Provisions Regarding Owner’s Consent and Use and Expenditure of Contingency Amounts Sample Clauses

Provisions Regarding Owner’s Consent and Use and Expenditure of Contingency Amounts. (a) The Owner shall not have any approval rights with respect to the expenditure of contingency amounts included in the Hotel Project Improvements Budget. (b) Upon the Owner’s reasonable direction, with advice from the Developer, Developer shall seek savings in the Hotel Project Improvements Construction Contract. Any savings resulting from differences between the Hotel Project Improvements Construction Contract entered into by the Developer and the maximum price specified in Section 7.7.3(vi)(B) above shall be the sole property of the Owner. If the Developer’s advice is not to seek savings, and there are no savings, the Developer shall be deemed to have met its obligation under Article 7.7.3(vi)(B). (c) Upon Final Completion, if Substantial Completion has occurred by the Hotel Completion Deadline, as adjusted to account for Excusable Developer Delays, any amount of contingency funds remaining in the Hotel Project Improvements Budget up to the Originally- Budgeted Contingency Amount shall be paid to the Developer, to be shared by the Developer, equally, with the Contractor. (d) If, prior to Final Completion, Substantial Completion has not occurred by the Hotel Completion Deadline, as adjusted to account for Excusable Developer Delays, contingency funds remaining in the Hotel Project Improvements Budget shall be paid to the Trustee on or before the conclusion of each calendar month from the Hotel Completion Deadline until Substantial Completion, for deposit into the Senior Debt Service Fund, in an amount equal to (A) (i) the daily interest payable on the Series 2009 Bonds multiplied by (ii) the number of calendar days between the Hotel Completion Deadline and the date of Substantial Completion, less (B) the sum of amounts previously so paid to the Trustee by Contractor as Contractor Daily Delay Damages and by the Developer as Liquidated Damages. Thereafter, upon Final Completion, any amount of contingency funds remaining in the Hotel Project Improvements Budget up to the Originally-Budgeted Contingency Amount shall be paid to the Developer, to be shared by the Developer, equally, with the Contractor. (e) Any amount of contingency funds above the Originally-Budgeted Contingency Amount shall remain the sole property of the Owner, as shall any remaining amounts resulting from Owner-requested reductions in the scope of the Hotel Project Improvements Work. (f) The Hotel Project Improvements Budget includes provisions for sub-surface work, including environmental...
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Related to Provisions Regarding Owner’s Consent and Use and Expenditure of Contingency Amounts

  • General Provisions Regarding Accounts (a) So long as no Default or Event of Default shall have occurred and be continuing, all or a portion of the funds in the Trust Accounts shall be invested by the Indenture Trustee at the written direction of the Servicer in Permitted Investments as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement; provided, that, funds on deposit in the Reserve Account shall be invested in Permitted Investments meeting the requirements of 17 CFR Part 246.4(b)(2), as determined by the Servicer. All income or other gain (net of losses and investment expenses) from investments of monies deposited in the Trust Accounts shall be withdrawn by the Indenture Trustee from such accounts and distributed (but only under the circumstances set forth in the Sale and Servicing Agreement) as provided in Sections 4.1 and 4.7 of the Sale and Servicing Agreement; provided, that amounts released from the Reserve Account shall meet the requirements of 17 CFR Part 246.4(b)(3)(i), as determined by the Servicer. The Servicer shall not direct the Indenture Trustee to make any investment of any funds or to sell any investment held in any of the Trust Accounts unless the security interest granted and perfected in such account will continue to be perfected in such investment or the proceeds of such sale, in either case without any further action by any Person, and, in connection with any direction to the Indenture Trustee to make any such investment or sale, if requested by the Indenture Trustee, the Issuer shall deliver to the Indenture Trustee an Opinion of Counsel, acceptable to the Indenture Trustee, to such effect. (b) Subject to Section 6.1(c), the Indenture Trustee shall not in any way be held liable by reason of any insufficiency in any of the Trust Accounts resulting from any loss on any Permitted Investment included therein, except for losses attributable to the Indenture Trustee’s failure to make payments on such Permitted Investments issued by the Indenture Trustee, in its commercial capacity as principal obligor and not as trustee, in accordance with their terms. (c) If (i) the Servicer shall have failed to give written investment directions for any funds on deposit in the Trust Accounts to the Indenture Trustee by 11:00 A.M. (New York City time) (or such other time as may be agreed upon by the Issuer and Indenture Trustee), on the Business Day preceding each Distribution Date, (ii) a Default or Event of Default shall have occurred and be continuing with respect to the Notes but the Notes shall not have been declared immediately due and payable pursuant to Section 5.2 or (iii) the Notes shall have been declared immediately due and payable following an Event of Default, and amounts collected or receivable from the Trust Estate are being applied in accordance with Section 5.4(c) as if there had not been such a declaration, then the Indenture Trustee shall, to the fullest extent practicable, invest and reinvest funds in the Trust Accounts in one or more Permitted Investments in accordance with the standing instructions most recently given by the Servicer; provided, however, that if no standing instructions shall have been given to the Indenture Trustee, the funds shall remain uninvested.

  • ADDITIONAL SPECIAL CONTRACT CONDITIONS Special Contract Conditions revisions: the corresponding subsections of the Special Contract Conditions referenced below are replaced in their entirety with the following:

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