Owner Funding. Owner reasonably believes that sufficient funds are anticipated to pay all amounts due hereunder and hereby covenants and agrees that it will use its best efforts to obtain and properly request and pursue funds from which payments hereunder may be made, including making provisions for such payments to the extent necessary in the budget submitted for the purpose of obtaining funds and using its best efforts to have such budget approved. It is Owner's intention to make all payments due hereunder if funds are legally available therefor and in that regard Owner represents and warrants to Architect that this agreement is important to Owner's efficient and economic operation. If, despite the above, Owner is not allotted sufficient funds for the next succeeding fiscal period by appropriation, appropriation limitation, grant, or other funds source lawfully available to it for such purposes to continue the Project and make payments hereunder, Owner may terminate this Agreement, by notice to Architect, without penalty, effective at the end of the current fiscal period for which funds have been allocated and if not so terminated Owner will remain fully obligated for all amounts owing hereunder. Such termination shall not constitute an event of default under any other provision of the Agreement, but Owner shall be obligated to pay all charges incurred through the end of such fiscal period. Owner shall give Architect notice of such non-availability of funds within thirty (30) days after it received notice of such non-availability.
Owner Funding. Owner shall use its commercially reasonable best efforts to maintain and to deposit into the applicable Bank Accounts, in accordance with the time periods described in the SMMA Operations Manual, all funds required for Manager to operate and maintain the Park in accordance with the terms recited herein, including, without limitation, funds for Manager to timely (i) fund Operating Deficits, if any, and (ii) maintain a cash balance in the applicable Bank Account for Working Capital for the Park in an amount set forth in the Budgets, or such other amount proposed by Manager from time to time and approved by Owner (the “Cash Balance”). Manager shall not under any circumstance be required to, or be deemed to have any duty to, advance any of its own funds for the operation of the Park.
Owner Funding. Within thirty (30) Days after the execution of this CO-012 and continuing monthly thereafter, the chief financial officers and/or treasurers for both Parties shall meet and confer via teleconference on a monthly basis at a mutually agreeable time to discuss whether Owner has sufficient funds (in an amount at least equal to two months of funds for upcoming forward payments as listed in the LNTP No. 2 Payment Schedule (Exhibit C) through itself and financing) to continue to fulfill its payment obligations under LNTP No. 2 and to confirm that no event has come to the attention of Owner which would materially and adversely affect the continued availability of such funding. If Owner fails to timely make payment in accordance with the LNTP No. 2 Payment Schedule (Exhibit C) or indicates that an event has come to the attention of Owner which would materially and adversely affect the continued availability of the funding for LNTP No. 2 then, Contractor may, upon providing fifteen (15) Days’ written notice to Owner (and provided that Owner does not cure such circumstance within such fifteen (15) Day period), suspend performance of the Work under LNTP No. 2 until Owner provides written confirmation meeting the criteria referenced above in this Section. Contractor shall be entitled to a Change Order on account of any suspension in accordance with this Section, provided that Contractor complies with the requirements in Sections 6.2, 6.5 and 6.9 of the Agreement.
