Program Fund Sample Clauses
The Program Fund clause establishes a dedicated pool of financial resources set aside to support the activities or objectives of a specific program under the agreement. Typically, it outlines how much money will be allocated, the permissible uses of these funds, and the procedures for requesting or disbursing payments. By clearly defining the management and application of program funds, this clause ensures transparency and accountability, helping to prevent misuse and ensuring that resources are used as intended to achieve program goals.
Program Fund. (a) There is hereby created and established with the Bondowner Representative a fund which shall be designated the “ Program Fund.” Upon the initial delivery of the Bonds, there shall be deposited in the Program Fund the amount specified in Section 3.01(vii). If required under the provisions of Section 3.02, the Bondowner Representative shall deposit any future advances of the purchase price of the Bonds to the Program Fund. The Borrower also may be required to remit moneys to the Bondowner Representative for deposit to the Program Fund pursuant to the Loan Agreement. Amounts deposited or held in such fund shall be applied only as provided in this Section.
(b) An amount equal to the Initial Disbursement, representing the initial advance by the owners of the Bonds of the purchase price of the Bonds, shall be disbursed by the Bondowner Representative via wire transfer from the Bondowner Representative to First American Title Insurance Company (to pay Project Costs).
(c) Subject to Section 2.01 hereof, the Issuer hereby authorizes and directs the disbursement by the Bondowner Representative to the Borrow er of the principal amount of the Bonds not disbursed under Section 3.03(b) above, represented by future advances of the purchase price of the Bonds and any amounts from time to time on deposit in the Program Fund in accordance and upon compliance with the provisions of Sections 3 and 4, as applicable, of the Loan Agreement. The Bondowner Representative shall provide, upon written request of the Issuer, a written notice to the Issuer describing the date of each disbursement of the purchase price of each series of the Bonds and the amount of each disbursement thereof made by the Bondowner Representative.
(d) Neither the Bondowner Representative nor the Issuer shall be responsible for the application by the Borrow er of monies disbursed to the Borrow er in accordance with this Section 3.03.
(e) From and after the Maturity Date, no further advances of the purchase price, or disbursements of the proceeds, of the Bonds shall occur.
(f) During the period when the Bondowner Representative and/ or its affiliates are the Holders of all of the Bonds, the Program Fund need not be separately established or administered but rather the Bondowner Representative may hold and administer any amounts to be deposited in such fund in the manner it customarily employs for administration and servicing of amounts to be loaned to borrow ers, so long as at all times the Bondow ner Rep...
Program Fund. There is hereby established the NEOMIN Program Fund (“NEOMIN Program Fund” or “Program Fund”) that shall be maintained by the Fiscal Officer as a separate fund for the payment of costs of NEOMIN programs and operations. The Board may from time to time authorize and direct the Fiscal Officer to establish separate accounts or subaccounts within the Program Fund. The Program Fund, consisting of the accounts and subaccounts as may be established from time to time, shall be subject to the laws of the state concerning the investment and management of public funds, and shall be subject to audit and inspection by the Auditor of State. The Fiscal Officer shall deposit in the Program Fund all money received from the State Department of Education for the Ohio Education Computer Network, all money received from the Members, the Program Participants and from any other source for payment of costs of NEOMIN operations. Investment income earned on money and investments held for the credit of the Program Fund shall be credited to the Program Fund. Money and investments held to the credit of the Program Fund shall be disbursed by the Fiscal Officer as provided in this Agreement for payment of costs of the Program.
Program Fund. (a) There is hereby created and established with the Bondowner Representative a fund which shall be designated the “Program Fund.” Upon the initial delivery of the Bonds, there shall be deposited in the Program Fund the amount specified in Section 3.02. If required under the provisions of Section 3.02, the Bondowner Representative shall deposit any future advances of the purchase price of the Bonds to the Program Fund. Amounts deposited or held in such fund shall be applied only as provided in this Section.
(b) The Initial Disbursement deposited in the Program Fund on the Closing Date shall be disbursed by the Bondowner Representative to or upon the order of the Borrower to pay Project Costs.
(c) The Issuer hereby authorizes and directs the disbursement by the Bondowner Representative to the Borrower of the remaining principal amount of the Bonds represented by future advances of the purchase price of the Bonds and any amounts from time to time on deposit in the Program Fund upon receipt by the Bondowner Representative of a written request of the Borrower, accompanied by the documents required under the Loan Agreement, and a determination of the Bondowner Representative that the conditions to disbursement contained in the Loan Agreement have been satisfied or waived.
(d) Neither the Bondowner Representative nor the Issuer shall be responsible for the application by the Borrower of monies disbursed to the Borrower in accordance with this Section 3.03.
(e) Notwithstanding any other provision of this Indenture, unless otherwise approved in an opinion of Bond Counsel addressed to the Issuer and the Bondowner Representative to the effect that some other advance of the purchase price of the Bonds will not adversely effect the exclusion of interest on the Bonds from federal income taxation, all advances of the purchase price of, or disbursements of the proceeds of the Bonds, shall occur on or before the earlier of the Conversion Date or November 1, 2021.
(f) During the period when the Bondowner Representative and/or its affiliates are the Holders of all of the Bonds, the Program Fund need not be separately established or administered but rather the Bondowner Representative may hold and administer any amounts to be deposited in such fund in the manner it customarily employs for administration and servicing of amounts to be loaned to borrowers, so long as at all times the Bondowner Representative can determine the amounts attributable to the Bonds and the Loan and ...
Program Fund. 1. EC/DA shall continue to make available the UMTF investment funds referred to in Article 1: Para 2 at no cost to PCFC. PCFC shall bear no UMTF credit risks from its own resources
2. PCFC shall use the UMTF to provide: a) microfinance investment credit for accredited microfinance institutions for on-lending to target households within UDP upland areas; and, b) institutional support for capacity building activities in the form of: (i) institutional credit to finance the salaries of MFI microfinance staff cadres, procurement of computers, software and other assets related to management information system (MIS), motorcycles and other equipment that will enhance MFI productivity and efficiency in the upland areas; and (ii) financial technology and support services (FTSS) in the form of training and consultancies.
3. Interest and service fees charged by PCFC on UMTF investment loans to MFIs on the reflows of the existing Program Php 12,569,296 and on any new investment funds deposited upon or after the execution of this MOA shall be at the prevailing PCFC rate (currently 12% per annum interest plus 1% service fee). Interest earnings generated from use of these funds shall be allocated as follows: (a) 4% for the build up within the UMTF of a Financial Technology & Support Services (FTSS) Fund; (b) 3% for a UMTF Loan Loss Reserve; and (c) the balance (currently 5%) to PCFC to cover UMTF-related lending costs. PCFC shall pay all UMTF principal repayments and UMTF FTSS Fund and Loan Loss Reserve allocations into the UMTF accounts and provide a breakdown to LANDBANK TBG on the contents of each payment. PCFC shall have sole entitlement to the 1% service fee. Interest and service fees charged on UMTF institutional loans shall all accrue to PCFC.
4. PCFC shall adopt the UMTF Operational Guidelines and Procedures set out in Annex B when disbursing and repaying UMTF loan funds and providing FTSS support.
Program Fund. LIMRiCC shall maintain one (1) fund for the Program (the "Program Fund"). The Program Fund shall have separate accounts for PHIP and SHIP (the "PHIP Account" and "SHIP Account" respectively).
Program Fund. There is hereby established the LACA Program Fund (“LACA Program Fund” or “Program Fund”) that shall be maintained by the Fiscal Officer as a separate fund for the payment of costs of LACA programs and operations. The Board may from time to time authorize and direct the Fiscal Officer to establish separate accounts or subaccounts within the Program Fund. The Program Fund, consisting of the accounts and subaccounts as may be established from time to time, shall be subject to the laws of the state concerning the investment and management of public funds, and shall be subject to audit and inspection by the Auditor of State. The Fiscal Officer shall deposit in the Program Fund all money received from the State Department of Education for the Ohio Education Computer Network, all money received from the Members, the Program Participants and from any other source for payment of costs of LACA operations. Investment income earned on money and investments held for the credit of the Program Fund shall be credited to the Program Fund. Money and investments held to the credit of the Program Fund shall be disbursed by the Fiscal Officer as provided in this Agreement for payment of costs of the Program.