Fund Flow Clause Samples
The Fund Flow clause defines the procedures and mechanisms for the movement of funds between parties under an agreement. It typically outlines when and how payments are to be made, the accounts involved, and any conditions that must be met before funds are transferred. For example, it may specify that payments are to be made upon completion of certain milestones or upon receipt of invoices. The core practical function of this clause is to ensure transparency and predictability in financial transactions, reducing the risk of disputes over payment timing and methods.
Fund Flow. 1.9.1 Unless otherwise agreed herein, the relevant Investor shall give a written notice of any Offshore Conversion to the Target Company, and the Target Company shall, within fifteen (15) business days upon receipt of the notice (or such period as the Investor and the Target Company shall otherwise agree), repay the principal of the Convertible Note corresponding in full to the Overseas Shares underlying such Offshore Conversion to the relevant Investor, and such Investor (or its designated affiliate) shall, within fifteen (15) business days after receiving the aforesaid repayment of the principal of the Convertible Note (or such period as the Investor and the Target Company shall otherwise agree), pay to Cayman Co the corresponding subscription amount for the Overseas Shares. Notwithstanding the foregoing, if such Investor (or its designated affiliate) fails to pay within the aforementioned period due to bank control or foreign exchange control policies, such Investor shall not be deemed to be in breach of this Agreement, and such payment term shall be automatically extended accordingly. For the avoidance of doubt, the Parties agree that the Overseas Shares Subscription Price to be paid by the Investor (or its designated affiliate) to Cayman Co at that time shall be equivalent to the amount of USD derived from the translation of the principal of the Convertible Note to be received by the Investor from the Target Company at the RMB : USD exchange rate applicable to the commercial bank undertaking such translation and from deduction of necessary bank fees (unless otherwise then agreed by the Investor and the Target Company in writing), and such amount of USD shall be deemed as the full payment of the Overseas Shares Subscription Price.
1.9.2 If the Target Company does not have sufficient funds to pay the full amount of the principal of the Convertible Note to the Investor in one lump sum, the Target Company may pay the principal of the Convertible Note to the Investor by installments, in which case the Overseas Shares Subscription Price to be paid by the Investor (or its designated affiliate) to Cayman Co shall also be paid in the same installments, and the amount paid in each installment shall represent repayment received by the Investor from the Target Company for the current period. Notwithstanding the foregoing, upon repayment of the first installment of the principal of the Convertible Note, the remaining installments of the principal of the Convertibl...
Fund Flow. GOR will make adequate budget allocations to PWD for project implementation. The disbursement of ADB loan proceeds will be made pursuant to ADB’s reimbursement procedure. Under the procedure, ADB pays to the GOI’s account for eligible expenditures which have incurred and paid for by PWD out of its budget allocation or its own resources. Other disbursement methods as outlined in ADB’s Loan Disbursement Handbook can also be adopted, if requested by GOR and GOI.
Fund Flow. The funds flow from MORD to the States will follow the pattern of grants-in-aid under the centrally sponsored schemes of the Government of India, and its relevant financial rules will apply. This includes requirements such as providing audited utilization certificates for each fund release from MORD to the States. In addition, to ensure timely release of the central grant, and exclusive state use for the purpose of the investment program, MORD will require that the central grant be kept in a separate bank account in each RCIP state. For disbursement of loan proceeds under the Facility, reimbursement procedures will be used.
Fund Flow. The fund flow for projects under the investment program will be as follows: Sub-Account (Sri Lankan Rupees) @ state-owned bank Road Development Authority Project Director Contractors and Consultants Legend: Cash flow Reports for reconciliation and replenishment Direct payment
Fund Flow. 6. For the national highway subprojects, the MoRTH Regional Office (RO) at Guwahati and Kolkata will be acting as administrative authority of MoRTH and Regional Pay and Accounts Office (RPAO) at Guwahati and Kolkata will act as the payment authority for the projects under the Investment Program. MoRTH will allocate necessary funds to the MoRTH RPAO in Guwahati and Kolkata. For the eligible ADB loan portion, RPAO Guwahati and Kolkata will prepare withdrawal applications and send them to GoI for reimbursement from ADB. The fund release from MoRTH to RPAO is through budgetary allocation in accordance with internal rules and regulations of MoRTH. All payments for expenditure incurred on project works will be centralized at the concerned RPAO. Bills in respect of works and invoices will be approved by the concerned PIUs in PWDs in the states of Manipur and West Bengal and submitted to the concerned RO of MoRTH, which, after due verification, will forward them to the RPAO for payments directly to the concerned contractor, consultant and/or supplier.
7. The funds flow of state road subprojects in Manipur from GoI to the state government of Manipur will be released based on reimbursement procedure. For the ADB loan portion, Statement of Expenditure will be prepared by MPWD and the disbursement application is sent to Ministry of Finance. The fund released from ADB will be credited to GoI Bank Account, which will be transmitted to Finance Department, Manipur. The Finance Department releases the budget to the MPWD, and MPWD makes the payment to contractors, consultant and suppliers.
Fund Flow. The fund flow for projects under the investment program will be as follows. Asian Development Bank @ state owned bank Road Development Authority Contractors and Consultants Legend: Cash flow Reports for reconciliation and replenishment Direct payment