Advanced Funds. 5.1 Promptly after execution of this Agreement, Summit shall establish one or more accounts with one or more banks that are members of the FDIC and shall deposit the Advanced Funds therein. In the event more than one account is established, the Advanced Funds may be allocated between such accounts in such proportions as determined by Summit in its sole and absolute discretion. No other funds shall be commingled with the Advanced Funds in such account or accounts. The account or accounts established hereunder shall be maintained at all times until the earlier to occur of (i) two (2) years from the Effective Date, or (ii) the point in time when Summit has recouped the Advanced Funds pursuant to this Agreement.
Advanced Funds. Advanced Funds shall mean and include, (i) the Initial Tower Loan, (ii) any future Loans and/or Advanced given by Tower to TCTS (its shareholders and Directors), Xxxxxxxxx and/or Xxxxxxx, (iii) any and all legal fees and costs incurred by Tower in furtherance of the Purchase Transaction.
Advanced Funds. With respect to funds advanced to or on behalf of the District, the District will become obligated to reimburse the Developer when:
Advanced Funds. Vendor agrees to use advanced funds, if any, only for the Services identified under this Contract.
Advanced Funds. Within two (2) business day after Buyer receives a Request Notice from Seller, Buyer shall distribute, by wire transfer, such requested amount to Seller in cash to the account designated by Seller (“Advanced Funds”). Buyer shall not be obligated to make more than one (1) distribution of Advanced Funds per week, and notwithstanding anything herein to the contrary, in no event shall Buyer be obligated to distribute Advanced Funds in an amount that exceeds (i) $43,000 in the first week after the Effective Date (the “Initial Week”), (ii) $28,000 in any one (1) week period after the Initial Week, or (iii) $127,000 in total during the term of this Agreement.
Advanced Funds. Each amount advanced or paid hereunder shall be advanced or paid, as the case may be, in immediately available funds in such form of funds as may from time to time be customarily used in Toronto, Ontario in the settlement of banking transactions similar to the banking transactions required to give effect to the provisions of this Agreement on the day such advance, disbursement or payment is to be made.
Advanced Funds. Tenant will advance funds to City in an amount not to exceed $1,738,456.38 to be used exclusively for the payment of actual costs incurred by City in the construction of the Flying T Project (“Advanced Funds”). Tenant shall advance funds to City on a monthly basis as City incurs construction costs and provides Tenant the supporting documentation thereof. Each month City shall submit to Tenant a request for funds along with a certification that the Project is within budget, including the line-item budgets. Tenant shall advance the requested funds within ten (10) days of receipt of the request and certification. If City anticipates that the Project cannot be completed within the budget of $1,738,456.38, City will immediately notify Tenant in writing and City shall find additional funding sources necessary to complete the Project as scheduled. City shall use its best efforts to ensure the Project is completed on budget and on time.
