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 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.
Establishment of Procedures for Authentication of Notes Pursuant to Section 303 of the Indenture ............................................
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.
Fundings of the $10 million for Necessary Expenditures will be contributed as either debt or preferred equity and will accrue interest or dividends at the rate of LIBOR plus 500 basis points per annum.
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 any Emergency Expenditures or Required by Law Expenditures.
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 CNL from time to time;
Necessary Expenditures means all costs, expenditures or amounts that are necessary or advisable, in the good faith opinion of the Investment Committee, to preserve, protect or maintain the interest of the Company or any of its Subsidiaries in the Property or any other assets of the Company or any of its Subsidiaries, including, without limitation, (i) costs of restoring the Property after a casualty or condemnation thereof, (ii) any amounts required to be expended by the Company or any of its Subsidiaries in order to comply with legal requirements or with any contractual obligations of the Company or any of its Subsidiaries, (iii) payments due in respect of any Indebtedness of the Company or any of its Subsidiaries, (iv) any amounts required to pay any uncontrollable expenses, including any real estate taxes, operating deficits, insurance premiums, utility costs, marketing costs, fees payable under any property management agreement, leasing agreement and/or any sales agency agreement, and (v) any amounts required to reimburse a Member (or its Affiliate) for amounts funded by such Member (or its Affiliate) in respect of any Loan Guaranty.
Necessary Expenditures means the following costs or expenses of the Company to the extent then currently payable: (i) expenditures necessary to preserve the Company's real property in good and safe condition, including any emergency expenditures necessary to preserve the Company's real property from imminent material damage or prevent imminent personal injury; (ii) real estate and other taxes and assessments levied by any governmental authorities upon or otherwise payable with respect to the Company's real property; (iii) insurance costs; and (iv) any payments due under, or any payment if not made would reasonably be expected to give rise to a default under, a Loan Guarantee in connection with third party indebtedness (other than with respect to liabilities thereunder which are attributable to or arising from (x) so called "bad boy ▇▇▇▇▇▇▇▇;16 4139-5401-0203.3 acts" of such Member, its principals or Affiliates, (y) a material breach of this Agreement by such Member, its principals or Affiliates or (z) a breach by such Member, its principals or Affiliates of any representations, warranties or covenants in any Loan Guarantee related specifically to such Member, principal or Affiliate (e.g., financial covenants, delivery of its financial statements, good standing, etc.). “Nonrecourse Deductions” has the meaning set forth in Treasury Regulations Sections 1.704-2(b) and 1.704-2(c). “Non-Recourse Person” has the meaning given in Section 8.9. “Parties” means ▇▇▇▇▇▇, GEM, and the COMPANY. “Partnership Representative” has the meaning set forth in Section 10.3(a). “Percentage Interest” shall mean, with respect to a Member (or group of Members) as of the applicable time of determination, a fraction (expressed as a percentage), the numerator of which is the total number of Membership Units held by such Member as of such time and the denominator of which is the total number of Membership Units outstanding at the time of determination. “Permitted Transferee” means [***]. “Person” shall be construed broadly and includes an individual, a partnership, a limited liability company, a corporation, an association, a joint stock company, a trust, a joint venture, an unincorporated organization and a Governmental Entity. “Profits” and “Losses” shall mean, for each Fiscal Year or other applicable taxable period, an amount equal to the taxable income or loss of the COMPANY for such Fiscal Year or other applicable taxable period, determined in accordance with Section 703(a) of the Code (including, for th...
Necessary Expenditures means additional expenditures not authorized under the then applicable approved Annual Operating Projection where, in Management Company’s reasonable judgment, such expenditures are necessary (a) to protect the safety of Hotel guests, tenants, employees or other persons from imminent injury, (b) to prevent imminent cancellation of applicable insurance, (c) to prevent the Hotel from failing to comply with a material legal requirement in all material respects, subject to Master Tenant’s right to contest such legal requirement, (d) to protect the Hotel from imminent damage, or (e) to avoid the imminent suspension of any necessary service to the Hotel, in each case without the prior written consent of Master Tenant if, under the circumstances, appropriate officers or representatives of Master Tenant cannot reasonably be notified and provide such consent before the required expenditures must be made, provided further, that such Necessary Expenditures shall not exceed $20,000 in the aggregate in any Fiscal Year without the approval of Master Tenant. Management Company will notify Master Tenant of any Necessary Expenditures as soon as practically possible after the expenditure thereof.