Use of Reserves Sample Clauses
The "Use of Reserves" clause defines how and under what circumstances financial reserves set aside by a party may be accessed or utilized. Typically, this clause outlines the specific purposes for which reserves can be used, such as covering unforeseen expenses, losses, or liabilities that arise during the course of an agreement. By clearly specifying the conditions and limitations for tapping into these funds, the clause ensures that reserves are managed responsibly and transparently, thereby protecting both parties from unexpected financial shortfalls and disputes over reserve usage.
Use of Reserves contrary herein, in the event that any accident, incident, injection incident or other accidental cause necessitates a repair and during such repair the workscope performed results in performance restoration to the Engine or installation of LLPs with more life remaining, the performance of such workscope may be claimed by LESSEE from the Engine Performance Restoration Reserves and/or Engine LLP Reserves.
Use of Reserves listing) tracked by LESSEE and the repair facility, (xii) a current service bulletin and Airworthiness Directive listing, (xiii) written verification from the repair facility that the Engine or APU has been released and shipped from the repair facility back to LESSEE, (xiv) the status of all warranty claims and (xv) an itemization of all concessions, warranty credits or other credits which have been or will be provided for work accomplished on the Engine or APU during the applicable shop visit (or, if none, a written statement from LESSEE stating that it has not received and does not have pending any such concessions, warranty credits or other credits).
13.7.4 For the Landing Gear, reasonable evidence of performance includes (i) a release tag from the overhaul facility and all associated build records, including traceability on all life-limited parts, and (ii) the total calendar time, hours and cycles on the Landing Gear both prior to and after the Overhaul.
Use of Reserves. Prior to assigning a reserve officer to fill in for a regular officer, the Employer shall attempt to contact those regular officers who are on their day off. If no regular officer elects to work the shift, the Employer may assign the shift to a reserve officer.
Use of Reserves. In the event of any dispute or disagreement between Landlord and Tenant as to the manner in which Xxxxxx Mae Reserves are to be expended, the determination of Landlord shall govern and control; provided, however, that with respect to any proceeds of the February Replacement Reserve that are actually received by Landlord upon the Closing and as to which Seller has no claim under the P&S Agreement, Tenant may utilize said funds for any purpose relating to the maintenance, repair or replacement of the Facility as Tenant sees fit in its sole reasonable judgment, subject to the requirements of Section 11 above and all other applicable provisions of this Lease. In no event whatsoever shall Landlord ever be liable to Tenant for (and Tenant hereby agrees to waive forever and not to make or pursue) any claim relating to Landlord's handling of the Xxxxxx Xxx Reserves.
Use of Reserves. In the event of any dispute or disagreement between Landlord and Tenant as to the manner in which Xxxxxx Mae Reserves are to be expended, the determination of Landlord shall govern and control. In no event whatsoever shall Landlord ever be liable to Tenant for (and Tenant hereby agrees to waive forever and not to make or pursue) any claim relating to Landlord's handling of the Xxxxxx Xxx Reserves. Amberleigh
Use of Reserves. Silver Circle shall have right to use the amount of reserves held by the Lender on the date hereof to pay for future tenant improvements and/or leasing commissions in accordance with (i) the Agreement for Purchase and Sale of Partnership Interests dated as of February 6, 2002, among Silver Circle, Xxx X. Xxxxxx and Philadelphia ARC-Cedar, LLC and (ii) the Agreement for Purchase and Sale of Partnership Interests dated as of February 6, 2002, among Silver Circle and Cedar-RL, LLC.
Use of Reserves. All Reserves shall, until so disbursed by the Depository as set forth in the applicable provisions, constitute additional security for the Obligations (and Borrower hereby grants to Lender a first priority security interest in the Reserves), and may be commingled with other funds of the Depository. If an Event of Default shall have occurred hereunder, or if the Obligations shall be accelerated as herein provided, all Reserves may, at Lender’s option, be applied to the Obligations in the order determined by Lender or to cure said Event of Default or as further provided in this Security Instrument.
Use of Reserves. 4 --------------- 4. Allocations...............................................................................................4 ----------- 4.1 Generally...............................................................................................4 --------- 4.2 Special Allocations.....................................................................................4 ------------------- 4.3 Curative Allocations....................................................................................6 -------------------- 4.4
Use of Reserves. Lessee is authorized to commit and to spend, and thereafter, if applicable, be reimbursed from, the Reserves for all (a) items and matters contained in the budget submitted by Lessee and approved by Lessor pursuant to the Participating Lease; (b) reasonable expenditures in emergency situations at any hotel when necessary, in the Lessee's opinion, to maintain the hotel property and to provide for its continued operation and for the safety and welfare of the hotel guests; and (c) up to Fifteen Thousand Dollars ($15,000.00) per Hotel for replacement and improvements on a routine basis. In any case, however, Lessee shall provide invoices and, when requested by Lessor, explanation of the circumstances and need for non-budgeted expenditures from the Reserves. Lessee shall, except as provided in (a), (b) and (c) above, obtain the prior written approval of Lessor for all expenditures in any Lease Year for which Lessee is entitled to seek reimbursement from Lessor pursuant to the terms of this Agreement which exceed the amount in the Reserves for that Lease Year. Any amount of the Reserves not actually expended in any Lease Year shall accumulate in the respective Reserve for use in succeeding Lease Years.
Use of Reserves. The Partners hereby approve that $4.6 million of the $5 million of Xxxx-Xxxx Capital Contributions that currently are being held as reserves shall be used to balance the Sanwa construction loan for the El Segundo Land (in lieu of such amount continuing to be held as reserves by the Partnership or the Xxxx-Xxxx Partners being required to make Required Additional Contributions to fund such balancing requirement).