Special Fund Clause Samples
A Special Fund clause establishes a dedicated pool of money set aside for a specific purpose within a contract or agreement. This fund is typically managed separately from general operating funds and may be used for activities such as project development, maintenance, or to cover unforeseen expenses. By clearly designating resources for particular needs, the clause ensures that funds are available when required and helps prevent disputes over financial responsibility or allocation.
Special Fund. All of the Revenue shall be deposited into the Special Fund. The Revenue accumulated in the Special Fund shall be used and applied on the Business Day prior to each Payment Date (a) to make any payments to the Authority as may be required under the Redevelopment Contract and (b) to pay principal on the Note to the extent of any money then remaining the Special Fund on such Payment Date. Money in the Special Fund shall be used solely for the purposes described in this Section 7.2. All Revenues received through and including December 31, 2035 shall be used solely for the payments required by this Section 7.2.
Special Fund. (a) There shall be established and maintained and prepared by the Manager as trustee for and on behalf of all the Owners, a Special Fund for the purposes of paragraph 4 of Schedule 7 to the Building Management Ordinance (Cap. 344) to provide for expenditure of a capital nature or a kind not expected to be incurred annually in respect of the Common Areas and Facilities (which includes but is not limited to, expenses for the renovation, replacement, improvement and repair of the Common Areas and Facilities, the purchase, setting up, replacement, improvement and addition of installations, plant, equipment, tools and machineries for the Common Areas and Facilities and the costs of the relevant investigation works and professional services).
(b) Apart from the initial contribution to the Special Fund, each Owner shall covenant with the other Owners also on demand pay to the Manager such further sum in each calendar year (as included in the monthly management contribution) payable in respect of the Unit of which he is the Owner and at such time as determined by a resolution of the Owners of the Development at an Owners’ meeting convened under this Deed to maintain the Special Fund at such level as the Manager shall recommend PROVIDED THAT such contribution to the further sum shall be in proportion to the Undivided Shares as provided in the First Schedule hereto and shall also take into account of the obligations of the Owners of the Residential Units to contribute to the expenses for the management and maintenance of the Carpark Common Areas and Facilities in respect of the Accessible Parking Spaces and Visitors’ Parking Spaces in accordance with Clause 16(c) hereof. If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners of the Development, the amount to be contributed to the Special Fund by the Owners of the Development in any financial year, and the time when those contributions shall be payable PROVIDED THAT such contribution to the further annual sum shall be in proportion to the Undivided Shares allocated to the relevant Unit and shall also take into account of the obligations of the Owners of the Residential Units to contribute to the expenses for the management and maintenance of the Carpark Common Areas and Facilities in respect of the Accessible Parking Spaces and Visitors’ Parking Spaces in accordance with Clause 16(c) hereof.
(c) Except where the First Owner has made payments under this Deed, each Ow...
Special Fund. The District shall pay the cost of the contracted employee assistance program for employees.
Special Fund. (a) The Manager shall establish and maintain as trustee for all Owners one Special Fund to provide for expenditure of a capital nature or of a kind not expected by the Manager to be incurred annually including but not limited to expenses for the renovation, improvement and repair of the Common Parts, the purchase, setting up, replacement, improvement and addition of installations, systems, equipment, tools, plant and machineries for the Common Parts and the costs of relevant investigation works and professional services and the costs and expense of preparing the revised Schedule 8 and/or the revised W&I Maintenance Manual under Clause 14.10 (in this Clause 10.4, the “Non-Recurrent Expenditure”).
(b) Each Owner (except the First Owner) shall, in respect of each Unit which he owns, pay to the Manager on the date of completion of the purchase of his Unit from the First Owner the Special Fund Initial Contribution in respect of that Unit as an initial payment to the Special Fund, unless the First Owner has already paid the Special Fund Initial Contribution in respect of that Unit under Clause 10.11.
(c) (i) If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners, the amount to be contributed to the Special Fund by the Owners in any Financial Year and the time when those contributions shall be payable.
Special Fund. (a) There shall be established and maintained a Special Fund for the purpose of paragraph 4 of Schedule 7 to the Building Management Ordinance (Cap.344). The Special Fund shall be held by the Manager as trustee for and on behalf of all the Owners, to provide for expenditure of a capital nature or a kind not expected to be incurred annually in respect of the Common Areas and Facilities (which includes but is not limited to, expenses for the renovation, replacement, improvement and repair of lifts, installations, plants and equipments in the Common Areas and Facilities and the costs of the relevant investigation works and professional services).
(b) Apart from the initial contribution to the Special Fund, each Owner shall covenant with the other Owners also to pay to the Manager such further sum in each financial year as further periodic contributions to the Special Fund payable in respect of the Unit of which he is the Owner, the amount of which and the time at which such further sum is payable shall be determined by a resolution of the Owners of the Development at an Owners’ meeting convened under this Deed PROVIDED THAT such contribution to the further sum shall be in proportion to the Undivided Shares as provided in the First Schedule hereto. If there is an Owners’ Corporation, the Owners’ Corporation shall determine, by a resolution of the Owners of the Development, the amount to be contributed to the Special Fund by the Owners of the Development in any financial year, and the time when those contributions shall be payable PROVIDED THAT such contribution to the further annual sum shall be in proportion to the Undivided Shares allocated to the relevant Unit.
(c) Except where the First Owner has made payments under this Deed, each Owner being the first assignee of his Unit shall upon the assignment of his Unit to him by the First Owner pay to the Manager an initial contribution to the Special Fund which contribution is non-refundable and non-transferable in an amount to be decided by the Manager which amount shall be equivalent to two (2) months’ monthly management contribution of first year’s budgeted management expenditure payable in respect of his Unit and the First Owner is required to make such contribution in respect of any Units which have been completed and remain unsold for three (3) months after (i) the date of this Deed or (ii) the date on which it is in a position validly to assign those Undivided Shares attributable to the Units (i.e. when th...
Special Fund. A sum of $2,000 will be made available during any given school year to reimburse any Bargaining Unit member for costs of repairing or replacing dentures, eyeglasses, hearing aids or similar bodily appurtenances which are damaged or destroyed while performing his/her duties. A minimum claim of $25 is required to qualify for consideration of reimbursement. A trustee representing the Capital Region BOCES Faculty Association and a trustee representing the Administration will act on all claims. Their decision will be final and may not be carried through the grievance procedure.
Special Fund. All loans and any grants which cannot be channeled through the NERF for the specific purpose of RRRD will be received into the Special Fund. As in the case of other Funds, the ISGA shall control the Special Fund.
Special Fund. The Authority will establish the Special Fund to pay the Eligible Costs and otherwise provide funding for the Urban Renewal Project.
Special Fund. 1. A Special Fund to be known as the Shipping Finance Fund is hereby established into which the Corporation shall receive contributions from the Member Countries.
2. Subject to the provisions of paragraph 3 of Article 10 the Special Fund shall be used to make provision for the deficit of the Corporation as shown on the income statement.
3. Contributions to the Special Fund shall be made by the Member Countries in the proportion that their subscribed share capital bears to the total subscribed share capital.
Special Fund. FURA has established a Special Fund to pay the Eligible Costs and otherwise provide funding for the Urban Renewal Project.