Use/Disbursement Sample Clauses

Use/Disbursement. Funds in the Replacement Reserve Account may only be used as needed to cover the Project’s capital improvement needs. CHFA’s prior written approval is required for any disbursement from the Replacement Reserve Account. Owner shall make written request for such approval, in form acceptable to CHFA. Any such withdrawal approval request shall specifically itemize the capital improvements needed and shall include supporting documentation evidencing the Owner’s actual cost for each such capital need. CHFA shall approve disbursement to Owner of such sums from the Replacement Reserve Account for such capital improvement(s) approved by Authority, in its sole and reasonable discretion. CHFA, at CHFA’s discretion, may require that disbursement be made directly to the contractor. CHFA shall not be obligated to approve disbursements from the Replacement Reserve Account for the cost of routine maintenance to the Project. At Authority’s request, Owner shall obtain lien waivers and/or releases from any contractor providing labor and/or materials to the Project for which a disbursement has been made.
Sample 1
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Use/Disbursement. Funds in the Operating Reserve Account may only be used by Owner to pay operating expenses exclusing repair and maintenance items following full funding of the Project’s Operating Deficits. CHFA’s prior written consent is required for any disbursements (i) if the balance in the Operating Deficity Reserve Account is below the Required Minimum Balance; or (ii) if the disbursement would cause the balance of the Operating Reserve Account to fall below the Required Minimum Balance. If CHFA’s approval is required for such disbursement, then Owner shall make written request for such approval, in form acceptable to CHFA. Any such withdrawal approval request shall specifically itemize the operating expense(s) which the disbursement is expected to fund and shall include supporting documentation evidencing the Owner’s actual cost for each such operating expense(s). CHFA shall approve disbursement to Owner of such sums from the Operating Reserve Account to cover those operating expenses approved by Authority, in its sole and reasonable discretion. Authority, at Authority’s discretion, may make disbursement directly to or direct that such disbursement be made directly to the contractor/vendor.
Sample 1
Use/Disbursement. The Lease-Up Reserve may be used with the consent of CHFA to pay for any costs incurred by the Owner reasonably related to lease-up of the Project, achieving Debt Service Coverage and achieving Permanent Loan Commencement. Said funds shall remain as a line item in the Budget until the date when both of the following have occurred: (a) Permanent Loan Commencement; and (b) sustained 1.15 Debt Service Coverage for three consecutive months, unless sooner disbursed as herein provided. Upon satisfaction of the conditions, the funds in the Lease-Up Reserve may be distributed as provided in Section hereof. The Lease-Up Reserve must be fully funded prior to the payment of any Development Fee, unless otherwise approved by CHFA in its sole discretion.
Sample 1
Use/Disbursement. Funds in the Operating Reserve Account may only be used by Borrower to cover the Project’s operating deficits. Lender’s prior written consent is required for any disbursements (A) if the balance in the Operating Reserve Account is below the Required Minimum Balance; or (B) if the disbursement would cause the balance of the Operating Reserve Account to fall below the Required Minimum Balance. If Lender’s approval is required for such disbursement, then Borrower shall make written request for such approval, in form acceptable to Lender. Any such withdrawal approval request shall specifically itemize the operating expense(s) which the disbursement is expected to fund and shall include supporting documentation evidencing the Borrower’s actual cost for each such operating expense(s). Lender shall approve disbursement to Borrower of such sums from the Operating Reserve Account to cover those operating expenses approved by Lender, in its sole and reasonable discretion. Lender, at Lender’s discretion, may make disbursement directly to or direct that such disbursement be made directly to the contractor/vendor.
Sample 1
Use/Disbursement. Funds in the Lease-up Reserve may only be used by Borrower and the Project’s property management company to pay operating expenses during the initial lease-up period. When the Project reaches 93% occupancy, any funds remaining in the Lease-up Reserve Account shall be transferred into the Operating Reserve Account or such other reserve account as may be approved by Lender.
Sample 1
Use/Disbursement. Funds in the Replacement Reserve Account may only be used as needed to cover the Project’s capital improvement needs. Lender’s prior written approval is required for any disbursement from the Replacement Reserve Account. Borrower shall make written request for such approval, in form acceptable to Lender. Any such withdrawal approval request shall specifically itemize the capital improvements needed and shall include supporting documentation evidencing the Borrower’s actual cost for each such capital need. Lender shall approve disbursement to Borrower of such sums from the Replacement Reserve Account for such capital improvement(s) approved by Lender, in its sole and reasonable discretion. Lender, at Lender’s discretion may require that disbursement be made directly to the contractor. Lender consent shall not be required to approve disbursements from the Replacement Reserve Account for the cost of routine maintenance to the Project. At Lender’s request, Borrower shall obtain lien waivers and/or releases from any contractor providing labor and/or materials to the Project for which a disbursement has been made. [USE ONLY WHERE THERE IS NO EQUITY INVESTOR] PART FOUR REPRESENTATIONS AND WARRANTIES Borrower hereby represents and warrants to Lender as follows, each representation and warranty being reaffirmed as true and complete on each submission of a request for advancement and on each receipt of Loan proceeds:
Sample 1
Use/Disbursement 
Sample 1
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Related to Use/Disbursement

  • Applicable Fees 48.1. CONTRACTOR shall not charge any clients or third-party payers any fee for service unless directed to do so by the Director at the time the client is referred for services. When directed to charge for services, CONTRACTOR shall use the uniform billing and collection guidelines prescribed by DHCS.

  • REIMBURSEMENT OF FEES AND COSTS The Parties acknowledge that Xxxxxxxx and his counsel offered to reach preliminary agreement on the material terms of this dispute before reaching terms on the amount of fees and costs to be reimbursed to them. The Parties thereafter reached an accord on the compensation due to Xxxxxxxx and his counsel under general contract principles and the private attorney general doctrine and principles codified at California Code of Civil Procedure § 1021.5, for all work performed through the mutual execution of this agreement. Under these legal principles, X. Xxxxx shall reimburse Xxxxxxxx’x counsel for fees and costs incurred as a result of investigating and bringing this matter to X. Xxxxx’x attention, and negotiating a settlement in the public interest. Within ten (10) days of the Effective Date, X. Xxxxx shall issue a check payable to “Xxxxxxx Xxxxx” in the amount of $16,500.00 for delivery to the address identified in Section 3.2(a)(i), above.

  • Requesting Reimbursement Requests for reimbursements must be submitted via the ASAP system. Requests for reimbursement should coincide with normal billing patterns. Each request must be limited to the amount of disbursements made for the Federal share of direct project costs and the proportionate share of allowable indirect costs incurred during that billing period.

  • Reimbursement of Eligible Costs To be eligible for reimbursement, the Engineer's costs must (1) be incurred in accordance with the terms of a valid work authorization; (2) be in accordance with Attachment E, Fee Schedule; and (3) comply with cost principles set forth at 48 CFR Part 31, Federal Acquisition Regulation (FAR 31). Satisfactory progress of work shall be maintained as a condition of payment.

  • Non-Refundable Fees 3. The School is unable to refund some fees. The following fees relate to expenses that the School may have paid or will incur as a result of receiving an application for enrolment and cannot be refunded:

  • DUES/FEES 1. a. Each permanent employee* in this unit (who is not on a leave of absence) shall, as a condition of continued employment, become a member of the certified representative of this unit, or pay the Association a service fee in an amount not to exceed periodic dues and general assessments of the Association for the term of this MOU, or a period of one (1) year from the operative date of this article, whichever comes first. Such amounts shall be determined by the Association and implemented by Management in the first payroll period which starts 30 days after written notice of the new amount is received by the Controller. Any increase in Association dues or fees that results from general (cost-of-living) salary increases, and/or special or technical salary adjustments, being applied to the salary of City classifications shall be implemented by Management on a prospective basis, with said increase in dues or fees being deducted commencing with the first payroll period in which the adjusted salary appears. Under no circumstances shall said increase in dues or fees be collected from employees’ paychecks on a retroactive basis. (*A permanent employee is defined as one who has completed six continuous months of City service from his/her original date of appointment and who is a member of the Los Angeles City Employees' Retirement System.)

  • Letter of Credit Fees The Borrower shall pay to the Administrative Agent for the account of each Revolving Credit Lender in accordance, subject to Section 2.16 with its Applicable Revolving Credit Percentage a Letter of Credit fee (the “Letter of Credit Fee”) for each Letter of Credit equal to the Applicable Rate times the daily amount available to be drawn under such Letter of Credit. For purposes of computing the daily amount available to be drawn under any Letter of Credit, the amount of such Letter of Credit shall be determined in accordance with Section 1.06. Letter of Credit Fees shall be (i) due and payable on the first Business Day after the end of each March, June, September and December, commencing with the first such date to occur after the issuance of such Letter of Credit, on the Letter of Credit Expiration Date and thereafter on demand and (ii) computed on a quarterly basis in arrears. If there is any change in the Applicable Rate during any quarter, the daily amount available to be drawn under each Letter of Credit shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect. Notwithstanding anything to the contrary contained herein, upon the request of the Required Revolving Lenders, while any Event of Default exists, all past due Letter of Credit Fees shall accrue at the Default Rate.

  • TIPS Administration Fees The collection of administrative fees by TIPS, a government entity, for performance of these procurement services is required pursuant to Texas Government Code Section 791.011 et. seq. The administration fee (“TIPS Administration Fee”) is the amount legally owed by Vendor to TIPS for TIPS Sales made by Vendor. The TIPS Administration Fee amount is typically a set percentage of the amount paid by the TIPS Member for each TIPS Sale, less shipping cost, bond cost, and taxes if applicable and identifiable, which is legally due to TIPS, but the exact TIPS Administration Fee for this Contract is published in the corresponding solicitation and is incorporated herein by reference. TIPS Administration Fees are due to TIPS immediately upon Vendor’s receipt of payment, including partial payment, for a TIPS Sale. The TIPS Administration Fee is assessed on the amount paid by the TIPS Member, not on the Vendor’s cost or on the amount for which the Vendor sold the item to a dealer or Authorized Reseller. Upon receipt of payment for a TIPS Sale, including partial payment (which renders TIPS Administration Fees immediately due), Vendor shall issue to TIPS the corresponding TIPS Administration Fee payment as soon as possible but not later than thirty-one calendar days following Vendor’s receipt of payment. Vendor shall pay TIPS via check unless otherwise agreed to by the Parties in writing. Vendor shall include clear documentation with the issued payment dictating to which sale(s) the amount should be applied. Vendor may create a payment report within their TIPS Vendor Portal which is the preferred documentation dictating to which TIPS Sale(s) the amount should be applied. Failure to pay all TIPS Administration Fees pursuant to this provision may result in immediate cancellation of Vendor’s TIPS Contract(s) for cause at TIPS’ sole discretion as well as the initiation of collection and legal actions by TIPS against Vendor to the extent permitted by law. Any overpayment of participation fees to TIPS by Vendor will be refunded to the Vendor within ninety (90) days of receipt of notification if TIPS receives written notification of the overpayment not later than the expiration of six (6) months from the date of overpayment and TIPS determines that the amount was not legally due to TIPS pursuant to this agreement and applicable law. Any notification of overpayment received by TIPS after the expiration of six (6) months from the date that TIPS received the payment will render the overpayment non-refundable. Region 8 ESC and TIPS reserve the right to extend the six (6) month deadline if approved by the Region 8 ESC Board of Directors. TIPS reserves all rights under the law to collect TIPS Administration Fees due to TIPS pursuant to this Agreement.

  • Commitment Fees (i) On each Advance Date the Company shall pay to the Investor, directly from the gross proceeds held in escrow, an amount equal to five percent (5%) of the amount of each Advance. The Company hereby agrees that if such payment, as is described above, is not made by the Company on the Advance Date, such payment will be made at the direction of the Investor as outlined and mandated by Section 2.3 of this Agreement.

  • Commitment Fee The Borrower agrees to pay to the Administrative Agent for the account of each Revolving Credit Lender under each Facility in accordance with its Pro Rata Share, a commitment fee equal to the Applicable Rate with respect to commitment fees times the actual daily amount by which the aggregate Revolving Credit Commitment exceeds the sum of (A) the Outstanding Amount of Revolving Credit Loans (which shall exclude, for the avoidance of doubt, any Swing Line Loans) and (B) the Outstanding Amount of L/C Obligations; provided that (x) any commitment fee accrued with respect to any of the Commitments of a Defaulting Lender during the period prior to the time such Lender became a Defaulting Lender and unpaid at such time shall not be payable by the Borrower so long as such Lender shall be a Defaulting Lender except to the extent that such commitment fee shall otherwise have been due and payable by the Borrower prior to such time and (y) no commitment fee shall accrue on any of the Commitments of a Defaulting Lender so long as such Lender shall be a Defaulting Lender. The commitment fee on each Revolving Credit Facility shall accrue at all times from the Closing Date until the Maturity Date for the Revolving Credit Facility, including at any time during which one or more of the conditions in Article IV is not met, and shall be due and payable quarterly in arrears on the last Business Day of each March, June, September and December, commencing with the first such date during the first full fiscal quarter to occur after the Closing Date, and on the Maturity Date for the Revolving Credit Facility. The commitment fee shall be calculated quarterly in arrears, and if there is any change in the Applicable Rate during any quarter, the actual daily amount shall be computed and multiplied by the Applicable Rate separately for each period during such quarter that such Applicable Rate was in effect.

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