WITHHELD FUNDS Sample Clauses

WITHHELD FUNDS. Pursuant to Tennessee Statutes Section 00-00-000 et seq., withheld percentages for Contracts exceeding $500,000.00 will be retained in an account in the name of the Contractor (except when specifically waived in writing by Contractor) which has been assigned to the Owner until the Contract is completely, satisfactorily, and finally accepted by the Owner. Unless a depository is designated by the Contractor in a written attachment hereto, the Contractor's signature hereon shall act as authority for the Owner to designate a retainage depository on behalf of the Contractor, for the purposes specified in Tennessee Statutes Section 00-00-000. The Contractor's signature hereon shall act as an assignment of the depository account to the Owner, as provided by Tennessee Statutes Section 66-11- 104 et seq., whether the depository is designated by the Contractor or by the Owner.
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WITHHELD FUNDS. Seller acknowledges and agrees that, at the Closing, there shall be withheld from the proceeds of sale otherwise payable to Seller at the Closing the sum of $85,000.00, as required under the provisions of Section 47:308 of the Louisiana Revised Statutes, and any equivalent parish requirements. To the extent any such funds are withheld at Closing, Purchaser and Seller shall open an escrow account with Escrow Holder, and Purchaser shall deposit such funds into Escrow, to be held by Escrow Holder until such time as Seller furnishes Escrow Holder the receipts or clearance certificates provided for in said statutes (or parish requirements) that the applicable obligations have been paid or discharged or that funds out of the Purchase Price sufficient for such purpose are held by Escrow Holder. If Seller does not produce such receipts, certificates or evidence within 120 days after Closing, or by such earlier date on which any lien or other claim therefor is asserted against Purchaser or the Purchased Assets (or any portion thereof), Escrow Holder may pay such sums to the appropriate authority as may be required to eliminate Purchaser's liability under such statutes, or any encumbrance on any of the Purchased Assets for payment thereof. Seller shall supply such records and tax returns as may be reasonably necessary for Escrow Holder to establish the amount of such required escrows. The foregoing escrow agreement shall be in addition to, and not in lieu of, Seller's indemnification obligations under Section 8.2 of this Agreement.
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WITHHELD FUNDS. The Reinsurer agrees that the Company shall have the right to withhold from payment to the Reinsurer, as security for the fulfillment by the Reinsurer of its obligations under this Agreement, amounts otherwise payable to the Reinsurer hereunder, not to exceed the Total Ceded Reserves from time to time (the "Withheld Funds"). The Company shall credit to the Withheld Funds an investment return with respect to such assets in accordance with the following formula (references therein being to the Annual Statement Blank): Rate = 2(I+CG) -------------- X + Y - I - CG Where: I is the net investment income (Exhibit 2, Line 16, Column 7) CG is capital gains less capital losses (Exhibit 4, Line 10, Column 6) X is the current year cash and invested assets (Page 2, Line 10A, Column 1) plus investment income due and accrued (Page 2, Line 16, Column 1) less borrowed money (Page 3, Line 22, Column 1) Y is the same as X but for the prior year. The amount of the Withheld Funds shall be adjusted by the parties on a quarterly basis as set forth in Section 7.3 hereof.
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WITHHELD FUNDS 
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Related to WITHHELD FUNDS

  • Withheld Payments At any time, the Receiver or the Corporation may, in its discretion, determine that all or any portion of any deposit balance assumed by the Assuming Institution pursuant to this Agreement does not constitute a "Deposit" (or otherwise, in its discretion, determine that it is the best interest of the Receiver or Corporation to withhold all or any portion of any deposit), and may direct the Assuming Institution to withhold payment of all or any portion of any such deposit balance. Upon such direction, the Assuming Institution agrees to hold such deposit and not to make any payment of such deposit balance to or on behalf of the depositor, or to itself, whether by way of transfer, set-off, or otherwise. The Assuming Institution agrees to maintain the "withheld payment" status of any such deposit balance until directed in writing by the Receiver or the Corporation as to its disposition. At the direction of the Receiver or the Corporation, the Assuming Institution shall return all or any portion of such deposit balance to the Receiver or the Corporation, as appropriate, and thereupon the Assuming Institution shall be discharged from any further liability to such depositor with respect to such returned deposit balance. If such deposit balance has been paid to the depositor prior to a demand for return by the Corporation or the Receiver, and payment of such deposit balance had not been previously withheld pursuant to this Section, the Assuming Institution shall not be obligated to return such deposit balance to the Receiver or the Corporation. The Assuming Institution shall be obligated to reimburse the Corporation or the Receiver, as the case may be, for the amount of any deposit balance or portion thereof paid by the Assuming Institution in contravention of any previous direction to withhold payment of such deposit balance or return such deposit balance the payment of which was withheld pursuant to this Section.

  • Withhold Payments If Contractor fails to provide Services in accordance with Contractor's obligations under this Agreement, the City may withhold any and all payments due Contractor until such failure to perform is cured, and Contractor shall not stop work as a result of City's withholding of payments as provided herein.

  • Withhold Payment In any case where a question of non- performance by Contractor arises, payment may be withheld in whole or in part at the discretion of the Commissioner. Should the amount withheld be finally paid, a cash discount originally offered may be taken as if no delay in payment had occurred.

  • Unused Escrow Funds In the event that a Closing does not occur when required under the Contract, or in the event that the Closing does occur but Escrow Funds remain in an account with Escrow Agent, the Escrow Agent shall notify OPWC in writing promptly thereafter. After receipt of such notice, OPWC shall deliver written instructions to Escrow Agent directing Escrow Agent’s release of the Escrow Funds. Immediately upon Escrow Agent’s receipt of such notice from OPWC, Escrow Agent shall release the Escrow Funds, or balance thereof, in accordance with OPWC’s written instructions.

  • Excess Funds Any party receiving funds paid by SBBC under this Agreement agrees to promptly notify SBBC of any funds erroneously received from SBBC upon the discovery of such erroneous payment or overpayment. Any such excess funds shall be refunded to SBBC.

  • Payments Withheld 9.6.1 The Architect may decline to certify payment and may withhold his or her Certificate in whole or in part, to the extent necessary reasonably to protect the State, if in the Architect’s opinion he or she is unable to make representations to the State as provided in Subparagraph

  • Additional Deposits and Payments (a) On the date specified in Section 3.6 hereof or Section 3.4 of the Purchase Agreement, as applicable, the Servicer and Santander Consumer, as applicable, will deposit into the Collection Account the aggregate Repurchase Price with respect to Repurchased Receivables purchased or repurchased by the Servicer or Santander Consumer, respectively, on such date, and on the Payment Date specified in Section 8.1, the Servicer will deposit into the Collection Account all amounts, if any, to be paid under Section 8.1. All such deposits with respect to any such date which is a Payment Date will be made, in immediately available funds by noon, New York City time, on the Business Day immediately preceding such Payment Date related to such Collection Period.

  • Deposits and Payments (a) If Ford Credit’s short term unsecured debt is rated at least “F1” by Fitch and at least “A-1” by Standard & Poor’s (this rating requirement, the “Monthly Deposit Required Ratings”), Ford Credit may deposit Collections on the Business Day preceding each Payment Date, or with satisfaction of the Rating Agency Condition, on each Payment Date.

  • Escrow Payments If (whether by reason of the time difference between the cities in which payments are to be made or otherwise) it is not possible for simultaneous payments to be made on any date on which both parties are required to make payments hereunder, either Party may at its option and in its sole discretion notify the other Party that payments on that date are to be made in escrow. In this case deposit of the payment due earlier on that date shall be made by 2:00 pm (local time at the place for the earlier payment) on that date with an escrow agent selected by the notifying party, accompanied by irrevocable payment instructions (i) to release the deposited payment to the intended recipient upon receipt by the escrow agent of the required deposit of any corresponding payment payable by the other party on the same date accompanied by irrevocable payment instructions to the same effect or (ii) if the required deposit of the corresponding payment is not made on that same date, to return the payment deposited to the party that paid it into escrow. The party that elects to have payments made in escrow shall pay all costs of the escrow arrangements.

  • Unexpended Funds Grantee understands and agrees that funds which remain unexpended at the end of the term of the Agreement or upon termination of the Agreement shall be returned to the Commonwealth within sixty (60) days of the project’s ending date or termination date along with the submission of the Final Completion Report and/or Final Expenditure Report, depending on the applicable program requirements.

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