CET Funds Sample Clauses
The CET Funds clause defines the rules and procedures governing the management, allocation, and use of funds held in a Central Escrow Trust (CET) account. Typically, this clause outlines how funds are deposited into the CET, the conditions under which they may be released to parties, and any restrictions or requirements for withdrawals or disbursements. For example, it may specify that funds are only released upon completion of certain milestones or upon mutual agreement of the parties involved. The core practical function of this clause is to ensure transparency and security in financial transactions by providing a clear framework for handling and safeguarding funds during the course of a contractual relationship.
CET Funds. Metro’s funding commitment set forth in this Agreement shall be fulfilled solely through the programming of CET funds; no other funds or revenues of Metro shall be used to satisfy or pay any CET Grant funding commitments. The parties recognize and agree that if the CET is ever held to be unenforceable or invalid, or if a court orders that CET funds may no longer be collected or disbursed, that this Agreement shall terminate as of the effective date of that court order, and that Metro shall not be liable in any way for funding any further CET grant amounts beyond those already disbursed to the City as of the effective date of the court order. In such case the City shall not be liable to Metro for completing any further Project deliverables as of the date of the court order.
CET Funds. Metro’s funding commitment set forth in this Agreement shall be fulfilled solely through the programming of CET funds; no other funds or revenues of Metro shall be used to satisfy or pay any CET Grant funding commitments. The parties recognize and agree that if the CET is ever held to be unenforceable or invalid, or if a court orders that CET funds may no longer be collected or disbursed that Metro shall not be liable in any way for funding any further CET grant amounts beyond those already disbursed to the City as of the effective date of the court order. In such case the City shall not be liable to Metro for completing any further Project deliverables as of the date of the court order or for reimbursement of CET funds previously disbursed except as provided in Paragraph 4(b). If the order prohibits only collection, but permits disbursement of funds previously collected, Metro shall be obligated to pay the City its proportionate percentage (along with other CET Grantees) of outstanding unpaid invoices not to exceed Metro’s available CET funds, so long as such payments are allowed by the court order.
CET Funds. Metro’s funding commitment set forth in this Agreement shall be fulfilled solely through the programming of CET funds; no other funds or revenues of Metro shall be used to satisfy or pay any CET Grant funding commitments.