WITHHELD FUNDS Sample Clauses

WITHHELD FUNDS. Pursuant to Tennessee Statutes Section 00-00-000 et seq., withheld percentages for Contracts exceeding $500,000.00 will be retained in an account in the name of the Contractor (except when specifically waived in writing by Contractor) which has been assigned to the Owner until the Contract is completely, satisfactorily, and finally accepted by the Owner. Unless a depository is designated by the Contractor in a written attachment hereto, the Contractor's signature hereon shall act as authority for the Owner to designate a retainage depository on behalf of the Contractor, for the purposes specified in Tennessee Statutes Section 00-00-000. The Contractor's signature hereon shall act as an assignment of the depository account to the Owner, as provided by Tennessee Statutes Section 00-00-000 et seq., whether the depository is designated by the Contractor or by the Owner.
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WITHHELD FUNDS. Seller acknowledges and agrees that, at the Closing, there shall be withheld from the proceeds of sale otherwise payable to Seller at the Closing the sum of $85,000.00, as required under the provisions of Section 47:308 of the Louisiana Revised Statutes, and any equivalent parish requirements. To the extent any such funds are withheld at Closing, Purchaser and Seller shall open an escrow account with Escrow Holder, and Purchaser shall deposit such funds into Escrow, to be held by Escrow Holder until such time as Seller furnishes Escrow Holder the receipts or clearance certificates provided for in said statutes (or parish requirements) that the applicable obligations have been paid or discharged or that funds out of the Purchase Price sufficient for such purpose are held by Escrow Holder. If Seller does not produce such receipts, certificates or evidence within 120 days after Closing, or by such earlier date on which any lien or other claim therefor is asserted against Purchaser or the Purchased Assets (or any portion thereof), Escrow Holder may pay such sums to the appropriate authority as may be required to eliminate Purchaser's liability under such statutes, or any encumbrance on any of the Purchased Assets for payment thereof. Seller shall supply such records and tax returns as may be reasonably necessary for Escrow Holder to establish the amount of such required escrows. The foregoing escrow agreement shall be in addition to, and not in lieu of, Seller's indemnification obligations under Section 8.2 of this Agreement.
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WITHHELD FUNDS. The Reinsurer agrees that the Company shall have the right to withhold from payment to the Reinsurer, as security for the fulfillment by the Reinsurer of its obligations under this Agreement, amounts otherwise payable to the Reinsurer hereunder, not to exceed the Total Ceded Reserves from time to time (the "Withheld Funds"). The Company shall credit to the Withheld Funds an investment return with respect to such assets in accordance with the following formula (references therein being to the Annual Statement Blank): Rate = 2(I+CG) -------------- X + Y - I - CG Where: I is the net investment income (Exhibit 2, Line 16, Column 7) CG is capital gains less capital losses (Exhibit 4, Line 10, Column 6) X is the current year cash and invested assets (Page 2, Line 10A, Column 1) plus investment income due and accrued (Page 2, Line 16, Column 1) less borrowed money (Page 3, Line 22, Column 1) Y is the same as X but for the prior year. The amount of the Withheld Funds shall be adjusted by the parties on a quarterly basis as set forth in Section 7.3 hereof.
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WITHHELD FUNDS 
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Related to WITHHELD FUNDS

  • Withheld Payments At any time, the Receiver or the Corporation may, in its discretion, determine that all or any portion of any deposit balance assumed by the Assuming Institution pursuant to this Agreement does not constitute a "Deposit" (or otherwise, in its discretion, determine that it is the best interest of the Receiver or Corporation to withhold all or any portion of any deposit), and may direct the Assuming Institution to withhold payment of all or any portion of any such deposit balance. Upon such direction, the Assuming Institution agrees to hold such deposit and not to make any payment of such deposit balance to or on behalf of the depositor, or to itself, whether by way of transfer, set-off, or otherwise. The Assuming Institution agrees to maintain the "withheld payment" status of any such deposit balance until directed in writing by the Receiver or the Corporation as to its disposition. At the direction of the Receiver or the Corporation, the Assuming Institution shall return all or any portion of such deposit balance to the Receiver or the Corporation, as appropriate, and thereupon the Assuming Institution shall be discharged from any further liability to such depositor with respect to such returned deposit balance. If such deposit balance has been paid to the depositor prior to a demand for return by the Corporation or the Receiver, and payment of such deposit balance had not been previously withheld pursuant to this Section, the Assuming Institution shall not be obligated to return such deposit balance to the Receiver or the Corporation. The Assuming Institution shall be obligated to reimburse the Corporation or the Receiver, as the case may be, for the amount of any deposit balance or portion thereof paid by the Assuming Institution in contravention of any previous direction to withhold payment of such deposit balance or return such deposit balance the payment of which was withheld pursuant to this Section.

  • Deposits and Payments A $1,000 per person deposit is required with your reservation. A second deposit in the amount of $ 2,500 is due 10/17/23. Final payment is due 1/12/24. All payments can be made by credit card or check.

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