Reversion of Unexpended Funds Sample Clauses

The Reversion of Unexpended Funds clause stipulates that any funds allocated under an agreement but not spent by the end of the contract period must be returned to the funding party. In practice, this means that if a project or service is completed under budget, or if certain activities are not carried out, the remaining money does not remain with the recipient but is instead refunded or credited back to the original source. This clause ensures that funds are used strictly for their intended purpose and prevents the recipient from retaining surplus funds, thereby promoting fiscal responsibility and transparency.
Reversion of Unexpended Funds. Any unexpended grant funds shall revert to the Agency upon termination of this Contract.
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Reversion of Unexpended Funds. Any funds not properly expended during the grant period shall lapse and revert to the Department.
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Reversion of Unexpended Funds. The Grantee understands and agrees that any unexpended grant funds shall revert to the Department upon termination of this Agreement.
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Reversion of Unexpended Funds. All funds granted by the Council under this Agreement that have not been expended for authorized Grant Project activities as described in paragraph 2.01 will revert to the Council.
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Reversion of Unexpended Funds. Any funds not properly expended during the grant period shall lapse and revert to the Department. Project Income. No projects administered by the Department and funded through Federal funding sources should produce an income stream. See 2 C.F.R. 200.80 Program Income for definition of what is considered program income. If there is a possibility that the project will produce income, subrecipient must confer with FWP FACB prior to commencement of project. Cancellation of Award. Subrecipients are required to provide an implementation timeline with the Project description. Projects that do not include a timeline of implementation are subject to the following condition:
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Reversion of Unexpended Funds. Any unexpended funds held by the Grantee upon termination or completion of this Grant shall be reported and reverted to the Grantor.
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Reversion of Unexpended Funds. Allocations not dispersed under this Contract shall revert to the DSWC upon the Contract’s expiration or termination.
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Reversion of Unexpended Funds. Any unexpended Grant monies shall revert to the NCLWF upon termination of the Grant Contract.
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Reversion of Unexpended Funds. (Applies to financial assistance contracts. Delete Section 8 if not applicable.)
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Related to Reversion of Unexpended Funds

  • 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.

  • Permitted Withdrawals From Escrow Account Withdrawals from the Escrow Account or Accounts may be made by the Company only: (i) to effect timely payments of ground rents, taxes, assessments, water rates, mortgage insurance premiums, condominium charges, fire and hazard insurance premiums or other items constituting Escrow Payments for the related Mortgage; (ii) to reimburse the Company for any Servicing Advances made by the Company pursuant to Section 4.08 with respect to a related Mortgage Loan, but only from amounts received on the related Mortgage Loan which represent late collections of Escrow Payments thereunder; (iii) to refund to any Mortgagor any funds found to be in excess of the amounts required under the terms of the related Mortgage Loan; (iv) for transfer to the Custodial Account and application to reduce the principal balance of the Mortgage Loan in accordance with the terms of the related Mortgage and Mortgage Note; (v) for application to restoration or repair of the Mortgaged Property in accordance with the procedures outlined in Section 4.14; (vi) to pay to the Company, or any Mortgagor to the extent required by law, any interest paid on the funds deposited in the Escrow Account; (vii) to clear and terminate the Escrow Account on the termination of this Agreement; and (viii) to withdraw funds deposited in error.

  • Termination for Non-Allocation of Funds Renegotiate the Contract under the revised funding conditions; or

  • Termination for Non-Appropriation of Funds Notwithstanding any other provision of this Contract, the County shall not be obligated for the Contractor’s performance hereunder or by any provision of this Contract during any of the County’s future fiscal years unless and until the County’s Board of Supervisors appropriates funds for this Contract in the County’s Budget for each such future fiscal year. In the event that funds are not appropriated for this Contract, then this Contract shall terminate as of June 30 of the last fiscal year for which funds were appropriated. The County shall notify the Contractor in writing of any such non-allocation of funds at the earliest possible date.

  • Permitted Withdrawals from the Collection Account The Servicer may, from time to time, withdraw funds from the Collection Account for the following purposes: (i) to reimburse itself for Advances made pursuant to Section 6.03 (including amounts to reimburse the related Sub-Servicer for advances made pursuant to the applicable Sub-Servicing Agreement), the Servicer's and the Sub-Servicer's right to receive reimbursement pursuant to this subclause (i) being limited to amounts received on particular Mortgage Loans which represent Late Collections (net of the Servicing Fees) with respect to those particular Mortgage Loans; (ii) to pay itself the Servicing Fee; (iii) to reimburse itself for unreimbursed Servicing Advances, or to pay the related Sub-Servicer any unreimbursed Servicing Advances, the Servicer's right to receive reimbursement or make payments to the Sub-Servicer pursuant to this subclause (iii) with respect to any Mortgage Loan being limited to related Liquidation Proceeds, Insurance Proceeds, and condemnation awards; (iv) to reimburse itself (or the related Sub-Servicer) or the Depositor for expenses incurred by and recoverable by or reimbursable to it pursuant to Section 5.01 or 5.16; (v) to reimburse itself (or the related Sub-Servicer) for any Nonrecoverable Advances; (vi) to pay to itself (or the related Sub-Servicer) income earned on the investment of funds deposited in the Collection Account; (vii) to make deposits into the Certificate Account in the amounts and in the manner provided for herein; (viii) to make payments to itself or others pursuant to any provision of this Agreement, and to clear and terminate the Collection Account upon the termination of this Agreement; and (ix) to withdraw amounts deposited in error.