ENTITLEMENT MONIES Clause Samples
The 'Entitlement Monies' clause defines the handling and distribution of funds or payments to which a party is rightfully entitled under the agreement. Typically, this clause outlines the process for calculating, holding, and disbursing such monies, including any conditions or timelines that must be met before payment is made. For example, it may specify that entitlement monies are held in trust until certain obligations are fulfilled or that they are paid directly to a beneficiary upon the occurrence of a triggering event. The core function of this clause is to ensure transparency and fairness in the management of funds, reducing disputes over payment and clarifying each party's rights to specific monies under the contract.
ENTITLEMENT MONIES. (a) Canada, Saskatchewan and the Band agree that the total Entitlement Monies, including the Equity Payment and Mineral Payment of the Band, is $10,243,452.00.
(b) The parties acknowledge and agree that $7,170,416.00 of the Entitlement Monies referred to in subsection 3.01(a) shall, subject to the terms hereof (including, without limitation, subsections 3.01(d) and (e) and section 10.01) be paid by Canada to the Treaty Land Entitlement (Saskatchewan) Fund and shall thereafter be deposited by Canada into the Trust Account as follows:
(i) $2,390,140.00 (representing the first two (2) of a total of six (6) equal payments) within thirty (30) days of the Execution Date; and
(ii) $1,195,069.00 on or before June 30th in each of the succeeding four (4) years.
(iii) Canada may, in Canada’s sole discretion, pay or deposit Entitlement Monies into the Trust Account any or all Entitlement Monies not yet paid or deposited to the Trust Account at any time or times prior to those set out in subsections 3.01(b)(i) and 3.01(b)(ii), and Canada will provide thirty (30) days written notice prior to making any such early payment or deposit.
(c) The parties acknowledge and agree that the remaining balance of the Entitlement Monies referred to in subsection 3.01(a) (being the sum of $3,073,036.00) shall be paid to Canada by Saskatchewan to the Treaty Land Entitlement (Saskatchewan) Fund in accordance with section 3.06 and, subject to receipt thereof by Canada, shall thereafter be deposited by Canada into the Trust Account as follows:
(i) $512,172.65 within forty-five (45) days of the Execution Date; and
(ii) $512,172.67 on or before July 15 in each of the succeeding five (5) years.
(d) Canada shall not be obligated to deposit any Entitlement Monies pursuant to section 3.01 and section 3.02 of this Agreement unless the Band, the Trustees and an Institution have established the Trust, executed the Trust Agreement and opened the Trust Account; and
(e) Canada shall not be obligated to deposit any Entitlement Monies pursuant to section 3.01 and section 3.02 of this Agreement unless the Band provides Canada with a Band Council Resolution, which directs Canada to pay Entitlement Monies to the Trust Account, and which provides sufficient information for Canada to confirm the existence of the Trust Account and deposit Entitlement Monies to the Trust Account.
ENTITLEMENT MONIES. 3.01 EQUITY PAYMENT:
(a) Canada and Saskatchewan each agree that they shall, in accordance with the provisions of this Article and in their respective cost sharing ratios as set forth in Article 2 of the Amended Cost Sharing Agreement, cause to be paid to the Treaty Land Entitlement (Saskatchewan) Fund, in respect of each Entitlement Band, an amount (the "Equity Payment") equal to the product obtained by multiplying the Equity Quantum of such Entitlement Band by the sum of Two Hundred and Sixty-two Dollars and Nineteen ($262.
ENTITLEMENT MONIES. Canada and the Band agree that the Entitlement Monies of the Band is the sum of Seven Million Nine Hundred Sixty-Three Thousand Nine Hundred and Ninety-Three ($7,963,993.00) Dollars.
ENTITLEMENT MONIES. (a) Canada, Saskatchewan and the Band agree that the total Entitlement Monies of the Band is Twenty-One Million Three Hundred Ninety-Three Thousand Five Hundred and Sixty-Four Dollars ($21,393,564.00).
(b) The parties acknowledge and agree that the Entitlement Monies referred to in subsection 3.01(a) shall be paid to the Band and deposited by Canada into the Trust Account as follows:
(i) Five Million Three Hundred and Six Thousand Seven Hundred and Eighty-Six Dollars ($5,306,786.00), within thirty (30) days of the Execution Date;
(ii) One Million Five Hundred and One Thousand Seven Hundred and Ten Dollars ($1,501,710.00) on or before June 30 in each of the succeeding ten (10) years beginning June 30, 1996; and