Administration of the Funds Sample Clauses

Administration of the Funds. 3.1 The trustees of the Funds referred to in clauses 1.1 and 1.2 above shall have the right to appoint administrators for their Funds.
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Administration of the Funds. Section 1.01. For the purpose of this Agreement NORAD shall deposit an amount of US Dollars 1,200,000 (the Grant) in the "T" Account maintained in the name of the Association with the Federal Reserve Bank of New York (hereinafter referred to as the Trust Account). The funds in the Trust Account shall be freely exchangeable by the Association with other currencies as may facilitate their administration hereunder.
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Administration of the Funds. Section 1.01. (a) For the purpose of this Agreement, SIDA shall deposit twenty million Swedish kroner (SEK 20,000,000) (the Grant) into the International Development Association’s Cash Account "T" (No. 89501- 00225) which is maintained with Sveriges Riksbank (the T- Account).
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Administration of the Funds. Section 1.01. For the purpose of this Agreement SIDA shall deposit in U.S. dollars an amount equivalent to SEK 50,000,000 (the Grant) into the "T" Account maintained in the name of the Association with the Federal Reserve Bank of New York (hereinafter referred to as the Trust Account). The funds in the Trust Account shall be freely exchangeable by the Association with other currencies as may facilitate their administration hereunder.
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Administration of the Funds. Section 1.01. For the purpose of this Agreement Sweden shall deposit the grant amount of Swedish Kronor fifty million (SKr 50,000,000) into the International Development Association’s Cash Account "T" (No. 89501-00225) which is maintained with the Sveriges Riksbank (hereinafter referred to as the Trust Account). When arranging for the deposit, Sweden will instruct Sveriges Riksbank to advise the World Bank’s Cash Management Department as to the amount received; that it is from Sweden for the Structural Adjustment Credit in Ethiopia, Project No. 24655, and, the date of the deposit. In addition, when arranging for the deposit, Sweden will also arrange to send a copy of the payment advice to the Office of the Trust Funds Administrator in the World Bank utilizing fax No. 000-000-0000. The Grant funds in the Trust Account will be kept separate and apart from the funds of the Association and the International Bank for Reconstruc-tion and Development. The Grant funds may be commingled with other trust fund assets maintained in the Trust Account.
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Administration of the Funds. Section 1.01. For the purpose of this Agreement Sweden shall deposit an amount of Swedish Kronor thirty-one million eight hundred thousand (SEK 31,800,000) into Account "T" maintained by the Association with the Sveriges Riskbank (hereinafter referred to as the Trust Account). The Grant funds in the Trust Account will be kept separate and apart from the funds of the Association and the International Bank for Reconstruction and Development. The Grant funds may be commingled with other trust fund assets maintained in the Trust Account.
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Administration of the Funds. Xxxxxxx has been and shall remain the Manager of the Funds, and shall retain all responsibility for the administration of the Funds, after the closing of the transactions to be effected by the Contribution Agreements. Xxxxxxx acknowledges and agrees neither the REIT nor the Operating Partnership nor any of PRT’s affiliates shall have any obligation to administer the Funds, or owe the Funds any more duties or responsibilities than it owes to any other shareholder of the REIT, provided, however, the REIT shall reimburse Xxxxxxx for the reasonable cost and expenses payable to a third party, selected and overseen by Xxxxxxx, after consultation with PRT, to (a) perform and prepare routine annual financial audits of the Funds in the normal course of operation of the Funds for the fiscal year of the Funds ending in 2013 and 2014, and (b) prepare annual tax returns for the Funds, including IRS Form 1040K-1s, for the tax years ending in 2013 and 2014. Xxxxxxx shall continue to pay and assume all other cost and expense of administering the Funds, including audits and tax return preparations for any calendar or tax year after 2014. PRT shall cooperate with all reasonable requests of Xxxxxxx for information or support necessary for the administration of the Funds.
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Administration of the Funds. Section 1.01. For the purpose of this Agreement SIDA shall deposit an amount of Swedish Kronor two million four hundred and fifty-six (SEK 2,456,000) into a "T" Account maintained by the Association with the Sveriges Riksbank (hereinafter referred to as the Trust Account). The Grant funds in the Trust Account shall be kept separate and apart from the funds of the Association and the International Bank for Reconstruction and Development. The Grant funds may be comingled with other trust fund assets maintained in the Trust Account.
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Related to Administration of the Funds

  • Administration of the Trust Fund Section 4.01

  • Administration of the Plan a. The Plan will be administered by the Company in accordance with its terms and the costs of administration shall be the responsibility of the Company. Upon determination of each Quarterly Profit calculation, such calculation shall be forwarded to the Chair of the Union Negotiating Committee accompanied by a Certificate of Officer signed by the Chief Financial Officer of the Company, providing a detailed description of any adjustments made to Earnings Before Income and Taxes and stating that Profit was determined in accordance with GAAP and that Quarterly Profit was calculated in accordance with this Section.

  • Administration of the Mortgage Loan (a) Subject to this Agreement (including but not limited to Section 5(c)) and the Lead Securitization Servicing Agreement and subject to the rights and consents, where required, of the Controlling Note Holder, the Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall have the sole and exclusive authority with respect to the administration of, and exercise of rights and remedies with respect to, the Mortgage Loan, including, without limitation, the sole authority to modify or waive any of the terms of the Mortgage Loan Documents or consent to any action or failure to act by the Mortgage Loan Borrower or any other party to the Mortgage Loan Documents, call or waive any Event of Default, accelerate the Mortgage Loan or institute any foreclosure action or other remedy, and no Non-Lead Securitization Note Holder shall have any voting, consent or other rights whatsoever except as explicitly set forth herein with respect to the Lead Securitization Note Holder’s administration of, or exercise of its rights and remedies with respect to, the Mortgage Loan. Subject to this Agreement and the Lead Securitization Servicing Agreement, no Non-Lead Securitization Note Holder shall have any right to, and each Non-Lead Securitization Note Holder hereby presently and irrevocably assigns and conveys to the Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) the rights, if any, that such Note Holder has to, (i) call or cause the Lead Securitization Note Holder to call an Event of Default under the Mortgage Loan, or (ii) exercise any remedies with respect to the Mortgage Loan or the Mortgage Loan Borrower, including, without limitation, filing or causing the Lead Securitization Note Holder to file any bankruptcy petition against the Mortgage Loan Borrower. The Lead Securitization Note Holder (or the Master Servicer, the Special Servicer or the Trustee acting on behalf of the Lead Securitization Note Holder) shall not have any fiduciary duty to any Non-Lead Securitization Note Holder in connection with the administration of the Mortgage Loan (but the foregoing shall not relieve the Lead Securitization Note Holder from the obligation to make any disbursement of funds as set forth herein or its obligation to follow the Servicing Standard (in the case of the Master Servicer or the Special Servicer) or any liability for failure to do so). Each Note Holder hereby acknowledges the right and obligation of the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder), upon the Mortgage Loan becoming a Defaulted Loan to sell the Notes together as notes evidencing one whole loan in accordance with the terms of the Lead Securitization Servicing Agreement and shall require that all offers be submitted to the Special Servicer in writing. Whether any cash offer constitutes a fair price for the Mortgage Loan shall be determined by the Special Servicer, if the highest offeror is a Person other than an Interested Person, and by the Trustee, if the highest offeror is an Interested Person. Absent an offer at least equal to the Purchase Price, no offer from an Interested Person shall constitute a fair price unless (i) it is the highest offer received and (ii) at least two other offers are received from independent third parties. In determining whether any offer from an Interested Person received represents a fair price for the Mortgage Loan, the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) conducted in accordance with the Lead Securitization Servicing Agreement within the preceding nine (9)-month period or, in the absence of any such Appraisal, on a new Appraisal. In determining whether any such offer from a Person other than an Interested Person constitutes a fair price for the Mortgage Loan, the Special Servicer shall take into account (in addition to the results of any Appraisal or updated Appraisal or narrative appraisal that it may have obtained within the prior nine (9) months pursuant to the Lead Securitization Servicing Agreement) among other factors, the period and amount of the occupancy level and physical condition of the Mortgaged Property and the state of the local economy. In determining whether any offer received from an Interested Person represents a fair price for any such Defaulted Loan, the Trustee shall rely on the most recent Appraisal (or update of such Appraisal) of the related Mortgaged Property conducted in accordance with this Agreement within the preceding nine (9) month period or, in the absence of any such Appraisal, on a new Appraisal. Except as provided in the following paragraph, the cost of any Appraisal will be covered by, and will be reimbursable as, a Servicing Advance by the Master Servicer. Notwithstanding the foregoing, the Lead Securitization Note Holder (or the Special Servicer acting on behalf of the Lead Securitization Note Holder) shall not be permitted to sell the Mortgage Loan without the written consent of each Non-Lead Securitization Note Holder (provided that such consent is not required if the related Non-Lead Securitization Note is held by a Borrower Party) unless the Special Servicer has delivered to such Non-Lead Securitization Note Holder: (a) at least 15 Business Days prior written notice of any decision to attempt to sell the Mortgage Loan; (b) at least ten (10) days prior to the proposed sale date, a copy of each bid package (together with any amendments to such bid packages) received by the Special Servicer in connection with any such proposed sale, (c) at least ten (10) days prior to the proposed sale date, a copy of the most recent appraisal for the Mortgage Loan, and any documents in the servicing file reasonably requested by such Non-Lead Securitization Note Holder that are material to the sale price of the Mortgage Loan and (d) until the sale is completed, and a reasonable period of time (but no less time than is afforded to other offerors and the Lead Securitization Note Holder Representative) prior to the proposed sale date, all information and other documents being provided to other offerors and all leases or other documents that are approved by the Master Servicer or the Special Servicer in connection with the proposed sale; provided, however, that such Non-Lead Securitization Note Holder may waive any delivery or timing requirements set forth in this sentence only for itself. Subject to the foregoing, each of the Controlling Note Holder, the Controlling Note Holder Representative, the Non-Controlling Note Holders and the Non-Controlling Note Holder Representatives shall be permitted to submit an offer at any sale of the Mortgage Loan (unless such Person is a Borrower Party). Notwithstanding anything contained in the preceding paragraph to the contrary, if the Trustee is required to determine whether a cash offer by an Interested Person constitutes a fair price, the Trustee may (at its option and at the expense of the offering Interested Person purchaser) designate an independent third party expert in real estate or commercial mortgage loan matters with at least five (5) years’ experience in valuing loans similar to the Mortgage Loan, that has been selected with reasonable care by the Trustee to determine if such cash offer constitutes a fair price for the Mortgage Loan. If the Trustee designates such third party to make such determination, the Trustee shall be entitled to rely conclusively upon such third party’s determination. The reasonable fees of, and the costs of all appraisals, inspection reports and broker opinions of value incurred by any such third party shall be covered by, and shall be reimbursable, from the offering Interested Person. Each Non-Lead Securitization Note Holder hereby appoints the Lead Securitization Note Holder as its agent, and grants to the Lead Securitization Note Holder an irrevocable power of attorney coupled with an interest, and its proxy, for the purpose of soliciting and accepting offers for and consummating the sale of the related Non-Lead Securitization Note. Each Non-Lead Securitization Note Holder further agrees that, upon the request of the Lead Securitization Note Holder, such Non-Lead Securitization Note Holder shall execute and deliver to or at the direction of Lead Securitization Note Holder such powers of attorney or other instruments as the Lead Securitization Note Holder may reasonably request to better assure and evidence the foregoing appointment and grant, in each case promptly following request, and shall deliver the original related Non-Lead Securitization Note, endorsed in blank, to or at the direction of the Lead Securitization Note Holder in connection with the consummation of any such sale. The authority of the Lead Securitization Note Holder to sell the Non-Lead Securitization Notes, and the obligations of the Non-Lead Securitization Note Holders to execute and deliver instruments or deliver the Non-Lead Securitization Notes upon request of the Lead Securitization Note Holder, shall terminate and cease to be of any further force or effect upon the date, if any, upon which the Lead Securitization Note is repurchased by the Initial Note Holder from the trust fund established under the Lead Securitization Servicing Agreement in connection with a material breach of representation or warranty made by such Initial Note Holder with respect to the Lead Securitization Note or material document defect with respect to the documents delivered by the related Initial Note Holder with respect to the Lead Securitization Note upon the consummation of the Lead Securitization. The preceding sentence shall not be construed to grant to a Non-Lead Securitization Note Holder the benefit of any representation or warranty made by such Initial Note Holder or any document delivery obligation imposed on such Initial Note Holder under any mortgage loan purchase and sale agreement, instrument of transfer or other document or instrument that may be executed or delivered by such Initial Note Holder in connection with the Lead Securitization.

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