FUNDS AGAILABLE AND AUTHORIZED AND LIMIT ON PAYMENTS Clause Samples

The "Funds Available and Authorized and Limit on Payments" clause establishes that payments under the contract are contingent upon the availability and authorization of funds. In practice, this means that the party responsible for payment is only obligated to pay up to the amount of funds that have been officially allocated or approved for the contract, and cannot exceed this limit. For example, if a government agency enters into a contract, it can only make payments as permitted by its budget or appropriations. This clause serves to protect the paying party from liability in the event that sufficient funds are not available, ensuring that contractual obligations do not exceed authorized financial resources.
FUNDS AGAILABLE AND AUTHORIZED AND LIMIT ON PAYMENTS. The maximum, not-to-exceed compensation payable to Contractor under this Price Agreement is $ (the “Maximum Compensation”). Agency will not pay Contractor any amount in excess of the Maximum Compensation for completing the Work, and will not pay for Work performed before the Effective Date or after the termination of this Price Agreement. If the Maximum Compensation is increased by amendment of this Price Agreement, the amendment must be fully effective before Contractor performs Work subject to the amendment. Contractor will not be compensated for Work performed under this Contract by any agency or department of the State of Oregon other than Agency. Agency believes it has sufficient funds currently available and authorized for expenditure to make payments under this Price Agreement within Agency’s biennial appropriation or limitation. Agency’s payments are conditioned upon Agency receiving funding, appropriations, limitations, allotments, or other expenditure authority sufficient to allow Agency, in the exercise of its reasonable administrative discretion, to meet its payment obligations. Nothing in this Price Agreement is to be construed as permitting any violation of Article XI, Section 7 of the Oregon Constitution or any other law regulating liabilities or monetary obligations of the State of Oregon.
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Related to FUNDS AGAILABLE AND AUTHORIZED AND LIMIT ON PAYMENTS

  • Designation Amount and Issue of Notes The Notes shall be designated as “3.00% Convertible Senior Subordinated Notes due 2024”. Notes not to exceed the aggregate principal amount of $200,000,000 (except pursuant to Sections 2.05, 2.06, 3.05, 3.06 and 15.02 hereof) upon the execution of this Indenture, may be executed by the Company and delivered to the Trustee for authentication, and the Trustee shall thereupon authenticate and deliver said Notes to or upon the written order of the Company, signed by its Chairman of the Board, its Chief Executive Officer, its President, its Chief Financial Officer, its Chief Operating Officer, any Vice President (whether or not designated by a number or numbers or word or words added before or after the title “Vice President”), its Treasurer, its Secretary or any Assistant Secretary, without any further action by the Company hereunder.

  • Limitation on Aggregate Principal Amount The aggregate principal amount of the Notes shall not be limited. The Company shall not execute and the Trustee shall not authenticate or deliver Notes except as permitted by the terms of the Indenture.

  • Adjustments to Required Subordinated Percentages and Amount (a) On any date, the Issuer may, at the direction of the Beneficiary, change the Required Subordinated Percentage of Class D Notes (Unencumbered) for the Class C( - ) Notes, without the consent of any Noteholders; provided that the Issuer has received written confirmation from each applicable Note Rating Agency that the change in such percentage will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes. (b) On any date, the Issuer may, at the direction of the Beneficiary, replace all or a portion of the Required Subordinated Amount of Class D Notes for the Class C( - ) Notes with a different form of credit enhancement (including, without limitation, a cash collateral account, a letter of credit, a reserve account, a surety bond, an insurance policy or a collateral interest, or any combination thereof) and may add such definitions and other terms and make such additional amendments to this Terms Document as shall be necessary for such replacement without the consent of any Noteholders, provided that the Issuer has received written confirmation from each applicable Note Rating Agency that such replacement and such other amendments will not result in a Ratings Effect for any Tranche of Outstanding DiscoverSeries Notes.

  • Certificates Issuable in Classes; Distributions of Principal and Interest; Authorized Denominations The aggregate principal amount of the Certificates that may be authenticated and delivered under this Agreement is limited to the aggregate Principal Balance of the Mortgage Loans as of the Cut-Off Date, as specified in the Preliminary Statement to this Agreement, except for Certificates authenticated and delivered upon registration of transfer of, or in exchange for, or in lieu of, other Certificates pursuant to Section 5.03. Such aggregate principal amount shall be allocated among one or more Classes having designations, types of interests, initial per annum Certificate Interest Rates, initial Class Principal Balances and Final Maturity Dates as specified in the Preliminary Statement to this Agreement. The aggregate Percentage Interest of each Class of Certificates of which the Class Principal Balance equals zero as of the Cut-Off Date that may be authenticated and delivered under this Agreement is limited to 100%. Certificates shall be issued in Authorized Denominations.