Establishment and Administration Clause Samples

The 'Establishment and Administration' clause defines how a particular entity, such as a trust, fund, or plan, is created and managed according to the agreement. It typically outlines the steps required to formally set up the entity, designates the parties responsible for its ongoing operation, and may specify procedures for appointing administrators or trustees. This clause ensures that there is a clear framework for the entity’s existence and governance, providing structure and accountability for its management.
Establishment and Administration. The parties agree that Owner shall establish and fund the following operating reserves for the Project Units (collectively, the "Operating Reserves"): (i) an operating deficit reserve to be initially funded in the amount of [27A] dollars ($ [27B] ) derived from the following non-public housing funds: [27C] (the “Operating Deficit Reserve”). The Operating Deficit Reserve is designed to ensure that any operating deficits (other than operating deficits resulting from the Authority's failure to provide Operating Subsidy payments, as provided herein) can be paid for in the normal course of operating the Project. Funds in the Operating Deficit Reserve can be used by the Owner only for the following purposes: (i) to pay eligible expenses not encompassed by the Operating Budget, or (ii) because of an operating deficit caused by lower-than-projected public housing tenant rental contributions. The Authority may provide Operating Subsidy or tenant rental contributions to replenish amounts drawn down by the Owner to pay for the reasonable and necessary operating deficits of the Project, but may not use these funding sources to make incremental contributions to the Operating Deficit Reserve. (ii) an affordability reserve to be initially funded in the amount of [28A] dollars ($ [28B] ) derived from the following non-public housing funds: [28C] (the “Affordability Reserve”). The Affordability Reserve is intended to ensure that the Authority's Operating Subsidy obligation on behalf of the Project Units is made available to the Owner on time, and in the amount, as required by section 4.1. Operating Subsidy and/or tenant rental contributions may be used to replenish amounts drawn down from the Affordability Reserve with respect to the Project Units, but may not be used to make incremental contributions to the Affordability Reserve. Owner may, with the prior written notification to the Authority, make a withdrawal from the Affordability Reserve for either of the following two reasons: (A) if the Authority fails to provide, by the due date, the amount of Operating Subsidy required under section 4.1 because of a reduction in annual appropriations under section 9(e) of the Act. In this case, Owner may obtain a disbursement from the Affordability Reserve in an amount equal to the sum of the Authority’s missed operating subsidy payment(s); or (B) if the Authority's payment of Operating Subsidy to Owner falls below a pre-determined baseline figure, as adjusted for inflation, and a...
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Establishment and Administration. The Authority shall authorize and fund an interest­-bearing project reserve fund for capital replacements with respect to the Project Units (the “Reserve for Replacement”). The Authority shall pay to Owner from Operating Subsidy an amount equal to [26A] dollars ($ [26B] ) per Project Unit per month, which amount the Authority shall deposit, monthly, into the Reserve for Replacement. The Reserve for Replacement shall be held in one or more financial institutions whose deposits are insured by an agency of the Federal Government, in accordance with the ACC. Income earned from the Reserve for Replacement will be retained in the Reserve for Replacement and will be deemed a part thereof.
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Establishment and Administration. (1) There is established an Interagency Security Classification Appeals Panel ("Panel"). The Secretaries of State and Defense, the Attorney General, the Director of Central Intelligence, the Archivist of the United States, and the Assistant to the President for National Security Affairs shall each appoint a senior level representative to serve as a member of the Panel. The President shall select the Chair of the Panel from among the Panel members. * * * * *
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Related to Establishment and Administration

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  • Financial, Accounting, and Administrative Services The Manager shall maintain the existence and records of the Corporation; maintain the registrations and qualifications of Fund Shares under federal and state law; monitor the financial, accounting, and administrative functions of the Fund; maintain liaison with the various agents employed by the Corporation (including the Corporation’s transfer agent, custodian, independent accountants and legal counsel) and assist in the coordination of their activities on behalf of the Fund.

  • Management and Administrative Services The Investment Adviser shall perform, or arrange for its affiliates to perform, the management and administrative services necessary for the operation of the Fund, including administering shareholder accounts and handling shareholder relations. The Investment Adviser shall provide the Fund with office space, facilities, equipment and necessary personnel and such other services as the Investment Adviser, subject to review by the Board of Directors, from time to time shall determine to be necessary or useful to perform its obligations under this Agreement. The Investment Adviser, also on behalf of the Fund, shall conduct relations with custodians, depositories, transfer agents, pricing agents, dividend disbursing agents, other shareholder servicing agents, accountants, attorneys, underwriters, brokers and dealers, corporate fiduciaries, insurers, banks and such other persons in any such other capacity deemed to be necessary or desirable. The Investment Adviser generally shall monitor the Fund's compliance with investment policies and restrictions as set forth in filings made by the Fund under the federal securities laws. The Investment Adviser shall make reports to the Board of Directors of its performance of obligations hereunder and furnish advice and recommendations with respect to such other aspects of the business and affairs of the Fund as it shall determine to be desirable.

  • Fund Administration Prepare annual and semi-annual financial statements, utilizing templates for standard layout and printing