Operation Fund Sample Clauses

Operation Fund. There is hereby established and created a fund designated as the “Fishers Redevelopment Authority Operation Fund” (the “Operation Fund”). The Operation Fund shall be used only to pay necessary incidental expenses of the Authority (e.g. Trustee’s fees, required audits, attorney’s fees, appraisals, meetings, expenses incurred in connection with any continuing disclosure obligations of the Authority or the City in relation to the Bonds, reports and deposits in the Rebate Fund), the payment of any rebate as authorized by Section 3.03 hereof, the payment of principal of and interest on the Bonds upon redemption as authorized in Article IV hereof or the purchase price of Bonds purchased as authorized by Section 3.07 hereof, and if the amount in the Sinking Fund at any time is less than the required amount, the Trustee shall, without any further authorization, transfer funds from the Operation Fund to the Sinking Fund in an amount sufficient to raise the amount in the Sinking Fund to the required amount. Such action by the Trustee shall not constitute a waiver of any other right or remedy the Trustee may have under this Indenture. Incidental expenses shall be paid by the Trustee upon the presentation of an affidavit executed by any two officers of the Authority (or such other individuals as are designated in writing by the Authority to the Trustee) stating the character of the expenditure, the amount thereof and to whom due, together with the statement of the creditor as to the amount owing, except for the payment of Trustee’s fees which requires no such affidavit from the Authority.
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Related to Operation Fund

  • Education Fund The College will allocate $15,000 into an Education Fund as set forth in Appendix “F” to this Agreement.

  • Vacation Fund It is agreed that all employers covered by the Agreement shall subtract a sum as listed in Schedule "A" herein for any compensable hour from each employee's net paycheck (after taxes) and shall pay this to a Vacation Fund as set forth herein. (Note: These sums shall be deductions (after taxes) from the rates shown in Schedule "A"). Said contribution shall be made to xxx Xxxxxxxxxx Vacation Trust of Western Washington in the manner as set forth in this Trust Agreement of said Trust. The details of such Vacation Plan established by the Trust Fund and this Trust Fund itself shall continue to be controlled and administered by a Joint Board of Trustees composed of equal representation of labor and management who are signatories to the Trust Agreement of the aforesaid Trust Fund. Each Trustee appointed by the Union shall be a member of the Union and employed by the Union and each Management trustee shall be a salaried executive or officer of a signatory Employer, or an employee of an Employer association on behalf of its member employers.

  • Project Fund (a) The proceeds of the Funding Loan shall be deposited by the Fiscal Agent to the Note Proceeds Account of the Project Fund. All proceeds of the Borrower Deferred Equity, as well as any additional amounts delivered from time to time to the Fiscal Agent by or on behalf of the Borrower (excluding any proceeds of the Funding Loan) shall be deposited to the Equity Account of the Project Fund. The Fiscal Agent shall disburse moneys in the Project Fund for the acquisition, construction and equipping of the Project, to pay other Qualified Project Costs and to pay other costs related to the Project as provided herein. Not less than 97% of the moneys deposited in and credited to the Note Proceeds Account of the Project Fund, and taking into account proceeds of the Funding Loan (if any) deposited in the Closing Costs Fund, representing the proceeds of the Funding Loan, including Investment Income thereon, will be expended for Qualified Project Costs (the “97% Requirement”). No more than $ of the amounts on deposit in the Note Proceeds Account of the Project Fund shall be applied to the payment of Closing Costs. Before any payment shall be made from the Note Proceeds Account of the Project Fund, the Regulatory Agreement shall have been executed and submitted to a title company for recordation in the official records of the County of San Diego. Notwithstanding any other provision of this Funding Loan Agreement or the Borrower Loan Agreement, the Fiscal Agent shall disburse on the Closing Date from the Note Proceeds Account of the Project Fund, promptly following the deposit therein of the initial advance of the Funding Lender to the Fiscal Agent of the proceeds of the Governmental Lender Notes, the amount of such initial advance by wire transfer to First American Title Company pursuant to the following wire instructions: PAYABLE TO: First American Title Company BANK: First American Trust, FSB ADDRESS: 0 Xxxxx Xxxxxxxx Xxx, Xxxxx Xxx, XX 00000 ACCOUNT NO: 3120540000 ROUTING NUMBER: 000000000 PLEASE REFERENCE THE FOLLOWING: PROPERTY: Vacant Land, Chula Vista, CA FILE NUMBER: Before any payment shall be made from the Note Proceeds Account of the Project Fund following the payment to be made on the Closing Date pursuant to the preceding sentence, there shall be filed with the Fiscal Agent a Written Requisition of the Borrower substantially in the form attached hereto as Exhibit C and approved by the Funding Lender pursuant to the terms, conditions and provisions of the Construction Funding Agreement, with a copy to the Governmental Lender.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Pension Fund 1. The Employer shall make contributions to a pension trust fund known as the “Building Service 32BJ Pension Fund” to cover bargaining unit employees who are regularly employed twenty (20) or more hours per week, including paid time off. The Employer shall also make contributions on behalf of other bargaining unit employees to the extent that such employees work a sufficient number of hours to require benefit accrual pursuant to Section 204 of ERISA. Employees unable to work and who are on statutory short term disability benefits or workers’ compensation shall continue to accrue pension credits without employer contributions during the periods of disability up to six (6) months or the period of disability whichever is earlier.

  • Superannuation Fund Unless, to comply with superannuation legislation, the employer is required to make the superannuation contributions provided for in Clause 24(b) to another superannuation fund that is chosen by the employee, the employer must make the superannuation contributions provided for in Clause 24(b) and pay the amount authorised under Clauses 24(d)(i) or 24(d)(ii) to one of the following superannuation funds:

  • Payment Account (a) On or prior to the Closing Date, the Property Trustee shall establish the Payment Account. The Property Trustee and any agent of the Property Trustee shall have exclusive control and sole right of withdrawal with respect to the Payment Account for the purpose of making deposits in and withdrawals from the Payment Account in accordance with this Trust Agreement. All monies and other property deposited or held from time to time in the Payment Account shall be held by the Property Trustee in the Payment Account for the exclusive benefit of the Securityholders and for distribution as herein provided, including (and subject to) any priority of payments provided for herein.

  • Expenditure of Funds No provision of this Agreement shall require the Securities Intermediary to expend or risk its own funds or otherwise incur financial liability in the performance of any of its duties hereunder or in the exercise of any of its rights or powers, if it shall have reasonable grounds to believe that repayment of such funds or adequate indemnity against such risk or liability is not reasonably assured to it.

  • Client Account 4.1 In order to facilitate trading in CFDs, the Company will open a Client Account for the Client, which will be activated upon the Client depositing the minimum initial deposit as determined by the Company in its discretion from time to time. The minimum initial deposit may vary according to the account type of the Client Account. This information is made available on our Website.

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