Lockbox Fund definition
Examples of Lockbox Fund in a sentence
The City will periodically transfer to and/or retain in the Operating Account the budgeted Direct Operating Costs for the applicable period, which may be accessed by the Contractor for the purpose of paying Direct Operating Costs, which transfers will be made from amounts in the Facility Lockbox Fund or other funds of the City as determined by the City.
The fees and expenses of the Hotel Consultant shall be paid as an Operating Expense from amounts on deposit in the Lockbox Fund.
The cost of such Insurance Consultant will be paid as an Operating Expense by the Manager from amounts on deposit in the Lockbox Fund.
If any such Gross Receipts Taxes are deposited in the Lockbox Fund, Manager shall have the right to withdraw the amount of such deposited taxes in order to remit same to the applicable governmental authorities.
The Contractor shall also maintain payroll summaries, copies of payroll tax returns, Facility Lockbox Fund and Operating Account deposit receipts and disbursements and bank statements for the Food Services at the Facility, all of which shall be available to the City at all reasonable times for inspection, audit, examination, and copying; provided, however, the City shall also be entitled to conduct spot audits or examinations of the same at the Facility without prior notice from time-to- time.
Bank agrees to comply with instructions originated by the Trustee directing the disposition of funds in the Lockbox Fund without further consent by the Corporation, even if the Corporation objects to them in any way; subject in all respects to Manager’s continued access to the Lockbox Fund and amounts on deposit therein as contemplated in Section 5(b) below and the terms and conditions set forth in the Management Agreement.
All other proceeds of any such Investment Security shall be deposited in the Lockbox Fund, whether upon maturity or disposition.
The Base Management Fee for each month shall be paid, in arrears, concurrently with the delivery of the monthly report under Section 2.20.2. Corporation hereby authorizes Manager to withdraw the monthly installment of the Base Management Fee on such date from the Lockbox Fund.
Except as set forth in Section 2.21.2.2 below, arrangements shall be made such that Manager can draw on the Lockbox Fund to transfer funds to such payroll accounts immediately upon its payment of such Hotel Personnel Costs.
The Trustee and the Corporation shall instruct the Depository Bank to transfer to the Manager all amounts in the Lockbox Fund which represent proceeds of Bonds prior to distributing any amounts on deposit therein which represent Gross Operating Revenues.