Deposit and Use of Funds Clause Samples

The 'Deposit and Use of Funds' clause outlines how funds provided under an agreement are to be deposited, managed, and utilized. Typically, it specifies the type of account where the funds must be held, who has authority over the account, and any restrictions on how the funds can be accessed or spent. For example, it may require that funds be kept in a separate escrow account and only used for designated project expenses. This clause ensures transparency and accountability in the handling of funds, preventing misuse and protecting the interests of all parties involved.
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Deposit and Use of Funds. (a) The City has received a petition from the owner of at least 10% of the territory within the District requesting to establish the District and simultaneously dissolve Improvement Area No. 19D and Improvement Area No. 19F. In accordance therewith, the City has adopted the Resolution of Intention for the purpose of initiating the process of forming the District pursuant to the Act and expects to begin proceedings to dissolve Improvement Area No. 19D and improvement Area No. 19F. The dissolution of Improvement Area ▇▇. ▇▇▇ ▇▇▇ ▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇ ▇▇. ▇▇▇ shall be subject to the formation of the District, the approval of the rate and method of apportionment for the District, and the approval of the issuance of the bonded indebtedness by the eligible voters therein. (b) In order to assist the City in establishing the District, the Owner has advanced $50,000 to the City for the purpose of covering expenses relating thereto. In addition to costs incurred by the City (including City staff time) in resolving issues relating to the formation of the District, this Agreement shall cover the costs of retaining the necessary consultants to assist in the formation of the District, including an engineer, special tax consultant, financial advisor, special counsel and other consultants deemed necessary by the City. (c) In addition to the initial advance of $50,000, from time to time, the Owner shall make additional advances to the City within 15 days following receipt from the City of a written request for an additional advance to cover such costs. In the event the Owner does not deliver the requested amount to the City within such 15-day period, the City will have no obligation to proceed with the issuance of bonds unless and until such additional advance is received. The Owner shall have the right to notify the City at any time, in writing, of its desire to have the City abandon the proceedings for the formation of the District. Upon receipt of such notice, the City shall instruct its consultants to cease work as soon as practicable. The Owner shall be responsible to pay all costs and expenses incurred by the City or any City consultant or advisor relating to the formation of the District until work with respect to the bond issuance ceases following the receipt of the Owner’s notice of abandonment. (d) The City will provide written notice to the Owner when the balance of the remaining advance is reduced to $5,000. The City will provide to the Owner on request a summary of...
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Deposit and Use of Funds. Upon receipt of the Dry Hole Costs by Pohle from each JVP in ac▇▇▇▇▇nce with Section 4.1, hereinabove, Pohle shall deposit all ▇▇▇▇ funds into an escrow account. These funds shall be designated and used by Pohle solely for the pur▇▇▇▇▇ of drilling, testing and plugging and abandoning the Initial Prospect Well for each Prospect submitted by Pohle.
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Deposit and Use of Funds. The loan proceeds shall be deposited in a deposit account with U.S. Bank held in the name of Agent, but as nominee for Borrower, subject to the terms of this Loan Agreement (the "Disbursement Account"). Agent shall have sole authority to disburse or transfer funds from the Disbursement Account, subject to the terms of this Loan Agreement. U.S. Bank shall be instructed that Agent is the bank's customer with respect to the Disbursement Account, and that Agent's instructions with respect to the account shall be honored by the bank. If required by the bank or if requested by Lenders, Agent, or Borrower, the parties shall execute a further instrument with the bank providing that the bank will comply with instructions originated by Agent (on behalf of the Lenders) directing disposition of funds in the Disbursement Account without further consent of the Borrower. Agent shall disburse funds from the Disbursement Account from time to time to pay expenses that have been agreed upon in writing by Borrower and Agent. Funds from the Account shall not be used for any purpose other than to pay the expenses that have been mutually agreed upon by Agent and Borrower.
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Deposit and Use of Funds. (a) The City has received a petition from the owner of at least 10% of the territory within the District requesting to establish the District. In accordance therewith, the City has adopted the Resolution of Intention for the purpose of initiating the process of forming the District pursuant to the Act. (b) In order to assist the City in establishing the District, the Owner has advanced $50,000 to the City for the purpose of covering expenses relating thereto. In addition to costs incurred by the City (including City staff time) in resolving issues relating to the formation of the District, this Agreement shall cover the costs of retaining the necessary consultants to assist in the formation of the District, including an engineer, special tax consultant, financial advisor, special counsel and other consultants deemed necessary by the City. (c) In addition to the initial advance of $50,000, from time to time, the Owner shall make additional advances to the City within 15 days following receipt from the City of a written request for an additional advance to cover such costs. In the event the Owner does not deliver the requested amount to the City within such 15-day period, the City will have no obligation to proceed with the issuance of bonds unless and until such additional advance is received. The Owner shall have the right to notify the City at any time, in writing, of its desire to have the City abandon the proceedings for the formation of the District. Upon receipt of such notice, the City shall instruct its consultants to cease work as soon as practicable. The Owner shall be responsible to pay all costs and expenses incurred by the City or any City consultant or advisor relating to the formation of the District until work with respect to the bond issuance ceases following the receipt of the Owner’s notice of abandonment. (d) The City will provide written notice to the Owner when the balance of the remaining advance is reduced to $5,000. The City will provide to the Owner on request a summary of how the advances have been spent and the unexpended balance remaining. The amounts advanced by the Owner will be reimbursable to the Owner, without interest, from the proceeds of bonds issued by the District and/or from special tax revenues collected from the District. In the event that bonds are not issued to provide a source of reimbursement to the Owner or special tax revenues are unavailable to provide a source of reimbursement to the Owner, the City shall ha...
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Deposit and Use of Funds 
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Related to Deposit and Use of Funds

  • Allocation and Use of Funds All allocations and use of funds under this Grant shall be in accordance with the applicable federal Notice of Funding Opportunity (NOFO) for the Federal Grant Title specified on this Grant.

  • Use of Funds Grantee shall expend funds under this Grant Agreement only for approved services and for reasonable and allowable expenses directly related to those services.

  • Deposit of Funds Before 11:00 A.M., New York City time, on each Redemption Date, Fundamental Change Repurchase Date or Interest Payment Date, and on the Maturity Date or any other date on which any cash amount is due on the Notes, the Company will deposit, or will cause there to be deposited, with the Paying Agent cash, in funds immediately available on such date, sufficient to pay the cash amount due on the applicable Notes on such date. The Paying Agent will return to the Company, as soon as practicable, any money not required for such purpose.

  • Collection of Funds Except as permitted under this Indenture, the Indenture Trustee may demand payment or delivery of, and will receive and collect, directly the funds and other property payable to or to be received by the Indenture Trustee under this Indenture and the Sale and Servicing Agreement. The Indenture Trustee will apply the funds and other property received by it, and will make deposits to, and distributions from, the Bank Accounts, under this Indenture and the Sale and Servicing Agreement.

  • 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.