Set-Aside Funds Sample Clauses

Set-Aside Funds. If Tenant is required to deposit the --------------- Set-Aside Funds pursuant to Paragraph 5.1, then within five (5) days after the ------------- parties have mutually agreed upon a cost estimate for the Tenant Improvements as provided above, Tenant shall deposit into a separate account with any financial institution designated by Landlord, in Tenant's name, subject to restrictions in favor of such financial institution, an amount (the "Set-Aside Funds") equal to --------------- (a) the entire amount of Tenant's Share of Tenant Improvement Costs, based on the assumption that the Tenant Improvement Costs shall equal such cost estimate, and (b) all other amounts to be deposited by Tenant in such account pursuant to the terms of the Build to Suit Option Agreement. Landlord shall instruct such financial institution to hold the Set-Aside Funds in a separate interestbearing account with interest to accrue for Tenant's account, and shall utilize the Set- Aside Funds to pay for Tenant's Share of Tenant Improvement Costs and any other obligations of Tenant pursuant to the Build to Suit Option Agreement. Before commencement of construction of any subsequent portion of the Tenant Improvements, Tenant shall deposit in such account an additional amount equal to Tenant's Share of Tenant Improvement Costs for such subsequent Tenant Improvements.

Set-Aside Funds. Before payment of any dividend, there may be set aside out of any funds of the Corporation available for dividends such sums as the directors from time to time, in their absolute discretion, think proper as a reserve or reserves to meet contingencies, or for equalizing dividends, or for repairing or maintaining any property of the Corporation, or for such other purpose as the directors shall determine to be in the best interest of the Corporation, and the directors may modify or abolish any such reserve in the manner in which it was created.

Set-Aside Funds. Within five (5) days after the parties have mutually agreed upon the cost estimate for the Tenant Improvements pursuant to Paragraph 3 above, Tenant shall deposit into a separate account with Comerica Bank an amount (the "Set-Aside Funds") equal to the aggregate total of the Excess Improvement Costs, based on the assumption that the Tenant Improvement Costs shall equal such cost estimate. Landlord shall instruct Comerica Bank to hold the Set-Aside Funds in a separate interest-bearing account with interest to accrue for Tenant's account, and shall utilize the Set-Aside Funds to pay for the Excess Improvement Costs in the manner set forth in this Paragraph 5.

Set-Aside Funds. Within five (5) days after the parties have --------------- mutually agreed upon the cost estimate for the Tenant Improvements pursuant to Paragraph 3 above, Tenant shall deposit into a separate account with any ----------- financial institution designated by Landlord, in Tenant's name, subject to restrictions in favor of such financial institution, an amount (the "Set-Aside --------- Funds") equal to the Tenant Improvement Costs for the portion of the Tenant ----- Improvements that Landlord then intends to commence, based on the assumption that the Tenant Improvement Costs shall equal such cost estimate. Landlord shall instruct such financial institution to hold the Set-Aside Funds in a separate interest-bearing account with interest to accrue for Tenant's account, and shall utilize the Set-Aside Funds to pay for the Tenant Improvement Costs in the manner set forth in this Paragraph 5. Before commencement of construction ----------- of any subsequent portion of the Tenant Improvements, Tenant shall deposit in such account an additional amount equal to the Tenant Improvement Cost for such subsequent Tenant Improvements.

Set-Aside Funds. A. Currently, approximately 2.45% of the ad valorem property tax revenue generated from property located within the City is reserved for the support of the County Free Library System in accordance with the provisions of Article 2 (commencing with Section 96) of Chapter 6 of Part 0.5 of Division 1 of the Revenue and Taxation Code. B. For purposes of this MOU, Set Aside Funds shall refer to the yearly difference in the amount of property tax received from City property owners and reserved for the County Library, and the cost of providing Library and debt services at the Manhattan Beach Library. C. In each fiscal year since 2006-07, County Library has placed Set Aside Funds in a separate budgetary fund with the intent of improving the library facilities and providing more enhanced services and programs at the library. The parties agree that the current amount of Set Aside Funds accumulated is $6,204,000. The parties mutually acknowledge that the amount of Set Aside Funds varies from year to year and will continue to do so in the future. Further, the parties agree that Set Aside Funds as defined will continue to accumulate during the term of this MOU and may be utilized across fiscal and calendar years for those purposes authorized by this MOU. D. Absent extraordinary circumstances the County Library shall, for the duration of this MOU, continue to place Set Aside Funds in a separate fund within the County Library’s budget. However, the parties acknowledge that in case of a countywide fiscal emergency, the County may, after notice to the City, discontinue placing Set Aside Funds in the separate fund. The parties acknowledge that a countywide fiscal emergency could necessitate a reduction in funding for all branches of the County Library. County therefore agrees that any reduction in Set Aside Funds made in response to a countywide fiscal emergency under this section shall be made fairly and in a manner consistent with reductions at other County Library branches. E. All Set Aside Funds currently in the separate account and those which will be placed in the separate account during the term of this MOU, will be used solely to improve library facilities and services within the City unless this MOU is unilaterally terminated by one of the parties before expiration. If this MOU is terminated, any unexpended Set Aside Funds remaining in the separate account shall be spent in accordance with the “Termination” section of the MOU. The provisions of this section shall su...