Operating Reserve. Contributions by the Municipality prior to March 31, 2021, towards Eligible Operating Expenses that have been matched with a Provincial share Contribution but have not been used to fund incurred Eligible Operating Expenses.
i. Any expenditure of monies from the Operating Reserve will only be credited towards shareable Eligible Operating Expenses for the transit system for which it was collected.
i. The Operating Reserve excludes amounts collected from the Municipality on Lease Fees and will not be used toward Lease Fees.
ii. The Authority will provide a quarterly statement of account of the Operating Reserve balance including contributions, amounts utilized and any interest earned for the Operating Reserve.
Operating Reserve. 5 1.29 Original PJM Agreement.......................................... 5 1.30
Operating Reserve. Any needed short term financing until the Crown Unit is sold.
Operating Reserve. SPINNING RESERVE SERVICE
Operating Reserve. No advances from the Operating Reserve shall be made until both a certificate of occupancy has been issued by the applicable governmental authorities and, if applicable to the Facility, an operating license has been issued for the Facility by the appropriate Governmental Authority or Authorities. Advances from the Operating Reserve shall be for the sole purpose of paying Debt Service or net operating losses as shown on a monthly financial report for such Facility prepared in accordance with the requirements set forth in this Agreement, and certified by the Chief Financial Officer, Executive Vice President or President of the Guarantor.
Operating Reserve. Contractor shall maintain, at all times during the term of this Agreement, an unallocated operating reserve at least equal to 11.5 percent of the total annual contract amount. Contractor shall maintain, at all times during the term of this Agreement, an additional reserve (distinct from the reserve identified in Section 20.A above) in an amount at least equal to outstanding employee leave balances. [The unallocated operating reserve shall be established and maintained according to procedures developed by the Contractor’s Board of Directors. Expenditures from the unallocated operating reserve shall follow the procedures set forth by the Board of Directors and shall be reflected in the financial information the Contractor furnishes to the Court.] Contractor shall notify the Court within forty-five (45) calendar days if any reserve required by this Section 20 falls below the applicable minimum level. Contractor shall include with the notification: (1) a detailed explanation of the reason(s) for the reduced reserve level and (2) a plan for specific operational change(s) to increase the reserve to the mandatory minimum level. Contractor shall not be deemed to be in breach of this Agreement if any reserve required by this Section 20 falls below the applicable minimum level if Contractor has implemented a plan to raise the applicable reserve to the minimum level within a reasonable period of time. For avoidance of doubt, any line of credit or similar instruments may be used to determine whether the reserves required under this Section 20 have been met. Contractor understands and agrees that, in the performance of the Services under this Agreement or in contemplation thereof, Contractor may have access to private or Confidential Information that may be owned or controlled by, or entrusted to, the Court, their personnel or constituents and that the disclosure of such information to Third Parties may be damaging to the Court. Contractor agrees that all information disclosed to Contractor in connection with this Agreement shall be held in confidence and used only in the performance of the Agreement. Contractor shall exercise the same standard of care to protect such information as Contractor uses to protect its own proprietary information and in any case, no less than a reasonably prudent person or entity would use to protect its own proprietary data. Notwithstanding the foregoing, Contractor may disclose the Confidential Information to the extent necessary to comply...
Operating Reserve. Operating Reserve shall mean the amount of generating capacity scheduled to be available for a specified period of an operating day to ensure the reliable operation of the PJM Region, as specified in the PJM Manuals.
Operating Reserve. PSC will maintain an operating reserve of at least $5,000.
Operating Reserve. To the extent funds of the Partnership are sufficient for this purpose, the General Partner shall maintain an adequate reserve for potential losses, for operating expenses, and for future investments in the amount as may reasonably be deemed necessary by the General Partner for the proper conduct of the business of the Partnership.
Operating Reserve. Borrower shall have the right, at its option, to establish and maintain, from time to time, from funds on deposit in Borrower’s Operating Account, an operating reserve (the “Operating Reserve”) provided that any such Operating Reserve shall (a) be in all respects subject to the terms and conditions of this Agreement and (b) be funded and utilized solely in accordance with the terms and conditions set forth in this Agreement. The Operating Reserve shall be subject to the following limit (the “Operating Reserve Limit”): the maximum amount permitted to be in the Operating Reserve at any time shall be $1,000,000.00. If at any time Borrower elects to establish and maintain an Operating Reserve, Borrower shall submit to Agent, for its approval, a budget of all expenditures to be made from such Operating Reserve. Such Operating Reserve budget shall be updated by Borrower from time to time and each update also shall be subject to Agent’s approval. Any such Operating Reserve budget, or updated budget, approved by Agent is referred to herein as an “Approved Operating Reserve Budget”. Borrower shall be permitted to utilize funds in the Operating Reserve for Permitted Lease-Up Expenses and other expenses which would qualify as a Protective Advance in accordance with the then effective Approved Operating Reserve Budget. From time to time, as contemplated in Section 5.1.2(j) above, Borrower shall be entitled to request that Net Cash Flow be deposited into the Operating Reserve. At no time shall Agent be required to deposit Net Cash Flow into the Operating Reserve in excess of the lesser of (a) the amount set forth in the then effective Approved Operating Reserve Budget, or (b) the then applicable Operating Reserve Limit. In connection with each such request, Borrower shall submit to Agent, for Agent’s approval, (a) a report (an “Operating Reserve Report”) detailing on an Asset-by-Asset basis all expenditures made by Borrower from the Operating Reserve since the last Operating Reserve Report submitted to Agent and setting forth a calculation, on a cumulative basis, of all expenditures made from the Operating Reserve from the Closing Date through the date of the Operating Reserve Report in question; which Operating Reserve Report will be in all respects reasonably satisfactory to Agent, and (b) invoices and such other back-up information as Agent may require evidencing all such expenditures from the Operating Reserve.
