Common use of Imprest Account Clause in Contracts

Imprest Account. In order to fund the obligation of Respondent to pay Costs, Respondent has delivered to ESD Respondent’s check in the amount of $500,000. Upon ESD signing and transmitting to 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 Respondent of the Costs so paid by written report within twenty (20) business days after written request from Respondent, but not more often than quarterly, and ESD shall provide to Respondent supporting documentation, to the extent that such supporting documentation is provided to ESD. ESD shall notify Respondent each time that the balance of the Imprest Account is $250,000 or less. Promptly after receipt of such notice, 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 Respondent. Promptly after (i) termination by ESD of Development transaction negotiations with Respondent and payment of all incurred Costs or (ii) completion of the Development by Respondent such that (x) ESD shall incur no further Costs and (y) all incurred Costs have paid in full, ESD shall return to Respondent all funds remaining in the Imprest Account (inclusive of any unspent interest) and provide to Respondent, to the extent received by ESD and not previously provided to Respondent, supporting documentation of Costs incurred,.

Imprest Account. In order to fund the obligation of Respondent Developer to pay Costs, Respondent Developer has delivered to ESD RespondentDeveloper’s check in the amount of $500,000. Upon ESD signing and transmitting to Respondent Developer 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 Respondent Xxxxxxxxx of the Costs so paid by written report within twenty ten (2010) business days after written request from RespondentDeveloper, but not more often than quarterly, and ESD shall provide to Respondent Developer supporting documentation, to the extent that such supporting documentation is provided to ESDESD including copies of invoices and other such information as reasonably requested by Xxxxxxxxx. ESD shall notify Respondent Developer each time that the balance of the Imprest Account is $250,000 or less. Promptly after receipt of such notice, Respondent 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 RespondentDeveloper. Promptly after (i) termination by ESD of Development transaction negotiations with Respondent Developer and payment of all incurred Costs or (ii) completion of the Development by Respondent Developer such that (x) ESD shall incur no further Costs and (y) all incurred Costs have paid in full, ESD shall return to Respondent Developer all funds remaining in the Imprest Account (inclusive of any unspent interest) and provide to RespondentDeveloper, to the extent received by ESD and not previously provided to RespondentDeveloper, supporting documentation of Costs incurred,.

Imprest Account. In order to fund the obligation of Respondent to pay Costs, Respondent has delivered to ESD Respondent’s check in the amount of $500,000200,000. Upon ESD signing and transmitting to 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 $500,000 200,000 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, ESD including Costs incurred prior to the date of designation. ESD shall inform Respondent of the Costs so paid by written report within twenty (20) business days after written request from Respondent, but not more often than quarterly, and ESD shall provide to Respondent supporting documentation, to the extent that such supporting documentation is provided to ESD. However, in the case of legal services, only the number of hours and amount 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 Respondent each time that the balance of the Imprest Account is $250,000 100,000 or less. Promptly after receipt of such notice, 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 Respondent. Promptly after (i) termination by ESD of Development transaction negotiations with Respondent and payment of all incurred Costs or (ii) completion of the Development by Respondent such that (x) ESD shall incur no further Costs and (y) all incurred Costs have paid in full, ESD shall return to Respondent all funds remaining in the Imprest Account (inclusive of any unspent interest) and provide to Respondent, to the extent received by ESD and not previously provided to Respondent, supporting documentation of Costs incurred,.

Imprest Account. In order to fund the obligation of Respondent to pay Costs, Respondent has delivered to ESD Respondent’s check in the amount of $500,000. Upon ESD signing and transmitting to 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, ESD including Costs incurred prior to the date of designation. ESD shall inform Respondent of the Costs so paid by written report within twenty (20) business days after written request from Respondent, but not more often than quarterly, and ESD shall provide to Respondent supporting documentation, to the extent that such supporting documentation is provided to ESD. However, in the case of legal services, only the number of hours and amount 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 Respondent each time that the balance of the Imprest Account is $250,000 100,000 or less. Promptly after receipt of such notice, 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 Respondent. Promptly after (i) termination by ESD of Development transaction negotiations with Respondent and payment of all incurred Costs or (ii) completion of the Development by Respondent such that (x) ESD shall incur no further Costs and (y) all incurred Costs have paid in full, ESD shall return to Respondent all funds remaining in the Imprest Account (inclusive of any unspent interest) and provide to Respondent, to the extent received by ESD and not previously provided to Respondent, supporting documentation of Costs incurred,.