Facility Funds definition
Examples of Facility Funds in a sentence
This Permit is subject and subordinate to the Provisions of any agreements heretofore made between City and the United States government or government authority, relative to the operation or maintenance of the Airport, the execution of which has been or will be required as a condition precedent to the granting of federal funds or the approval to impose or use Passenger Facility Funds (“PFCs”) for the improvement or development of the Airport.
Manager is authorized to pay all Owner Expenditures from Facility Funds.
Owner shall pay directly (or reimburse Manager promptly if Manager advances funds for) any Owner Expenditures not paid from Facility Funds.
Such expenses shall be immediately reimbursable to Manager out of Facility Funds in the priority set forth in Section 3.10 hereof.
Notwithstanding anything to the contrary in this Agreement, Manager shall have no obligation whatsoever to make any advance to or for the account of Owner, or to pay any amount contemplated for, or required of, Manager under this Agreement, or to incur any expenditure obligation--whether ordinary or capital--except to the extent that funds are available for such purpose (in Manager's reasonable judgment), either from working capital or capital funds provided by Owner or otherwise from the Facility Funds.
Owner agrees that all fees and costs of outside professionals in conducting and concluding such negotiations shall be paid by Owner out of Facility Funds.
Without limiting the generality of the foregoing, within thirty (30) days after the effective date of termination of this Agreement, Owner shall be obligated to pay to Manager all accrued and unpaid Base Management Fees, a pro-rata portion of the Incentive Management Fees, and reimbursable expenses of Manager, together with all accrued and unpaid interest thereon, notwithstanding that available Facility Funds may not be sufficient for such purposes.
Manager shall cause all taxes, assessments, and charges of every kind imposed upon the Facility by any governmental authority, including interest and penalties thereon (collectively, "Taxes"), to be paid when due from Facility Funds (as defined in Section 3.10 below), subject to the terms of the Lease, and in accordance with the Budget (as defined in Section 3.17 hereof) and in the order of priority set forth in Section 3.10 below.
Facility Funds in excess of the Minimum Facility Fund Balance shall be used to fund the Project prior to any Advance on the Loan.
Upon such consent, Owner shall provide Manager with such increase in capital improvement funds, by depositing the funds in the reserve account or Facility Funds within 30 days thereafter.