Deposit and Use of Funds Sample Clauses

Deposit and Use of Funds. The loan proceeds shall be deposited in a deposit account with U.S. Bank held in the name of Agent, but as nominee for Borrower, subject to the terms of this Loan Agreement (the "Disbursement Account"). Agent shall have sole authority to disburse or transfer funds from the Disbursement Account, subject to the terms of this Loan Agreement. U.S. Bank shall be instructed that Agent is the bank's customer with respect to the Disbursement Account, and that Agent's instructions with respect to the account shall be honored by the bank. If required by the bank or if requested by Lenders, Agent, or Borrower, the parties shall execute a further instrument with the bank providing that the bank will comply with instructions originated by Agent (on behalf of the Lenders) directing disposition of funds in the Disbursement Account without further consent of the Borrower. Agent shall disburse funds from the Disbursement Account from time to time to pay expenses that have been agreed upon in writing by Borrower and Agent. Funds from the Account shall not be used for any purpose other than to pay the expenses that have been mutually agreed upon by Agent and Borrower.
Sample 1
AutoNDA by SimpleDocs
Deposit and Use of Funds. (a) The City has received a petition from the owner of at least 10% of the territory within the District requesting to establish the District. In accordance therewith, the City has adopted the Resolution of Intention for the purpose of initiating the process of forming the District pursuant to the Act. (b) In order to assist the City in establishing the District, the Owner has advanced $50,000 to the City for the purpose of covering expenses relating thereto. In addition to costs incurred by the City (including City staff time) in resolving issues relating to the formation of the District, this Agreement shall cover the costs of retaining the necessary consultants to assist in the formation of the District, including an engineer, special tax consultant, financial advisor, special counsel and other consultants deemed necessary by the City. (c) In addition to the initial advance of $50,000, from time to time, the Owner shall make additional advances to the City within 15 days following receipt from the City of a written request for an additional advance to cover such costs. In the event the Owner does not deliver the requested amount to the City within such 15-day period, the City will have no obligation to proceed with the issuance of bonds unless and until such additional advance is received. The Owner shall have the right to notify the City at any time, in writing, of its desire to have the City abandon the proceedings for the formation of the District. Upon receipt of such notice, the City shall instruct its consultants to cease work as soon as practicable. The Owner shall be responsible to pay all costs and expenses incurred by the City or any City consultant or advisor relating to the formation of the District until work with respect to the bond issuance ceases following the receipt of the Owner’s notice of abandonment. (d) The City will provide written notice to the Owner when the balance of the remaining advance is reduced to $5,000. The City will provide to the Owner on request a summary of how the advances have been spent and the unexpended balance remaining. The amounts advanced by the Owner will be reimbursable to the Owner, without interest, from the proceeds of bonds issued by the District and/or from special tax revenues collected from the District. In the event that bonds are not issued to provide a source of reimbursement to the Owner or special tax revenues are unavailable to provide a source of reimbursement to the Owner, the City shall ha...
Sample 1
Deposit and Use of Funds. Upon receipt of the Dry Hole Costs by Pohle from each JVP in acxxxxxnce with Section 4.1, hereinabove, Pohle shall deposit all xxxx funds into an escrow account. These funds shall be designated and used by Pohle solely for the purxxxxx of drilling, testing and plugging and abandoning the Initial Prospect Well for each Prospect submitted by Pohle.
Sample 1
Deposit and Use of Funds. (a) The City has received a petition from the owner of at least 10% of the territory within the District requesting to establish the District and simultaneously dissolve Improvement Area No. 19D and Improvement Area No. 19F. In accordance therewith, the City has adopted the Resolution of Intention for the purpose of initiating the process of forming the District pursuant to the Act and expects to begin proceedings to dissolve Improvement Area No. 19D and improvement Area No. 19F. The dissolution of Improvement Area Xx. 00X xxx Xxxxxxxxxxx Xxxx Xx. 00X shall be subject to the formation of the District, the approval of the rate and method of apportionment for the District, and the approval of the issuance of the bonded indebtedness by the eligible voters therein. (b) In order to assist the City in establishing the District, the Owner has advanced $50,000 to the City for the purpose of covering expenses relating thereto. In addition to costs incurred by the City (including City staff time) in resolving issues relating to the formation of the District, this Agreement shall cover the costs of retaining the necessary consultants to assist in the formation of the District, including an engineer, special tax consultant, financial advisor, special counsel and other consultants deemed necessary by the City. (c) In addition to the initial advance of $50,000, from time to time, the Owner shall make additional advances to the City within 15 days following receipt from the City of a written request for an additional advance to cover such costs. In the event the Owner does not deliver the requested amount to the City within such 15-day period, the City will have no obligation to proceed with the issuance of bonds unless and until such additional advance is received. The Owner shall have the right to notify the City at any time, in writing, of its desire to have the City abandon the proceedings for the formation of the District. Upon receipt of such notice, the City shall instruct its consultants to cease work as soon as practicable. The Owner shall be responsible to pay all costs and expenses incurred by the City or any City consultant or advisor relating to the formation of the District until work with respect to the bond issuance ceases following the receipt of the Owner’s notice of abandonment. (d) The City will provide written notice to the Owner when the balance of the remaining advance is reduced to $5,000. The City will provide to the Owner on request a summary of...
Sample 1
Deposit and Use of Funds 
Sample 1Sample 2Sample 3See All (4)

Related to Deposit and Use of Funds

  • 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.

  • Use of Funds Grantee shall expend funds under this Grant Agreement only for approved services and for reasonable and allowable expenses directly related to those services.

  • Deposit of Funds Before 11:00 A.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose.

  • Collection of Funds Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and collect, directly the funds and other property payable to or to be received by the Indenture Trustee under this Indenture and the Sale and Servicing Agreement. The Indenture Trustee will apply the funds and other property received by it, and will make deposits to, and distributions from, the Bank Accounts, under this Indenture and the Sale and Servicing Agreement.

  • 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, subject to the provisions of Sections 2.13 and 2.14, 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 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 and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third held by them; Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings and (b) Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; and Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law. Subject to Section 2.03(c) and Section 2.13, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

  • Source of Funds Each Purchaser severally represents that at least one of the following statements is an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase price of the Notes to be purchased by such Purchaser hereunder: (a) the Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such Purchaser’s state of domicile; or (b) the Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance of the separate account; or (c) the Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or (d) the Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”)) managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund, have been disclosed to the Company in writing pursuant to this clause (d); or (e) the Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”)) managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption), the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a 10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or (f) the Source is a governmental plan; or (g) the Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each of which has been identified to the Company in writing pursuant to this clause (g); or (h) the Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA. As used in this Section 6.2, the terms “employee benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings assigned to such terms in section 3 of ERISA.

  • Disbursement of Funds (a) No later than 2:00 p.m. (New York City time) on the date specified in each Notice of Borrowing (including Mandatory Borrowings), each Lender made available its pro rata portion, if any, of each Borrowing requested to be made on such date in the manner provided below; provided that on the Original Closing Date, such funds were made available at such earlier time as may be agreed among the Lenders, the Borrower and the Administrative Agent for the purpose of consummating the Transactions; provided further that all Swingline Loans shall be made available to the Borrower in the full amount thereof by the Swingline Lender no later than 4:00 p.m. (New York City time) on the date requested. (b) Each Lender shall make available all amounts it is to fund to the Borrower under any Borrowing for its applicable Commitments, and in immediately available funds to the Administrative Agent at the Administrative Agent’s Office and the Administrative Agent will (except in the case of Mandatory Borrowings and Borrowings to repay Unpaid Drawings) make available to the Borrower, by depositing to an account designated by the Borrower to the Administrative Agent the aggregate of the amounts so made available in the applicable currency. Unless the Administrative Agent shall have been notified by any Lender prior to the date of any such Borrowing that such Lender does not intend to make available to the Administrative Agent its portion of the Borrowing or Borrowings to be made on such date, the Administrative Agent may assume that such Lender has made such amount available to the Administrative Agent on such date of Borrowing, and the Administrative Agent, in reliance upon such assumption, may (in its sole discretion and without any obligation to do so) make available to the Borrower a corresponding amount. If such corresponding amount is not in fact made available to the Administrative Agent by such Lender and the Administrative Agent has made available such amount to the Borrower, the Administrative Agent shall be entitled to recover such corresponding amount from such Lender. If such Lender does not pay such corresponding amount forthwith upon the Administrative Agent’s demand therefor the Administrative Agent shall promptly notify the Borrower and the Borrower shall immediately pay such corresponding amount to the Administrative Agent in the applicable currency. The Administrative Agent shall also be entitled to recover from such Lender or the Borrower interest on such corresponding amount in respect of each day from the date such corresponding amount was made available by the Administrative Agent to the Borrower to the date such corresponding amount is recovered by the Administrative Agent, at a rate per annum equal to (i) if paid by such Lender, the Overnight Rate or (ii) if paid by the Borrower, the then-applicable rate of interest or fees, calculated in accordance with Section 2.8, for the respective Loans. (c) Nothing in this Section 2.4 shall be deemed to relieve any Lender from its obligation to, fulfill its commitments hereunder or to prejudice any rights that the Borrower may have against any Lender as a result of any default by such Lender hereunder (it being understood, however, that no Lender shall be responsible for the failure of any other Lender to fulfill its commitments hereunder).

  • Release of Funds On the Redemption Date, the outstanding Note Balance of the Notes plus accrued and unpaid interest on the Notes will become due and payable and that interest on the Notes will cease to accrue from and after the Redemption Date, unless the Issuer fails to pay the Notes on the Redemption Date. On redemption, the Indenture Trustee will release the Collateral from the Lien of this Indenture and release to the Issuer or any other Person entitled to funds then in the Bank Accounts under this Indenture according to Section 8.4(c).

  • Background; Use of Funds; Definitions This Note constitutes the consideration payable to the Lender for the Series Gallery Drop 049 Asset (the “Series Asset”) pursuant to the Purchase and Sale Agreement relating to the Series Asset that was entered into between the Company and the Lender on or about the date hereof. As used in this Note, the following terms shall have the following meanings:

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

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