Club Excess Project Costs Subaccount Sample Clauses

Club Excess Project Costs Subaccount. The Club may periodically make, or cause to be made, additional deposits of funds or irrevocable and unconditional letters of credit with the Trustee to fund certain Project Costs. The Trustee shall accept any such additionally deposited funds or letters of credit and hold them in, or for the benefit of, the Club Excess Project Costs Subaccount. To the extent the Corporation submits a Requisition Requesting Disbursement of Project Costs which indicates payments are to be made from the Club Excess Project Cost Subaccount, then the Trustee shall use funds on deposit in the Club Excess Project Cost Subaccount to make payments in accordance with such Requisition. Unless otherwise instructed by the Corporation, all payments of Project Costs designated by the Corporation to be made from the Club Excess Project Cost Subaccount shall be made first from cash on deposit in the Club Excess Project Costs Subaccount prior to any draws being made on any letter of credit held by the Trustee for the benefit of the Club Excess Project Costs Subaccount. To the extent there are not sufficient funds available and on deposit in the Club Excess Project Cost Subaccount on the day that the Corporation submits a Requisition Requesting Disbursement of Project Costs which indicates payments are to be made from the Club Excess Project Cost Subaccount, then the Trustee shall on the next Business Day present a sight draft to the bank which issued the letter of credit being held in the Club Excess Project Costs Subaccount requesting a draw thereunder in the amount of (i) the sum by which the Project Costs to be paid from the Club Excess Project Costs Subaccount exceed the cash in the Club Excess Project Costs Subaccount if the letter of credit permits multiple partial draws thereunder; or (ii) the total face amount of the applicable letter of credit if such letter of credit does not permit multiple, partial draws. To the extent multiple draws are permitted under the terms of any letter of credit, only a copy of such letter of credit should accompany any such partial draws and the Trustee shall retain the original letter of credit until the final draw thereunder or receipt of specific written instructions of the Corporation to otherwise release such letter of credit. The proceeds of any draw on a letter of credit held for the benefit of the Club Excess Project Costs Subaccount shall be deposited into the Club Excess Project Costs Subaccount and used to make payments of the Project Costs ...
Sample 1
AutoNDA by SimpleDocs

Related to Club Excess Project Costs Subaccount

  • Project Costs Simultaneously with the execution of this Agreement, the Company shall disclose to the Department all of the Project Costs which the Company seeks to include for purposes of determining the limitation of the amount of the Credit pursuant to Section 5-30 of the Act and provide to the Department a Schedule of Project Costs in the form as attached hereto as Exhibit C.

  • Project Cost Overruns In the event that the Recipient determines that the moneys granted pursuant to Section II hereof, together with the Local Subdivision Contribution, are insufficient to pay in full the costs of the Project, the Recipient may make a request for supplemental assistance to its District Committee. The Recipient must demonstrate that such funding is necessary for the completion of the Project and the cost overrun was the result of circumstances beyond the Recipient's control, that it could not have been avoided with the exercise of due care, and that such circumstances could not have been anticipated at the time of the Recipient's initial application. Should the District Committee approve such request the action shall be recorded in the District Committee's official meeting minutes and provided to the OPWC Director for the execution of an amendment to this Agreement.

  • Project Cost a. The estimated cost of the Project is $ 97,740.00. This amount is based upon the Schedule of Financial Assistance in Exhibit "B", attached to and incorporated in this Agreement. Exhibit “B” may be modified by mutual execution of an amendment as provided for in paragraph 5.i.

  • Benefit Waiting Period Allowance (a) An employee who qualifies for and takes leave pursuant to 21.1 or 21.2 and is required by Employment Insurance to serve a one-week waiting period for Employment Insurance Maternity/Parental benefits, shall be paid a leave allowance equivalent to one week at 85% of the employee's basic pay.

  • Second Year Wage Adjustment Effective July 1, 2020, all salary ranges and rates shall be increased by two and one-half percent (2.50%), rounded to the nearest cent. Salary increases provided by this Section shall be given to all employees including those employees whose rates of pay exceed the maximum rate for their class. The compensation grids for classes covered by this Agreement are contained in Appendix E-2. Conversion to the new compensation grid shall not change an employee’s eligibility for step progression increases.

  • How Do I Correct an Excess Contribution? If you make a contribution in excess of your allowable maximum, you may correct the excess contribution and avoid the 6% penalty tax for that year by withdrawing the excess contribution and its earnings on or before the date, including extensions, for filing your tax return for the tax year for which the contribution was made (generally October 15th). Any earnings on the withdrawn excess contribution may also be subject to the 10% early distribution penalty tax if you are under age 59½. In addition, although you will still owe penalty taxes for one or more years, excess contributions may be withdrawn after the time for filing your tax return. Excess contributions for one year may be carried forward and applied against the contribution limitation in succeeding years. An individual who is partially or entirely ineligible to make contributions to a Xxxx XXX may transfer amounts of up to the yearly contribution limits to a non-deductible Traditional IRA (subject to reduction for amounts remaining in the Xxxx XXX plus other Traditional IRA contributions).

  • Start-Up Costs 4.1.1 The Government of Ontario will provide:

  • Direct Expenses 1. Fees and expenses of its directors (including the fees of those directors who are deemed to be "interested persons" of the Fund as that term is defined in the Investment Company Act of 1940) and the meetings thereof;

  • Isolation Allowance 3.23.1 An employee whose work requires that they reside at an isolated locality as outlined in clause 3.23.5 or 3.23.6 below, will receive an isolation allowance.

  • Average Contribution Amount For purposes of this Agreement, to ensure that all employees enrolled in health insurance through the City’s HSS are making premium contributions under the Percentage-Based Contribution Model, and therefore have a stake in controlling the long term growth in health insurance costs, it is agreed that, to the extent the City's health insurance premium contribution under the Percentage-Based Contribution Model is less than the “average contribution,” as established under Charter section A8.428(b), then, in addition to the City’s contribution, payments toward the balance of the health insurance premium under the Percentage-Based Contribution Model shall be deemed to apply to the annual “average contribution.” The parties intend that the City’s contribution toward employee health insurance premiums will not exceed the amount established under the Percentage-Based Contribution Model.

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!