Disbursements of Funds. Section 10.1 of the Management Agreement is deleted in its entirety and replaced with the following:
(a) As and when received by Manager or the Pool A Hotels, all Gross Revenues from all of the Pool A Hotels (the “Pool A Gross Revenues”) shall be deposited into the Bank Accounts and, subject to the terms of Sections 8.1 (Accounting Matters) and 10.5 (Calculation of Interim Disbursements), applied in the following order of priority to the extent available:
(1) First, to pay all Operating Costs for all Pool A Hotels;
(2) Second, to fund the Reserve Account as required by Section 5.2 (Reserve Account) in respect of the Pool A Gross Revenues for the previous Fiscal Month and then any amounts accrued and unpaid for prior periods, including amounts accrued and unpaid under the Original Management Agreements and to reimburse Manager for amounts advanced by Manager under Section 5.2(d);
(3) Third, Owner’s First Priority for the Fiscal Year to which such Pool A Gross Revenues pertain together with any accrued Owner’s First Priority and interest thereon shall be paid to Owner; if the Net Disbursement Cash is insufficient to pay Owner’s First Priority and interest, if any, as aforesaid, any shortfall shall be accrued; provided, however, there shall be no accrual of Owner’s First Priority to the extent any applicable shortfall is otherwise funded from the Deposit;
(4) Fourth, if Net Disbursement Cash is sufficient to pay Owner’s First Priority pursuant to 10.1(a)(3), remaining Net Disbursement Cash shall be applied as follows:
(i) one-half (1/2) of the amount thereof shall be paid to Owner to replenish the Deposit up to but not in excess of the Deposit Maintenance Amount; and
(ii) one-half (1/2) of the amount thereof shall be paid to Manager in an amount equal to the Base Management Fee applicable to the Pool A Hotels for the Fiscal Year. To the extent a portion of the Pool A Gross Revenues is allocated pursuant to clauses (i) and (ii) immediately above, but is not applied because the Deposit has been restored to the Deposit Maintenance Amount, and/or the Base Management Fee has been paid in full, as the case may be, such portion of the Pool A Gross Revenues not so applied (the “Excess Net Disbursement Cash”) shall be aggregated at each occasion of the allocation calculation and shall be applied as provided below.
(5) Fifth, Excess Net Disbursement Cash shall be paid to Owner up to but not in excess of Owner’s Second Priority for such Fiscal Year;
(6) Sixth, remaining...
Disbursements of Funds. 4.1. The SCMA shall disburse monies out of a fund holding account only in the following circumstances:
4.1.1. Upon the Tribunal’s written instructions, together with copies of supporting documentation of the fees and expenses incurred.
4.1.2. After confirmation that the Tribunal no longer requires the fund holding service and upon the termination of the service.
Disbursements of Funds. The HWSETA will disburse the allocated funds in accordance with the Memorandum of Agreement to the employer.
Disbursements of Funds. A. Developer must use all Loan funds, less the ten percent (10%) holdback payable after the last Certificate of Occupancy for the Project is issued, if applicable, before issuance of the last Certificate of Occupancy for the Project and if the Loan funds cannot be used within such timeframe, the Developer will notify the Town in writing within five (5) business days of any occurrence that makes it unlikely that Developer can meet the deadline for the expenditure of Loan funds.
B. Requests for disbursements may be made in single or multiple requests but the Developer may not request disbursement of Loan funds more than once every thirty (30) calendar days. Supporting documentation (i.e. invoices, etc.) must be submitted with all Request for Disbursements. Any request for funding will be subject to review by the Town prior to disbursement. If any Loan funds are used for proscribed purposes, such expenditure will constitute an Event of Default as defined therein, and the Loan will become immediately due and payable.
C. In addition to such other obligations of this Agreement, upon expiration of, termination of or a default under this Agreement, including failure to maintain affordability of the Project, the Developer must immediately transfer to the Town any and all unexpended Loan funds and any accounts receivable attributable to the Loan funds.
Disbursements of Funds a) If applicable, the owner hereby authorizes High Country Property Management, LLC. to pay from the Owner's trust account maintained by High Country Property Management, LLC, all expenses connected with the management operation and maintenance of the property. Said costs include all
b) For owners with multiple properties, pursuant to OAR 863-025-025(13), High Country Property Management, LLC is authorized to transfer funds between properties when needed to cover expenses only when the Owner has signed and
Disbursements of Funds. Agent shall disburse Funds at any time and from time to time, upon receipt of, and in accordance with, Depositor’s Written Direction. Such Written Direction shall contain wiring instructions or an address to which a check shall be sent. All disbursements of funds from the Funds shall be subject to the fees and claims of Agent and the Indemnified Parties (as defined below) pursuant to Section 9 and Section 10 below.
Disbursements of Funds. Deposits into Funds and Accounts on the Issue Date............. 14 Section 3.02. Payment of Expenses and Costs of Issuance...................... 14 Section 3.03. Increase in Program Expenses and Maintenance and Operating Expenses....................................................... 15 Section 3.04.
Disbursements of Funds. Before the closing date, each party shall deposit with the closing agent all funds required to be paid by such party to close the transac- tion. The closing agent is authorized, but not required, to consider the lender’s written commitment to deposit funds as the equivalent of a deposit of such funds, if all conditions of the commitment will be met on or before the closing date. All funds received by the closing agent shall be deposited in a trust account with any bank doing business
Disbursements of Funds. Through delivery of written instructions by the Company executed by an Authorized Representative (as defined below) to the Escrow Agent, which shall be in form and substance satisfactory to the Escrow Agent, the Company shall be entitled to make disbursements from the Professional Fees Escrow Account as contemplated by this Agreement and the Plan. On the Effective Date, or within ten (10) days of their allowance for Professional Claims not Allowed as of the Effective Date (or authorized to be paid pursuant to any interim compensation order entered by the Bankruptcy Court), the Company shall disburse Cash from the Professional Fee Escrow Account to pay Professional Claims in the amount Allowed by the Bankruptcy Court (or authorized to be paid pursuant to any interim compensation order entered by the Bankruptcy Court), but not to exceed the applicable Professional Fee Payment Amount less any amounts paid on account of Professional Claims prior to the Effective Date as set forth on Exhibit C. The Professional Fees Escrow Account has been established in trust for the Professionals. No funds in the Professional Fees Escrow Account shall be property of the Estates or the Company and shall not be subject to any Lien. Funds remaining, if any, in the Professional Fees Escrow Account after all Allowed Professional Claims have been paid (subject to the Professional Fee Payment Amount) will be turned over to the Company. Only the Professionals identified on Exhibit C shall be entitled to funds in the Professional Fees Escrow Account and then only to the extent set forth in Exhibit C.
Disbursements of Funds. A. The DEPARTMENT shall prescribe forms to be used for project approval, certification of completion and requesting disbursement of funds. These forms may request information to identify, locate, categorize, determine eligibility, assess benefits of projects, designate the intended source of funding, other anticipated state and federal financial assistance, the length of the loan, frequency of repayment, and the anticipated date of first payment by the BORROWER, the total cost of the project and other pertinent information related to the eligibility, location, benefits, or financing of the project. The LENDER shall provide the requested information to the best of its knowledge.
B. The DEPARTMENT shall disburse the funds to the LENDER based on the following conditions:
C. The LENDER shall submit disbursements requests to the DEPARTMENT. The disbursement request consists of:
1. The completed prescribed forms, and;
2. Documentation supporting that the costs have been incurred, such as bills, invoices; purchase agreements for equipment; or other documentation approved by the DEPARTMENT.
3. A representative of the LOCAL GOVERNMENT UNIT with the authority to approve projects must sign the disbursement request form, certifying that the project was approved and eligible under the AgBMP LOAN PROGRAM.
D. The LENDER may submit requests for disbursements whenever:
1. The total disbursements requested exceed $5,000, or;
2. Upon completion of a project.
3. The project does not have to be completed at the time of the disbursement request, although the cost must have been incurred.
E. The DEPARTMENT shall review disbursement requests and notify the LENDER and the LOCAL GOVERNMENT UNIT of any discrepancies. The DEPARTMENT may withhold disbursement of funds until all discrepancies have been corrected. The DEPARTMENT shall deny disbursement requests for ineligible projects.
F. Each request by the LENDER for disbursement shall constitute a certification by the LENDER to the effect that all representations and covenants made in this agreement remain true as of the date of the request and that no material adverse developments affecting the financial condition of the LENDER or its ability to repay the funds have occurred since the date of this agreement, unless specifically disclosed in writing by the LENDER in the request for disbursement.
G. The DEPARTMENT may, at any time, review and audit the LENDER’S disbursement requests made under this agreement. The DEPARTMENT may make a...
