have fourteen (14) days to review and either approve or disapprove such calculations. If Development Manager does not provide such calculations within such thirty-day period, or if Owner reasonably disapproves such calculations provided by the Development Manager, then Owner may prepare such calculations itself based on previous reporting by the Development Manager pursuant to this Agreement. If such calculations (as approved by Owner, or with such modifications as Owner and Development Manager may mutually agree upon, in their respective reasonable discretion, or as prepared by Owner if Development Manager does not prepare them within the required time period above) indicate that (a) 110% of the Remaining Funding Obligation is less than (b) the aggregate of (i) remaining Project Costs (less any unused Contingency) required to achieve Completion of the Project on or prior to the Guaranteed Completion Date and otherwise in accordance with the Development Budget and Project Schedule (as each may have been adjusted pursuant to this Agreement previous to the Interim Reconciliation Date), and (ii) any earned but unpaid retention amounts then payable to third parties, then the Development Budget shall be deemed “out-of-balance” and the difference resulting from such calculation (the “Interim Rebalancing Amount”) shall be paid by Development Manager to Owner within fourteen (14) days after receipt of Owner’s Payment Demand therefor. Upon payment of the Interim Rebalancing Amount, Development Manager may amend the Letter of Credit without Owner’s consent to reduce the stated amount by the Interim Rebalancing Amount. If Development Manager fails to pay the Interim Rebalancing Amount within fourteen (14) days after the receipt of Owner’s Payment Demand therefor, then Owner may, without notice to Development Manager, draw upon the Letter of Credit and use the proceeds from such draw to reimbur...
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Related to Interim Balancing Requirement

  • Post-Closing Requirements Borrowers shall complete each of the post-closing obligations and/or provide to Agent each of the documents, instruments, agreements and information listed on Schedule 7.4 attached hereto on or before the date set forth for each such item thereon, each of which shall be completed or provided in form and substance satisfactory to Agent.

  • Closing Requirements Closing shall occur after approval of title commitment, as described hereinabove. a) At closing, Seller shall do the following: 1. Duly execute, acknowledge and deliver to Buyer, a Quit Claim Deed conveying the Property to Buyer, free and clear of all liens, claims, pledges and encumbrances. b) At closing, Buyer shall do the following: 1. Execute and provide at closing, all documents reasonably required by the City for closing. 2. Tender payment at closing for the purchase price and all associated closing costs described herein.

  • Funding Requirements If Subrecipient receives funds pursuant to this Contract for more than one program, the funds received by Subrecipient for each program shall be expended only for that program, and Subrecipient shall not expend more funds for any program than are set forth in the Attachment C, Budget Schedule(s) for that program. Subrecipient shall operate continuously throughout the term of this Contract with at least the minimum number and type of staff and volunteers required for provision of the services described. Such staff and volunteers shall be qualified in accordance with all applicable statutes and regulations. Subrecipient agrees to submit to Administrator, upon request, a list of persons, including employees, subcontractors and volunteers, who are to provide such services, and any changes to said list, by name, title, professional degree, and experience.

  • Staffing Requirements Licensee will be in full compliance with the main studio staff requirements as specified by the FCC.

  • Operating Requirements Any operating and technical requirements that may be applicable due to Regional Transmission Organization, Independent System Operator, control area, or the Connecting Transmission Owner’s requirements, including those set forth in the Small Generator Interconnection Agreement. Operating Requirements shall include Applicable Reliability Standards.

  • Minimum Balance Requirements To be a member and maintain Accounts with Us You must purchase 1 share in the Credit Union. The par value of a share in this Credit Union is $5.00. If the balance in Your primary share Account drops below 1 share ($5.00), at any time, We may, at Our option, close Your Account. Nonsufficient Funds Returns. Any share draft or pre-authorized transfer, or transaction made through the use of a debit card, or other electronic means, as is applicable (including any in-person transaction), that is presented to Us for payment on Your Account when Your Account lacks sufficient collected funds to pay any such item may, at Our option, be returned for nonsufficient funds or We may honor any such item and charge You a fee for doing so. Overdraft Balance Calculation. When processing transactions that debit or credit Your Account, We start each Business Day with Your final Account balance from the preceding Business Day. The final balance takes into account all of the debit and credit transactions that were settled that Business Day pursuant to Our Funds Availability Policy, as well as any other debits or credits to Your Account that were finally settled that day, as described above in the "Deposit of Items" and "Collection and Processing of Items" sections of the Account Agreement. This starting balance at the beginning of a Business Day (the preceding Business Day's final balance) is sometimes referred to as Your "actual balance."

  • Trunking Requirements The Parties will provide designed Interconnection facilities that meet the same technical criteria and service standards, such as probability of blocking in peak hours and transmission standards, in accordance with current industry standards.

  • Bonding Requirements The Contractor is required to furnish a performance bond on the form in a form acceptable to the City, in a sum of not less than [insert bonding level] of the annual amount of the contract to guarantee the faithful performance of this contract. The bond must be approved as to sufficiency and qualifications of the surety by the Controller.

  • Posting Requirements Seller shall post the Development Security in accordance with the following terms and conditions: (i) Seller shall post one-half of the Development Security within thirty

  • Monitoring Requirements This Schedule sets out the contract management requirements which are applicable to the delivery of the Services.

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