ESTABLISHMENT OF THE ENVIRONMENTAL MANAGEMENT FUND Sample Clauses

ESTABLISHMENT OF THE ENVIRONMENTAL MANAGEMENT FUND. (EMF) The EMF is a fund that the proponent shall commit to establish to support the activities of the MMT as described in the EMB-approved Annual Work and Financial Plan (AWFP). (state Proponent) shall arrange the opening of an account in a reputable bank in the country for the EMF within ten (10) banking days after the effectivity of this Agreement, the amount of [state the proposed amount: e.g. FOUR HUNDRED THOUSAND PESOS (PHP 400,000)] to finance the initial organizational activities of the MMT for the PROJECT based on the attached Work and Financial Plan (Annex C). The Interest shall accrue to the same fund. Replenishment of this amount shall be done by the proponent regularly to correspond to the EMB-approved annual work and financial plan.
Sample 1
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