Common use of Imprest Account Clause in Contracts

Imprest Account. In order to fund the obligation of Developer to pay Costs, Developer has delivered to ESD Developer’s check in the amount of $500,000. Upon ESD signing and transmitting to Developer a counterpart of this agreement signed by ESD, ESD may deposit such check in an interest-bearing account (the “Imprest Account”). Imprest Account may be drawn on by ESD and used (both principal and interest) for payment of the Costs of ESD, including Costs incurred prior to the date of designation. ESD shall inform Xxxxxxxxx of the Costs so paid by written report within ten (10) business days after written request from Developer, but not more often than quarterly, and ESD shall provide to Developer supporting documentation, to the extent that such supporting documentation is provided to ESD including copies of invoices and other such information as reasonably requested by Xxxxxxxxx. ESD shall notify Developer each time that the balance of the Imprest Account is $250,000 or less. Promptly after receipt of such notice, Developer shall replenish the Imprest Account by depositing into that account the amount of funds that is necessary in order to increase to $500,000 the Imprest Account balance. All such payments to the Imprest Account shall be made by wire transfer pursuant to the instructions to be set forth in a written notice of ESD provided to Developer. Promptly after (i) termination by ESD of Development transaction negotiations with Developer and payment of all incurred Costs or (ii) completion of the Development by Developer such that (x) ESD shall incur no further Costs and (y) all incurred Costs have paid in full, ESD shall return to Developer all funds remaining in the Imprest Account (inclusive of any unspent interest) and provide to Developer, to the extent received by ESD and not previously provided to Developer, supporting documentation of Costs incurred.

Imprest Account. In order to fund the obligation of Developer Respondent to pay Costs, Developer Respondent has delivered to ESD DeveloperRespondent’s check in the amount of $500,000. Upon ESD signing and transmitting to Developer Respondent a counterpart of this agreement signed by ESD, ESD may deposit such check in an interest-bearing account (the “Imprest Account”). In the event that Respondent is not designated for a short list or to enter into negotiations with respect to the Development, ESD will promptly return to Respondent the $500,000 and any accrued interest. If the Respondent is designated for a short list or otherwise designated to enter into negotiations with respect to the Development, then the Imprest Account may be drawn on by ESD and used (both principal and interest) for payment of the Costs of ESD, including Costs incurred prior to the date of designation. ESD shall inform Xxxxxxxxx Respondent of the Costs so paid by written report within ten twenty (1020) business days after written request from DeveloperRespondent, but not more often than quarterly, and ESD shall provide to Developer Respondent supporting documentation, to the extent that such supporting documentation is provided to ESD including copies of invoices and other such information as reasonably requested by XxxxxxxxxESD. ESD shall notify Developer Respondent each time that the balance of the Imprest Account is $250,000 or less. Promptly after receipt of such notice, Developer Respondent shall replenish the Imprest Account by depositing into that account the amount of funds that is necessary in order to increase to $500,000 the Imprest Account balance. All such payments to the Imprest Account shall be made by wire transfer pursuant to the instructions to be set forth in a written notice of ESD provided to DeveloperRespondent. Promptly after (i) termination by ESD of Development transaction negotiations with Developer Respondent and payment of all incurred Costs or (ii) completion of the Development by Developer Respondent such that (x) ESD shall incur no further Costs and (y) all incurred Costs have paid in full, ESD shall return to Developer Respondent all funds remaining in the Imprest Account (inclusive of any unspent interest) and provide to DeveloperRespondent, to the extent received by ESD and not previously provided to DeveloperRespondent, supporting documentation of Costs incurred,.

Imprest Account. In order to fund the obligation of Developer Respondent to pay Costs, Developer Respondent has delivered to ESD DeveloperRespondent’s check in the amount of $500,000. Upon ESD signing and transmitting to Developer Respondent a counterpart of this agreement signed by ESD, ESD may deposit such check in an interest-bearing account (the “Imprest Account”). In the event that Respondent is not designated to enter into negotiations with respect to the Development, ESD will promptly return to Respondent the $500,000 and any accrued interest. If the Respondent is designated to enter into negotiations with respect to the Development, then the Imprest Account may be drawn on by ESD and used (both principal and interest) for payment of the Costs of ESD, including Costs incurred prior to the date of designation. ESD shall inform Xxxxxxxxx Respondent of the Costs so paid by written report within ten twenty (1020) business days after written request from DeveloperRespondent, but not more often than quarterly, and ESD shall provide to Developer Respondent supporting documentation, to the extent that such supporting documentation is provided to ESD including copies ESD. However, in the case of invoices legal services, only the number of hours and other such information as reasonably requested by Xxxxxxxxxamount of the invoice shall be disclosed to preserve attorney-client privilege and/or to avoid making the contents subject to the New York Freedom of Information Law or U.S. Freedom of Information Act (FOIL/FOIA). ESD shall notify Developer Respondent each time that the balance of the Imprest Account is $250,000 100,000 or less. Promptly after receipt of such notice, Developer Respondent shall replenish the Imprest Account by depositing into that account the amount of funds that is necessary in order to increase to $500,000 the Imprest Account balancebalance to $500,000. All such payments to the Imprest Account shall be made by wire transfer pursuant to the instructions to be set forth in a written notice of ESD provided to DeveloperRespondent. Promptly after (i) termination by ESD of Development transaction negotiations with Developer Respondent and payment of all incurred Costs or (ii) completion of the Development by Developer Respondent such that (x) ESD shall incur no further Costs and (y) all incurred Costs have been paid in full, ESD shall return to Developer Respondent all funds remaining in the Imprest Account (inclusive of any unspent interest) and provide to DeveloperRespondent, to the extent received by ESD and not previously provided to DeveloperRespondent, supporting documentation of Costs incurred.

Imprest Account. In order to fund the obligation of Developer Respondent to pay Costs, Developer Respondent has delivered to ESD DeveloperRespondent’s check in the amount of $500,000200,000. Upon ESD signing and transmitting to Developer Respondent a counterpart of this agreement signed by ESD, ESD may deposit such check in an interest-bearing account (the “Imprest Account”). In the event that Respondent is not designated to enter into negotiations with respect to the Development, ESD will promptly return to Respondent the $200,000 and any accrued interest. If the Respondent is designated to enter into negotiations with respect to the Development, then the Imprest Account may be drawn on by ESD and used (both principal and interest) for payment of the Costs of ESD, ESD including Costs incurred prior to the date of designation. ESD shall inform Xxxxxxxxx Respondent of the Costs so paid by written report within ten twenty (1020) business days after written request from DeveloperRespondent, but not more often than quarterly, and ESD shall provide to Developer Respondent supporting documentation, to the extent that such supporting documentation is provided to ESD including copies ESD. However, in the case of invoices legal services, only the number of hours and other such information as reasonably requested by Xxxxxxxxxamount of the invoice shall be disclosed to preserve attorney-client privilege and/or to avoid making the contents subject to the New York Freedom of Information Law or U.S. Freedom of Information Act (FOIL/FOIA). ESD shall notify Developer Respondent each time that the balance of the Imprest Account is $250,000 100,000 or less. Promptly after receipt of such notice, Developer Respondent shall replenish the Imprest Account by depositing into that account the amount of funds that is necessary in order to increase to $500,000 the Imprest Account balancebalance to $500,000. All such payments to the Imprest Account shall be made by wire transfer pursuant to the instructions to be set forth in a written notice of ESD provided to DeveloperRespondent. Promptly after (i) termination by ESD of Development transaction negotiations with Developer Respondent and payment of all incurred Costs or (ii) completion of the Development by Developer Respondent such that (x) ESD shall incur no further Costs and (y) all incurred Costs have paid in full, ESD shall return to Developer Respondent all funds remaining in the Imprest Account (inclusive of any unspent interest) and provide to DeveloperRespondent, to the extent received by ESD and not previously provided to DeveloperRespondent, supporting documentation of Costs incurred.

Imprest Account. In order to fund the obligation of Developer Respondent to pay Costs, Developer Respondent has delivered to ESD DeveloperRespondent’s check in the amount of $500,000. Upon ESD signing and transmitting to Developer Respondent a counterpart of this agreement signed by ESD, ESD may deposit such check in an interest-bearing account (the “Imprest Account”). In the event that Respondent is not designated to enter into negotiations with respect to the Development, ESD will promptly return to Respondent the $500,000 and any accrued interest. If the Respondent is designated to enter into negotiations with respect to the Development, then the Imprest Account may be drawn on by ESD and used (both principal and interest) for payment of the Costs of ESD, ESD including Costs incurred prior to the date of designation. ESD shall inform Xxxxxxxxx Respondent of the Costs so paid by written report within ten twenty (1020) business days after written request from DeveloperRespondent, but not more often than quarterly, and ESD shall provide to Developer Respondent supporting documentation, to the extent that such supporting documentation is provided to ESD including copies ESD. However, in the case of invoices legal services, only the number of hours and other such information as reasonably requested by Xxxxxxxxxamount of the invoice shall be disclosed to preserve attorney-client privilege and/or to avoid making the contents subject to the New York Freedom of Information Law or U.S. Freedom of Information Act (FOIL/FOIA). ESD shall notify Developer Respondent each time that the balance of the Imprest Account is $250,000 100,000 or less. Promptly after receipt of such notice, Developer Respondent shall replenish the Imprest Account by depositing into that account the amount of funds that is necessary in order to increase to $500,000 the Imprest Account balancebalance to $500,000. All such payments to the Imprest Account shall be made by wire transfer pursuant to the instructions to be set forth in a written notice of ESD provided to DeveloperRespondent. Promptly after (i) termination by ESD of Development transaction negotiations with Developer Respondent and payment of all incurred Costs or (ii) completion of the Development by Developer Respondent such that (x) ESD shall incur no further Costs and (y) all incurred Costs have paid in full, ESD shall return to Developer Respondent all funds remaining in the Imprest Account (inclusive of any unspent interest) and provide to DeveloperRespondent, to the extent received by ESD and not previously provided to DeveloperRespondent, supporting documentation of Costs incurred.