PURPOSE OF ENTITLEMENT MONIES. (a) Entitlement Monies deposited to the Trust Account shall be utilized by the Trustees on behalf of the Band: (i) prior to the 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 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. (b) Subject to subsection 4.01(c), but notwithstanding subparagraph 4.01(a)(i), the Trustees may, prior to the Shortfall Acres Acquisition Date, following receipt by the Trustees of a Band Council Resolution requesting the same, withdraw from the Trust Account up to a total of $350,000.00 which funds shall be paid to the Band and utilized by the Band for Band Development purposes. (c) Notwithstanding subsection 4.01(b), it is agreed by each of the parties that prior to the Shortfall Acres Acquisition Date: (i) the right to make such withdrawal (or withdrawals which, in aggregate, do not exceed the amount referred to in subsection 4.01(b)) is not intended to be a cumulative, repetitive or annual right; and (ii) 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.
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Samples: Treaty Land Entitlement Settlement Agreement, Treaty Land Entitlement Settlement Agreement
PURPOSE OF ENTITLEMENT MONIES. (a) Entitlement Monies deposited to the Trust Account shall be utilized by the Trustees on behalf of the Band:
(i) prior to the 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 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.
(b) Subject to subsection 4.01(c), but notwithstanding subparagraph 4.01(a)(i), the Trustees may, prior to the Shortfall Acres Acquisition Date, following receipt by the Trustees of a Band Council Resolution requesting the same, withdraw from the Trust Account up to a total of $350,000.00 430,000.00 which funds shall be paid to the Band and utilized by the Band for Band Development purposes.
(c) Notwithstanding subsection 4.01(b), it is agreed by each of the parties that prior to the Shortfall Acres Acquisition Date:
(i) the right to make such withdrawal (or withdrawals which, in aggregate, do not exceed the amount referred to in subsection 4.01(b)) is not intended to be a cumulative, repetitive or annual right; and
(ii) 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.
Appears in 2 contracts
Samples: Treaty Land Entitlement Settlement Agreement, Treaty Land Entitlement Settlement Agreement
PURPOSE OF ENTITLEMENT MONIES. (a) Entitlement Monies deposited to the Trust Account shall be utilized by the Trustees on behalf of the Band:
(i) prior to the 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 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.
(b) Subject to subsection 4.01(c), but notwithstanding subparagraph 4.01(a)(i), the Trustees may, prior to the Shortfall Acres Acquisition Date, following receipt by the Trustees of a Band Council Resolution requesting the same, withdraw from the Trust Account up to a total of $350,000.00 1,000,000.00 which funds shall be paid to the Band and utilized by the Band for Band Development purposes.
(c) Notwithstanding subsection 4.01(b), it is agreed by each of the parties that prior to the Shortfall Acres Acquisition Date:
(i) the right to make such withdrawal (or withdrawals which, in aggregate, do not exceed the amount referred to in subsection 4.01(b)) is not intended to be a cumulative, repetitive or annual right; and
(ii) 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.
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