Fund Outflows Clause Samples
The 'Fund Outflows' clause defines the rules and procedures governing the movement of funds out of a particular account, fund, or financial arrangement. It typically specifies the conditions under which withdrawals or disbursements can be made, who is authorized to initiate such outflows, and any limitations or requirements that must be met before funds are released. For example, it may require approval from certain parties or documentation of expenses before payment is processed. The core function of this clause is to ensure proper control and oversight over the disbursement of funds, thereby reducing the risk of unauthorized or improper payments.
Fund Outflows. 12.1 All fund transfers undertaken by the Trustee from Windows 1 and 2 are based on (i) allocations and releases, respectively, approved by the Fund Council; (ii) legal commitments made to the recipient through an effective Fund Use Agreement; (iii) fund transfer requests received from the recipient; and (iv) the availability of funds. In the event of (i), the Trustee enters notations indicating the approved amounts. In the event of (ii), the Trustee records commitments against available cash for amounts due to the recipient. In the event of (iii), fund transfer requests are made in an Operational Currency, provided that Euros are transferred only to the extent available in the CGIAR Fund, the remainder to be provided in United States dollars.
12.2 Without affecting the Consortium’s fiduciary, programmatic and other responsibilities, the recipient of funds from the CGIAR Fund for each CRP is the Lead Center described in the CRP.
Fund Outflows. 5.1 All fund transfers undertaken by the Trustee from Windows 1 and 2 are based on
(i) allocations and releases, respectively, approved by the Fund Council; (ii) legal commitments made to the recipient through an effective Fund Use Agreement; (iii) fund transfer requests received from the recipient; and (iv) the availability of funds. In the event of (i), the Trustee enters notations indicating the approved amounts. In the event of (ii), the Trustee records commitments against available cash for amounts due to the recipient. In the event of (iii), fund transfer requests are made in an Operational Currency, provided that Euros are transferred only to the extent available in the CGIAR Fund, the remainder to be provided in United States dollars.
5.2 Without affecting the Consortium’s fiduciary, programmatic and other responsibilities, the recipient of funds from the CGIAR Fund for each CRP is the Lead Center described in the CRP. [Name and Title] [Name of Center] [Address] Dear [name]: In accordance with the instructions received from [name of donor] through its [Contribution Agreement] [Contribution Arrangement] for the above-referenced CGIAR Fund, the International Bank for Reconstruction and Development (the “Trustee”), acting as trustee for the donors contributing to the CGIAR Fund, are intending to transfer [US$] [amount]1 (the “Funds”) to [name of Center].2 Based on our records, this wire transfer will be made to: Account Name: […] Bank Name: […] Bank Address: […] Account Number: […] Swift Bic Code: […] IBAN […] Please confirm or correct the transmittal information provided above and return this letter to: CGIAR Trustee Director, Multilateral Trusteeship and Innovative Financing The World Bank ▇▇▇▇ ▇ ▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇▇▇▇▇▇, ▇▇ ▇▇▇▇▇, ▇▇▇ Tel: + ▇ ▇▇▇ ▇▇▇ ▇▇▇▇ Fax: + ▇ ▇▇▇ ▇▇▇ ▇▇▇▇ 1 Each Transfer Agreement may be in only one Operational Currency. 2 This may be any of the CGIAR Centers that is a member of the Consortium according to the Consortium’s Constitution In agreeing to receive the Funds and signing below, you acknowledge and agree that the Funds shall be used only (i) to implement aspects of the Strategy and Results Framework of the CGIAR initially accepted by the Funders Forum on July 15, 2010, or such revised versions as may subsequently be approved by the Funders Forum (the “SRF”), and (ii) through application of the Common Operational Framework (as defined in the Governance Framework adopted by the Fund Council on November 2, 2010). You furthe...