Development Account Sample Clauses
A Development Account clause establishes a dedicated account for managing funds related to a specific development project. Typically, this account is used to receive, hold, and disburse monies such as construction draws, deposits, or other project-related payments, and may be subject to oversight by a lender or project manager. By segregating these funds, the clause ensures transparency and proper allocation of resources, reducing the risk of misappropriation and facilitating clear financial tracking throughout the development process.
Development Account. The Developer will:
2.1 as at the date of this agreement, open a separate Development Account in respect of each Phase together with a separate composite Development Account in respect of the whole Development, and debit to the accounts for ▇▇▇▇▇▇ Road Phase and Heygate Phase, the relevant amount of Accrued Development Costs (fairly apportioned between those two Phases);
2.2 from the date of this agreement, maintain the Development Accounts in a proper manner on an open book basis in accordance with current accounting standards and practices on the basis that Interim Development Income offsets Development Costs, and provide a copy of the current Development Account to the Council on reasonable prior written notice but in any event not more frequently than quarterly;
2.3 where Interim Development Income and/or Development Costs accrue in relation to:
2.3.1 more than one Phase, apportion such income and/or costs between such Phases in a fair and reasonable manner; and
2.3.2 more than one Building within a Phase, apportion such income and/or costs between such Buildings in a fair and reasonable manner; and
2.4 procure that the Development Account is annually audited by the Auditors (acting on a independent basis) and the resulting audit report supplied to the Council.
2.5 The Developer shall make available for inspection by or for the Council and, following such inspection, promptly supply to the Council copies of all accounts (including without limitation the Development Accounts) invoices, bank statements, vouchers and other financial information reasonably requested by the Council relating to the calculation of the Development Costs and the Interim Development Income, copies of title or incoming producing documents, and any other information which the Council may reasonably require, including certified copies of all relevant deeds and documents relating to the Development.
Development Account. A one-time allowance for each full-time teacher shall be provided by the Ministry of Education. Teachers with less than 1.0 FTE during the 2004/2005 school year shall receive a pro-rated portion of this amount. An amount shall be paid to each full-time and part-time teacher who makes a claim and was paying Union dues on June 1, 2005, including teachers on statutory leave as of June 1, 2005. The maximum amount to be paid to each teacher shall be determined by dividing the lump sum provided to the Board by the Ministry of Education by the FTE calculated above. It is understood that the total amount payable shall not exceed the total amount provided for this purpose by the Ministry. The allowance shall be used between June 1, 2005 and August 31, 2006 for expenses incurred for computers, software, peripherals, professional material and professional development courses. The parties shall jointly establish reimbursement procedures that will include receipts for actual expenditures. Teachers teaching less than full-time shall receive a pro-rated portion of the allowance. It is understood that reimbursements made under the Teacher Development account are non- taxable. A committee consisting of two representatives from the Union and two representatives from the Board will determine the allocation of any monies not expended from the fund on August 31, 2006. A financial report shall be presented by the Board to the Committee. Dated this day of May, 2005. For the Board For ETFO:
Development Account. (i) The Borrower shall establish an account (the “Development Account”) with a depository, which is insured by the Federal Deposit Insurance Corporation (“FDIC”) or by a successor in interest to FDIC into which all Gross Income of the Development shall be deposited when received. The Borrower or any person receiving funds and tenant security deposits of the Development other than as permitted by this Agreement shall immediately deposit such funds in the Development Account and failing to do so shall hold such funds in trust for the Development. Subject to the rights of the First Lien Lender, the Borrower or any person receiving any property of the Development in violation of this Agreement shall immediately deliver such property to the Agency, and failing to do so shall hold such property in trust for the Development. Reserves, deposits, rents, charges, fees and any other deposits and/or income of the Development as used herein shall also include, without limitation, such income derived from commercial facilities of the Development, if any.
Development Account. If prescribed by the Program Plan into which Participant has been accepted, Participant will be provisioned a development account for Predix (“Development Account”). Participant’s use of the Development Account will be subject to the terms and conditions of this Agreement, the Program Guide, and the Predix Customer Terms. Fees for the Development Account, if any, will be as specified in the Program Guide. Participant may only use the Development Account for the following purposes (collectively, “Development Use”): (i) internal evaluation and training of the Predix platform; (ii) internal application development and testing to enable one or more Participant services on Predix; and (iii) demonstration to joint customers or potential customers of GED (and/or its Affiliates) and Participant. Participant may not use the Development Account for any production or commercial purpose or for any purpose other than Development Use. Participant agrees to safeguard all access credentials and to notify GED immediately of any security breach or unauthorized use of, or access to, the Development Account. Any Affiliate of Participant desiring access to the Development Account will be subject to additional GED approval and onboarding.
Development Account. The Developer is to operate and maintain the Development Account until the date of the final payment due to be made by the Council under paragraph 1.5 of this schedule. The Developer is to pay and debit directly to the Development Account all SW2 Enterprise Centre Development Costs paid or incurred by the Developer under this Schedule. The Developer is to credit to the Development Account: on receipt, a sum or sums equal to any income from or in respect of the SW2 Enterprise Centre; or insurance proceeds, capital receipts, licence fees, damages, compensation and mesne profits in relation to the SW2 Enterprise Centre which are received in respect of a period or on a date prior to the date of issue of the Certificate of Making Good Defects; [ on receipt, any VAT recovered from HM Revenue and Customs where the corresponding amount of VAT has already been debited to the Development Account as a Development Cost. The Developer is to submit to the Council a statement of the Development Account at monthly intervals. The Developer shall: adopt an open book approach to all matters of accounting in relation to the SW2 Enterprise Centre Development Costs and keep full and detailed financial and other records information and particulars concerning the SW2 Enterprise Centre Development Costs; and make the information referred to in paragraph 7.5.1 available for inspection by the Council within a reasonable time of receiving a written request from the Council provided that the Council shall not be entitled to make more than one such request within any quarterly period.
Development Account. A one-time allowance for each full-time teacher employed by the Board in the 2004-2005 school year shall be provided in an amount as determined by the Ministry of Education. The allowance shall be used for expenses incurred between September 1, 2004 and August 31, 2006 for such items as computers, software, peripherals, professional material and courses (it being understood that some such purchases may constitute taxable benefits). The Parties shall jointly establish reimbursement procedures. Teachers teaching less than full-time shall receive a prorated portion of the allowance. Any monies not expended from the fund on August 31, 2006 shall be allocated to the Professional Development Account outlined in Article 32 of the Collective Agreement. If any aspect of this Letter of Understanding is in conflict with a direction or guideline from the Ministry of Education concerning the Teachers Development Account, the parties shall meet to discuss and resolve the matter. Dated at Dryden, Ontario this day of 2005 FOR THE BOARD FOR THE LOCAL
Development Account. Provided that Developer at all times complies with the terms and conditions of this Agreement and subject to the restrictions set forth in Section 2.3, Oracle grants to Developer a worldwide, non-exclusive, nontransferable, non-sublicenseable, limited license to access and use one (1) development account for up to five (5) Authorized Employees for such account to access and use the Service solely to develop or modify the Developer Application or Developer Connector to interoperate with the Service. Developer will have no right to use the Service under this Agreement for any other purpose. Notwithstanding anything to the contrary set forth herein, the development account provisioned in accordance with this Section 2.1 shall automatically expire after ninety (90) consecutive days of non-use, and this Agreement shall accordingly terminate at such time.
Development Account. No later than 1:00 p.m. on the date specified in each Notice of Borrowing, if the applicable conditions precedent listed in Article 3
Development Account. Funds in the Development Account shall be disbursed at the written direction of the Administrative Lender as follows in the following order provided that no Credit Agreement Default or Credit Agreement Event of Default shall exist: “
3.9.3.1 Upon receipt of proceeds from the Cash Grant, $3,785,165 to the Construction Account; for use by ▇▇▇▇▇ for items listed in the Completion Plan;”
3.9.3.2 On the Guaranteed Final Completion Date,
3.9.3.2.1 first, the Buy Down CA Redemption Amount pursuant to the Credit Agreement, in an amount determined in accordance with the Recalculated Equity Base Case Model pursuant to Section 6.4 of the EPC Agreement; 3.
Development Account. A one-time allowance for each teacher on staff with the Board in the school year has been provided by the Ministry of Education. The allowance, to a maximum aggregate disbursement of shall be used by teachers between September and August for out-of-pocket expenses associated with their professional development needs. These expenses may be for computers and equipment, professional materials, courses, or other such related expenses. The maximum reimbursement for any teacher shall be no more than Teachers teaching less than full-time during the school year shall receive a pro-rated portion of the allowance. The Parties shall jointly establish reimbursement procedures. Any amount that is remaining after August shall be directed to the Bargaining Unit. The Parties shall complete their deliberations and report no later than September Dated at Ontario, this day of FOR THE BOARD: FOR THE UNION: District Teachers’ Bargaining Unit