Alternate Distribution of Funds Sample Clauses

Alternate Distribution of Funds. In the event that the provision of a portion of the Total PDA Amount prior to the actual completion of work is needed for the PDA to obtain Federal new market tax credits, the PDA will request a lump sum distribution. The City will disburse the requested lump sum provided that the PDA submits evidence demonstrating to the Director’s satisfaction that the following conditions have been met: (a) that the PDA has a commitment from a Federal tax credit investor, (b) that the PDA has controls in place to guarantee that an amount equal to the lump sum distribution will be used to fund the projects authorized by the City Ordinance and in accordance with this Agreement, and (c) that the PDA has formed or identified a qualified low income community business entity to facilitate the tax credit investments. Notwithstanding the foregoing, nothing in this Section shall in any way reduce or limit the PDA’s obligation to comply with all federal, state and local laws applicable to obtaining other funding, including Federal new market tax credits.
Sample 1
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Related to Alternate Distribution of Funds

  • Distribution of Funds Deliver (i) to Seller, or order, the cash portion of the Purchase Price, adjusted for prorations, charges and other credits and debits provided for herein; and (ii) to Buyer, or order, any excess funds delivered to Escrow Agent by Buyer. Such funds shall be delivered by wire transfer or cashier’s check in accordance with instructions for Seller and Buyer; if no instructions are given, Escrow Agent shall deliver such funds by Escrow Agent’s check via overnight courier (or as otherwise requested by the intended recipient) to the appropriate party at the address set forth for notice in this Agreement.

  • Allocation of Funds AMO will allocate and transfer Funds on the basis of the formula determined by Ontario.

  • Reallocation of Funds COUNTY reserves the right to reallocate the available program funds to other service areas based on CONTRACTOR performance or client demand.

  • Allocation and Use of Funds All allocations and use of funds under this Grant shall be in accordance with the applicable federal Notice of Funding Opportunity (NOFO) for the Federal Grant Title specified on this Grant.

  • Application of Funds After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the respective amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans, L/C Borrowings and other Obligations, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third payable to them;

  • Termination for Non-Allocation of Funds 4.17.2 Renegotiate the Contract under the revised funding conditions; or

  • NOTICE OF SUPPLEMENTAL ALLOCATION OF FUNDS By the signature below, the City Controller certifies that, upon the request of the Director, the supplemental sum set out below has been allocated for the purposes of the Agreement out of funds appropriated for this purpose by the City Council of the City of Houston. This Supplemental Allocation has been charged to such appropriation. $

  • Amount of Funds; Application of Funds Lender may, at any time, collect and hold Funds in an amount up to, but not in excess of, the maximum amount a lender can require under RESPA. Lender will estimate the amount of Funds due in accordance with Applicable Law. The Funds will be held in an institution whose deposits are insured by a U.S. federal agency, instrumentality, or entity (including Lender, if Lender is an institution whose deposits are so insured) or in any Federal Home Loan Bank. Lender will apply the Funds to pay the Escrow Items no later than the time specified under RESPA. Lender may not charge Borrower for: (i) holding and applying the Funds; (ii) annually analyzing the escrow account; or (iii) verifying the Escrow Items, unless Lender pays Borrower interest on the Funds and Applicable Law permits Lender to make such a charge. Unless Lender and Borrower agree in writing or Applicable Law requires interest to be paid on the Funds, Lender will not be required to pay Borrower any interest or earnings on the Funds. Lender will give to Borrower, without charge, an annual accounting of the Funds as required by RESPA.

  • Distribution of Agreement The Employer agrees to make available to each employee a copy of this Agreement and to provide a copy of the same Agreement to all new employees entering the employment of the Employer.

  • Limitation of Funds In no case shall the Government’s financial liability exceed the amount obligated under this Agreement.

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