Distribution of Escrow Account Funds Sample Clauses

Distribution of Escrow Account Funds. Each request for project funding must be submitted to the Advisory Council and affirm that funds will be used to support projects that meet the objectives of the fund. • The Advisory Council will review all submitted proposals. The Advisory Council will either recommend approval or rejection with an explanation, or request additional documentation necessary to complete its evaluation of a proposal. • The process and form of such proposals will be determined by the Advisory Council and the Director. • Upon written instructions from the Director, the escrow agent will disburse funds directly to the project applicant. • In the event the fund is oversubscribed, the Director may, in consultation with the Advisory Council, approve partial payment of a proposal. * * * Exhibit B-2 Form of Fund Agreement
Sample 1
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Distribution of Escrow Account Funds. Each request for project funding must be submitted to the Advisory Council and affirm that funds will be used to support projects that meet the objectives of the fund. • The Advisory Council will review all submitted proposals. The Advisory Council will either recommend approval or rejection with an explanation, or request additional documentation necessary to complete its evaluation of a proposal. • The process and form of such proposals will be determined by the Advisory Council and the Director. • Upon written instructions from the Director, the escrow agent will disburse funds directly to the project applicant. • In the event the fund is oversubscribed, the Director may, in consultation with the Advisory Council, approve partial payment of a proposal. * * * Exhibit B-2 Form of Fund Agreement To be prepared after the date hereto Sunrise Wind Navigational Enhancement and Training Program Objectives: • Enable commercial fishermen and for-hire vessels to acquire Navigation Equipment, as defined below, through a grant – or in other words, voucher – system; and • Provide training and experiential learning opportunities to those navigating or operating within the Ørsted/Eversource Joint Venture Wind Lease Areas in the Rhode Island/Massachusetts Wind Energy Area (“WEA”). • Further positive co-existence between offshore wind and fishing community Approach and Eligibility: • Navigation Equipment for Fishermen Eligible for Direct Compensation Fund o Fishermen eligible for the Direct Compensation Fund (ie. have historically fished in the Sunrise Wind wind farm and are commercial or for hire fishermen) who do not already possess Navigation Equipment will automatically be eligible for a voucher to purchase Navigation Equipment. Navigation Equipment is defined as pulse compression radar systems and AIS transceivers (for AIS, further defined below); o One-time grants for vessels that do not already have Navigation Equipment will be available as follows: up to $10,000 will be available for each eligible fisherman with a commercial vessel or with an inspected for-hire vessel; and up to $5,000 will be available for each eligible fisherman with an uninspected for-hire vessel; o Vouchers may only be used to purchase and install pre-approved Navigation Equipment; o For those wishing to obtain AIS transceivers the following will be provided: vessels required to carry AIS, vouchers will be for Class A AIS; and for vessels not required to carry AIS, vouchers will be for Class ...
Sample 1
Distribution of Escrow Account Funds 
Sample 1

Related to Distribution of Escrow Account Funds

  • Establishment of Escrow Account; Deposits in Escrow Account With respect to those Mortgage Loans on which the Servicer or any Sub-Servicer collects Escrow Payments, if any, the Servicer shall, and shall cause the Sub-Servicer to, segregate and hold all funds collected and received pursuant to each such Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of trust accounts. Such Escrow Accounts shall be established with a commercial bank, a mutual savings bank or a savings and loan association the deposits of which are insured by the FDIC in a manner which shall provide maximum available insurance thereunder, and which may be drawn on by the Servicer. The Servicer shall give notice to the Trustee of the location of any Escrow Account, and of any change thereof, prior to the use thereof. Nothing in this paragraph shall be deemed to require the Servicer to collect Escrow Payments in the absence of a provision in the related Mortgage requiring such collection. The Servicer shall deposit, or cause to be deposited, in any Escrow Account or Accounts on a daily basis, and retain therein, (i) all Escrow Payments collected on account of any Mortgage Loans, for the purpose of effecting timely payment of any such items as required under the terms of this Agreement and (ii) all amounts representing proceeds of any hazard insurance policy which are to be applied to the restoration or repair of any Mortgaged Property. The Servicer shall make withdrawals therefrom only to effect such payments as are required under this Agreement, and for such other purposes as are set forth in Section 5.11. The Servicer shall be entitled to retain any interest paid on funds deposited in the Escrow Account by the depository institution other than interest on escrowed funds required by law to be paid to the related Mortgagor and, to the extent required by law, the Servicer shall pay interest on escrowed funds to the related Mortgagor notwithstanding that the Escrow Account is non-interest-bearing or that interest paid thereon is insufficient for such purposes.

  • Establishment of Escrow Accounts; Deposits in Escrow Accounts The Seller shall segregate and hold all funds collected and received pursuant to each Mortgage Loan which constitute Escrow Payments separate and apart from any of its own funds and general assets and shall establish and maintain one or more Escrow Accounts, in the form of time deposit or demand accounts. The creation of any Escrow Account shall be evidenced by Escrow Account Letter Agreement in the form of Exhibit 8.

  • Creation of Escrow Funds On or prior to the date of the commencement of the Offering, the parties shall establish an escrow account with the Escrow Agent, which escrow account shall be entitled as follows: Wentworth Energy, Inc./Cornell Capital Partners, LP Escrow Account for the deposit of the Escrow Funds. The Investor(s) will instruct subscribers to wire funds to the account of the Escrow Agent as follows: Bank: Wachovia, N.A. of New Jersey Routing #: 000000000 Account #: 2000014931134 Name on Account: Xxxxx Xxxxxxxx Attorney Trust Account Name on Sub-Account: Wentworth Energy, Inc./Cornell Capital Partners, LP Escrow Account

  • Withdrawals From Escrow Account Withdrawals from the Escrow Account shall be made by the Seller only (a) to effect timely payments of ground rents, taxes, assessments, premiums for Primary Mortgage Insurance Policies, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage, (b) to reimburse the Seller for any Servicing Advance made by Seller pursuant to Subsection 11.08 hereof with respect to a related Mortgage Loan, (c) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan, (d) for transfer to the Custodial Account upon default of a Mortgagor or in accordance with the terms of the related Mortgage Loan and if permitted by applicable law, (e) for application to restore or repair of the Mortgaged Property, (f) to pay to the Mortgagor, to the extent required by law, any interest paid on the funds deposited in the Escrow Account, (g) to pay to itself any interest earned on funds deposited in the Escrow Account (and not required to be paid to the Mortgagor), (h) to the extent permitted under the terms of the related Mortgage Note and applicable law, to pay late fees with respect to any Monthly Payment which is received after the applicable grace period, (i) to withdraw suspense payments that are deposited into the Escrow Account, (j) to withdraw any amounts inadvertently deposited in the Escrow Account or (k) to clear and terminate the Escrow Account upon the termination of this Agreement.

  • Investment of Escrow Account The Escrow Agent shall deposit funds received from purchasers in the Escrow Account, which shall be a non-interest-bearing bank account at SunTrust Bank.

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Servicer only:

  • Permitted Withdrawals from the Collection Account and Distribution Account (a) The Master Servicer may from time to time make withdrawals from the Collection Account for the following purposes:

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