Use of Operating Reserves Sample Clauses

Use of Operating Reserves. The Manager shall retain an operating reserve for the purpose of paying unanticipated operating costs (the “Operating Reserve”). The City will fund and hold the Operating Reserve account initially with $750,000. The parties will review quarterly the funding level of the Operating Reserve and any withdrawal(s) from the Operating Reserve will be restored in a reasonable period of time depending on the nature and cause of the need to make such withdrawal(s). The City may require Manager to add additional funds to the Operating Reserve from the net income of the Center. At least five (5) days prior to expenditure of such Operating Reserve, the Manager shall notify in writing the City, through its VBCVB. Manager shall also maintain a working capital account (“Working Capital”) with an initial amount of $400,000 at Substantial Completion. The City shall be provided the opportunity to review the intended Working Capital account on a quarterly basis. As the working account of Manager’s business, Manager will not need to obtain approval from the City for expenditures from this account. Any purchase of a single item between $5,000 and $10,000 from the Operating Reserve or otherwise shall be reported to the City quarterly.
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Use of Operating Reserves. In the event that the remedies set forth in subsections (i), (ii), (iii), and (iv) above are not projected to generate sufficient Project Income, when added to Operating Subsidy, to pay Project Expenses in any Project Fiscal Year, then any shortfall may be covered from either the Operating Deficit Reserve or the Affordability Reserve, depending upon the cause of the shortfall.
Sample 1

Related to Use of Operating Reserves

  • Hours of Operation You can access automated account information through the Service 7 days a week, 24 hours a day. There may be times, however, when all or part of the Service is unavailable due to system outages or maintenance. We assume no responsibility for any damage or delay that may result from such unavailability.

  • Statement of Operations Statement of Changes in Net Assets.

  • Maintenance of Operations The Company shall maintain operations at the Project for a minimum of ten (10) years beginning on the date the Project is Placed in Service. In addition to any other rights the Department may have under the terms of this Agreement, in the event that the Company discontinues of operations at the Project, such discontinuation may subject the Company to certain statutory provisions, including: 1. Pursuant to the Corporate Accountability for Tax Expenditures Act, 20 ILCS 715, et seq., a discontinuance of operations at the Project during the five-year period after the beginning of the first Taxable Year for which the Department issues a Certificate of Verification shall result in all Credits taken by the Company during such five-year period being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof. 2. Pursuant to Section 5-65 of the Act, discontinuance by the Company of operations at the Project during the term of this Agreement with the intent to terminate operations in the State of Illinois shall result in all Credits taken by the Company being deemed Wrongfully Exempted Illinois State Income Taxes and shall subject said Wrongfully Exempted Illinois State Income Taxes to the forfeiture provisions of Section VIII.D hereof.

  • SUSPENSION OF OPERATIONS Concessionaire shall, at the direction of Department, immediately suspend, delay or interrupt Concessionaire’s operation of all or any part of the Concession Premises for such period of time as Department may determine to be appropriate to protect the Concession Premises and/or public health, safety, and welfare due to the occurrence of hazardous work conditions, emergency conditions, and/or any other cause including, but not limited to, Concessionaire's failure to perform any of the covenants, agreements, and conditions contained in this Agreement on its part to be performed. Concessionaire hereby waives any claim, and Department shall not be liable to any party claiming through Concessionaire, for damages, payment abatement, or compensation as a result of Department's actions under this Paragraph or this Agreement. Department's suspension of Concessionaire's operations shall be in addition to any other right or remedy available by law or in equity.

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

  • Definition of Operating Expenses Operating Expenses" shall mean and include all expenses incurred and payable in connection with the ownership, operation, maintenance, repair and management of the Premises and the improvements thereon and, without restricting the generality of the foregoing, shall include:

  • Commencement of Operations The Partnership shall not begin operations on its Leases unless the Managing General Partner is satisfied that necessary title requirements have been satisfied.

  • Duties of Operator Operator shall perform all required testing of Manufacturer’s Bus in accordance with the FTA Regulations and the established testing procedures used at the bus testing facility and provided to Manufacturer which procedures are attached hereto marked Exhibit “A” and incorporated herein by this reference.

  • PERIOD OF OPERATION Subject to certification, this Agreement shall come into force from the first pay period commencing on or after 1st December 2002 and shall remain in force until 31 October 2005.

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