PROVISION OF FUNDS BY THE MINISTER Sample Clauses

PROVISION OF FUNDS BY THE MINISTER. 3.1 Subject to Sections 3.4, 3.5, 3.6 and 3.9, upon receipt by the Minister from the Service Manager of a copy of the first page and the signature page of a fully executed agreement of purchase and sale (an “APS”), for the purchase of an Eligible Unit by an Eligible Purchaser, together with a written report in the form of Appendix “C”, the Minister will transfer to the Service Manager in trust, within fifteen (15) business days or within 15 days of the closing date of the Eligible Unit, whichever is later, the amount of funding that is requested by the Service Manager for use as down payment assistance for the Eligible Purchaser (the “APS Funding”). 3.2 The transfer of all APS Funding will be made by electronic funds transfer. 3.3 The APS Funding provided by the Minister in respect of each Eligible Unit shall be comprised of one half Federal Funds and one half Provincial Funds. 3.4 In no event shall the APS Funding for an Eligible Unit exceed $50,000. 3.5 In no event shall the aggregate of all APS Funding received by the Service Manager under this Schedule and advanced by the Service Manager to Eligible Purchasers as of March 31, 2015 exceed ten percent (10%) of the sum of the purchase prices for all of the Eligible Units acquired by such Purchasers other than Eligible Units acquired from affiliates of Habitat for Humanity. 3.6 In no event may any APS be submitted for funding under this Schedule after March 31, 2015 or such earlier date as may be determined by the Minister and communicated by the Minister to the Service Manager by notice in writing. 3.7 The Service Manager shall use the APS Funding transferred to it by the Minister in respect of an Eligible Unit solely (i) for the purpose of providing an IAH Loan to an Eligible Purchaser of the Eligible Unit in accordance with this Schedule, or (ii) as the Minister may in writing direct. 3.8 All interest that accrues on APS Funding while held by the Service Manager may be used by the Service Manager for the purpose of administering and delivering Affordable Housing. 3.9 In no event shall funding under this Schedule be advanced to the Service Manager after March 31, 2019. 3.10 For greater certainty, should the Minister in his or her sole discretion believe at any point in time that the Service Manager is not likely to comply with Section 3.5, the Minister may refuse to provide funding under Section 3.1.
Sample 1
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PROVISION OF FUNDS BY THE MINISTER. 3.1 Subject to section 3.2, upon approval by the Minister of the Service Manager’s Cash-Flow Documentation, the Minister shall transfer to the Service Manager on a quarterly basis by electronic funds transfer, the amount of Operating Component funding indicated in the approved Cash-Flow Documentation and Operating funding expended as indicated in the Quarterly Report. 3.2 The Minister shall transfer Operating Component funding to the Service Manager on or around April 1, July 1, October 1 and January 20 of each fiscal year. Fourth quarter payments by the Minister will be made on or around January 20, instead of January 1, to allow for any payment adjustments based on discrepancies between the Service Manager’s planned and actual spending. 3.3 The Service Manager shall use the Operating Component funding transferred to it by the Minister in respect of an Eligible Unit solely for the purpose of providing a Rent Supplement to an Eligible Landlord of the Eligible Unit and/or a Housing Allowance to an Eligible Renter Household, in accordance with this Schedule, or as the Minister may direct, in writing. 3.4 All interest that accrues on Operating Component funding while held by the Service Manager shall be used by the Service Manager for the purpose of administering and delivering Affordable Housing.
Sample 1
PROVISION OF FUNDS BY THE MINISTER. 3.1 Subject to sections 3.5 and 3.7, upon approval by the Minister of the Service Manager’s updated PDFP, the Minister shall transfer to the Service Manager on a quarterly basis, the amount of funding (the “Rent Supplement Stream Funding” and “Housing Allowance Direct Delivery Stream Funding”) indicated in the approved cash-flow documentation, based on the Service Manager’s approved PDFP (“PDFP”). The Service Manager shall update the PDFP on a quarterly basis. 3.2 Subject to section 3.5, in the case of the Housing Allowance Shared Delivery Stream, the Minister shall hold back from the Service Manager’s annual allocation the amount of funding (the “Housing Allowance Shared Delivery Stream Funding”) requested in the approved Service Manager’s PDFP, to be used by the Minister of Finance for paying clients. 3.3 The Minister shall transfer Operating Funding that is Rent Supplement and/or Housing Allowance Direct Delivery Funding to the Service Manager on April 1, July 1, October 1 and January 20 of each fiscal year. Fourth quarter payments by the Minister will be made on January 20, instead of January 1, to allow for any payment adjustments based on discrepancies between the Service Manager’s planned and actual spending. 3.4 Subject to section 3.3, the transfer of all Operating Funding, that is Rent Supplement and/or Housing Allowance Direct Delivery Funding will be made by electronic funds transfer, based on the Service Manager’s entitlement for the period, as indicated in the PDFP. 3.5 The Service Manager shall use the Operating Funding transferred to it by the Minister in respect of an Eligible Unit solely for the purpose of providing a Rent Supplement to an Eligible Landlord of the Eligible Unit and/or a Housing Allowance to an Eligible Renter Household, in accordance with this Schedule, or as the Minister may direct, in writing. 3.6 All interest that accrues on Operating Funding while held by the Service Manager shall be used by the Service Manager for the purpose of administering and delivering Affordable Housing. 3.7 For greater certainty, should the Minister, in his or her sole discretion, believe at any point in time that the Service Manager is not likely to comply with section 3.6, the Minister may refuse to provide Funding under section 3.1 or section 3.2.
Sample 1

Related to PROVISION OF FUNDS BY THE MINISTER

  • Provision of Funds (a) GMAC agrees to contribute and deposit in the Certificate Account on behalf of Residential Funding (or otherwise provide to Residential Funding, or to cause to be made available to Residential Funding), either directly or through a subsidiary, in any case prior to the related Distribution Date, such moneys as may be required by Residential Funding to perform its Subordinate Certificate Loss Obligation when and as the same arises from time to time upon the demand of the Trustee in accordance with Section 13.01 of the Servicing Agreement. (b) The agreement set forth in the preceding clause (a) shall be absolute, irrevocable and unconditional and shall not be affected by the transfer by GMAC or any other person of all or any part of its or their interest in Residential Funding, by any insolvency, bankruptcy, dissolution or other proceeding affecting Residential Funding or any other person, by any defense or right of counterclaim, set-off or recoupment that GMAC may have against Residential Funding or any other person or by any other fact or circumstance. Notwithstanding the foregoing, GMAC's obligations under clause (a) shall terminate upon the earlier of (x) substitution for this Limited Guaranty pursuant to Section 13.01(f) of the Servicing Agreement, or (y) the termination of the Trust Fund pursuant to the Servicing Agreement.

  • Advance of Funds by the Seller After origination, no advance of funds has been made by the Seller to the related Mortgagor other than in accordance with the Loan Documents, and, to the Seller’s knowledge, no funds have been received from any person other than the related Mortgagor or an affiliate for, or on account of, payments due on the Mortgage Loan (other than as contemplated by the Loan Documents, such as, by way of example and not in limitation of the foregoing, amounts paid by the tenant(s) into a Mortgagee-controlled lockbox if required or contemplated under the related lease or Loan Documents). Neither the Seller nor any affiliate thereof has any obligation to make any capital contribution to any Mortgagor under a Mortgage Loan, other than contributions made on or prior to the date hereof.

  • Termination of Fund At any time following the first anniversary of the Closing Date, the Surviving Corporation shall be entitled to require the Paying Agent to deliver to it any funds (including any interest received with respect thereto) that had been made available to the Paying Agent and which have not been disbursed to holders of Certificates, and thereafter such holders shall be entitled to look only to Parent and the Surviving Corporation (subject to abandoned property, escheat or other similar Laws) as general creditors thereof with respect to the payment of any Merger Consideration that may be payable upon surrender of any Certificates held by such holders, as determined pursuant to this Agreement, without any interest thereon. Any amounts remaining unclaimed by such holders at such time at which such amounts would otherwise escheat to or become property of any Governmental Authority shall become, to the extent permitted by applicable Law, the property of Parent, free and clear of all claims or interest of any Person previously entitled thereto.

  • Certification of Funds; Budget and Fiscal Provisions; Termination in the Event of Non-Appropriation This Agreement is subject to the budget and fiscal provisions of the City’s Charter. Charges will accrue only after prior written authorization certified by the Controller, and the amount of City’s obligation hereunder shall not at any time exceed the amount certified for the purpose and period stated in such advance authorization. This Agreement will terminate without penalty, liability or expense of any kind to City at the end of any fiscal year if funds are not appropriated for the next succeeding fiscal year. If funds are appropriated for a portion of the fiscal year, this Agreement will terminate, without penalty, liability or expense of any kind at the end of the term for which funds are appropriated. City has no obligation to make appropriations for this Agreement in lieu of appropriations for new or other agreements. City budget decisions are subject to the discretion of the Mayor and the Board of Supervisors. Contractor’s assumption of risk of possible non-appropriation is part of the consideration for this Agreement. THIS SECTION CONTROLS AGAINST ANY AND ALL OTHER PROVISIONS OF THIS AGREEMENT.

  • Non-Receipt of Funds by the Agent Unless the Borrower or a Lender, as the case may be, notifies the Agent prior to the date on which it is scheduled to make payment to the Agent of (i) in the case of a Lender, the proceeds of a Loan or (ii) in the case of the Borrower, a payment of principal, interest or fees to the Agent for the account of the Lenders, that it does not intend to make such payment, the Agent may assume that such payment has been made. The Agent may, but shall not be obligated to, make the amount of such payment available to the intended recipient in reliance upon such assumption. If such Lender or the Borrower, as the case may be, has not in fact made such payment to the Agent, the recipient of such payment shall, on demand by the Agent, repay to the Agent the amount so made available together with interest thereon in respect of each day during the period commencing on the date such amount was so made available by the Agent until the date the Agent recovers such amount at a rate per annum equal to (x) in the case of payment by a Lender, the Federal Funds Effective Rate for such day for the first three days and, thereafter, the interest rate applicable to the relevant Loan or (y) in the case of payment by the Borrower, the interest rate applicable to the relevant Loan.

  • Authorization of Receipt of Funds by the Trustee Under the Security Documents Subject to the provisions of the Intercreditor Agreement, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Security Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

  • Provision of Funding 3.1 In each Funding Year, Ontario Health shall advise the HSP of the amount of its Estimated Provincial Subsidy. The amount of the Estimated Provincial Subsidy shall be calculated on both a monthly basis and an annual basis and will be allocated among the Envelopes and other funding streams applicable to the HSP, including the CFS. nd 3.2 The Estimated Provincial Subsidy shall be provided to the HSP on a monthly basis in accordance with the monthly calculation described in 3.1 and otherwise in accordance with this Agreement. Payments will be made to the HSP on or about the twenty-second

  • Authorization of Receipt of Funds by the Trustee Under the Collateral Documents Subject to the provisions of the Intercreditor Agreements, the Trustee is authorized to receive any funds for the benefit of the Holders distributed under the Collateral Documents, and to make further distributions of such funds to the Holders according to the provisions of this Indenture.

  • Application of Funds After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations, subject to the provisions of Sections 2.13 and 2.14, shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third held by them; Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings and (b) Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; and Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law. Subject to Section 2.03(c) and Section 2.13, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

  • Provision of Fund Documents Website Posting DocuSign Envelope ID: 23888D3F-AABE-425B-A488-C0A17835B391

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