Restricted Funds. As a condition of membership and participation in the SELPA, LEA warrants and represents that at no time during the term of this Agreement and XXX’s membership and participation in the SELPA shall the LEA, directly or indirectly, provide special education funding for the benefit of a for-profit entity. Unless altered by law, all funding provided through the Charter SELPA shall be treated as a restricted funding source to be expended only for special education or special education services. Nothing contained herein shall be interpreted as prohibiting any LEA from expending funds to contract with a state-certified nonpublic agency/school for the benefit of children served, in accordance with the approved master contract and individual services agreements as provided for in federal and state law.
Restricted Funds. All funds held by the respective Parties immediately before the Amalgamation Date which are determined to be externally restricted, will continue to have the same restrictions upon amalgamation and will only be used for their restricted purposes.
Restricted Funds. Monies actually received by the Company outside the U.S. in U.S. dollars or in a currency freely convertible to U.S. dollars and freely remittable to the U.S. shall be deemed to have been received by the Company as of the end of the applicable accounting period during which such monies were received, and, as applicable, converted into U.S. dollars at the actual exchange rate applicable to the Company. Monies actually received by the Company outside the U.S. in any currency and not freely remittable to the Company in the U.S. in U.S. dollars shall be considered "Blocked Funds", and shall not be included in Net Revenues. However, upon the Company's receipt of written notice from Licensor that the Licensor desires a settlement of its share of a particular item of Blocked Funds, the Company shall deposit the Licensor's share of such Blocked Funds (i.e., the License Fees) in a bank account in the applicable country, in the Licensor's name, subject to all applicable laws and regulations. Such deposit shall fully satisfy the Company's obligations to Licensor with respect to such Blocked Funds and Licensor's share thereof, and any taxes, expenses or other charges incurred in connection with the making of such deposit shall be deducted from Licensor's share of such Blocked Funds, or otherwise charged to or paid by Licensor in advance, if required to make such deposit.
Restricted Funds. Since the nature and extent of the costs likely to be incurred for the events contemplated below are difficult to ascertain in advance, it is agreed that those expenses and costs that are eligible for reimbursement hereunder are those actual “out-of-pocket” costs paid by the UBA. Furthermore, whether any particular expense is or is not reimbursable as provided herein shall be made at the sole discretion of the Chief Administrative Officer. Restricted Funds will be paid only on a reimbursable basis upon documentation of the incurred UBA expense and UBA payment.
Restricted Funds. Attached hereto as Schedule 4.26 is a list of all funds received and held by or on behalf of each Xxxxxxx Corporation in the nature of grants, donations, contributions, bequests or trusts, which funds are restricted or conditioned as to their use (“Restricted Funds”). For each Restricted Fund, Schedule 4.26 further indicates (i) the name of the fund, (ii) the balance as of the date hereof, (iii) the nature of the donor-imposed restrictions or conditions and (iv) whether such restrictions are permanent or temporary for purposes of financial statement reporting, including the duration of any temporary restrictions.
Restricted Funds. On the Closing Date, by virtue of the transfer of Restricted Funds from Xxxxxxx Foundation to Advocate Charitable Foundation, all such Restricted Funds shall be held and utilized by Advocate Charitable Foundation in accordance with all Applicable Laws and subject to donor-imposed restrictions and conditions, as disclosed on Schedule 4.26. If such restrictions or conditions cannot be complied with or by Advocate Charitable Foundation, such restrictions or conditions may be redirected with the permission of the donor(s) or modified as permitted by Applicable Law to permit Advocate Charitable Foundation’s use of the Restricted Funds. In the event that Advocate Charitable Foundation cannot use such Restricted Funds as provided above, then consistent with Applicable Law, Advocate Charitable Foundation may return the Restricted Funds to donors or otherwise dispose of the Restricted Funds consistent with the terms of such gifts. Notwithstanding anything herein to the contrary, it is expressly understood and agreed among the Parties that all unrestricted cash and investments held by Xxxxxxx Foundation as of the Closing Date, as well as future bequests, gifts and donations raised for Advocate Xxxxxxx Hospital will continue to be used and invested solely in support of Xxxxxxx Hospital and its diverse programs and services.
Restricted Funds. Certain funds of FBC are “restricted” because the donors of such funds restricted their use and FBC agreed to receive such donations subject to such restrictions. All restrictions placed on restricted donations of FBC will be honored by the Surviving Association. The Board of FBC, or the Board of the Surviving Association, may seek the agreement of the original donor(s) to remove any restrictions on restricted accounts.
Restricted Funds. 25 7.5 Currency.................................................................................................. 25 7.6 Maintenance of Records and Audit Rights................................................................... 25 8. INDEMNITIES...................................................................................................... 26
Restricted Funds. As a condition of membership and participation in the SELPA, LEA warrants and represents that at no time during the term of this Agreement DocuSign Envelope ID: B359B5FF-5BB1-4C8D-A47D-2118913B1BDC and LEA’s membership and participation in the SELPA shall the LEA, directly or indirectly, provide special education funding for the benefit of a for-profit entity. Unless altered by law, all funding provided through the Charter SELPA shall be treated as a restricted funding source to be expended only for special education or special education services. Nothing contained herein shall be interpreted as prohibiting any LEA from expending funds to contract with a state-certified nonpublic agency/school for the benefit of children served, in accordance with the approved master contract and individual services agreements as provided for in federal and state law.
Restricted Funds. To the extent, in light of the Prepayment Restrictions described in Section 3.1(d)(iii) (and following the consummation of the Tender Offer), any portion of the proceeds from the Closing Date Transactions, in Company’s reasonable judgment, cannot be applied as set forth in clause (A) of Section 3.1(d)(iii) on the Closing Date, (A) Company shall have delivered any requisite notices to prepay all remaining outstanding 9 3/4% Senior Subordinated Notes (and such notices shall be irrevocable and unconditional) and (B) proceeds from the Closing Date Transactions in an amount not less than (1) the amount necessary to prepay the 9 3/4% Senior Subordinated Notes that shall remain outstanding immediately following the Closing Date shall have been deposited into a restricted account (the “Restricted Account”) at GSCP, or an Affiliate thereof (or otherwise at an account with a financial institution designated by the Administrative Agent), governed by a collateral account pledge and control agreement (the “Account Pledge Agreement”) and (x) such Restricted Account and the Cash contained therein shall have been pledged as collateral solely for the benefit of the Secured Parties, (y) such Account Pledge Agreement and related collateral documents shall be in form and substance satisfactory to Administrative Agent, or an Affiliate thereof and (z) such Account Pledge Agreement shall provide, among other things, that the funds contained therein shall be released (other than to Collateral Agent for the benefit of the Lenders on a pro rata basis) only (I) in the absence of any Default or Event of Default, or a default or event of default under any other material Indebtedness of Company or its Subsidiaries, including, without limitation, the Existing Indebtedness and the Series A and Series B Preferred Stock, to fund directly on behalf of Company and Holdings the uses of such proceeds set forth in clause (A) under Section 3.1(d)(iii) (and, from and after the date of the funding of the Incremental Term Loans, set forth in clauses (i), (ii) and (iii) of the definition of Subsequent Refinancing) on the dates on which Company and Holdings are first able to make such prepayments or redemptions or (II) in the event that any such funds remain in the Restricted Account forty-five (45) days following the Closing Date (or, if the funding of the Incremental Term Loans shall have occurred, forty-five (45) days following such funding) and have not been so applied, to prepay the Initial Term...
