Common use of Retain and Apply Clause in Contracts

Retain and Apply. Except for income from royalties and proceeds from the sale of real property or equipment, paid for with local funds (non-Federal and non-State funds), the Subrecipient shall retain program income and apply such income to allowable capital or operating expenses. If federally funded, program income from royalties and proceeds from sale of real property or equipment shall be handled as specified in FTA’s Master Agreement, Sections: Local Share, Payments to the Subrecipient, Project Records and Reports, Patent Rights and Use of Real Property Equipment and Supplies.