Operation Fund Sample Clauses

Operation Fund. There is hereby established and created a fund designated as the “Fishers Redevelopment Authority Operation Fund” (the “Operation Fund”). The Operation Fund shall be used only to pay necessary incidental expenses of the Authority (e.g. Trustee’s fees, required audits, attorney’s fees, appraisals, meetings, expenses incurred in connection with any continuing disclosure obligations of the Authority or the City in relation to the Bonds, reports and deposits in the Rebate Fund), the payment of any rebate as authorized by Section 3.03 hereof, the payment of principal of and interest on the Bonds upon redemption as authorized in Article IV hereof or the purchase price of Bonds purchased as authorized by Section 3.07 hereof, and if the amount in the Sinking Fund at any time is less than the required amount, the Trustee shall, without any further authorization, transfer funds from the Operation Fund to the Sinking Fund in an amount sufficient to raise the amount in the Sinking Fund to the required amount. Such action by the Trustee shall not constitute a waiver of any other right or remedy the Trustee may have under this Indenture. Incidental expenses shall be paid by the Trustee upon the presentation of an affidavit executed by any two officers of the Authority (or such other individuals as are designated in writing by the Authority to the Trustee) stating the character of the expenditure, the amount thereof and to whom due, together with the statement of the creditor as to the amount owing, except for the payment of Trustee’s fees which requires no such affidavit from the Authority.
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Related to Operation Fund

  • Education Fund 27.01 If the local union indicates to the Hospital that a special assessment of $0.03 per hour for union education applies to all bargaining unit members, the Hospital agrees to deduct this assessment. Such assessment along with a listing of employees will be paid on a quarterly basis into a trust fund established and administered by the applicable SEIU Local Union for this purpose.

  • Project Fund (A) The Trust shall deposit in the Project Fund such amounts as shall be stated in the applicable Supplemental Trust Agreement, and subject to final allocation as set forth in a certificate of an Authorized Officer. Moneys in the Project Fund shall be disbursed by the Master Trustee pursuant to a written direction of an Authorized Officer of the Trust for Costs of the applicable Projects or the refinancing of such Costs in accordance with the Act, the Clean Water Act, the Drinking Water Act, as applicable, the DEP Regulations and the applicable Financing Agreements and Regulatory Agreements. The Trust shall maintain records as to the amounts allocable to each Borrower and shall only requisition moneys for the account of a particular Borrower to the extent set forth in the applicable Financing Agreement. (B) The Trust may direct the transfer of moneys between accounts, if any, in the Project Fund pursuant to a written certificate of an Authorized Officer. (C) When all Costs of a particular Project to be paid from the Project Fund have been so paid, as evidenced by a certificate of an Authorized Officer of the Trust delivered to the Master Trustee, or when otherwise directed herein, any amount remaining unexpended in the Project Fund allocable to such Project shall be either (1) applied to the prepayment of the applicable Loan and transferred by the Master Trustee to either (i) the Senior Redemption Fund or Subordinate Redemption Fund or (ii) applied to Costs of other Projects to the extent permitted under the Clean Water Act or the Drinking Water Act, as applicable, and the DEP Regulations (upon delivery to the Master Trustee of an original executed counterpart of an amendment or supplement to the applicable Financing Agreement and Regulatory Agreement), or (2) applied as a credit against any Borrower Payments then or thereafter due under the applicable Financing Agreement and transferred by the Master Trustee to the Revenue Fund or the Senior Debt Service Fund or Subordinate Debt Service Fund (as directed by the Trust), or (3) any combination of the foregoing, as directed in a certificate of an Authorized Officer of the Trust delivered to the Master Trustee. Notwithstanding the foregoing provisions of this Paragraph (C), no moneys remaining in a Project Fund upon final disbursement therefrom for Costs of the applicable Project may be transferred by the Master Trustee to the Revenue Fund or to the Senior Debt Service Fund or Subordinate Debt Service Fund unless the written direction of an Authorized Officer of the Trust is accompanied by an opinion of Bond Counsel to the effect that such transfer will not adversely affect the exclusion from gross income of interest on any Bonds Outstanding for federal income tax purposes. (D) Notwithstanding anything in this Section to the contrary, upon the written direction of an Authorized Officer of the Trust, the Master Trustee shall transfer the amount on deposit in the Project Fund allocable to a particular Borrower to the Senior Debt Service Fund or Subordinate Debt Service Fund, as applicable, any amounts necessary for the payment of any Borrower Payments due and unpaid on the related Loan or any other outstanding Loan to the same Borrower to the extent that at such time no moneys are available therefor in any other Funds and Accounts established hereunder or under the applicable Financing Agreement.

  • 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.

  • 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 the disability, whichever is earlier. 2. Effective January 1, 2020, the rate of contribution to the Fund shall be $118.75 per week for each covered employee, payable when and how the Trustees determine. Effective January 1, 2021, the rate of contribution to the Fund shall be $122.75 per week for each covered employee. Effective January 1, 2022, the rate of contribution to the Fund shall be $126.75 per week for each covered employee. Effective January 1, 2023, the rate of contribution to the Fund shall be $130.75 per week for each covered employee. The bargaining parties agree that the foregoing contribution requirements for the Pension Fund are consistent with the contribution rate schedules required by the Pension Fund’s rehabilitation plan under Section 432 of the Internal Revenue Code. 3. 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 its 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. 4. If the Employer has an existing plan as referred to above, it shall not discontinue or reduce benefits without prior Union consent and the existing plan shall remain obligated to the employee(s) for whatever benefits they may be entitled. 5. 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 4. Notice of the pendency of any such action shall be given to the Employer who may defend the action on behalf of the indemnitee. 6. The parties agree that if there are 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 an 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.

  • 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.

  • Revenue Account (a) The following amounts shall be deposited into the Revenue Account directly, or if received by CE Generation or any Assignor, as soon as practicable upon receipt, in either case in accordance with this Section 3.1(a): (i) all Available Cash Flow (other than Available Cash Flow required to be deposited in the Redemption Account pursuant to Section 3.5(a)) received by the Assignors; (ii) all proceeds received by CE Genera tion in connection with a sale of all or any portion of its ownership interest in any Assignor (other than proceeds required to be deposited in the Redemption Account pursuant to Section 3.5(a)); (iii) all proceeds received by the Assignors in connection with a sale of all or any portion of their respective ownership interests in the Project Companies or their right to receive Available Cash Flow (other than proceeds required to be deposited in the Redemption Account pursuant to Section 3.5(a)); (iv) to the extent the Debt Service Reserve Account is fully funded or the Monies on deposit in or credited to such Account, together with any Debt Service Reserve Letter of Credit, equals the Debt Service Reserve Requirement, any income from the investment of Monies on deposit in or credited to any of the Accounts pursuant to Section 3.7; and (v) all other Monies required to be transferred to the Revenue Account from any other Account as contemplated under this Agreement or as provided in Section 7 of the Intercreditor Agreement. If any of the foregoing amounts required to be deposited with the Depositary Bank in accordance with the terms of this Agreement are received by CE Generation, any Assignor or any Affiliate thereof, CE Generation or such Assignor shall or shall cause any such Affiliate to hold such payments in trust for the Collateral Agent and shall promptly remit such payments to the Depositary Bank for deposit in the Revenue Account in the form received (with any necessary endorsements). (b) In the event the Depositary Bank receives Monies without adequate instruction with respect to the source or proper Account in which such Monies are to be deposited, the Depositary Bank shall deposit such Monies into the Revenue Account and segregate such Monies from all other Monies on deposit in or credited to the Revenue Account and notify CE Generation and the Assignors of the receipt and source of such Monies. Upon receipt of written instructions from CE Generation, the Depositary Bank shall transfer such Monies from the Revenue Account to the Account specified in such instructions in accordance with the terms of this Agreement. (c) The Collateral Agent, CE Generation and each Assignor hereby irrevocably authorize the Depositary Bank to make withdrawals and transfers of Monies (via wire transfer or otherwise in the discretion of the Depositary Bank), to the extent then on deposit in or credited to the Revenue Account, upon the delivery of an Officer's Certificate of CE Generation (a "Funds Transfer Certificate") to the Depositary Bank setting forth the Monies to be withdrawn from the Revenue Account and the Monies to be transferred pursuant to this clause (c) pursuant to the terms of this Agreement in the following order of priority: (i) FIRST: Transfer on each Funding Date from the Revenue Account to the Persons entitled to such pay ments an amount (as set forth in such Funds Transfer Certificate) equal to the sum of (A) all Operating and Administrative Costs of CE Generation, the Assignors and the Intermediate Holding Companies incurred on or prior to such Funding Date or reasonably expected to be incurred within the next thirty (30) days and (B) any taxes, assess ments and governmental charges or levies imposed on CE Generation, any Assignor or any Intermediate Holding Company on or prior to such Funding Date; provided that no Operating and Administrative Costs payable to an Affiliate of any of CE Generation, any Assignor or any Intermediate Holding Company shall be paid pursuant to this clause (i), other than Operating and Administrative Costs payable by such Affiliate to Persons other than any such Affiliate and that are incurred by such Affiliate on behalf of CE Generation, any Assignor or any Intermediate Holding Company; and provided, further that if Monies then on deposit in or credited to the Revenue Account are insufficient on such Funding Date to make the transfers specified in this clause (i), transfer of Monies shall be made ratably to the specified recipients in accordance with the respective amounts owed to such recipients; (ii) SECOND: After making each applicable transfer specified in clause (i) immediately above, transfer on each Funding Date from the Revenue Account to the Depositary Bank, the Collateral Agent, the Trustee and the Debt Service Reserve LOC Provider an amount (as set forth in such Funds Transfer Certificate) equal to all Administrative Costs due and payable to such parties on such Funding Date; provided that if Monies then on deposit in or credited to the Revenue Account are insufficient on such Funding Date to make the transfers specified in this clause (ii), transfer of Monies shall be made ratably to the specified recipients in accordance with the respective amounts owed to such recipients; (iii) THIRD: After making each applicable transfer specified in clauses (i) and (ii) immediately above, transfer on each Funding Date from the Revenue Account to the Debt Payment Account an amount (as set forth in such Funds Transfer Certificate) which, together with the Monies then on deposit therein or credited thereto, is equal to the sum of (A) all principal of and interest on the Securities and all other amounts payable under the Indenture due and payable on the next succeeding Payment Date, (B) all principal of and interest on any Debt Service Reserve Bonds due and payable on the next succeeding Payment Date, (C) all commit ment, letter of credit and fronting fees payable under the Debt Service Reserve LOC Reimbursement Agreement due and payable on the next succeeding Payment Date and (D) all interest on any Debt Service Reserve LOC Loans due and payable on the next succeeding Payment Date;

  • 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.

  • Trust Account Proceeds Prior to the liquidation of the Trust Account in the event the Company has not completed a Business Combination as required by its Charter Documents (the “Termination Date”), interest income on the funds held in the Trust Account may be released to the Company from the Trust Account in accordance with the terms of the Trust Agreement to pay any taxes incurred by the Company, all as more fully described in the Prospectus.

  • Superannuation fund Unless, to comply with superannuation legislation, the employer is required to make the superannuation contributions provided for in Clause 24(b) to another superannuation fund that is chosen by the employee, the employer must make the superannuation contributions provided for in Clause 24(b) and pay the amount authorised under Clauses 24(d)(i) or 24(d)(ii) to one of the following superannuation funds: (i) Health Employees Superannuation Trust of Australia (HESTA); (ii) any superannuation fund to which the employer was making superannuation contributions for the benefit of its employees before 12 September 2008, provided the superannuation fund is an eligible choice fund and is a fund that offers a MySuper product or is an exempt public sector scheme.

  • Expenditure of Funds No provision of this Agreement shall require the Securities Intermediary to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.