Unanticipated Expenditures and Reallocation of Funds Sample Clauses

Unanticipated Expenditures and Reallocation of Funds. City agrees that the Budgets are intended to be reasonable estimates, and, accordingly, KSM shall be entitled from time to time to revise the Budgets to cover any expenditures that were unanticipated at the time of preparation of the Budgets but are reasonable and necessary to carry out the provisions of this Agreement; provided, however, that except as otherwise set forth in this Agreement, KSM shall be required to obtain City’s prior written approval of any expenditures which would result in the total budged expenditures being exceeded by more than five percent (5%). KSM is authorized to take all action reasonably deemed necessary by KSM to implement, perform, or cause the performance of the items set forth in the Budgets. City acknowledges that KSM has not made any guarantee, warranty, or representation of any nature whatsoever concerning or relating to (i) the Budgets, or (ii) the amounts of Gross Revenues or Operating Expenses to be generated or incurred from the operation of the Course.
Sample 1
AutoNDA by SimpleDocs
Unanticipated Expenditures and Reallocation of Funds. Owner agrees that the Budgets are intended to be reasonable estimates, and, accordingly, KSM shall be entitled from time to time to revise the Budgets to cover any expenditures that were unanticipated at the time of preparation of the Budgets but are reasonable and necessary to carry out the provisions of this Agreement; provided, however, that except as otherwise set forth in this Agreement, KSM shall be required to obtain Owner’s prior written approval of any expenditures which would result in the total budgeted expenditures in any particular department category within the Budget being exceeded by more than five percent (5%) or if expenditures in any combination of department categories would exceed the total amount of expenditures in the Budget by twenty percent (20%). KSM is authorized to take all action reasonably deemed necessary by KSM to implement, perform, or cause the performance of the items set forth in the Budgets. Owner acknowledges that KSM has not made any guarantee, warranty, or representation of any nature whatsoever concerning or relating to (i) the Budgets, or (ii) the amounts of Gross Revenues or Operating Expenses to be generated or incurred from the operation of the Course.
Sample 1
Unanticipated Expenditures and Reallocation of Funds. Subject to Owner's right to approve Major Decisions, Manager may reallocate all or any portion of any amount budgeted with respect to any one item in the Budget to another item in the Budget or otherwise increase any budgeted item for any expenditures that were unanticipated at the time of preparation of the Budgets but are reasonable and necessary to carry out the provisions of this Agreement; provided, however, that any such variances or reallocations shall be reflected in the General Manager’s summary report described in Section 5.2.8. Owner acknowledges that Manager has not made and, by proposing the Budgets, does not make any guarantee, warranty, or representation of any nature concerning the Budgets, the amounts of Gross Revenues or Expenses or cash flow, or the Repair and Replacement Capital Budget or Revenue-Generating Capital Budget requirements to be generated or incurred from the operation of the Park.
Sample 1
Unanticipated Expenditures and Reallocation of Funds. NYRA agrees that the Project Budget and all Capital Expenditure Budgets are intended to be reasonable estimates, and, accordingly, Operator shall, with NYRA’s consent (which shall not be unreasonably withheld or delayed), be entitled to increase the Project Budget and/or any Capital Expenditure Budget to cover any expenditures or contingencies that were unanticipated by Operator at the time of preparation of either the Project Budget and/or the respective Capital Expenditure Budget but are reasonable and necessary to carry out the provisions of this Agreement. Operator, for and on behalf of the Project, is authorized to take all action deemed necessary by Operator to implement, perform, or cause the performance of the items set forth in the Project Budget and in any Capital Expenditure Budget. Further, Operator may reallocate all or any portion of any amount budgeted with respect to any one item in the Project Budget or in any Capital Expenditure Budget to another item budgeted therein provided that such reallocation has been made from an item that has been over budgeted, provided that NYRA’s consent shall be required with respect to individual items in excess of $250,000.
Sample 1
Unanticipated Expenditures and Reallocation of Funds. Manager may reallocate all or any portion of any amount budgeted with respect to any one item in the Budget to another item in the Budget for any expenditures that were unanticipated at the time of preparation of the Budgets but are reasonable and necessary to carry out the provisions of this Agreement; provided, however, any reallocation or increase in a budgeted item in excess of either (i) ten percent (10%) of the amount of such budgeted item or (ii) $5,000 shall require Tenant’s approval, and in any event any such variances or reallocations shall be reflected in the General Manager’s summary report described in Section 5.2.9. Tenant acknowledges that Manager has not made and, by proposing the Budgets, does not make any guarantee, warranty, or representation of any nature concerning the Budgets, the amounts of Gross Revenues or Expenses or cash flow, or the Capital Improvement and Replacement Budget requirements to be generated or incurred from the operation of the applicable Property. Manager shall not under any circumstances be required to, or be deemed to have any duty to, advance any of its own funds to cover any unanticipated expenditures.
Sample 1

Related to Unanticipated Expenditures and Reallocation of Funds

  • Capital Expenditures, etc With respect to Capital Expenditures, the parties covenant and agree as follows:

  • No Expenditure of Funds No provision of this Agreement shall require Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if it shall believe in good faith that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:

  • Withdrawals From Escrow Account Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of this Agreement.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Operating Accounts (a) Maintain its primary operating and other deposit accounts and securities accounts with Bank and Bank’s Affiliates.

  • Capital Contributions Capital Accounts The capital contribution of the Sole Member is set forth on Annex A attached hereto. Except as required by applicable law, the Sole Member shall not at any time be required to make additional contributions of capital to the Company. The capital accounts of the members shall be adjusted for distributions and allocations made in accordance with Section 8.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any).

  • Limitation on Capital Expenditures Make or commit to make (by way of the acquisition of securities of a Person or otherwise) any expenditure in respect of the purchase or other acquisition of fixed or capital assets (excluding any such asset acquired in connection with normal replacement and maintenance programs properly charged to current operations) except for:

  • Collection of Taxes, Assessments and Similar Items; Escrow Accounts (a) To the extent required by the related Mortgage Note and not violative of current law, the Master Servicer shall establish and maintain one or more accounts (each, an "Escrow Account") and deposit and retain therein all collections from the Mortgagors (or advances by the Master Servicer) for the payment of taxes, assessments, hazard insurance premiums or comparable items for the account of the Mortgagors. Nothing herein shall require the Master Servicer to compel a Mortgagor to establish an Escrow Account in violation of applicable law.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!