Receipt of Monies Under a Use Contract Sample Clauses

Receipt of Monies Under a Use Contract. The Public Entity does not anticipate the receipt of any funds under a Use Contract, provided, however, if the Public Entity does receive any monies under a Use Contract in excess of the amount the Public Entity needs and is authorized to use to pay the operating expenses of the portion of the Real Property and, if applicable, Facility that is the subject of a Use Contract, and to pay the principal, interest, redemption premiums, and other expenses on Approved Debt, then a portion of such excess monies must be paid by the Public Entity to the Commissioner of MMB. The portion of such excess monies that the Public Entity must and shall pay to the Commissioner of MMB shall be determined by the Commissioner of MMB, and absent circumstances which would indicate otherwise such portion shall be determined by multiplying such excess monies by a fraction the numerator of which is the G.O. Grant and the denominator of which is sum of the G.O. Grant and the Approved Debt.
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Receipt of Monies Under a Use Contract. The Public Entity does not anticipate the receipt of any funds under a Use Contract, provided, however, if the Public Entity does receive any monies under a Use Contract, then a portion of such monies in excess of the amount the Public Entity needs and is authorized to use to pay the operating expenses of any Real Property and, if applicable, any Facility that is the subject of the Use Contract, or to pay the principal, interest, redemption premiums, and other expenses on debt related to such Real Property and, if applicable, Facility, other than the debt on the G.O. Bonds and debt for which the Public Entity has no financial liability, must be paid by the Public Entity to the Commissioner of MMB. The portion of such excess monies that the Public Entity shall pay to the Commissioner of MMB shall be determined by the Commissioner of MMB and absent circumstances which would indicate otherwise such portion shall be determined by multiplying such excess amount by a fraction the numerator of which is the amount of G.O. Bonds and the denominator of which is the total principal amount of all public debt financing incurred with respect to any Real Property and, if applicable, Facility other than public debt issued by a public entity for which it has no financial liability.
Sample 1Sample 2Sample 3
Receipt of Monies Under a Use Contract. The Grantee does not anticipate the receipt of any funds under a Use Contract, provided, however, if the Grantee does receive any monies under a Use Contract in excess of the amount the Grantee needs and is authorized to use to pay the operating expenses of the portion of the Real Property and, if applicable, Facility that is the subject of a Use Contract, and to pay the principal, interest, redemption premiums, and other expenses on Approved Debt, then a portion of such excess monies must be paid by the Grantee to the Council and Commissioner of MMB proportionate to their respective shares of the Council Grant. The portions of such excess monies that the Grantee must and shall pay to the Council and the Commissioner of MMB shall be determined by the Council and the Commissioner of MMB, and absent circumstances which would indicate otherwise such portion shall be determined by multiplying such excess monies by a fraction the numerator of which is the Council Grant and the denominator of which is sum of the Council Grant and the Approved Debt.
Sample 1

Related to Receipt of Monies Under a Use Contract

  • Rejection of Entries Bank shall have the right to reject any Entry which does not comply with the requirements of Section 5 of this Article III and the requirements of Article VII ("Security Procedures"), or which contains an Effective Entry Date more than two (2) days after the Business Day such Entry is received by Bank. Bank shall have the right to reject an On-Us Entry for any reason for which an Entry may be returned under the Rules. Bank shall have the right to reject any Entry if Company has failed to comply with its account balance obligations as set forth in Section 11 below. Bank shall notify Company by phone or electronic transmission of such rejection no later than the Business Day such Entry would otherwise have been transmitted by Bank to the ACH Operator or, in the case of an On-Us Entry, its Effective Entry Date. Bank shall have no liability to Company by reason of the rejection of any such Entry or the fact that such notice is not given at an earlier time than that provided for herein.

  • Application of Moneys All moneys received by the Agent and/or the Security Trustee under or pursuant to any of the Security Documents and expressed to be applicable in accordance with the provisions of this clause 13.1 or in a manner determined in the Security Trustee’s or (as the case may be) the Agent’s discretion, shall be applied in the following manner:

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