Preoperational Funds Sample Clauses

Preoperational Funds. On or before June 1, 2017, Operator may request, and IPS shall provide, preoperational funds in an amount no greater than $250,000 (“Preoperational Funds”). Such Preoperational Funds may be used to pay Operator’s first month of salaries, benefits, and other expenses related to operation of the School as an Innovation Network Charter School. If Operator submits such a timely request for Preoperational Funds, then on or before June 15, 2017, IPS shall transfer to Operator the amount of Preoperational Funds requested, not to exceed $250,000. Beginning on July 1, 2017, IPS shall have the right to withhold from each Monthly Payment an amount no greater than one-twelfth of the total Preoperational Funds that IPS transferred to Operator until IPS has recouped all Preoperational Funds that it transferred to Operator, which will enable IPS to recoup all of the Preoperational Funds within the first year the School is operated as an Innovation Network Charter School.
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Preoperational Funds. On or before May 2, 2016, IPS shall transfer to Operator preoperational funds in the amount of $80,000 (“Preoperational Funds”), to be used by Operator as follows: (a) $25,000 to support the salary of a Director of Academics, and (b) $65,000 for budgeting work and professional development. Beginning on July 1, 2017, IPS shall have the right to withhold an amount no greater than $3,333.33 from each Monthly Payment that it makes to Operator until IPS has recouped all Preoperational Funds that it transferred to Operator. The Parties shall work together in good faith to identify an appropriate person to serve as Director of Academics.
Sample 1
Preoperational Funds. The Parties acknowledge that Operator has made a request for preoperational funds from IPS in the amount of $240,000, which Operator has estimated is reasonably necessary to pay Operator’s first month of salaries, benefits, and other expenses related to conversion to an Innovation Network School, and that IPS has determined that Operator’s request for such preoperational funds is reasonable, appropriate, and consistent with IPS’ expectations for Innovation Network School conversions. The Parties therefore agree that, on or before June 1, 2017, IPS shall transfer to Operator preoperational funds in the amount of $240,000 (“Preoperational Funds”). Beginning on July 1, 2017, IPS shall have the right to withhold an amount no greater than $20,000 from each Monthly Payment that it makes to Operator until IPS has recouped all Preoperational Funds that it transferred to Operator, which will enable IPS to recoup all of the Preoperational Funds within the first year the School is operated as an Innovation Network School.
Sample 1
Preoperational Funds. On or before May 1, 2017, Operator may request, and IPS shall provide, preoperational funds in an amount no greater than $172,000 (“Preoperational Funds”). Such Preoperational Funds may be used to pay Operator’s first month of salaries, benefits, and other expenses related to conversion to and operation of the School as an Innovation Network School. If Operator submits such a timely request for Preoperational Funds, then on or before June 1, 2017, IPS shall transfer to Operator the amount of Preoperational Funds requested, not to exceed $172,000. Beginning on July 1, 2017, IPS shall have the right to withhold amounts from certain Monthly Payments as follows until IPS has recouped the total amount of Preoperational Funds it has transferred to Operator: (a) from the fourth Monthly Payment, an amount no greater than one-sixth of the Preoperational Funds; (b) from the eighth Monthly Payment, an amount no greater than one-third of the Preoperational Funds; (c) from the twelfth Monthly Payment, an amount no greater than one-half of the Preoperational Funds; and (d) from any subsequent Monthly Payment thereafter, an amount sufficient for IPS to recoup any remaining Preoperational Funds that IPS transferred to Operator that IPS has not already recovered. The total amount that IPS withholds from Monthly Payments pursuant to this Section 9.08 shall not exceed the total amount of Preoperational Funds that IPS has transferred to Operator.
Sample 1
Preoperational Funds. On or before June 15, 2015, IPS shall pay Operator the sum of $175,000 to be used in Operator’s preparations to operate the School.
Sample 1
Preoperational Funds. IPS shall provide, preoperational funds in an amount no greater than one Monthly Payment (“Preoperational Funds”). Such Preoperational Funds may be used to pay Operator’s first month of salaries, benefits, and other expenses related to operation of the School as an Innovation Network School. IPS shall transfer the Preoperational Funds to the Operator on or before June 1, 2020. Beginning on July 1, 2020, IPS shall have the right to withhold from each Monthly Payment an amount no greater than one-twelfth of the total Preoperational Funds that IPS transferred to Operator until IPS has recouped all Preoperational Funds that it transferred to Operator, which will enable IPS to recoup all of the Preoperational Funds within the first year the School is operated as an Innovation Network School.
Sample 1

Related to Preoperational Funds

  • Additional Funds In the event that any management investment company in addition to those listed on Appendix A hereto desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such management investment company shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 18.7 below.

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