Net Monetary Assets Sample Clauses

Net Monetary Assets. The parties agree that RSU 2 will not pay any amount from any funds, assigned or unassigned, general or reserve, to the New Xxxxxxxx XXX or the Town of Richmond in the event that the withdrawal becomes effective, except for any reserve funds, scholarship funds, grant monies and donations that are specifically dedicated to Richmond School Facilities or to Richmond students that have not been expended as of the Effective Date, which shall be paid over to the New Xxxxxxxx XXX in full.
Sample 1
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Net Monetary Assets. (1) Undesignated Fund Balances after Final Audit and Allocation of Net Monetary Assets. T h e net monetary assets subject to allocation under this provision is that amount which is the difference between the undesignated fund balances remaining in RSU 12 accounts at the end of the last fiscal year prior to the Effective Date and the sum for which the New Wiscasset SAU has assumed liability under subsection (C)(2) below. These net monetary assets shall be allocated between RSU 12 and the New Wiscasset SAU after the completion of RSU 12's year-end audit for the fiscal year prior to Wiscasset's withdrawal. The undesignated fund balance used in the determination of the net monetary assets to be allocated shall be determined in accordance with generally accepted accounting principles as determined by final audit, including adjustments for encumbrances for all RSU 12 summer salary and benefits owed for that year. RSU 12 will pay the New Wiscasset SAU 26.01% of such net monetary assets remaining as of the date of withdrawal. Should the resulting undesignated fund balance be positive, RSU 12 will pay the amount due under this paragraph to the New Wiscasset SAU by January 31 following the Effective Date. Otherwise, the New Wiscasset SAU will pay RSU 12 26.01% of the negative undesignated fund balance amount remaining as of the date of withdrawal, such payment being made by January 31 following the Effective Date. The year-end net monetary assets to be allocated under this subsection (C)(1) do not include RSU 12 funds encumbered for the summer salary/benefit liability that the New Wiscasset SAU assumes under subsection (C)(2) as of the Effective Date. Since that assumption by the New Wiscasset SAU is in recognition of a Wiscasset liability that Wiscasset did not fund, it is not shared under this provision. RSU 12 shall conduct its business in good faith and shall not take any action for the purpose of gaining an unfair advantage in the allocation of net monetary assets under this provision.
Sample 1
Net Monetary Assets. Within thirty (30) days of a finalized audit for the year prior to the Effective Date, RSU 2 shall pay to the New Xxxxxxxx XXX 24% of RSU 2’s undesignated fund balance as of the June 30 immediately preceding the Effective Date. Funds for summer salary and benefit obligations for that year shall not be included in RSU 2’s undesignated fund balance as of June 30 of that year, but rather shall be treated as encumbered funds to be used to pay salary and benefit obligations of RSU 2. Within thirty (30) days of that finalized audit, RSU 2 shall pay to the New Xxxxxxxx XXX, in full, all other reserve funds, scholarship funds, grant moneys and donations that are specifically dedicated to Richmond School Facilities or to Richmond students, and 24% of all capital reserve accounts held by RSU 2 as of June 30 of the year prior to the Effective Date, less amounts approved for capital projects by RSU 2 voters. The audit relied upon by RSU 2 to determine the amount of the year end undesignated fund balance, balances for the capital reserve accounts, and balances for reserve funds, scholarship funds, grant moneys and donations dedicated to Richmond School Facilities or to Richmond students shall be based upon, and shall take into account accrued expenses pursuant to generally accepted accounting principles.
Sample 1

Related to Net Monetary Assets

  • Excluded Assets Notwithstanding the foregoing, the Purchased Assets shall not include the following assets (collectively, the “Excluded Assets”):

  • Work Performed on District Property Contractor shall comply with the following:

  • Client Money We are not authorised to handle client money; any payments received from you or which need to be refunded to you, will be held by Coversure Insurance Services Limited. Client money is money that is received and held on behalf of our clients during the course of our dealings such as premium payments, premium refunds and claim payments. This money will be held either as agent of the insurer or agent of the client, determined by the agreement in place with each insurer. Where money is held as agent of the insurer, this means that when your cleared premium funds are received, the premium is deemed to have been paid to the insurer. The FCA require that all client monies, including yours, are held in a trust account, the purpose of which is to protect you in the event of our financial failure since, in such circumstances, our general creditors would not be able to make claims on client money as it will not form part of our assets. Coversure Insurance Services Limited hold all client monies with one or more approved banks, as defined by the FCA, in a Non-Statutory Trust bank account in accordance with the FCA client money rules. Under these arrangements, Coversure Insurance Services Limited assume responsibility for such monies and are permitted to, and may: • Use such monies received on behalf of one customer to pay another customer’s premium, before the premium is received from that other customer. However, we are not entitled to pay ourselves commissions before we receive the relevant premium from the customer; • For the purpose of effecting a transaction on your behalf, pass your money to another intermediary, including those resident outside the UK who would therefore be subject to different legal and regulatory regimes. In the event of a failure of the intermediary, this money may be treated in a different manner from that which would apply if the money were held by an intermediary in the UK. Please inform us if you do not agree to this. • Retain for our own use, any interest earned on client money. Unless we receive your written instruction to the contrary, we shall treat receipt of payment from you and of any claim payment and/or refund of premium which falls due to you, as being with your informed consent to the payment of those moneys into our Non-Statutory Trust bank account.

  • Excluded Expenditures The Recipient undertakes that the proceeds of the Financing shall not be used to finance Excluded Expenditures. If the Association determines at any time that an amount of the Financing was used to make a payment for an Excluded Expenditure, the Recipient shall, promptly upon notice from the Association, refund an amount equal to the amount of such payment to the Association. Amounts refunded to the Association upon such request shall be cancelled.

  • Excluded Liabilities Notwithstanding the provisions of Section 2.03 or any other provision in this Agreement to the contrary, Buyer shall not assume and shall not be responsible to pay, perform or discharge any Liabilities of Seller or any of its Affiliates of any kind or nature whatsoever other than the Assumed Liabilities (the “Excluded Liabilities”). Seller shall, and shall cause each of its Affiliates to, pay and satisfy in due course all Excluded Liabilities which they are obligated to pay and satisfy. Without limiting the generality of the foregoing, the Excluded Liabilities shall include, but not be limited to, the following:

  • SIGNIFICANT LANDS INVENTORY FINDING Find that this activity is consistent with the use classification designated by the Commission for the land pursuant to Public Resources Code section 6370 et seq.

  • Commingling Assets The assets of your IRA cannot be commingled with other property except in a common trust fund or common investment fund.

  • Title to Purchased Assets Seller has good and valid title to, or a valid leasehold interest in, all of the Purchased Assets. All such Purchased Assets (including leasehold interests) are free and clear of Encumbrances except for the following (collectively referred to as “Permitted Encumbrances”):

  • Purchased Assets Subject to the terms and conditions of this Agreement, at the Closing, each Seller shall sell, convey, assign, transfer and deliver to the Buyer, and the Buyer shall purchase, free and clear of all Encumbrances, all right, title and interest of such Seller in and to the following Assets (collectively, the “Purchased Assets”):

  • CURRENT INVENTORY OF QUALIFIED PROPERTY In addition to the requirements of Section 10.2 of this Agreement, if there is a material change in the Qualified Property described in EXHIBIT 4, then within 60 days from the date commercial operation begins, the Applicant shall provide to the District, the Comptroller, the Appraisal District or the State Auditor’s Office a specific and detailed description of the tangible personal property, buildings, and/or permanent, nonremovable building components (including any affixed to or incorporated into real property) on the Land to which the value limitation applies including maps or surveys of sufficient detail and description to locate all such described property on the Land.

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