Necessary Expenditures definition

Necessary Expenditures means all reasonable expenditures or losses required of the employee in the discharge of employment duties and that inure to the primary benefit of, subject to the provisions of this policy.

Necessary Expenditures means all reasonable expenditures or losses required of the employee in the discharge of employment duties and that inure to the primary benefit of Fulton County.

Necessary Expenditures means, with respect to the Company or any of its direct or indirect Subsidiaries to the extent then due or coming due, (a) all expenditures required to fund any Planned Renovation, (b) all Emergency Costs, (c) all fees, expenses and reimbursements owed under the Asset Management Agreement, (d) expenditures and amounts due under the Hotel Management Agreement, (e) insurance payments, real estate tax payments, principal, interest or other payments with respect to indebtedness, utility costs, costs of repairs and maintenance, costs required for compliance with federal, state and local laws, codes, rules or regulations (including without limitation filing tax return and obtaining and/or renewing permits or licenses), and (f) any other operating expenses or capital expenses set forth in any budget approved by the Board of Directors in accordance with Section 3.3 hereof.

Examples of Necessary Expenditures in a sentence

• If the Board of Directors determines that additional capital is required to fund any Necessary Expenditures, then the Board of Directors shall deliver a notice (a “Mandatory Capital Notice”) to each Class A Member describing the Necessary Expenditures and setting forth each Class A Member’s mandatory Capital Contribution for such Necessary Expenditures, which in all cases shall be pro rata in accordance with Initial Percentage Interests (a “Mandatory Contribution”).

• If at any time after the Effective Date, either Member determines that additional cash (a “Shortfall”) is required by the Company for Necessary Expenditures, such Member may (but shall not be obligated to), require that each of the Members contribute its pro rata share (based upon the Percentage Interests of the Members at the time of such request) of such Shortfall.

• Notwithstanding anything herein to the contrary, Asset Manager may proceed under the terms of the proposed budget for items that are not objected to and may take any action with respect to items not approved for Necessary Expenditures.

• If at any time and from time to time after the Effective Date, the General Partner determines that the amount of the Company’s Necessary Expenditures exceeds the amount of funds then available to the Company from prior Capital Contributions, Property revenues, Loans and any reserves previously established by the Company, the Class A Partners shall make Additional Capital Contributions to fund such Necessary Expenditures.

• The Capital Call Notice shall specify whether the funds are required with respect to Necessary Expenditures or Property Acquisition Contributions.

More Definitions of Necessary Expenditures

Necessary Expenditures means any authorized expenditure(s) by a Village employee incurred for the discharge of his or her employment duties, subject to the other provisions of this Chapter.

Necessary Expenditures means Portfolio or Venture Vehicle Expenses which are unable to be paid out of Operating Cash Flow or reserves, such as emergency repairs, capital expenditures required to bring any Hotels into compliance with Applicable Laws, or cash infusions to address seasonal operating shortfalls, in each case which are necessary to preserve, protect or maintain the Portfolio or the interests of the Company or any Venture Vehicle therein or which are provided for in the then prevailing approved Budget.

Necessary Expenditures means all (i) Emergency Costs, and (ii) other expenditures whether or not of a recurring nature that are necessary to preserve, maintain or protect the Commercial Properties, including debt service or other payments required to be made by the Borrower in respect of any Permitted Senior Indebtedness, and any other expenditures approved by the Lender and IRI from time to time;

Necessary Expenditures means all costs, expenditures or amounts required to be expended, whether or not of a recurring nature, that relate to the Property, the [*] Site or the [*] Tract, or to an existing Company Asset and that a Member determines (i) are provided for in an Approved Budget, (ii) are necessary for real estate taxes, insurance payments, costs of restoring the assets of the Company or a Subsidiary after a casualty or condemnation thereof, utility costs, costs of compliance with law, payments with respect to mortgages and other liens, payments on or of operating expenses of the Company or a Subsidiary (including any fees due and payable to the Property Manager pursuant to the Property Management Agreement or any successor property manager pursuant to a successor property management agreement or to the Asset Manager pursuant to the Asset Management Agreement or any successor asset manager pursuant to a successor asset management agreement), and any other items that are of a comparable nature to repair, preserve, maintain or protect the assets of the Company or a Subsidiary or (iii) are necessary to make payments on or of contractual obligations and debts of the Company or a Subsidiary (including amounts, if any, owing to any Member or Affiliate thereof to reimburse payments made by such Member or Affiliate on account of the Company’s or a Subsidiary’s debts or on account of guarantees of or relating to such debts).

Necessary Expenditures means Portfolio or Venture Vehicle Expenses which are unable to be paid out of Operating Cash Flow or reserves, such as emergency repairs, capital expenditures required to bring any Hotels into compliance with Applicable Laws, or cash infusions to address seasonal operating shortfalls, in each case which are necessary to preserve, protect or maintain the Portfolio or the interests of the Company or any Venture Vehicle therein or which are provided for in the then prevailing approved Budget [(and including, without limitation, amounts required to reimburse any Hotel Manager for costs incurred pursuant to Section 5.05 (Emergencies) of any applicable Hotel Management Agreement or any corresponding section therein).] [PLEASE NOTE BRACKETED/SHADED PROVISION WILL ONLY BE INCLUDED IN OPERATING LESSEE JV AGREEMENT]

Necessary Expenditures means Portfolio, Venture Vehicle or Company Expenses which are unable to be paid out of Operating Cash Flow or applicable reserves, such as emergency repairs, unexpected capital expenditures required to bring any Hotels into compliance with Applicable Laws, franchisor-mandated expenses imposed pursuant to any applicable Franchise Agreements, or cash infusions to address seasonal operating shortfalls, in each case that (i) are necessary to preserve, protect or maintain the Portfolio or the interests of the Company or any Venture Vehicle therein, (ii) the failure to timely pay would result in the 12 cessation of operations of a Hotel or subject the Company or any Venture Vehicle to material liabilities, or (iii) would subject any Hotel to any other material adverse effect. “Necessary Expenditures” shall not in any event include any expenditures required solely to make payments to lenders pursuant to the terms of the Credit Documents.

Necessary Expenditures means Portfolio, Venture Vehicle or Company Expenses which are unable to be paid out of Operating Cash Flow or applicable reserves, such as emergency repairs, unexpected capital expenditures required to bring any Hotels into compliance with Applicable Laws, franchisor-mandated expenses imposed pursuant to any applicable Franchise Agreements, or cash infusions to address seasonal operating shortfalls, in each case that (i) are necessary to preserve, protect or maintain the Portfolio or the interests of the Company or any Venture Vehicle therein, (ii) the failure to timely pay would result in the cessation of operations of a Hotel or subject the Company or any Venture Vehicle to material liabilities, or (iii) would subject any Hotel to any other material adverse effect.