Facility Funds Sample Clauses
The Facility Funds clause defines the specific pool of money or credit available under a particular financial arrangement, such as a loan or credit facility. It typically outlines the total amount accessible to the borrower, the conditions for drawing funds, and any limitations or requirements for use. By clearly specifying the scope and terms of the available funds, this clause ensures both parties understand the financial boundaries of the agreement and helps prevent disputes over access or usage of the facility.
Facility Funds. In each year in which funds are appropriated for charter school facility purposes, the Commission shall allocate the funds among eligible charter schools. All funds distributed to the School shall be restricted to the purposes of the appropriation.
Facility Funds. Facility shall provide and make available in a mutually agreeable manner through a checking account of Facility upon which Manager has signatory rights, sufficient good funds to permit the operation of the Facility in accordance with all budgets and recommendations submitted by Manager and approved by Facility. Facility agrees that it shall not withdraw or authorize withdrawal of any funds from any Facility operating account for any purpose other than payment of operating costs and expenses of the Facility in accordance with a current budget proposed by Manager and approved by Facility.
Facility Funds. Facility shall provide and make available in a mutually agreeable manner through a checking account of Facility upon which Manager has counter-signatory rights with Facility, sufficient good funds to permit the operation of the Facility in accordance with all budgets and recommendations submitted by Manager and approved by Facility. Facility and Manager agree that they shall not withdraw or authorize withdrawal of any funds from any Facility operating account for any purpose other than payment of operating costs and expenses of the Facility in accordance with a current budget proposed by Manager and approved by Facility. Page 12 of 28 2.4 Taxes, Insurance and Assessments. Facility shall be responsible for the payment of all expenses related to the operation of the Facility. Manager, on behalf of Facility, shall be responsible for such payment of expenses on behalf of Facility with Facility funds so as to ensure timely payment. Facility shall pay when due all real and personal property taxes and assessments due and/or accrued against the Facility or any real or personal property related thereto, if applicable, and shall be responsible for protesting all such taxes and related valuations as and when Facility deems necessary. Facility shall also keep and maintain during the term of this Agreement replacement value insurance on all fixtures, improvements and personal property involved in the Facility against loss and damage by reason of flood, windstorm, fire, hail and other physical damage of destruction, including fire and extended coverage and boiler and machinery endorsements, all with waivers of subrogation. Facility shall provide Manager with proof of payment of such taxes and proof of such insurance from time to time upon Manager’s written requests therefor.
Facility Funds. All Facility Funds;