Authorized Funds Sample Clauses
The 'Authorized Funds' clause defines the maximum amount of money that a party, typically a buyer or client, is permitted to spend or commit under a contract. This clause sets a clear financial ceiling, ensuring that expenditures or obligations do not exceed the specified limit without further approval. For example, it may state that a contractor cannot invoice more than a certain dollar amount unless additional funds are authorized in writing. Its core practical function is to control financial risk and maintain budgetary discipline by preventing unauthorized or unexpected overspending.
Authorized Funds. In consideration of Subrecipient’s timely and satisfactory performance of the Services, City shall reimburse Subrecipient for Eligible Costs at a rate of [Dollar Amount] per year for a total amount not to exceed [DOLLAR AMOUNT], subject to annual appropriation (the “Funds” or “Fund Amount”). The City will pay Subrecipient for actual permissible Administrative Fees and Eligible Costs incurred in connection with the Services upon the Director’s review and approval of Subrecipient’s Request for Payment (Exhibit B-2), as detailed in Section 6.B of this Agreement. Prior to authorizing payment, the Director will review the Monthly Target Analysis (Exhibit B-1) and determine if Subrecipient has complied with all payment requirements and the Applicable Laws and Regulations (as defined herein) under this Agreement.
Authorized Funds. As of the date hereof, the list of Authorized Funds is as follows: ▇▇▇▇▇▇ VT Asia Pacific Fund ▇▇▇▇▇▇ VT Diversified Income Fund ▇▇▇▇▇▇ VT Growth & Income Fund ▇▇▇▇▇▇ VT New Opportunities Fund ▇▇▇▇▇▇ Utilities Growth & Income Fund ▇▇▇▇▇▇ VT Voyager Fund Such list is subject to the letter of the Company, dated May 29, 1998, giving notice that it will discontinue the sale of certain Authorized Funds.
Authorized Funds. Commencing on the effective date of the HAP Contract, and continuing on a monthly basis until this Agreement is terminated, the Lessee may retain, to the extent of available funds, the following ("Authorized Funds"):
(a) A monthly sum equal to one-twelfth (1/12th) of the amount set forth in the annual budget of the Lessee (the "Monthly Budget Amount"), which was previously approved by the Authority;
(b) Any additional amount, if specified and approved in writing by the chief executive officer of the Authority or another person designated in writing by the chief executive officer of the Authority (the "Authority Representative") for reasonable operating expenses and extraordinary maintenance that exceed the Monthly Budget Amount;
(c) Within one business day of receipt of any HAP Payment in excess of Monthly Budget Amount, plus any additional funds provided under Section 4.3 (b) above, the Lessee shall deposit, or cause to be deposited, in an interest-bearing bank account approved by the Authority and used for no other purpose, the entire amount of any such excess (collectively, the "HAP Residual Funds"); provided that the Lessee and the Authority may agree upon terms for investment of the HAP Residual Funds. HAP Residual Funds shall be withdrawn from the bank account or otherwise made available for expenditure solely upon and within one day of a request of the Authority for a use authorized by Section 4.3 (d). The Lessee shall provide to the Authority, at the end of each calendar quarter and otherwise upon request of the Authority, bank account statements and any other relevant information regarding the status of the HAP Residual Funds. Upon termination of this Lease, the Lessee immediately shall provide any remaining HAP Residual Funds to the Authority, for the Authority's use for costs related to the Revitalization;
(d) The Authority shall use the HAP Residual Funds to (i) address any financial shortfall under the Authority's voucher programs that otherwise would be caused by the leasing of new construction PBV units as part of the Revitalization or other program operations, or (ii) for costs related to the Revitalization. Both the availability of funds for release and the need for the funds to address financial shortfalls or for costs related to the Revitalization shall be determined in good faith by, but otherwise in the sole discretion of, the Authority. The Authority intends to obtain any required HUD approval for use of funds as provided in i) to ass...