Monetary Fund Clause Samples

The Monetary Fund clause establishes a dedicated pool of funds set aside for specific financial purposes within an agreement. Typically, this clause outlines how the fund is created, who contributes to it, and the conditions under which the money can be accessed or disbursed, such as for project expenses, contingencies, or shared costs. By clearly defining the management and use of these funds, the clause ensures transparency and accountability, helping to prevent disputes over financial responsibilities and ensuring that necessary resources are available when needed.
Monetary Fund. Jeunesse will establish a “Settlement Fund” in the amount of Two Million Five Hundred Thousand Dollars ($2.5 million). Of this amount, Jeunesse will deposit Five Hundred Thousand Dollars into an escrow account within ten (10) business days after the Court issues the Preliminary Approval Order. This initial amount may be utilized, in part, to pay all costs of providing Notice to Settlement Class Members, establishing the Settlement website, and paying all other costs incurred by the Claims Administrator. In the event that this initial payment proves insufficient to fund all such costs, the Claims Administrator will advise Jeunesse, and Jeunesse will make additional payments as required to fund these costs. Jeunesse will pay the balance, making its total payment $2.5 million, within ten (10) business days after the Final Judgment becomes Final. To the extent interest is earned on amounts held in escrow, it shall accrue and be available as part of the Available Settlement Funds. The Escrow Agent, on behalf of the Settlement Class, shall be responsible for all administrative, accounting, and tax compliance activities in connection with this escrow account.
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Monetary Fund. 18 The relationship between the EU and ACP therefore turned out to be no different than any other donor relationship in which the donor imposes conditionality and direction over the use of funds. Another novelty of the amended Lomé Convention was decentralized co- operation allowing the EU to work increasingly with non-governmental organizations (NGOs) in addition to the formal cooperation via govern- ments. ▇▇▇▇▇▇▇▇ voiced concern over this development as he saw it as a clear violation of the sovereignty principle and as a way of granting the Commission even more power.19 In contrast to its predecessors, ▇▇▇▇ ▇▇ was valid for ten years instead of five. However, the financial commitments were to be negotiated in two trenches with a mid-term review in 1995. By the time of the review, it became apparent that the EU had lost much of its commitment: An agreement about the financial contributions was only reached at the very end of negotiations and was below the sum that the ACPs had expected.20 What had happened in the run up to the fourth Convention that made the result so different from the other three? As the EU was less and less inter- ested in the ACP region and blamed the region for having “misallocated and abused EU aid because they were generally corrupt, inefficient and au- thoritarian”21, it wanted more control over the funds. Control became more important than partnership and sovereignty. The ACP countries accepted the EU’s demands due to their different bargaining position in the 1980s as opposed to the 1970s. During negotiations of the first Lomé Treaty, the ACP countries profited from high prices of their export commodities such as coffee, sugar or food grains and from Europe’s sense of vulnerability due to the oil crisis which created its strong desire to remain a privileged trading partner in obtaining these commodities.22 18 See ▇▇▇▇▇▇▇, p. 55.
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Monetary Fund. If the Settlement is finally approved by the Court, Defendants will pay thirty-six million dollars ($36,000,000.00) to the Class as an “all-in” common fund cash benefit settlement. This amount will be paid in four installments, according to the Payment Schedule described in Section II, Paragraphs D(2)(i-ii), below. The amount paid by Defendants will be distributed to Class Members who become Eligible Claimants, in four installments, pursuant to the Allocation Plan described in Section II, Paragraph D(5) below, after deduction of court-approved Administrative Expenses, Attorneys’ Fees and Costs, and Class Representative Incentive Awards, as described in Section II, Paragraphs D(2)-(4) below. Defendants shall have no further obligation to pay any costs, expenses, attorneys’ fees, incentive payments, or any other costs or expenses, associated with the Settlement. Defendants and any Class Members (including Settling Plaintiffs and Class Representatives) remain free to enter into any separate settlement for resolution and release of Reserved Claims. No portion of the payment(s) for any such separate settlement of Reserved Claims shall come from the Monetary Fund described in Section II, Paragraph D(1)(i).
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Monetary Fund. If the Settlement is finally approved by the Court, Defendants will pay thirty-six million dollars ($36,000,000.00) to the Class as an “all-in” common fund cash benefit settlement. The amounts will be paid in three annual installments, and distributed to Class Members who become Eligible Claimants by filing timely Claim Forms. Class Members will be asked to complete and timely submit a Claim Form (copies can be obtained and printed at ▇▇▇.▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇▇.▇▇▇ or obtained by calling toll-free [TOLL-FREE NUMBER]) before the [DATE], attesting to certain facts. Those who do this will be considered an Eligible Claimant. The Monetary Fund will be divided and paid out by shares allotted to Eligible Claimants according to the Allocation Plan. Claim Forms submitted may be subject to validation by the Claims Administrator. The Allocation Plan is designed to work as follows: Because Class Counsel do not have a complete list of all Class Members’ names and mailing addresses, and do not know who currently own their refrigerators or paid for repair/replacement costs, Class Members must submit a Claim Form. The Claim Form is fairly simple and requests that the Class Member provide some basic contact information such as his/her current name, mailing address and phone number. In addition, each Class Member will be asked to state which type of Norcold refrigerator (N6, N8 or 1200 Series) he/she owns or owned, if they currently own it, and if he/she spent any money on repairs related to the cooling unit. The answer to these questions will determine how many “shares” of the Monetary Fund the Class Member (and his or her spouse or any co-owner) will be given. i) Class Members who attest on the Claim Form that they currently own a Norcold 1200 Series Gas Absorption Refrigerator or Cooling Unit, manufactured between January 1, 2002, and October 1, 2012, shall be allotted 25 shares of the Monetary Fund; ii) Class Members who attest on the Claim Form that they formerly owned a Norcold 1200 Series Gas Absorption Refrigerator or Cooling Unit, manufactured between January 1, 2002, and October 1, 2012, and incurred out of pocket to repair and/or to replace the Gas Absorption Refrigerator or Cooling Unit due to a suspected cooling unit leak or as a precautionary measure regarding a potential cooling unit leak (including parts, labor, or shipping costs), or incurred a related loss due to a suspected cooling unit leak, shall receive the following number of shares of the Monetary Fund, ...
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Monetary Fund. Notwithstanding paragraph 1, a Contracting Party may restrict transfers of returns-in-kind in circumstances where it could otherwise restrict such transfers under the WTO Agreement.
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Related to Monetary Fund

  • INDUSTRY FUND a. The Employer shall contribute and remit such contributions to the Union’s Industry Fund as specified in Schedule “A” for each hour worked by each employee covered by this Agreement. b. The Industry Fund shall be used by the Union for the promotion of the industry, to promote unionized construction, and for other purposes as determined by the Union to strengthen the position of the Union and its members in the industry. c. The total amount owing shall be remitted monthly to the Union by the 15th of the month following the month for which the contributions were made. Contributions shall be itemized separately on the remittance form.

  • HUMANITY FUND a) The Company agrees to deduct on a bi‐weekly basis the amount of 1¢ per hour from the wages of all employees in the bargaining unit for all hours worked. b) Prior to the 15th day of the month following said deduction, the Company shall pay the amounts to the “Humanity Fund” and will forward such payment to United Steelworkers National Office, ▇▇▇ ▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇. The Company will advise in writing both the Humanity Fund at aforementioned address and the Local Union that such payment has been made, the amount of such payment and the names of all employees in the bargaining unit on whose behalf such payment has been made.

  • Pension Fund 1. The Employer shall make contributions to a pension trust fund known as the “Building Service 32BJ Pension Fund” to cover bargaining unit employees who are regularly employed twenty (20) or more hours per week, including paid time off. The Employer shall also make contributions on behalf of other bargaining unit employees to the extent that such employees work a sufficient number of hours to require benefit accrual pursuant to Section 204 of ERISA. Employees unable to work and who are on statutory short term disability benefits or workers’ compensation shall continue to accrue pension credits without employer contributions during the periods of disability up to six (6) months or the period of disability whichever is earlier. 2. The Employer shall pay into the Fund the sum of $94.75 per week for every regular employee as defined in the Building Service Pension Plan, as it may be amended, except as provided in Section 4 hereof. 3. Effective January 1, 2015, the Employer shall pay into the Fund the sum of $98.75 per week for every regular employee. 4. If the Employer has in effect a pension and retirement plan which has been determined to provide benefits equivalent or superior to those provided under the Building Service 32BJ Pension Plan, it may continue such plan provided it continues to provide retirement benefits equivalent or superior to the benefits that are provided under the Building Service 32BJ Pension Plan during the term of this agreement, and it shall be relieved of any obligation to make payments into the Fund. 5. Any Employer who becomes party to this Agreement and who immediately prior thereto has a pension plan in effect which provides benefits equivalent to or better than the benefits provided herein, may, upon agreement of the Union and RAB, cover his/her employees under its existing plan in lieu of this Fund and be relieved of the obligation to make contributions to the Fund for the period of such other coverage. 6. In no event shall the Trustees or any of them, the Union or the RAB, directly or indirectly, by reason of this agreement, be understood to consent to the extinguishment, change or diminution of any legal rights, vested or otherwise, that anyone may have in the continuation in existing form of any such Employer pension plan, and the Trustees or any of them, the Union and the RAB shall be held harmless by an Employer against any action brought by anyone covered under such Employer’s plan asserting a claim based upon anything done pursuant to Section 5 of this Article. Notice of the pendency of any such action shall be given the Employer who may defend the action on behalf of the indemnitee. 7. The parties agree that if there is new governmental regulations issued that implement the excise tax provisions of the Pension Protection Act (PPA), or there is further governmental reform relating to the funding of pension funds, the parties shall meet to discuss what steps, if any, might be appropriate to ameliorate any adverse impact on the Funds, its participants and employers. To the extent that any employer covered by this Agreement, with respect to employees covered by this Agreement, becomes subject to the automatic employer surcharge or any excise tax, penalty, fee, increased contribution rate or other amount relating to the funding of the Pension Fund (but not including interest, liquidated damages, or other amounts owed as a consequence of failing to make timely remittance of contributions to the Pension Fund) under Sections 412 or 432 of the Internal Revenue Code, then the parties agree that the required contributions to the Health Fund, Training Fund and/or Legal Services Fund for each employer covered under this Agreement shall be reduced dollar for dollar by the aggregate amount of any additional contribution and/or surcharge amounts, excise taxes, penalties, fees or other amounts that such employer is required to pay, as provided in this subsection. Unless a different allocation among the Funds is agreed upon in advance of any applicable due date for such contributions by the Presidents of the RAB and Local 32BJ, such amount shall be allocated solely from the Health Fund.

  • Unexpended Funds The Grantee must promptly return to the State any unexpended funds that have not been accounted for annually in a financial report to the State due at grant closeout.

  • Funds Transfer Disbursements The Borrower hereby authorizes the Administrative Agent to disburse the proceeds of any Loan made by the Lenders or any of their Affiliates pursuant to the Loan Documents as requested by an authorized representative of the Borrower to any of the accounts designated in the Disbursement Instruction Agreement.