Application of the Fund Clause Samples

The 'Application of the Fund' clause defines how the funds collected or held under an agreement are to be used or distributed. Typically, this clause outlines the specific purposes for which the fund may be applied, such as paying project expenses, settling debts, or distributing returns to stakeholders. For example, it may specify that the fund can only be used for costs directly related to the project or for payments to designated beneficiaries. The core function of this clause is to ensure transparency and proper allocation of financial resources, preventing misuse and clarifying the permitted uses of the fund.
Application of the Fund. The Trustees shall have the power to use and apply the Trust Fund for the following purposes: (a) To pay or provide for the payment of salaries, wages, fringe benefits, and other reasonable and necessary expenses, costs, and fees incurred by the Trustees in connection with the employment of the Executive Director and staff. (b) To pay or provide for the payment of the amounts determined by the Trustees as reasonable fees for the services of anyone retained to collect Employer Contributions and to administer the affairs of the Trust Fund and the Plan. (c) To pay or provide for the payment of all reasonable and necessary expenses, costs, and fees incurred by the Trustees in connection with the operation and administration of the Trust Fund and the Plan, including the retention of advisers and providers of services as provided for herein. (d) To pay or provide for the payment of all real and personal property taxes, income taxes and other taxes or assessments of any and all kinds levied or assessed under existing or future laws upon or in respect to the Trust Fund or any money or property forming a part thereof. (e) To maintain a reserve for expected administration expenses reasonably anticipated to be incurred during a period not exceeding three months. (f) To pay or provide for the payment of the retirement, death, and termination benefits contemplated herein. All funds received by the Trustees hereunder as a part of the Trust Fund shall be deposited in accounts at one or more Qualified Financial Institutions designated by the Trustees for that purpose. The Trustees may allocate to two Trustees, one of whom shall be a Union Trustee and one an Employer Trustee, the sole power and responsibility to make all transfers of such funds from such accounts. No such transfer shall be made except to an insurance company pursuant to an Insurance Company Contract, to an investment Manager or a Custodian, to a Qualified Investment Vehicle, or to an administrative account or accounts in Qualified Financial Institutions designated by the Trustees from which the Administrative Manager as well as such Trustees shall have the authority to draw checks in payment of the ordinary expenses of the Trust Fund and to make refunds of contributions received by the Trust Fund pursuant to such procedures as may be adopted by the Trustees from time to time.
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Application of the Fund. The Fund shall be held by or on behalf of the Trustee upon irrevocable trust, subject to the provisions of the Trust Deed and Rules, to pay the expenses properly incurred by the Trustee and the benefits provided for by the Trust Deed and the Rules. Any such expenses may be paid in full as and when they become payable without regard to the sufficiency of the Fund to meet any other expenses or benefits whether payable presently, prospectively or contingently.
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Application of the Fund. For the purpose set forth in paragraph 3.02, the Trustees have power to use and apply the Fund as follows:‌ (a) to pay the Employee Life and Health Benefits required to be paid in accordance with this Agreement; (b) to pay or provide for the payment of all reasonable and necessary expenses, costs and fees incurred by the Board in connection with the maintenance, operation and administration of the Fund and Plan, including the leasing or purchasing of such premises, materials, supplies and equipment and the employment of such officers, actuarial, legal, accounting, administrative and other assistants and staff as the Trustees in their discretion deem necessary or appropriate for the proper performance of their duties as well as to compensate the Trustees as provided in paragraph 2.21 and to pay or provide for the payment of expenses incurred by officers and staff of the Trust in the performance of their duties in connection with the Trust in accordance with policies established from time to time by the Chief Executive Officer; (c) to acquire, to keep in good standing, and to replace, from time to time, such fiduciary liability, crime, third party liability, property, travel accident and other insurance, in such amounts as the Trustees deem advisable; (d) to pay all necessary expenses incurred by HEABC in connection with the establishment of the Fund and Plan, including consultation fees and charges of employee benefit consultants, actuarial, legal, accounting and other professional fees, charges and disbursements, the premiums and other costs for obtaining and maintaining fiduciary liability and such other insurance as the Trustees deem appropriate; (e) to pay or provide for the payment of all real and personal property taxes, income and other taxes, or assessments of any and all kinds levied or assessed under existing or future laws upon or with respect to the Fund, or any money or property forming a part thereof; (f) to establish and accumulate such reserve funds as, based on actuarial advice, may be necessary to provide for payment of Employee Life and Health Benefits, administrative expenses and other obligations of the Fund, including the proper maintenance and operation of the Trust; and‌ (g) subject to subparagraph 4.01(m), to invest and re-invest the principal and income of the Fund, without distinction between principal and income, in investments which conform to the investment requirements of the Pension Benefits Standards Act (British Columbia) as ...
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Application of the Fund. ‌ For the purposes set forth in this Agreement, the Board has power to use and apply the Fund as follows: (a) to pay the Health and Welfare Benefits required tobe paid in accordance with the Plan Text and this Agreement, to theextent the Fund permits provided substantially all of the cost of benefits is applicable to Designated Employee Benefits; (b) to pay to the BCCA the sponsorship fee contemplated by the Conveyance and Sponsorship Agreement, as that Agreement may be amended from time to time; (c) to pay or provide for the payment of all reasonable and necessary expenses, costs and fees incurred in connection with the maintenance, operation and administration of the Fund and the Plan, including the leasing or purchasing of such premises, materials, supplies and equipment and the employment of such officers, actuarial, legal, accounting, administrative and other assistants and staff as the Trustees in their discretion deem necessary or appropriate for the proper performance of their duties as well as to reimburse the Trustees as provided in Section 3.14 and to pay or provide for the payment of expenses incurred by officers and staff of the Board in the performance of their duties in connection with the Plan in accordance with policies established from time to time by the BCCA; (d) to acquire, to keep in good standing, and to replace, from time to time, such insurance, including fiduciary liability insurance and fidelity bonds, in such amounts as the Trustees deem advisable; (e) to pay all necessary expenses incurred by the BCCA in connection with the establishment of the Fund and the Plan, including any fees, charges and disbursements of any employee benefit consultants or any actuarial, legal, accounting or other professional advisors retained by the BCCA in connection with the establishment of the Fund and the Plan; (f) to pay or provide for the payment of all real and personal property taxes, income and other taxes, or assessments of any and all kinds levied or assessed under existing or future laws upon or with respect to the Fund, or any money or property forming apart thereof; (g) to establish and accumulate such reserve funds within the Fund, based on actuarial advice, as may be necessary to provide for payment of Health and Welfare Benefits, administrative expenses and other obligations of the Fund; (h) to register any investments held in the Fund in: (i) the name of the Board; (ii) the name of a financial institution acting as custodian of the F...
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Related to Application of the Fund

  • Application of Funds After the exercise of remedies provided for in Section 8.02 (or after the Loans have automatically become immediately due and payable and the L/C Obligations have automatically been required to be Cash Collateralized as set forth in the proviso to Section 8.02), any amounts received on account of the Obligations, subject to the provisions of Sections 2.13 and 2.14, shall be applied by the Administrative Agent in the following order: First, to payment of that portion of the Obligations constituting fees, indemnities, expenses and other amounts (including fees, charges and disbursements of counsel to the Administrative Agent and amounts payable under Article III) payable to the Administrative Agent in its capacity as such; Second, to payment of that portion of the Obligations constituting fees, indemnities and other amounts (other than principal, interest and Letter of Credit Fees) payable to the Lenders and the L/C Issuer (including fees, charges and disbursements of counsel to the respective Lenders and the L/C Issuer and amounts payable under Article III), ratably among them in proportion to the amounts described in this clause Second payable to them; Third, to payment of that portion of the Obligations constituting accrued and unpaid Letter of Credit Fees and interest on the Loans and L/C Borrowings, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Third held by them; Fourth, to (a) payment of that portion of the Obligations constituting unpaid principal of the Loans and L/C Borrowings and (b) Cash Collateralize that portion of L/C Obligations comprised of the aggregate undrawn amount of Letters of Credit, ratably among the Lenders and the L/C Issuer in proportion to the respective amounts described in this clause Fourth held by them; and Last, the balance, if any, after all of the Obligations have been paid in full, to the Borrower or as otherwise required by Law. Subject to Section 2.03(c) and Section 2.13, amounts used to Cash Collateralize the aggregate undrawn amount of Letters of Credit pursuant to clause Fourth above shall be applied to satisfy drawings under such Letters of Credit as they occur. If any amount remains on deposit as Cash Collateral after all Letters of Credit have either been fully drawn or expired, such remaining amount shall be applied to the other Obligations, if any, in the order set forth above.

  • RECOGNITION OF THE UNION 1. The BCPSEA recognizes the BCTF as the sole and exclusive bargaining agent for the negotiation and administration of all terms and conditions of employment of all employees within the bargaining unit for which the BCTF is established as the bargaining agent pursuant to PELRA and subject to the provisions of this Collective Agreement.

  • Creation of the Trust The Trust was created pursuant to the Original Trust Agreement and is hereby continued. As set forth in the Original Trust Agreement, the Trust shall be known as “WaMu Mortgage Pass-Through Certificates Series 2005-AR15 Trust”. The purpose of the Trust is, and the Trust shall have the power and authority, to engage in the following activities, all as provided by and subject to the terms of this Agreement: (i) to acquire, hold, lease, manage, administer, control, invest, reinvest, operate and/or transfer the Mortgage Pool Assets, the REMIC II Assets, the REMIC II Regular Interests and the Yield Maintenance Agreement; (ii) to issue the REMIC I Regular Interests, the REMIC II Regular Interests, the Class R-1 and Class R-2 Residual Interests and the Certificates; (iii) to make distributions to the REMIC I Regular Interests, the REMIC II Regular Interests and the Certificates; and (iv) to engage in such other activities, including entering into agreements, as are described in or required by the terms of this Agreement or as are necessary, suitable or convenient to accomplish the foregoing or incidental thereto. LaSalle Bank National Association is hereby appointed as the trustee of the Trust, to have all the rights, duties and obligations of the Trustee with respect to the Trust expressly set forth hereunder, and LaSalle Bank National Association hereby accepts such appointment and the trust created hereby. Christiana Bank & Trust Company is hereby appointed as the Delaware trustee of the Trust, to have all the rights, duties and obligations of the Delaware Trustee with respect to the Trust hereunder, and Christiana Bank & Trust Company hereby accepts such appointment and the trust created hereby. It is the intention of the Company, the Servicer, the Trustee and the Delaware Trustee that the Trust constitute a statutory trust under the Statutory Trust Statute, that this Agreement constitute the governing instrument of the Trust, and that this Agreement amend and restate the Original Trust Agreement. The parties hereto acknowledge and agree that, prior to the execution and delivery hereof, the Delaware Trustee has filed the Certificate of Trust. The assets of the Trust shall remain in the custody of the Trustee or the Custodian, on behalf of the Trust, and shall be owned by the Trust. Moneys to the credit of the Trust shall be held by the Trustee and invested as provided herein. All assets received and held by the Trust will not be subject to any right, charge, security interest, lien or claim of any kind in favor of either of the institution acting as Trustee or the institution acting as Delaware Trustee in its own right, or any Person claiming through either. Neither the Trustee nor the Delaware Trustee shall have the power or authority to transfer, assign, hypothecate, pledge or otherwise dispose of any of the assets of the Trust to any Person, except as permitted herein. No creditor of a beneficiary of the Trust, of the Trustee, of the Delaware Trustee, of the Servicer or of the Company shall have any right to obtain possession of, or otherwise exercise legal or equitable remedies with respect to, the property of the Trust, except in accordance with the terms of this Agreement.

  • COMPENSATION OF THE MANAGER BY FUND For all services to be rendered and payments made as provided in Sections 1, 2 and 4 hereof, the Fund will accrue daily and pay the Manager monthly, or at such other intervals as the Fund and Manager may agree, a fee based on the average of the values placed on the net assets of each Series of the Fund as of the time of determination of the net asset value on each trading day throughout the month in accordance with Schedule 1 attached hereto. Net asset value shall be determined pursuant to applicable provisions of the Articles of Incorporation of the Fund. If pursuant to such provisions the determination of net asset value is suspended, then for the purposes of this Section 5 the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets for each day the suspension continues. The Manager may, at its option, waive all or part of its compensation for such period of time as it deems necessary or appropriate.

  • Application of Trust Funds (a) On each Distribution Date, the Owner Trustee shall cause the Certificate Paying Agent to distribute amounts deposited in the Certificate Distribution Account pursuant to the Sale and Servicing Agreement with respect to such Distribution Date in the following order of priority: (i) to make payments to the Certificateholder any remaining amount deposited therein; and (ii) to clear and terminate the Certificate Distribution Account upon the termination of this Agreement. (b) In the event that any withholding tax is imposed on the Trust’s payment (or allocations of income) to the Certificateholder, such tax shall reduce the amount otherwise distributable to the Certificateholder in accordance with this Section. The Owner Trustee or Certificate Paying Agent is hereby authorized and directed to retain from amounts otherwise distributable to the Certificateholder sufficient funds for the payment of any tax that is legally owed by the Trust (but such authorization shall not prevent the Owner Trustee or the Certificate Paying Agent from contesting any such tax in appropriate proceedings and withholding payment of such tax, if permitted by law, pending the outcome of such proceedings). The amount of any withholding tax imposed with respect to the Certificateholder shall be treated as cash distributed to the Certificateholder at the time it is withheld by the Trust and remitted to the appropriate taxing authority. If there is a possibility that withholding tax is payable with respect to a distribution (such as a distribution to a non-U.S. Certificateholder), the Owner Trustee or the Certificate Paying Agent may in its sole discretion withhold such amounts in accordance with this paragraph. (c) Any Holder of the Certificate that is organized under the laws of a jurisdiction outside the United States shall, on or prior to the date such Holder becomes a Holder, (i) shall notify the Owner Trustee and the Certificate Paying Agent and (ii)(A) provide the Owner Trustee and the Certificate Paying Agent with Internal Revenue Service form ▇-▇▇▇▇, ▇-▇▇▇▇-▇, ▇-▇▇▇▇ or W-8EXP (or successor forms), as appropriate, or (B) notify the Owner Trustee and the Certificate Paying Agent that it is not entitled to an exemption from United States withholding tax or a reduction in the rate thereof on payments of interest. Any such Holder agrees by its acceptance of the Certificate, on an ongoing basis, to provide like certification for each taxable year and to notify the Owner Trustee and the Certificate Paying Agent should subsequent circumstances arise affecting the information provided the Owner Trustee or the Certificate Paying Agent in clauses (i) and (ii) above. The Owner Trustee and the Certificate Paying Agent shall be fully protected in relying upon, and each Holder by its acceptance of the Certificate hereunder agrees to indemnify and hold the Owner Trustee and the Certificate Paying Agent harmless against all claims or liability of any kind arising in connection with or related to the Owner Trustee’s and the Certificate Paying Agent’s reliance upon any documents, forms or information provided by any Holder to the Owner Trustee and the Certificate Paying Agent.