Payment on Behalf of Owners Sample Clauses

The "Payment on Behalf of Owners" clause establishes that a designated party, such as a property manager or agent, is authorized to make payments for expenses or obligations incurred by the property owners. In practice, this means the agent can use collected funds to pay for utilities, maintenance, taxes, or other costs related to the property without needing prior approval for each transaction. This clause streamlines financial management and ensures that essential payments are made promptly, thereby preventing service interruptions or penalties and reducing administrative burdens for the owners.
POPULAR SAMPLE Copied 3 times
Payment on Behalf of Owners. To the extent Developer approves the General Contractor’s application for payment, Developer shall cause payment to be made out of the applicable Payment Account on behalf of Owners and Major Tenant (to the extent the Work for which the draw is made is for Tenant Improvements Costs payable by Major Tenant and subject to the Major Tenant’s rights under the Work Letter), including the applicable installment of the Development Fee, not more than thirty (30) days after such approval. Such payments shall be made directly to the applicable subcontractors (other than the “general conditions costs” and contractor’s LEGAL\19062995\17 fee which will be paid directly to the General Contractor). All checks and wire transfers made from the Payment Accounts shall be identified as coming directly from Owners or Major Tenant, as applicable, and not from Developer. The amount of Governmental Incentives actually received by the Owners, up to a maximum of $40,000,000, shall be applied on account of amounts due and payable by the Owners with respect to the design and construction of the Public Improvements. Promptly after Completion of the applicable portions of the Project, any amounts in the Payment Accounts not paid to or properly payable pursuant to this Agreement to Developer, General Contractor or its subcontractors pursuant to this Section 3.4, or reserved (in the reasonable discretion of Developer) against pending claims, shall be paid to the applicable Owner. When it is reasonably determined by Developer that such reserved amounts will not be needed for pending claims, they shall promptly be paid to the applicable Owner. Developer will keep detailed records of all amounts paid from the Payment Accounts, in form reasonably satisfactory to Owner, and shall provide such records to Owner monthly and at such other times as Owner may reasonably request. In addition, if Comcast reasonably believes that the percentage derived by taking the amounts previously paid by the Owners into the Payment Accounts and allocable to Work performed by the General Contractor (except any Tenant Improvements Work), plus the portion of the next monthly installment allocable to such Work, divided by the line items in the Base Project Guaranteed Maximum Development Price allocable to such Work, indicates that the payments made previously and then being made exceed the percentage of the Base Project Work and the Hotel Furnishings that is complete (as certified by the Architect) by [***] ([***]) p...
View Source

Related to Payment on Behalf of Owners

  • Compensation of Owner Trustee Owner Trustee's Fees and Expenses..............................17 SECTION 7.2. Indemnification................................................17 SECTION 7.3. Payments to Owner Trustee......................................18

  • Death of Owner If the Owner dies before the sole surviving Annuitant and before the Annuity Date, the death benefit proceeds will be equal to the Death Benefit Amount as of the Notice Date. If the Owner dies before the sole surviving Annuitant and before the Annuity Date, we will pay the death benefit proceeds to the first among the following who is (1) living; or (2) an entity entitled to receive the death benefit proceeds:

  • Lists of Owners Promptly upon request by the Company, the Depositary shall, at the expense of the Company, furnish to it a list, as of a recent date, of the names, addresses and holdings of American Depositary Shares by all persons in whose names American Depositary Shares are registered on the books of the Depositary.

  • Certain Obligations of Owners of Receipts SECTION 3.01 Filing Proofs, Certificates and Other Information.

  • Replacement of Owner Trustee (a) The Owner Trustee may give notice of its intent to resign and be discharged from the trusts hereby created by giving notice thereof to the Administrator provided that no such resignation shall become effective, and the Owner Trustee shall not resign, prior to the time set forth in Section 6.10(c). If no successor Owner Trustee shall have been appointed pursuant to Section 6.10(b) and have accepted such appointment within thirty (30) days after the giving of such notice, the Owner Trustee giving such notice may petition any court of competent jurisdiction for the appointment of a successor Owner Trustee. The Administrator shall remove the Owner Trustee if: (i) the Owner Trustee shall cease to be eligible in accordance with the provisions of Section 6.13 and shall fail to resign after written request therefor by the Administrator; (ii) the Owner Trustee shall be adjudged bankrupt or insolvent; (iii) a receiver or other public officer shall be appointed or take charge or control of the Owner Trustee or of its property or affairs for the purpose of rehabilitation, conservation or liquidation; or (iv) the Owner Trustee shall otherwise be incapable of acting. (b) If the Owner Trustee gives notice of its intent to resign or is removed or if a vacancy exists in the office of Owner Trustee for any reason, the Administrator shall promptly appoint a successor Owner Trustee by written instrument, in duplicate (one copy of which instrument shall be delivered to the outgoing Owner Trustee so removed and one copy to the successor Owner Trustee) and shall pay all fees owed to the outgoing Owner Trustee. (c) Any resignation or removal of the Owner Trustee and appointment of a successor Owner Trustee pursuant to any of the provisions of this Section 6.10 shall not become effective, and no such resignation shall be deemed to have occurred, until a written acceptance of appointment is delivered by the successor Owner Trustee to the outgoing Owner Trustee and the Administrator and all fees and expenses due to the outgoing Owner Trustee are paid. Costs associated with the resignation of the Owner Trustee and the appointment of a successor Owner Trustee will be borne by the Servicer. Any successor Owner Trustee appointed pursuant to this Section 6.10 shall be eligible to act in such capacity in accordance with Section 6.13 and, following compliance with the preceding sentence, shall become fully vested with all the rights, powers, duties and obligations of its predecessor under this Agreement, with like effect as if originally named as Owner Trustee. The Administrator shall provide notice of such resignation or removal of the Owner Trustee to each of the Rating Agencies. (d) The predecessor Owner Trustee shall upon payment of its fees and expenses deliver to the successor Owner Trustee all documents and statements and monies held by it under this Agreement. The Administrator and the predecessor Owner Trustee shall execute and deliver such instruments and do such other things as may reasonably be required for fully and certainly vesting and confirming in the successor Owner Trustee all such rights, powers, duties and obligations. (e) Upon acceptance of appointment by a successor Owner Trustee pursuant to this Section 6.10, the Administrator shall mail notice of the successor of such Owner Trustee to all Certificateholders, the Indenture Trustee, the Noteholders and the Rating Agencies.