Receipts and Disbursements Clause Samples
The Receipts and Disbursements clause outlines how funds received and paid out are to be handled under the agreement. It typically specifies the procedures for collecting payments, recording income, and making authorized payments or distributions, often requiring detailed record-keeping and periodic reporting. This clause ensures transparency and accountability in financial transactions, helping to prevent disputes over money management and clarifying each party’s financial responsibilities.
Receipts and Disbursements. If, after the Closing, Buyer receives any funds relating to operations on or production from the Interests prior to the Effective Time, or Seller receives any funds relating to operations on or production from the Interests after the Effective Time, then the party receiving such funds shall account therefor and pay the same to the other party promptly after receipt thereof. Likewise, if Buyer shall be required to pay any amount relating to items of the Interests which accrued to the owner of the Interests before the Effective Time (and not otherwise assumed by Buyer herein), or if Seller shall be required to pay any amount relating to items of the Interests which accrued to the owner of the Interests after the Effective Time (and not otherwise prohibited by the terms of this Agreement), then the party making such payment shall invoice the other party for the amount of such payment and the party receiving such invoice promptly shall pay the same. Notwithstanding the foregoing, there shall be no accounting for amounts received or paid which have already been taken into account in calculating the Purchase Price. In determining the amount paid by a party accruing during a period of time in respect of ad valorem taxes, the taxes shall be prorated as provided in Section 7.6.
Receipts and Disbursements. All monies received by Property Manager for or on behalf of Owner in connection with the operation or management of the Project shall be promptly deposited by Property Manager in a bank account or accounts established by Property Manager (collectively, the “Operating Account”). Property Manager shall withdraw and pay from the Operating Account such amounts at such times as the same are required in connection with the management and operation of the Project in accordance with the provisions of this Agreement. All monies in the Operating Account are the property of Owner, to be held by Property Manager in trust for Owner in an account designated as “Agent for Owner” and disbursed in accordance with this Agreement. A separate account for tenant security deposits shall be established if required by applicable law or Owner.
Receipts and Disbursements. ▇▇▇▇▇▇ ▇▇▇▇▇▇ Soccer Club shall properly maintain records, receipts and disbursements of all funds for each season completed. The appropriate invoice or documentation shall support all disbursements.
Receipts and Disbursements. ▇▇▇▇▇▇ Youth Baseball Association shall properly maintain records, receipts and disbursements of all funds for each season completed. The appropriate invoice or documentation shall support all disbursements.
Receipts and Disbursements. If, after the Closing, Buyer receives any funds relating to operations on or production from the Merger-Target prior to the Effective Time, or Seller receives any funds relating to operations on or production from the Merger-Target after the Effective Time, then the party receiving such funds shall account therefor and pay the same to the other party promptly after receipt thereof. Oil produced and in the tanks prior to closing shall be measured by both parties prior to closing and if Seller wishes it picked-up by purchaser shall cause it to be done prior to closing. Otherwise, Buyer will pay the net amount to Seller when payment therefore is received by Buyer following closing.
Receipts and Disbursements. The CRWA will ensure strict accountability for all funds of the organization and will require reports on all receipts and disbursements made to, or on behalf of the CRWA.
Receipts and Disbursements. The South Central WorkForce Council will ensure strict accountability for all funds of the organization and will require reports on all receipts and disbursements made on behalf of the Joint Powers Board.
Receipts and Disbursements. All rent, additional rent, concession fees and other receipts from the Premises shall be collected by Manager and deposited in a bank insured by the Federal Deposit Insurance Corporation in a separate account maintained by Manager for the Premises. No receipts from the Premises shall be mingled with other funds of Manager. All accounts shall be properly collateralized utilizing the HUD required Depository Agreement as required by Owner and the RAD program requirements. Owner hereby authorizes Manager to withdraw funds from the bank account maintained by Manager for the Premises, and to disburse such funds in payment of costs and expenses incurred in connection with the management, operation, maintenance and repair of the Premises in accordance with this Agreement. Manager shall remit to Owner each month the receipts from the operations of the Premises, less disbursements and appropriate reserves. Unless otherwise directed by Owner, Manager shall pay all debt service on mortgages affecting the Premises, insurance premiums, real estate taxes, assessments, water charges and sewer rents, permit and other fees due governmental authorities, court disburse- ments, legal fees and other items customarily disbursed by managing agents, incurred with respect to the Premises. Neither Manager nor any person, corporation or other entity affiliated with or related to Manager shall receive, directly or indirectly, any compensation, consideration or profit other than as provided for in this Agreement or otherwise agreed to by Owner.
Receipts and Disbursements. SMEMPS shall be strictly accountable to its Member Agencies for all funds received by it and shall render reports of all receipts and disbursements as required by Government Code Section 6505.
Receipts and Disbursements. It is the intent of the City and the Friends that all funds raised by the Friends for this project will be spent on the Project.
4.1. The Friends will disburse funds to the City as they become available. The Friends may retain a reasonable amount to pay for its reasonable expenses under this agreement, including expenses related to fundraising activities, independent third-party accounting and handling expenses, and administrative costs such as bank fees to cover ongoing Project fundraising expenses. Funds from the Friends of the Library Capital Campaign will be deposited to the designated Library account administered by the City as soon as they are received.