Development Account. The Developer will:
2.1 as at the date of this agreement, open a separate Development Account in respect of each Phase together with a separate composite Development Account in respect of the whole Development, and debit to the accounts for Xxxxxx Road Phase and Heygate Phase, the relevant amount of Accrued Development Costs (fairly apportioned between those two Phases);
2.2 from the date of this agreement, maintain the Development Accounts in a proper manner on an open book basis in accordance with current accounting standards and practices on the basis that Interim Development Income offsets Development Costs, and provide a copy of the current Development Account to the Council on reasonable prior written notice but in any event not more frequently than quarterly;
2.3 where Interim Development Income and/or Development Costs accrue in relation to:
2.3.1 more than one Phase, apportion such income and/or costs between such Phases in a fair and reasonable manner; and
2.3.2 more than one Building within a Phase, apportion such income and/or costs between such Buildings in a fair and reasonable manner; and
2.4 procure that the Development Account is annually audited by the Auditors (acting on a independent basis) and the resulting audit report supplied to the Council.
2.5 The Developer shall make available for inspection by or for the Council and, following such inspection, promptly supply to the Council copies of all accounts (including without limitation the Development Accounts) invoices, bank statements, vouchers and other financial information reasonably requested by the Council relating to the calculation of the Development Costs and the Interim Development Income, copies of title or incoming producing documents, and any other information which the Council may reasonably require, including certified copies of all relevant deeds and documents relating to the Development.
Development Account. A one-time allowance for each full-time teacher shall be provided by the Ministry of Education. Teachers with less than 1.0 FTE during the 2004/2005 school year shall receive a pro-rated portion of this amount. An amount shall be paid to each full-time and part-time teacher who makes a claim and was paying Union dues on June 1, 2005, including teachers on statutory leave as of June 1, 2005. The maximum amount to be paid to each teacher shall be determined by dividing the lump sum provided to the Board by the Ministry of Education by the FTE calculated above. It is understood that the total amount payable shall not exceed the total amount provided for this purpose by the Ministry. The allowance shall be used between June 1, 2005 and August 31, 2006 for expenses incurred for computers, software, peripherals, professional material and professional development courses. The parties shall jointly establish reimbursement procedures that will include receipts for actual expenditures. Teachers teaching less than full-time shall receive a pro-rated portion of the allowance. It is understood that reimbursements made under the Teacher Development account are non- taxable. A committee consisting of two representatives from the Union and two representatives from the Board will determine the allocation of any monies not expended from the fund on August 31, 2006. A financial report shall be presented by the Board to the Committee. Dated this day of May, 2005. For the Board For ETFO:
Development Account. (i) The Borrower shall establish an account (the “Development Account”) with a depository, which is insured by the Federal Deposit Insurance Corporation (“FDIC”) or by a successor in interest to FDIC into which all Gross Income of the Development shall be deposited when received. The Borrower or any person receiving funds and tenant security deposits of the Development other than as permitted by this Agreement shall immediately deposit such funds in the Development Account and failing to do so shall hold such funds in trust for the Development. Subject to the rights of the First Lien Lender, the Borrower or any person receiving any property of the Development in violation of this Agreement shall immediately deliver such property to the Agency, and failing to do so shall hold such property in trust for the Development. Reserves, deposits, rents, charges, fees and any other deposits and/or income of the Development as used herein shall also include, without limitation, such income derived from commercial facilities of the Development, if any.
Development Account. Subject to the terms and conditions of this Agreement and any additional terms of service which will be mutually agreed to by NetSuite and NetFlex Partner following execution of this Agreement, NetSuite grants NetFlex Partner during the term of this Agreement a worldwide, non-exclusive, non-transferable and terminable license (terminable solely in accordance with the express terms of this
Development Account. Funds in the Development Account shall be disbursed at the written direction of the Administrative Lender as follows in the following order provided that no Credit Agreement Default or Credit Agreement Event of Default (other than a Specified Default, as such term is defined in the Credit Agreement (a “Specified Default”)) shall exist and no Forbearance Termination Event (as defined in the Amendment, Consent and Forbearance Agreement, dated as of July 9, 2010, by and among the Company, Xxxxx, the Administrative Lender and the Financing Parties (a “Forbearance Termination Event”)) shall have occurred:
3.9.3.1 Upon receipt of proceeds from the Cash Grant, $3,785,165 to the Construction Account; for use by Xxxxx for items listed in the Completion Plan;
3.9.3.2 On the Guaranteed Final Completion Date, in the following order:
3.9.3.2.1 first, to the payment of Obligations in the amount of $27,000,000 pursuant to the Credit Agreement (which amount the Company acknowledges, by its execution hereof, is $11,585,979.95 (the “Shortfall”) less than the amount determined in accordance with the Recalculated Equity Base Case Model pursuant to Section 6.4 of the EPC Agreement);
3.9.3.2.2 second, to the O&M Account, the lesser of (x) the funds remaining in the Development Account after payment of the $27,000,000 required to be paid pursuant to Section 3.9.3.2.1, and (y) the Shortfall;
3.9.3.2.3 third, to the Debt Service Account an amount sufficient such that amounts held in the Debt Service Account are equal to (a) the next required payment of Debt Service, as calculated after amounts described in Section 3.9.3.2.1 have been paid, plus (b) all expenses, indemnities and other amounts then due or to become due in the current month under any Financing Document;
3.9.3.2.4 fourth, to the Debt Service Reserve Account, an amount to ensure that the balance in the Debt Service Reserve Account equals the Minimum Debt Service Reserve
3.9.3.2.5 fifth; to the Maintenance Reserve Account, an amount to ensure that the balance in the Maintenance Reserve Account equals the Maintenance Reserve Required Balance
3.9.3.2.6 sixth, to the payment of all outstanding amounts payable under the Redemption Note;
3.9.3.2.7 seventh, to pay amounts outstanding under the UTC Purchase Contract;
3.9.3.2.8 eighth, any remaining amounts shall be deposited into the Revenue Account.”
Development Account. 1.1 The Tenant is to operate and maintain the Development Account until the later of Valuation Date and the date on which the final account is produced under the Building Contract.
1.2 The Tenant is to debit directly to the Development Account all Items of Expenditure paid or incurred by the Tenant in carrying out the Development Works on or before the Valuation Date.
1.3 The Tenant is to credit to the Development Account all Items of Receipt.
1.4 The Tenant is to submit to the Landlord a statement of the Development Account at monthly intervals showing the total of all Items of Expenditure incurred by or on behalf of the Tenant including the Development Category in which those Items of Expenditure were incurred where relevant and showing the total of all Items of Receipt.
1.5 The Tenant is to retain at a place where the Landlord can reasonably inspect them and allow the Landlord and its accountants to have access to and inspect all accounts and other written or computer records or documents which are, or in the reasonable opinion of the Landlord ought to be, maintained for the purpose of recording and verifying all Items of Expenditure, Items of Receipt and Development Costs including:
1.5.1 all VAT and other tax returns and records;
1.5.2 bank records and statements;
1.5.3 copies of invoices, certificates, bills and demands relating to the Development Works and this Agreement; and
1.5.4 copies of the payment certificates issued under the Building Contract.
1.6 The Tenant acknowledges to the Landlord that it owes the Landlord a duty of the utmost good faith to maintain full and accurate Development Accounts to enable the Landlord properly and accurately to determine the Development Costs.
Development Account. A one-time allowance for each teacher on staff with the Board in the school year has been provided by the Ministry of Education. The allowance, to a maximum aggregate disbursement of shall be used by teachers between September and August for out-of-pocket expenses associated with their professional development needs. These expenses may be for computers and equipment, professional materials, courses, or other such related expenses. The maximum reimbursement for any teacher shall be no more than Teachers teaching less than full-time during the school year shall receive a pro-rated portion of the allowance. The Parties shall jointly establish reimbursement procedures. Any amount that is remaining after August shall be directed to the Bargaining Unit. The Parties shall complete their deliberations and report no later than September Dated at Ontario, this day of FOR THE BOARD: FOR THE UNION: District Teachers’ Bargaining Unit
Development Account. Within fifteen (15) days of the Effective Date, Kythera shall establish two segregated accounts (denominated respectively in Euro and Dollars) at XX Xxxxxx Xxxxx Bank, or such other bank as the Parties agree (the “Development Account”) solely for the purpose of disbursing funds [*] in the Field in the BCC Territory. Subject to Section 10.5(b), Kythera shall be the sole owner (in name and beneficially) of the Development Account and only Kythera shall exclusively control and be authorized to disburse or direct the disbursement of funds or otherwise write checks under the Development Account against invoices [*] for work under the Project Plan. At its discretion, Kythera may convert Euro into Dollars to be held and disbursed under Section 4.1(a)(i)-(iv).
Development Account. Funds in the Development Account shall be disbursed at the written direction of the Administrative Lender as follows in the following order provided that no Credit Agreement Default or Credit Agreement Event of Default shall exist: “
3.9.3.1 Upon receipt of proceeds from the Cash Grant, $3,785,165 to the Construction Account; for use by Xxxxx for items listed in the Completion Plan;”
3.9.3.2 On the Guaranteed Final Completion Date,
3.9.3.2.1 first, the Buy Down CA Redemption Amount pursuant to the Credit Agreement, in an amount determined in accordance with the Recalculated Equity Base Case Model pursuant to Section 6.4 of the EPC Agreement; 3.
Development Account. Provided that Developer at all times complies with the terms and conditions of this Agreement and subject to the restrictions set forth in Section 2.3, Oracle grants to Developer a worldwide, non-exclusive, nontransferable, non-sublicenseable, limited license to access and use one (1) development account for up to five (5) Authorized Employees for such account to access and use the Service solely to develop or modify the Developer Application or Developer Connector to interoperate with the Service. Developer will have no right to use the Service under this Agreement for any other purpose. Notwithstanding anything to the contrary set forth herein, the development account provisioned in accordance with this Section 2.1 shall automatically expire after ninety (90) consecutive days of non-use, and this Agreement shall accordingly terminate at such time.
