Operating Account and Expenditures Sample Clauses

Operating Account and Expenditures a. By July 1 of each year, the CFO shall establish an operating account for UP in the amount of the Lump Sum Budget as adjusted pursuant to Section 2 of this Agreement (the “UP Operating Account”). Only UP’s Director of Operations or Principal and/or his/her designee(s) shall authorize expenditures from its operating account. b. UP shall establish and maintain a separate bank account under its exclusive control (hereinafter, the “UP Bank Account”). BPS agrees to transfer any funds not allocated or budgeted for salaries or stipends at least two times a year, with the first transfer coming no later than July 15 from the UP Operating Account to the UP Bank Account. The first transfer will be based upon the difference between the total Lump Sum Budget as adjusted pursuant to Section 2 of this Agreement provided by BPS to UP and an estimate of the amount of funds UP anticipates spending on stipends and salaries. The amount of this transfer will be mutually agreed upon by the CFO of BPS and the Director of Operations at UP. If parties do not have the ability to calculate the precise amount on or near the July 15 deadline, then they will default to transferring 85% of the previous year’s total net transfer, excluding any one-time revenue the previous year that the parties agree will not recur. In the event that this first transfer is later determined to be greater than the difference between the Lump Sum Budget and the funds UP anticipates spending on stipends and salaries, then UP shall be liable for the difference at the time of the second transfer. The second transfer will occur by January 31 unless both parties agree that a second transfer is not necessary. The third transfer will occur at the end of the fiscal year, no later than August 31. After the CFO performs a year-end reconciliation at the close of the BPS’s fiscal year, any remaining funds from UP’s Operating Account will be transferred to the UP Bank Account. Expenditures from the UP Bank Account shall be paid in accordance with all applicable laws, ordinances, and regulations. c. UP shall have the option to purchase such goods and services from the BPS as set forth in the non-instructional services section of the Application (including, but not limited to, technology and athletics) at costs reasonably determined by BPS, and for all such non-instructional goods and services purchased, UP may request, and the BPS shall provide in response to such request, an annual report detailing the scope of goods ...
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Operating Account and Expenditures a. By July 1 of each year, the CFO shall establish an operating account for EMK in the amount of the Lump Sum Budget (the “EMK Operating Account”). Only EMK’s Headmaster or his/her designee(s) shall authorize expenditures from its operating account. b. EMK shall establish and maintain a separate bank account under its exclusive control (hereinafter, the “EMK Bank Account”). BPS agrees to transfer any funds not allocated or budgeted for salaries or stipends at least two times a year, with the first transfer coming no later than September 1 from the EMK Operating Account to the EMK Bank Account. The first transfer will be based upon the difference between the total Lump Sum Budget provided by BPS to EMK Academy and an estimate of the amount of funds EMK Academy anticipates spending on stipends and salaries. The amount of this transfer will be mutually agreed upon by the CFO of BPS and the Headmaster at EMK Academy. The second transfer will occur by January 31 and will only be necessary if there is an increase in the difference between the total Lump Sum Budget provided by BPS to EMK Academy and the estimated amount of funds EMK Academy anticipates spending on stipends and salaries. For example, the transfer in January will be necessary if EMK Academy receives more in its BPS Lump Sum Budget after accounting for actual enrollment at EMK Academy, per the process described above. The third transfer may occur after the end of the fiscal year. After the CFO performs a year-end reconciliation at the close of the BPS’s fiscal year, any remaining funds from EMK’s Operating Account will be transferred to the EMK Bank Account. Expenditures from the EMK Bank Account shall be made in accordance with all applicable laws, ordinances, and regulations. c. EMK shall have the option to purchase non-instructional goods and services as EMK shall from time to time determine, including, but not limited to, technology, professional development, and athletics, at costs reasonably determined by BPS. For all such non- instructional goods and services purchased, EMK may request, and the BPS shall provide in response to such request, an annual report detailing the scope of goods and services provided and the cost of such non-instructional goods and services purchased. In addition, EMK shall have the option to purchase additional, non-instructional goods and services as EMK shall from time to time determine. d. EMK agrees that it shall be responsible for all costs associated with the op...
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Operating Account and Expenditures a. By July 1 of each year, the CFO shall establish one or more operating accounts for SEZP, as agreed upon by SPS and SEZP, in the amount of the Target Schools Allocation (collectively, the “SEZP Operating Account”). Only SEZP and/or its designee(s) shall authorize expenditures from its operating accounts and SEZP may freely move money between its accounts. b. Expenditures from the SEZP Operating Account shall be made in accordance with all applicable laws, ordinances, and regulations. In addition, SEZP agrees to comply with all applicable laws and regulations regarding the requirement to expend or encumber all SEZP Operating Account funds by the close of the fiscal year. c. SEZP agrees to establish sufficient internal controls governing expenditures from the SEZP Operating Account to eliminate the risk of possible fraud, waste or abuse of funds. d. With appropriate documentation, SEZP shall be reimbursed from the SEZP Operating Account for expenses incurred in connection with the implementation of this MOU and/or applicable Turnaround Plans. Such expenses may include salary and benefits for SEZP staff. e. All procurement services requested by SEZP will be provided and shall meet all business, operational, and management needs. This is to include processing requisitions, conducting all procurements, processing and executing all contracts and contract amendments (including contracts with school operators and managers), and taking whatever other measures are necessary to expeditiously enable SEZP and Target School purchasing. SPS shall promptly provide technical assistance and advice to enable SEZP cooperation in meeting all procurement requirements. f. SEZP shall follow all applicable procurement laws, and SPS shall not refuse reasonable SEZP procurement requests, with all requests given the presumption of reasonableness. If SPS deems a procurement request unreasonable, the Parties agree to an expedited dispute resolution process. If five (5) working days of discussion do not result in agreement, SEZP may appeal the SPS decision to the Office of the Inspector General, whose decision shall be binding. g. SPS will provide prompt service in responding to all procurement requests as soon as practical, which generally shall be within one (1) business day but no more than three (3) business days. SPS shall respond to all requests in the same manner that SPS responds to requests from other SPS schools. SPS agrees to expedite its own procurement processes upon reas...
Sample 1
Operating Account and Expenditures. By July 1 of each year, the CFO shall establish an operating account for DSNCS in the amount of the Lump Sum Budget (the “DSNCS Operating Account”). Only DSNCS’s Principal and/or his/her designee(s) shall authorize expenditures from its operating account. DSNCS shall establish and maintain a separate bank account under its exclusive control (hereinafter, the “DSNCS Bank Account”). BPS agrees to transfer funds on a quarterly basis (January, April, July and October) from the DSNCS Operating Account to the DSNCS Bank Account. The July quarterly transfer will be based upon DSNCS’s projected enrollment for the upcoming academic year. The remaining quarterly transfers (October, January and April) will be based upon the actual enrollment of DSNCS on the final school day of the month prior to the quarterly transfer date. After the CFO performs a year-end reconciliation at the close of the BPS’s fiscal year, any remaining funds from DSNCS’s Operating Account will be transferred to the DSNCS Bank Account. Expenditures from the DSNCS Bank Account shall be made in accordance with all applicable laws, ordinances, and regulations. DSNCS shall purchase such goods and services from the BPS as set forth in the non-instructional services section of the Application (including, but not limited to, technology and athletics) at costs reasonably determined by BPS, and for all such non-instructional goods and services purchased, DSNCS may request, and the BPS shall provide in response to such request, an annual report detailing the scope of goods and services provided and the cost of such non-instructional goods and services purchased. In addition, DSNCS shall have the option to purchase additional, non-instructional goods and services that have not been specified in the Application as DSNCS shall from time to time determine. DSNCS agrees that it shall be responsible for all costs associated with the operation of DSNCS, except those services provided by BPS according to the terms of Section 2 above (including, but not limited to: transportation, employee benefits, facilities, safety and other central office services). DSNCS further agrees it shall indemnify and hold harmless the BPS, its officers, agents or employees from all claims resulting from any costs incurred by DSNCS, its Board, officers, agents or employees in association with the operation of DSNCS.
Sample 1
Operating Account and Expenditures a. By July 1 of each year, the CFO shall establish an operating account for BGA in the amount of the Lump Sum Budget (the “BGA Operating Account”). Only BGA’s Head of School or his/her designee(s) shall authorize expenditures from its operating account. b. BGA shall establish and maintain a separate bank account under its exclusive control (hereinafter, the “BGA Bank Account”). BPS agrees to transfer any funds not allocated or budgeted for salaries or stipends at least two times a year, with the first transfer coming no later than September 1 from the BGA Operating Account to the BGA Bank Account. The first transfer will be based upon the difference between the total Lump Sum Budget provided by BPS to BGA and an estimate of the amount of funds BGA anticipates spending on stipends and salaries. The amount of this transfer will be mutually agreed upon by the CFO of BPS and the Head of School at BGA. The second transfer will occur by January 31 and will only be necessary if there is an increase in the difference between the total Lump Sum Budget provided by BPS to BGA and the estimated amount of funds BGA anticipates spending on stipends and salaries. For example, the transfer in January will be necessary if BGA receives more in its BPS Lump Sum Budget after accounting for actual enrollment at BGA, per the process described above. The third transfer may occur just prior to the end of the fiscal year using the established BPS salary reconciliation
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Related to Operating Account and Expenditures

  • Operating Accounts (a) Maintain all of Borrower’s Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent, which Control Agreement must be in such form and substances as is reasonably acceptable to Collateral Agent (it being agreed and understood that the Control Agreements that Collateral Agent is entering into with respect to Borrower’s Collateral Accounts maintained with Bank of America on the Effective Date are not in such form and substance as is not reasonably satisfactory to Collateral Agent). (b) Borrower shall provide Collateral Agent five (5) days’ prior written notice before Borrower or any of its Subsidiaries establishes any Collateral Account. In addition, for each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Agent’s Lien in such Collateral Account in accordance with the terms hereunder prior to the establishment of such Collateral Account, which Control Agreement must be in such form and substance as is reasonably satisfactory to Collateral Agent and may not be terminated without prior written consent of Collateral Agent. The provisions of the previous sentence and subsection (a) above shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates and (ii) BofA Credit Card Account so long as such account is maintained exclusively for the purpose of securitizing Borrower’s Indebtedness described in clause (g) of the definition of Permitted Indebtedness and the balance in such account does not exceed Three Hundred One Thousand Dollars ($301,000.00). (c) Neither Borrower nor any of its Subsidiaries shall maintain any Collateral Accounts except Collateral Accounts maintained in accordance with Sections 6.6(a) and (b); provided, however, Borrower may continue to maintain its Collateral Accounts, set forth on the Perfection Certificates on the Effective Date, with Bank of America; provided, further, that Borrower shall close all of its Collateral Accounts maintained with Bank of America on the Effective Date (other than the BofA Credit Card Account) and deliver to Collateral Agent evidence (in such form and substance as is reasonably acceptable to Collateral Agent) of closure of all of such Collateral Accounts within thirty (30) days after the Effective Date.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Project Accounts The Grantee agrees to establish and maintain for the Project either a separate set of accounts or accounts within the framework of an established accounting system, in a manner consistent with 49 C.F.R. § 18.20, or 49 C.F.R. § 19.21, as amended, whichever is applicable.

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”). 12.2 Any transfers by the Borrower to an account held by the Lender within SEPA shall not be subject to any fees.

  • Disbursements from Replacement Reserve Account (a) Lender shall make disbursements from the Replacement Reserve Account to pay Borrower only for the costs of the Replacements. Lender shall not be obligated to make disbursements from the Replacement Reserve Account to reimburse Borrower for the costs of routine maintenance to the Property or for costs which are to be reimbursed from the Required Repair Fund (if any). (b) Lender shall, upon written request from Borrower and satisfaction of the requirements set forth in this Section 7.3.2, disburse to Borrower amounts from the Replacement Reserve Account necessary to pay for the actual approved costs of Replacements or to reimburse Borrower therefor, upon completion of such Replacements (or, upon partial completion in the case of Replacements made pursuant to Section 7.3.2(f)) as determined by Lender. In no event shall Lender be obligated to disburse funds from the Replacement Reserve Account if a Default or an Event of Default exists. (c) Each request for disbursement from the Replacement Reserve Account shall be in a form specified or approved by Lender and shall specify (i) the specific Replacements for which the disbursement is requested, (ii) the quantity and price of each item purchased, if the Replacement includes the purchase or replacement of specific items, (iii) the price of all materials (grouped by type or category) used in any Replacement other than the purchase or replacement of specific items, and (iv) the cost of all contracted labor or other services applicable to each Replacement for which such request for disbursement is made. With each request Borrower shall certify that all Replacements have been made in accordance with all applicable Legal Requirements of any Governmental Authority having jurisdiction over the Property to which the Replacements are being provided and, unless Lender has agreed to issue joint checks as described below, each request shall include evidence of payment of all such amounts. Each request for disbursement shall include copies of invoices for all items or materials purchased and all contracted labor or services provided. Except as provided in Section 7.3.2(e), each request for disbursement from the Replacement Reserve Account shall be made only after completion of the Replacement for which disbursement is requested. Borrower shall provide Lender evidence of completion satisfactory to Lender in its reasonable judgment. (d) Borrower shall pay all invoices in connection with the Replacements with respect to which a disbursement is requested prior to submitting such request for disbursement from the Replacement Reserve Account or, at the request of Borrower, Lender will issue joint checks, payable to Borrower and the contractor, supplier, materialman, mechanic, subcontractor or other party to whom payment is due in connection with a Replacement. In the case of payments made by joint check, Lender may require a waiver of lien from each Person receiving payment prior to Lender's disbursement from the Replacement Reserve Account. In addition, as a condition to any disbursement, Lender may require Borrower to obtain lien waivers from each contractor, supplier, materialman, mechanic or subcontractor who receives payment in an amount equal to or greater than $100,000 for completion of its work or delivery of its materials. Any lien waiver delivered hereunder shall conform to the requirements of applicable law and shall cover all work performed and materials supplied (including equipment and fixtures) for the Property by that contractor, supplier, subcontractor, mechanic or materialman through the date covered by the current reimbursement request (or, in the event that payment to such contractor, supplier, subcontractor, mechanic or materialmen is to be made by a joint check, the release of lien shall be effective through the date covered by the previous release of funds request). (e) If (i) the cost of a Replacement exceeds $100,000, (ii) the contractor performing such Replacement requires periodic payments pursuant to terms of a written contract, and (iii) Lender has approved in writing in advance such periodic payments, a request for reimbursement from the Replacement Reserve Account may be made after completion of a portion of the work under such contract, provided (A) such contract requires payment upon completion of such portion of the work, (B) the materials for which the request is made are on site at the Property and are properly secured or have been installed in the Property, (C) all other conditions in this Agreement for disbursement have been satisfied, (D) funds remaining in the Replacement Reserve Account are, in Lender's judgment, sufficient to complete such Replacement and other Replacements when required, and (E) if required by Lender, each contractor or subcontractor receiving payments under such contract shall provide a waiver of lien with respect to amounts which have been paid to that contractor or subcontractor. (f) Borrower shall not make a request for disbursement from the Replacement Reserve Account more frequently than once in any calendar month and (except in connection with the final disbursement) the total cost of all Replacements in any request shall not be less than $5,000.00.

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold the Certificate Account in trust for the benefit of the Certificateholders, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee under the Intercreditor Agreement, the Trustee upon receipt thereof shall immediately deposit the aggregate amount of such Scheduled Payment in the Certificate Account. (b) The Trustee shall establish and maintain on behalf of the Certificateholders a Special Payments Account as one or more accounts, which shall be non-interest bearing except as provided in Section 4.

  • Investment of Account Assets a. All contributions to the custodial account shall be invested in the shares of the Xxxxx Small Cap Growth Fund or, if available, any other series of Xxxxx Small Cap Growth Fund or other regulated investment companies for which Xxxxx Investment Management serves as Investment Advisor or designates as being eligible for investment. Shares of stock of an Investment Company shall be referred to as “Investment Company Shares”. To the extent that two or more funds are available for investment, contributions shall be invested in accordance with the depositor’s investment election. b. Each contribution to the custodial account shall identify the depositor’s account number and be accompanied by a signed statement directing the investment of that contribution. The Custodian may return to the depositor, without liability for interest thereon, any contribution which is not accompanied by adequate account identification or an appropriate signed statement directing investment of that contribution. c. Contributions shall be invested in whole and fractional Investment Company Shares at the price and in the manner such shares are offered to the public. All distributions received on Investment Company Shares held in the custodial account shall be reinvested in like shares. If any distribution of Investment Company Shares may be received in additional like shares or in cash or other property, the Custodian shall elect to receive such distribution in additional like Investment Company Shares. d. All Investment Company Shares acquired by the Custodian shall be registered in the name of the Custodian or its nominee. The depositor shall be the beneficial owner of all Investment Company Shares held in the custodial account. e. The Custodian agrees to forward to the depositor each prospectus, report, notice, proxy and related proxy soliciting materials applicable to Investment Company Shares held in the custodial account received by the Custodian. By establishing or having established the custodial account, the depositor affirmatively directs the Custodian to vote any Investment Company Shares held on the applicable record date that have not been voted by the depositor prior to a shareholder meeting for which prior notice has been given. The Custodian shall vote with the management of the Investment Company on each proposal that the Investment Company’s Board of Directors has approved unanimously. If the Investment Company’s Board of Directors has not approved a proposal unanimously, the Custodian shall vote in proportion to all shares voted by the Investment Company’s shareholders. f. The depositor may, at any time, by written notice to the Custodian, redeem any number of shares held in the custodial account and reinvest the proceeds in the shares of any other Investment Company. Such redemptions and reinvestments shall be done at the price and in the manner such shares are then being redeemed or offered by the respective Investment Companies.

  • AUTHORIZED EXPENDITURES Only expenditures which are detailed in the approved budget of the grant application, a revised budget, or an amended budget approved by the OAG are eligible for reimbursement with grant funds. Any requested modification to the budget must be submitted by the Provider in writing to the OAG and will require prior approval by the OAG. Budget modification approval is at the sole discretion of the OAG. Any grant funds reimbursed under this Agreement must be used in accordance with the rules implementing the provisions of VOCA, 34 U.S.C. § 20103, Crime Control and Law Enforcement, 28 C.F.R. §§94.101 through 94.122, the federal government-wide grant rules as set forth in the 2 C.F.R. § 200, and the U.S. Department of Justice, (DOJ), Office of Justice Programs, DOJ Grants Financial Guide, (Financial Guide), and any other regulations or guidelines currently or subsequently required by the U.S. Department of Justice and state or federal laws. Expenditures for the acquisition and maintenance of telephones and equipment will be proportional to the percentage of VOCA grant funded staff who utilize the telephones and equipment, as contemplated by this Agreement. Grant funds cannot be used as a revenue generating source and crime victims cannot be charged either directly or indirectly for services reimbursed with grant funds. Third party payers such as insurance companies, victim compensation, Medicare or Medicaid may not be billed for services provided by grant funded personnel to clients. Grant funds must be used to provide services to all crime victims, regardless of their financial resources or availability of insurance or third-party reimbursements. Travel expenses will be reimbursed with grant funds only in accordance with section 112.061, Florida Statutes. Expenditures of state financial assistance must be in compliance with all laws, rules and regulations applicable to expenditures of state funds, including, but not limited to, the Florida Reference Guide for State Expenditures. Only allowable costs resulting from obligations incurred during the term of this Agreement are eligible for reimbursement, and any balances of unobligated cash that have been advanced or paid that are not authorized to be retained for direct program costs in a subsequent period must be refunded to the OAG. Any funds paid in excess of the amount to which the Provider is entitled under the terms of this Agreement must be refunded to the OAG. The Provider will reimburse the OAG for all unauthorized expenditures and the Provider will not use grant funds for any expenditures made by the Provider prior to the execution of this Agreement or after the termination date of this Agreement. If the Provider is a unit of local or state government, the Provider must follow the written purchasing procedures of that governmental agency or unit. If the Provider is a non-profit organization, the Provider will obtain a minimum of three written quotes for all single item grant-related purchases equal to or in excess of $2,500 unless it is documented that the vendor is a sole source supplier. The Provider will use the lowest quote for the purchase.

  • Management Accounts The Management Accounts have been prepared in accordance with the same accounting principles and practices adopted for the Accounts and show a fair view of the assets and liabilities of the Company as the Management Accounts Date.

  • Reserve Accounts All unexpended funds in project reserve accounts shall remain with the project to be used for the benefit of the property and/or its residents.

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