Common use of PURPOSE OF ENTITLEMENT MONIES Clause in Contracts

PURPOSE OF ENTITLEMENT MONIES. (a) Entitlement Monies deposited to the Trust Account of an Entitlement Band pursuant to its Band Specific Agreement shall (excluding interest earned thereon in the Trust Account which may be dealt with as agreed to in the Trust Agreement) be utilized by the Trustees of the Entitlement Band: (i) prior to the Entitlement Band's Shortfall Acres Acquisition Date, only for the Purchase of Entitlement Land (including all existing Minerals and Improvements in respect thereof) in accordance with the terms of this Agreement, the Band Specific Agreement and the Trust Agreement; and (ii) from and after the Shortfall Acres Acquisition Date, for the Purchase of additional Entitlement Land or other Band Development purposes in accordance with its Trust Agreement. (b) Subject to subsection 4.01(c), but notwithstanding subparagraph 4.01(a)(i) or section 5.01, an Entitlement Band's Trustees may, prior to the Shortfall Acres Acquisition Date, following receipt by the Trustees of a Band Council Resolution requesting the same, withdraw funds from the Trust Account not exceeding the lesser of: (i) a total of Three Hundred Thousand ($300,000.00) Dollars; and (ii) five (5%) percent of the total of: (A) the Honour Payment of the Entitlement Band; and (B) the difference between such Entitlement Band's Equity Quantum and Shortfall Acres multiplied by Two Hundred and Sixty-two Dollars ($262.19) and Nineteen Cents; which funds shall be paid to the Entitlement Band and may be utilized on behalf of the Entitlement Band for Band Development purposes including, for greater certainty, for the Purchase of Entitlement Land which does not include all Minerals or which is not free and clear of all Mineral Dispositions. (c) Notwithstanding subsection 4.01(b), it is agreed by each of the parties that prior to the Shortfall Acres Acquisition Date: (i) the Trustees' right to withdraw funds from the Trust Account contemplated by subsection 4.01(b) shall not exceed, in total, the lesser of the two amounts calculated in accordance with subparagraphs (b)(i) and (ii) above and may not, in any event, be repeated; (ii) the right to make such withdrawal (or withdrawals which, in aggregate, do not exceed such an amount) are not intended to be a cumulative, repetitive or annual right; and (iii) in the event that any interest in Entitlement Land is Purchased utilizing such funds, the same shall not be eligible to be set apart as an Entitlement Reserve except in accordance with the provisions of this Agreement.

PURPOSE OF ENTITLEMENT MONIES. (a) Entitlement Monies deposited to the Trust Account of an Entitlement Band pursuant to its Band Specific Agreement shall (excluding interest earned thereon in the Trust Account which may be dealt with as agreed to in the Trust Agreement) be utilized by the Trustees on behalf of the Entitlement Band: (i) prior to the Entitlement Band's Shortfall Acres Acquisition Date, only for the Purchase of Entitlement Land (including all existing Minerals and Improvements in respect thereof) in accordance with the terms of this Agreement, the Band Specific Agreement and the Trust Agreement; and (ii) from and after the Shortfall Acres Acquisition Date, for the Purchase of additional Entitlement Land or other Band Development purposes in accordance with its Trust Agreement. (b) Subject to subsection 4.01(c), but notwithstanding subparagraph 4.01(a)(i) or section 5.01, an Entitlement Band's the Trustees may, prior to the Shortfall Acres Acquisition Date, following receipt by the Trustees of a Band Council Resolution requesting the same, withdraw funds from the Trust Account not exceeding the lesser of: (i) a total of Three One Million One Hundred Forty-Seven Thousand ($300,000.00) Dollars; and (ii) five (5%) percent of the total of: (A) the Honour Payment of the Entitlement Band; and (B) the difference between such Entitlement Band's Equity Quantum and Shortfall Acres multiplied by Two Four Hundred and Sixty-two Dollars ($262.191,147,400) and Nineteen Cents; which funds shall be paid to the Entitlement Band and may be utilized on behalf of by the Entitlement Band in accordance with the following allocations and purposes: (i) Eight Hundred Thousand Dollars ($800,000) for Band Development purposes includingwhich, for greater certainty, for certainty shall include the Purchase purchase of Entitlement Land which does not include all Minerals minerals or which is not free and clear of all Mineral Dispositionsmineral dispositions; and (ii) Three Hundred Forty-Seven Thousand Four Hundred Dollars ($347,400) to be utilized for the one time lump sum payments to Elders in accordance with subsection 6.01(b)(iii) of the Trust Agreement. (c) Notwithstanding subsection 4.01(b), it is agreed by each of the parties that prior to the Shortfall Acres Acquisition Date: (i) the Trustees' right to withdraw funds from the Trust Account contemplated by subsection 4.01(b) shall not exceed, in total, the lesser of the two amounts calculated in accordance with subparagraphs (b)(i) and (ii) above and may not, in any event, be repeated; (ii) the right to make such withdrawal (or withdrawals which, in aggregate, do not exceed such an amount) are is not intended to be a cumulative, repetitive or annual right; and (iiiii) in the event that any interest in Entitlement Land is Purchased utilizing such funds, the same shall not be eligible to be set apart as an Entitlement Reserve except in accordance with the provisions of this Agreement.

PURPOSE OF ENTITLEMENT MONIES. (a) Entitlement Monies deposited to the Trust Account of an Entitlement Band pursuant to its Band Specific Agreement shall (excluding interest earned thereon in the Trust Account which may be dealt with as agreed to in the Trust Agreement) be utilized by the Trustees on behalf of the Entitlement Band: (i) prior to the Entitlement Band's Shortfall Acres Acquisition Date, only for the Purchase of Entitlement Land (including all existing Minerals and Improvements in respect thereof) in accordance with the terms of this Agreement, the Band Specific Agreement and the Trust Agreement; and (ii) from and after the Shortfall Acres Acquisition Date, for the Purchase of additional Entitlement Land or other Band Development purposes in accordance with its Trust Agreement. (b) Subject to subsection 4.01(c), but notwithstanding subparagraph 4.01(a)(i) or section 5.01, an Entitlement Band's the Trustees may, prior to the Shortfall Acres Acquisition Date, following receipt by the Trustees of a Band Council Resolution requesting the same, withdraw funds from the Trust Account not exceeding the lesser of: (i) a total of Three up to Five Hundred Thousand ($300,000.00) Dollars; and (ii) five (5%) percent of the total of: (A) the Honour Payment of the Entitlement Band; and (B) the difference between such Entitlement Band's Equity Quantum and Shortfall Acres multiplied by Two Hundred and Sixty-two Dollars ($262.19500,000) and Nineteen Cents; which funds shall be paid to the Entitlement Band and may utilized by the Band in accordance with the following allocations and purposes: (i) up to Three Hundred and Fifty Thousand ($350,000.00) Dollars to be utilized on behalf for the one time lump sum payments to Elders in accordance with subsection 6.01(b)(iii) of the Entitlement Band Trust Agreement. (ii) the balance, being not less than One hundred and Fifty Thousand Dollars ($150,000.00), for Band Development purposes includingwhich, for greater certainty, for certainty shall include the Purchase purchase of Entitlement Land which does not include all Minerals or which is not free and clear of all Mineral Dispositions.; and (c) Notwithstanding subsection 4.01(b), it is agreed by each of the parties that prior to the Shortfall Acres Acquisition Date: (i) the Trustees' right to withdraw funds from the Trust Account contemplated by subsection 4.01(b) shall not exceed, in total, the lesser of the two amounts calculated in accordance with subparagraphs (b)(i) and (ii) above and may not, in any event, be repeated; (ii) the right to make such withdrawal (or withdrawals which, in aggregate, do not exceed such an amount) are is not intended to be a cumulative, repetitive or annual right; and (iiiii) in the event that any interest in Entitlement Land is Purchased utilizing such funds, the same shall not be eligible to be set apart as an Entitlement Reserve except in accordance with the provisions of this Agreement.