Contingency Reserve. At the time of the first advance made pursuant to this Agreement, Lender shall establish an contingency reserve of $440,000 of the principal amount of the Loan, which amount may be allocated and used exclusively for the payment of bona fide direct production costs Budget line overage which cannot be funded by a Budget underage ("Contingency Reserve").. The payment of any such costs shall be treated as advances and added to the outstanding principal balance owed by Borrowers to Lender.
Contingency Reserve. Following the satisfaction of the Initial Advance Conditions, and subject to the prior approval of Lender in its sole discretion, Borrower may revise the Building Loan Budget to move (i) amounts available under any Line Item for Hard Costs that are designated to “Contingency” to other Line Items for Hard Costs in the Building Loan Budget, or (ii) amounts available under any Line Item for Soft Costs that are designated “Contingency” to other Line Items for Soft Costs in the Building Loan Budget. Any cost savings shall be allocated in accordance with Section 5.1.33 hereof. In no event may the Contingency Line Item of the Building Loan Budget be reallocated to any Line Item in the Project Loan Budget. The Contingency Line Item in the Building Loan Budget for Hard Costs shall contain at least five percent (5%) of the total projected Hard Costs, separate from the Contingency Line Items in the Project Loan Budget.
Contingency Reserve. (a) Following the satisfaction of the Initial Advance Conditions, and subject to the prior approval of Lender in its sole discretion, Borrower may revise the Project Loan Budget to move amounts available under any Line Item that are designated to “Contingency” to other Line Items in the Project Loan Budget. In no event may the Contingency Line Item of the Building Loan Budget be reallocated to any Line Item in the Project Loan Budget. Provided no Event of Default exists and with Lender’s consent (which shall not be unreasonably withheld), after Completion of the Improvements, Borrower may draw amounts available under the Contingency Line Item of the Project Loan Budget to fund Shortfalls in monthly interest due, which amounts shall be deposited in the Interest Reserve. Such drawing shall be in addition to any Interest Reserve Line Item advanced under the Project Loan pursuant to Section 2.14.10 hereof.
Contingency Reserve. The amount allocated as “contingency” or “contingency reserve” in the Project Budget will only be disbursed upon the prior approval of Lender, such approval not to be unreasonably conditioned, withheld or delayed. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”, provided, however, that in the event such “contingency” line item may have increased from the amount set forth in the original Project Budget, due to savings reallocated to such “contingency” line item, then Borrower may receive disbursement from such “contingency” line item without Lender’s approval (subject, however, to satisfaction of all other conditions to the making of a Loan set forth in this Agreement), so long as the amount remaining undisbursed from such “contingency” line item remains greater than amount of such “contingency” line item as set forth in the original Project Budget. The disbursement of a portion of such “contingency reserve” shall in no way prejudice Lender from withholding disbursement of any further portion of the “contingency reserve”.
Contingency Reserve. The Borrower covenants and agrees that the amount allocated as Contingency Reserves in each Construction Budget shall not exceed ten percent (10%) without the prior approval of the Agent.
Contingency Reserve. As the year progresses it is possible that a number of unanticipated demands on employee representative time (e.g. employment relations based projects) might arise. It is therefore important that a contingency reserve of funded time is attained to allow for this. Unused Learning and Development time, for which Operational Replacement Resource has been provided, could be used (see 2.5). Annex C Planning the Deployment of Time Off Resource – POA(S) Mandatory Requirements To Be Resourced By Additions To Establishment Complements (as agreed following negotiations in Inverness March 2003). REQUIREMENT RESOURCE FOR PERIOD Large Medium Est. Est. Hours Hours
Contingency Reserve. The amount allocated as Contingency Reserve in the Project Budget is not intended to be disbursed and will only be disbursed upon the prior approval of the Lender, which approval will not be unreasonably withheld. The disbursement of a portion of Contingency Reserve shall in no way prejudice the Lender from withholding disbursement of any further portion of Contingency Reserve.
Contingency Reserve. The Budget includes a contingency reserve in an amount designated in the Budget, and which may be disbursed by Lender at its sole discretion to effectuate the purposes of this Agreement. Interest will be payable by Borrower to Lender on that portion of the contingency reserve actually disbursed by Lender. The contingency reserve will be included in the computation of the undisbursed portion of the Loan for purposes of determining whether the undisbursed portion of the Loan will be sufficient to complete the construction of the Improvements.
Contingency Reserve. Contingency Reserve" means the amount(s), if any, allocated as contingency reserve(s) in the Construction Budget.
Contingency Reserve. Any amount allocated as Contingency Reserve in the Construction Budget is not intended to be disbursed and will only be disbursed upon the prior approval of the Bank, which approval can be withheld for any reason or for no reason. The disbursement of a portion of the Contingency Reserve shall in no way prejudice the Bank from withholding its consent to disbursement of any further portion of the Contingency Reserve.
