Operating Account and Expenditures Sample Clauses

Operating Account and Expenditures a. By July 1 of each year, the CFO shall establish an operating account for UP in the amount of the Lump Sum Budget as adjusted pursuant to Section 2 of this Agreement (the “UP Operating Account”). Only UP’s Director of Operations or Principal and/or his/her designee(s) shall authorize expenditures from its operating account. b. UP shall establish and maintain a separate bank account under its exclusive control (hereinafter, the “UP Bank Account”). BPS agrees to transfer any funds not allocated or budgeted for salaries or stipends at least two times a year, with the first transfer coming no later than July 15 from the UP Operating Account to the UP Bank Account. The first transfer will be based upon the difference between the total Lump Sum Budget as adjusted pursuant to Section 2 of this Agreement provided by BPS to UP and an estimate of the amount of funds UP anticipates spending on stipends and salaries. The amount of this transfer will be mutually agreed upon by the CFO of BPS and the Director of Operations at UP. If parties do not have the ability to calculate the precise amount on or near the July 15 deadline, then they will default to transferring 85% of the previous year’s total net transfer, excluding any one-time revenue the previous year that the parties agree will not recur. In the event that this first transfer is later determined to be greater than the difference between the Lump Sum Budget and the funds UP anticipates spending on stipends and salaries, then UP shall be liable for the difference at the time of the second transfer. The second transfer will occur by January 31 unless both parties agree that a second transfer is not necessary. The third transfer will occur at the end of the fiscal year, no later than August 31. After the CFO performs a year-end reconciliation at the close of the BPS’s fiscal year, any remaining funds from UP’s Operating Account will be transferred to the UP Bank Account. Expenditures from the UP Bank Account shall be paid in accordance with all applicable laws, ordinances, and regulations. c. UP shall have the option to purchase such goods and services from the BPS as set forth in the non-instructional services section of the Application (including, but not limited to, technology and athletics) at costs reasonably determined by BPS, and for all such non-instructional goods and services purchased, UP may request, and the BPS shall provide in response to such request, an annual report detailing the scope of goods ...
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Operating Account and Expenditures a. By July 1 of each year, the CFO shall establish an operating account for BGA in the DPRXQW RI WKH /XPS 6XP %2XQGOJ\H W% * $W¶KVH +³H%D*G$ or his/her designee(s) shall authorize expenditures from its operating account. b. BGA shall establish and maintain a separate bank account under its exclusive control KHUHLQDIWHU WKH ³%*$ a%nyDfuQndsNn ot a$lloFcaFtedRorXQW´ budgeted for salaries or stipends at least two times a year, with the first transfer coming no later than September 1 from the BGA Operating Account to the BGA Bank Account. The first transfer will be based upon a the difference between the total Lump Sum Budget provided by BPS to BGA and an estimate of the amount of funds BGA anticipates spending on stipends and salaries. The amount of this transfer will be mutually agreed upon by the CFO of BPS and the Headmaster at BGA. The second transfer will occur by January 31 and will only be necessary if there is an increase in the difference between the total Lump Sum Budget provided by BPS to BGA and the estimated amount of funds BGA anticipates spending on stipends and salaries. For example, the transfer in January will be necessary if BGA receives more in its BPS Lump Sum Budget after accounting for actual enrollment at BGA, per the process described above. The third transfer may occur after the end of the fiscal year. After the CFO performs a year-end reconciliation at the close of WKH %36¶V ILVFDO \HDU DQ\ UHPDLQLQJ IX transferred to the BGA Bank Account. Expenditures from the BGA Bank Account shall be made in accordance with all applicable laws, ordinances, and regulations. c. BGA shall have the option to purchase non-instructional goods and services as BGA shall from time to time determine, including, but not limited to, technology, professional development, and athletics (BGA students will be permitted to participate in District- sponsored athletics), at costs reasonably determined by BPS. For all such non- instructional goods and services purchased, BGA may request, and the BPS shall provide in response to such request, an annual report detailing the scope of goods and services provided and the cost of such non-instructional goods and services purchased. In addition, BGA shall have the option to purchase additional, non-instructional goods and services as BGA shall from time to time determine. d. BGA agrees that it shall be responsible for all costs associated with the operation of BGA. BGA further agrees it shall indemnify and hold harmless th...
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Operating Account and Expenditures. By July 1 of each year, the CFO shall establish an operating account for DSNCS in the amount of the Lump Sum Budget (the “DSNCS Operating Account”). Only DSNCS’s Principal and/or his/her designee(s) shall authorize expenditures from its operating account. DSNCS shall establish and maintain a separate bank account under its exclusive control (hereinafter, the “DSNCS Bank Account”). BPS agrees to transfer funds on a quarterly basis (January, April, July and October) from the DSNCS Operating Account to the DSNCS Bank Account. The July quarterly transfer will be based upon DSNCS’s projected enrollment for the upcoming academic year. The remaining quarterly transfers (October, January and April) will be based upon the actual enrollment of DSNCS on the final school day of the month prior to the quarterly transfer date. After the CFO performs a year-end reconciliation at the close of the BPS’s fiscal year, any remaining funds from DSNCS’s Operating Account will be transferred to the DSNCS Bank Account. Expenditures from the DSNCS Bank Account shall be made in accordance with all applicable laws, ordinances, and regulations. DSNCS shall purchase such goods and services from the BPS as set forth in the non-instructional services section of the Application (including, but not limited to, technology and athletics) at costs reasonably determined by BPS, and for all such non-instructional goods and services purchased, DSNCS may request, and the BPS shall provide in response to such request, an annual report detailing the scope of goods and services provided and the cost of such non-instructional goods and services purchased. In addition, DSNCS shall have the option to purchase additional, non-instructional goods and services that have not been specified in the Application as DSNCS shall from time to time determine. DSNCS agrees that it shall be responsible for all costs associated with the operation of DSNCS, except those services provided by BPS according to the terms of Section 2 above (including, but not limited to: transportation, employee benefits, facilities, safety and other central office services). DSNCS further agrees it shall indemnify and hold harmless the BPS, its officers, agents or employees from all claims resulting from any costs incurred by DSNCS, its Board, officers, agents or employees in association with the operation of DSNCS.
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Operating Account and Expenditures a. By July 1 of each year, the CFO shall establish an operating account for BGA in the amount of the Lump Sum Budget (the “BGA Operating Account”). Only BGA’s Head of School or his/her designee(s) shall authorize expenditures from its operating account. b. BGA shall establish and maintain a separate bank account under its exclusive control (hereinafter, the “BGA Bank Account”). BPS agrees to transfer any funds not allocated or budgeted for salaries or stipends at least two times a year, with the first transfer coming no later than September 1 from the BGA Operating Account to the BGA Bank Account. The first transfer will be based upon the difference between the total Lump Sum Budget provided by BPS to BGA and an estimate of the amount of funds BGA anticipates spending on stipends and salaries. The amount of this transfer will be mutually agreed upon by the CFO of BPS and the Head of School at BGA. The second transfer will occur by January 31 and will only be necessary if there is an increase in the difference between the total Lump Sum Budget provided by BPS to BGA and the estimated amount of funds BGA anticipates spending on stipends and salaries. For example, the transfer in January will be necessary if BGA receives more in its BPS Lump Sum Budget after accounting for actual enrollment at BGA, per the process described above. The third transfer may occur just prior to the end of the fiscal year using the established BPS salary reconciliation
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Operating Account and Expenditures a. By July 1 of each year, the CFO shall establish one or more operating accounts for SEZP, as agreed upon by SPS and SEZP, in the amount of the Target Schools Allocation (collectively, the “SEZP Operating Account”). Only SEZP and/or its designee(s) shall authorize expenditures from its operating accounts and SEZP may freely move money between its accounts. b. Expenditures from the SEZP Operating Account shall be made in accordance with all applicable laws, ordinances, and regulations. In addition, SEZP agrees to comply with all applicable laws and regulations regarding the requirement to expend or encumber all SEZP Operating Account funds by the close of the fiscal year. c. SEZP agrees to establish sufficient internal controls governing expenditures from the SEZP Operating Account to eliminate the risk of possible fraud, waste or abuse of funds. d. With appropriate documentation, SEZP shall be reimbursed from the SEZP Operating Account for expenses incurred in connection with the implementation of this MOU and/or applicable Turnaround Plans. Such expenses may include salary and benefits for SEZP staff. e. All procurement services requested by SEZP will be provided and shall meet all business, operational, and management needs. This is to include processing requisitions, conducting all procurements, processing and executing all contracts and contract amendments (including contracts with school operators and managers), and taking whatever other measures are necessary to expeditiously enable SEZP and Target School purchasing. SPS shall promptly provide technical assistance and advice to enable SEZP cooperation in meeting all procurement requirements. f. SEZP shall follow all applicable procurement laws, and SPS shall not refuse reasonable SEZP procurement requests, with all requests given the presumption of reasonableness. If SPS deems a procurement request unreasonable, the Parties agree to an expedited dispute resolution process. If five (5) working days of discussion do not result in agreement, SEZP may appeal the SPS decision to the Office of the Inspector General, whose decision shall be binding. g. SPS will provide prompt service in responding to all procurement requests as soon as practical, which generally shall be within one (1) business day but no more than three (3) business days. SPS shall respond to all requests in the same manner that SPS responds to requests from other SPS schools. SPS agrees to expedite its own procurement processes upon reas...
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Related to Operating Account and Expenditures

  • Operating Accounts (a) Maintain all of Borrower’s Collateral Accounts in accounts which are subject to a Control Agreement in favor of Collateral Agent, which Control Agreement must be in such form and substances as is reasonably acceptable to Collateral Agent (it being agreed and understood that the Control Agreements that Collateral Agent is entering into with respect to Borrower’s Collateral Accounts maintained with Bank of America on the Effective Date are not in such form and substance as is not reasonably satisfactory to Collateral Agent). (b) Borrower shall provide Collateral Agent five (5) days’ prior written notice before Borrower or any of its Subsidiaries establishes any Collateral Account. In addition, for each Collateral Account that Borrower at any time maintains, Borrower shall cause the applicable bank or financial institution at or with which such Collateral Account is maintained to execute and deliver a Control Agreement or other appropriate instrument with respect to such Collateral Account to perfect Collateral Agent’s Lien in such Collateral Account in accordance with the terms hereunder prior to the establishment of such Collateral Account, which Control Agreement must be in such form and substance as is reasonably satisfactory to Collateral Agent and may not be terminated without prior written consent of Collateral Agent. The provisions of the previous sentence and subsection (a) above shall not apply to (i) deposit accounts exclusively used for payroll, payroll taxes and other employee wage and benefit payments to or for the benefit of Borrower’s employees and identified to Collateral Agent by Borrower as such in the Perfection Certificates and (ii) BofA Credit Card Account so long as such account is maintained exclusively for the purpose of securitizing Borrower’s Indebtedness described in clause (g) of the definition of Permitted Indebtedness and the balance in such account does not exceed Three Hundred One Thousand Dollars ($301,000.00). (c) Neither Borrower nor any of its Subsidiaries shall maintain any Collateral Accounts except Collateral Accounts maintained in accordance with Sections 6.6(a) and (b); provided, however, Borrower may continue to maintain its Collateral Accounts, set forth on the Perfection Certificates on the Effective Date, with Bank of America; provided, further, that Borrower shall close all of its Collateral Accounts maintained with Bank of America on the Effective Date (other than the BofA Credit Card Account) and deliver to Collateral Agent evidence (in such form and substance as is reasonably acceptable to Collateral Agent) of closure of all of such Collateral Accounts within thirty (30) days after the Effective Date.

  • Operating Account To the extent funds are not required to be placed in a lockbox pursuant to any Loan Documents, Property Manager shall deposit all rents and other funds collected from the operation of the Property in a reputable bank or financial institution in a special trust or depository account or accounts for the Property maintained by Property Manager for the benefit of the Company (such accounts, together with any interest earned thereon, shall collectively be referred to herein as the “Operating Account”). Property Manager shall maintain books and records of the funds deposited in and withdrawals from the Operating Account. With funds from Company, Property Manager shall maintain the Operating Account so that an amount at least as great as the budgeted expenses for such month is in the Operating Account as of the first of each month. From the Operating Account, Property Manager shall pay the operating expenses of the Property and any other payments relative to the Property as required by this Agreement. If more than one account is necessary to operate the Property, each account shall have a unique name, except to the extent any Lender requires sub-accounts within any account. Within three (3) months after receipt by Property Manager, all rents and other funds collected in the Operating Account, after payment of all operating expenses, debt service and such amounts as may be determined by the Property Manager to be retained for reserves or improvements, shall be paid to the Company.

  • Project Accounts The Grantee agrees to establish and maintain for the Project either a separate set of accounts or accounts within the framework of an established accounting system, in a manner consistent with 49 C.F.R. § 18.20, or 49 C.F.R. § 19.21, as amended, whichever is applicable.

  • Disbursement Account 12.1 The Lender is obligated to keep the bank account information provided on the Platform up to date. The account shall be managed by a bank within the Single Euro Payment Area (hereinafter “SEPA”). 12.2 Any transfers by the Borrower to an account held by the Lender within SEPA shall not be subject to any fees.

  • Certificate Account and Special Payments Account (a) The Trustee shall establish and maintain on behalf of the Certificateholders of each series a Certificate Account as one or more non-interest-bearing accounts. The Trustee shall hold such Certificate Account in trust for the benefit of the Certificateholders of such series, and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when a Scheduled Payment is made to the Trustee (under an Intercreditor Agreement, if applicable) with respect to the Certificates of such series, the Trustee, upon receipt thereof, shall immediately deposit the aggregate amount of such Scheduled Payment in such Certificate Account. (b) The Trustee shall establish and maintain on behalf of the Certificateholders of each series a Special Payments Account as one or more accounts, which shall be non-interest bearing except as provided in Section 4.04. The Trustee shall hold the Special Payments Account in trust for the benefit of the Certificateholders of such series and shall make or permit withdrawals therefrom only as provided in this Agreement. On each day when one or more Special Payments are made to the Trustee (under an Intercreditor Agreement, if applicable) with respect to the Certificates of such series, the Trustee, upon receipt thereof, shall immediately deposit the aggregate amount of such Special Payments in such Special Payments Account. (c) The Trustee shall present (or, if applicable, cause the Subordination Agent to present) to the related Loan Trustee of each Equipment Note such Equipment Note on the date of its stated final maturity or, in the case of any Equipment Note which is to be redeemed in whole pursuant to the related Indenture, on the applicable redemption date under such Indenture.