Common use of Fund Administrator Clause in Contracts

Fund Administrator. Contemporaneously with the execution of this Agreement, ▇▇▇▇ and the Town will enter into a Fund Administration Agreement with respect to the administration and management of the Fund. The Fund Administration Agreement designates ▇▇▇▇ as the Fund Administrator. As the Fund Administrator, ▇▇▇▇ shall be responsible for depositing the Fund’s share of Town PILOT payments and School District PILOT payments made by End Users to a dedicated, interest-bearing depository account (the “Fund Account”) to be established at the banking institution at which ▇▇▇▇ regularly maintains its accounts. The Fund Administrator will have the discretion to invest and manage the Fund Account, subject to the investment limitations set forth in Section 10 of the GML. The Fund Administration Agreement also sets forth the criteria and methodology for the disbursement of monies from the Fund towards the payment of Fund Administration Expenses and Eligible Project costs.