Common use of Manager Disbursements Clause in Contracts

Manager Disbursements. From Project funds collected and deposited in the Project Account, but only to the extent sufficient funds are available and only if Owner has not elected to pay such amounts directly or instructed Manager in writing to the contrary, Manager shall cause to be disbursed regularly and punctually amounts otherwise due and payable as operating expenses of the Project authorized to be incurred under the terms of this Agreement, including, without limitation, the Monthly Management Fee and Manager's reimbursable expenses. Any balance remaining in the Project Account after disbursements have been made and appropriate, as determined by the Operating Plan, reserves have been established and funded, shall be disbursed or transferred as generally or as specifically directed from time to time by Owner. If at any time the funds in the Project Account are insufficient to pay all the expenses which Manager is required or permitted to pay pursuant to this Agreement, Manager shall give Owner notice of the need for additional funds and, in the event that Owner fails to furnish sufficient funds to pay for the foregoing: (i) Manager may draw from the Project account its Monthly Management Fee and reimbursable expenses, then (ii) Manager shall apply the remaining funds available to satisfy outstanding liabilities, costs and expenses, according to such priority as Owner directs; (iii) Manager shall have no liability whatsoever for any consequences arising from such failure by Owner; and

Manager Disbursements. From Project funds collected and deposited in the Project Account, but only to the extent sufficient funds are available and only if Owner has not elected to pay such amounts directly or instructed Manager in writing to the contrary, Manager shall cause to be disbursed regularly and punctually amounts otherwise due and payable as operating expenses of the Project authorized to be incurred under the terms of this Agreement, including, without limitation, the Monthly Management Fee and Manager's reimbursable expenses. Any balance remaining in the Project Account after disbursements have been made and appropriate, as determined by the Operating Plan, reserves have been established and funded, shall be disbursed or transferred as generally or as specifically directed from time to time by Owner. If at any time the funds in the Project Account are insufficient to pay all the expenses which Manager is required or permitted to pay pursuant to this Agreement, Manager shall give Owner notice of the need for additional funds and, in the event that Owner fails to furnish sufficient funds to pay for the foregoing: (i) Manager may draw from the Project account its Monthly Management Fee and reimbursable expenses, then (ii) Manager shall apply the remaining funds available to satisfy outstanding liabilities, costs and expenses, according to such priority as Owner directs; (iii) Manager shall have no liability whatsoever for any consequences arising from such failure by Owner; andand (iv) Owner hereby indemnifies Manager and agrees to defend and hold Manager harmless from any and all claims or actions by third parties and all liability, cost and expense arising from failure to make any expenditures or from inability to draw checks or from the failure or refusal of any entity upon which a check is drawn to honor same by reason of the failure of Owner to provide sufficient funds in response to such notice.