Necessary Expenditure definition

Necessary Expenditure means an expenditure of funds that is eligible for reimbursement from CRF and necessary to:

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Necessary Expenditure shall have the meaning set forth in Section 6.2(a).

Necessary Expenditure means, (i) to the extent Available Cash is not sufficient to pay for any expenditure whether or not of a recurring nature (x) that is necessary, in the reasonable discretion of either the Manager or Whitehall, to preserve or protect the assets of the Company, including, without limitation, real estate taxes, insurance payments, costs of restoring the assets of the Company after a casualty or condemnation thereof, costs of any capital expenditure necessary to protect the structural integrity of any asset of the Company or human health or safety, utility costs, costs of compliance with law, payments on or of contractual obligations and debts of the Company, tenant improvements and leasing commissions, or (y) that is required to effectuate or pay for any cost, expense or transaction provided for in an Approved Budget and (ii) to the extent Available Cash is not sufficient to repay the WRP Loans in full at maturity.

Examples of Necessary Expenditure in a sentence

• Except for Excluded Recourse Liabilities, if any Demand is made to all of the Guarantors on a several basis in accordance with their respective Percentage Interests, the amount required to satisfy such Demand shall be deemed a Necessary Expenditure of the Company to be funded by the Class A Partners as an Additional Capital Contribution.

• We may identify such information as confidential either in writing or on the Web site.

• The Members may, at any time or times, require all of the Members to make additional cash capital contributions to the Company that the Members determine, in good faith, are necessary to fund any Necessary Expenditure in excess of available, unrestricted cash and to pay such Necessary Expenditure with the proceeds of such Capital Call.

• If the Board reasonably determines (in accordance with the Prudent Operator Standard) the Company requires funding prior to a Capital Request Funding Date for any expenses permitted to be funded pursuant to a Necessary Expenditure Loan, it shall provide the Company and the Members written notice thereof, which notice shall set forth the applicable information, mutatis mutandis, required to be included in a Capital Request Notice in accordance with Section 3.2(a) with respect to such funding.

• The Members may elect, within three (3) Business Days of receipt of such notice, to participate in such Necessary Expenditure Loan.

• If more than one Member timely elects to provide a Necessary Expenditure Loan, then the aggregate Necessary Expenditure Loan will be allocated between the electing Members based on their relative Percentage Interests or in such other manner as otherwise mutually agreed to among such electing Members.

More Definitions of Necessary Expenditure

Necessary Expenditure means an expenditure of funds that is eligible for

Necessary Expenditure means, (i) to the extent Available Cash is not sufficient to pay for any expenditure whether or not of a recurring nature (x) that is necessary, in the reasonable discretion of either the Manager, WHWEL or Whitehall XI, to preserve or protect the assets of the Company, including, without limitation, real estate taxes, insurance payments, costs of restoring the assets of the Company after a casualty or condemnation thereof, costs of any capital expenditure necessary to protect the structural integrity of any asset of the Company or human health or safety, utility costs, costs of compliance with law, payments on or of contractual obligations and debts of the Company, tenant improvements and leasing commissions, or (y) that is required to effectuate or pay for any cost, expense or transaction provided for in an Approved Budget and (ii) any obligation to fund the purchase price and other costs of acquiring any Office Property, the acquisition of which has been approved by the Management Committee.

Necessary Expenditure. Condition. The use of the money is limited to “necessary expenditures.” The Treasury intends for broad interpretation of the word “necessary,” meaning “reasonably necessary for its intended use in the reasonable judgment of the government officials responsible for spending the Fund payments.” The Treasury’s standard, reasonable judgment, adopts a subjective, not objective standard. Examples of eligible expenditures include, but are not limited to, payment for certain types of: o medical expenses; o public health expenses; o payroll expenses; o expenses relating to facilitating compliance; o expenses associated with providing economic support in connection with the COVID-19 public health emergency; and o any other COVID-19-related expense reasonably necessary to the function of government. Municipal Funds may not be used to fill shortfalls in governmental revenue to cover expenditures that would not otherwise qualify under section 601(d). REVENUE REPLACEMENT IS STRICTLY PROHIBITED AND IS NOT A PERMISSIBLE USE OF FUNDS. “Due To” Condition. The requirement that expenditures be incurred “due to” the public health emergency created by COVID-19 means that expenditures must be used for actions taken to respond to the public health emergency. These may include expenditures incurred by the Municipality to respond directly to the emergency, as well as expenditures incurred to respond to second-order effects of the emergency (e.g., economic support to those suffering from employment or business interruptions due to COVID-19-related business closures). The Municipality expressly agrees without qualification or exception to adhere and comply with section 601(d) and the accompanying guidelines regarding its spending and uses of the Municipal Funds.

Necessary Expenditure. Condition. The use of the money is limited to “necessary expenditures.” The Treasury intends for broad interpretation of the word “necessary,” meaning “reasonably necessary for its intended use in the reasonable judgment of the government officials responsible for spending the Fund payments.” The Treasury’s standard, reasonable judgment, adopts a subjective, not objective standard. Examples of eligible expenditures include, but are not limited to, payment for certain types of: a. medical expenses; b. public health expenses; c. payroll expenses; d. expenses relating to facilitating compliance; e. expenses associated with providing economic support in connection with the COVID-19 public health emergency; and f. any other COVID-19-related expense reasonably necessary to the function of government.

Necessary Expenditure means with respect to the Company and any Controlled Entity (a) all debt service payments and all other nondiscretionary monetary obligations owing to any third party, (b) all ad valorem and other taxes payable, (c) all insurance premiums (d) all costs and expenses incurred in connection with an Emergency Situation, and (e) any other payment obligations or expenses which, if not paid, would put the Company or the Controlled Entity in default under any agreement or judgment, or if such failure to pay such obligations or expenses (or resulting default) could reasonably be expected to have a material adverse effect on the Company or such Controlled Entity.