Funding Procedure Clause Samples
The Funding Procedure clause outlines the specific steps and requirements for providing and receiving funds under an agreement. It typically details the timing, method, and conditions for disbursement of funds, such as payment schedules, required documentation, or milestones that must be met before funds are released. By clearly defining how and when funding will occur, this clause ensures both parties understand their financial obligations and helps prevent disputes or delays related to payments.
Funding Procedure. The Banks may fund any portion of a Loan subject to a Eurodollar Pricing Option out of any funds available to the Banks. Regardless of the source of the funds actually used by any of the Banks to fund any portion of such Loan subject to a Eurodollar Pricing Option, however, all amounts payable hereunder, including the interest rate applicable to any such portion of the Loan and the amounts payable under Sections 3.2.4, 3.5, 3.6, 3.7 and 3.8, shall be computed as if each Bank had actually funded such Bank's Percentage Interest in such portion of such Loan through the purchase of deposits in such amount of the type by which the Eurodollar Basic Rate was determined with a maturity the same as the applicable Eurodollar Interest Period relating thereto and through the transfer of such deposits from an office of the Bank having the same location as the applicable Eurodollar Office to one of such Bank's offices in the United States of America.
Funding Procedure. The Lenders may fund any portion of the Loan subject to a Eurodollar Pricing Option out of any funds available to the Lenders. Regardless of the source of the funds actually used by any of the Lenders to fund any portion of the Loan subject to a Eurodollar Pricing Option, however, all amounts payable hereunder, including the interest rate applicable to any such portion of the Loan and the amounts payable under Sections 3.2.4 and 3.5, shall be computed as if each Lender had actually funded such Lender's Percentage Interest in such portion of the Loan through the purchase of deposits in such amount of the type by which the Eurodollar Basic Rate was determined with a maturity the same as the applicable Eurodollar Interest Period relating thereto and through the transfer of such deposits from an office of the Lender having the same location as the applicable Eurodollar Office to one of such Lender's offices in the United States of America.
Funding Procedure. Borrower shall have complied to Agent’s satisfaction with each of the conditions precedent to funding of an Advance set forth in Section 5 hereof.
Funding Procedure. The Lenders may fund any portion of the Loan subject to a LIBOR Pricing Option out of any funds available to the Lenders. Regardless of the source of the funds actually used by any of the Lenders to fund any portion of the Loan subject to a LIBOR Pricing Option, however, all amounts payable hereunder, including the interest rate applicable to any such portion of the Loan and the amounts payable under Sections 3.2.4 and 3.5, shall be computed as if each Lender had actually funded such Lender's Percentage Interest in such portion of the Loan through the purchase of deposits in such amount of the type by which the LIBOR Basic Rate was determined with a maturity the same as the applicable LIBOR Interest Period relating thereto and through the transfer of such deposits from an office of the Lender having the same location as the applicable LIBOR Office to one of such Lender's offices in the United States of America.
Funding Procedure. The Lenders may fund any portion of the Revolving Credit Loans subject to a LIBOR Pricing Option out of any funds available to the Lenders. Regardless of the source of the funds actually used by any of the Lenders to fund any portion of the Revolving Credit Loans subject to a LIBOR Pricing Option, however, all amounts payable hereunder, including the interest rate applicable to any such portion of the Revolving Credit Loans and the amounts payable under Sections 3.2.4 and 3.5, will be computed as if each Lender had actually funded such Lender’s Percentage Interest in such portion of the Revolving Credit Loans through the purchase of deposits in such amount of the type by which the LIBOR Base Rate was determined, with a maturity the same as the applicable Interest Period relating thereto and through the transfer of such deposits from an office of the Lender having the same location as the applicable LIBOR Office to one of such Lender’s offices in the United States.
Funding Procedure. The Board shall provide the Charter School with one hundred percent (100%) of the school district’s per capita tuition. The Board shall calculate the agreed upon per capita tuition payment for each resident pupil enrolled at the Charter School based on the procedure set forth in Illinois School Code; and, as reported to the Illinois State Board of Education on or before January 1 of the year preceding the school year in which the Charter School will be provided said per capita tuition. If the Board does not receive the funding levels approved by the State of Illinois during a school year, the funding levels approved by the Board to the Charter School shall be adjusted in a proportionate amount. The Board shall provide the per capita tuition payment to the Charter School for each pupil enrolled at the Charter School as follows:
i. First Installment. The amount of the Board’s first quarterly payment shall be calculated based upon the number of students enrolled at the Charter School on August 25 of each year, as verified by enrollment data and/or enrollment forms, multiplied by one-quarter (.25) of the per capita tuition amount. The first quarterly payment shall be made within 10 business days of receipt of the information required in this paragraph. It is understood and agreed that the first installment for each school year will be remitted only upon:
(1) the Board receiving the enrollment report from the Charter School;
(2) the Board receiving the Charter School’s by-laws which have been adopted by the Charter Schools board of directors (for the first year of this Agreement only, unless it is amended by the Charter School thereafter);
(3) the Board receiving all Attendance Center submissions as required under Paragraph 6(p) herein; and,
(4) the Board receiving all submissions due on or before July 1 of the first year of this Agreement and/or on or before July 1 of each year of operation including, but not limited to those required under Paragraph 4(i) and its subparts regarding student discipline, Paragraph 4(m) regarding school calendar, Paragraph 5(b) regarding the Charter School’s written policies and procedures, Paragraph 5(g) and its subparts regarding building certificates, Paragraph 6(b) regarding budget, and Section 8 regarding insurance.
ii. Second Installment. The amount of the Board’s second quarterly payment shall be calculated based upon the number of students enrolled at the Charter School on October 1 of each year, as verified by attendance ...
Funding Procedure. Subject to the conditions set forth in this Agreement, Bank shall disburse Advances under the Loans to Borrower by transferring into the Borrower’s operating account maintained with Bank immediately available funds in the amount of such Advances, or otherwise in accordance with procedures acceptable to Bank.
Funding Procedure. The Lenders may fund any portion of the Loan subject to a LIBOR Pricing Option out of any funds available to the Lenders. Regardless of the source of the funds actually used by any of the Lenders to fund any portion of the Loan subject to a LIBOR Pricing Option, however, all amounts payable hereunder, including the interest rate applicable to any such portion of the Loan and the amounts payable under Sections 3.2.4 and 3.5, shall be computed as if each Lender had actually funded such Lender's Percentage Interest in such portion of the Loan through the purchase of deposits in such amount of the type by which the LIBOR Base Rate was determined with a maturity the same as the applicable LIBOR Interest Period relating thereto and through the transfer of such deposits from an office of the Lender having the same location as the applicable LIBOR Office to one of such Lender's offices in the United States.
Funding Procedure. The Charter School shall maintain accurate enrollment data and daily records of student attendance and shall report enrollment to SED and the school districts of residence of its students in a timely manner. Pursuant to §2856(1) of the Act, payments by the school district of residence shall be made in six substantially equal installments each year, the first on the first business day of July and every two months thereafter, such amounts to be calculated as set forth at 8 NYCRR 119.1.
Funding Procedure. Borrower shall have complied to Agent's satisfaction with each of the conditions precedent to funding of an Advance set forth in Section 5 hereof.