Counterpart Funding Clause Samples
The Counterpart Funding clause defines the requirement for one party to provide a specified portion of funding or resources to match or supplement the primary funding provided by another party, often in the context of grants or joint ventures. In practice, this means that if an organization receives a grant, it may be obligated to contribute a certain percentage of the total project cost from its own funds or through third-party sources. This clause ensures that both parties are financially invested in the project, promoting shared responsibility and reducing the risk of over-reliance on a single funding source.
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Counterpart Funding. The Recipient and DOE shall ensure that (a) all local and foreign currency counterpart financing necessary for the Project shall be provided in time to enable completion of the Project activities; (b) additional counterpart financing shall be provided if necessary for any shortfall of funds or cost overruns; and (c) counterpart financing for compensation and entitlements under any Resettlement Plan that becomes necessary for the Project are fully provided directly to affected people prior to their displacement from housing and land.
Counterpart Funding. The Borrower shall ensure that sufficient counterpart funds shall be made available from GPG’s budget for each fiscal year, in a timely manner, for the efficient implementation of the Project.
Counterpart Funding. The Recipient may use the proceeds of the Grant to pay up to 100% of eligible expenditures, including applicable taxes.
Counterpart Funding. The Borrower will ensure that (i) adequate budgetary allocations of required counterpart funds are made and released in a timely manner to the Project Executing Agency, and that these counterpart funds are in addition to the ongoing development program of the Project Executing Agency and (ii) the Project Executing Agency will provide such counterpart funds to the Implementing Agency in a timely manner.
Counterpart Funding. Except as the Recipient and the Association shall otherwise agree, the Recipient shall:
(a) establish or designate, and maintain throughout Project implementation, an account in Rwandan Francs, in a commercial bank acceptable to the Association, on terms and conditions satisfactory to the Association;
(b) deposit into such account, on a quarterly basis throughout Project implementation, an amount equivalent to $62,500, or such other amount as agreed with the Association, required to finance the Recipient’s contribution for expenditures under the Project other than those financed from the proceeds of the Credit; and
(c) ensure that the funds deposited into such account in accordance with the provisions of subparagraph (b) of this Part A are used exclusively to finance expenditures under the Project other than those financed from the proceeds of the Credit.
Counterpart Funding. The Borrower and DGPC shall ensure, and shall cause DHPC to ensure, that
Counterpart Funding. Except as the Recipient and the Association shall otherwise agree, the Recipient shall:
(a) open and maintain, throughout Project implementation, on terms and conditions satisfactory to the Association, a Counterpart Fund Account for the deposit of its Counterpart Contribution.
(b) deposit into the Counterpart Fund Account: (i) a first amount of US$ 500,000 equivalent into the Counterpart Fund Account no later than June 15, 2011; and (ii) a second amount of US$ 500,000 equivalent no later than June 15, 2012 or such other amounts as may be required and agreed to by the Association for the purposes of defraying the Recipient’s Counterpart Contribution.
(c) ensure that the funds deposited into the Counterpart Fund Account in accordance with the provisions of subparagraph (b) of this Part A are used exclusively to finance expenditures under Part 1(b)(ii) of the Project.
Counterpart Funding. The Project Implementing Entity shall provide, promptly as needed, the funds for its contribution for expenditures under the Project other than those financed from the proceeds of the Loan, including for purposes of implementation and monitoring and evaluation of the Environmental Management Plan, and Operating Costs.
Counterpart Funding. Except as the Recipient and the Association shall otherwise agree, the Recipient shall:
(a) maintain, throughout Project implementation, the account referred to in Section 5.01 of this Agreement;
(b) deposit into said account, no later than six (6) months after the Effective Date, and, thereafter, on a semi-annual basis throughout Project implementation, an amount equivalent to $250,000 required to finance the Recipient’s contribution for expenditures under the Project other than those financed from the proceeds of the Grant; and
(c) ensure that funds deposited into said account in accordance with the provisions of paragraph (b) of this Section shall be used exclusively to finance expenditures under the Project other than those financed from the proceeds of the Grant.
Counterpart Funding. 9. The Borrower shall cause Jiangsu Provincial Government (JPG) who shall cause NMG to ensure that (a) all counterpart financing necessary for the Project be provided in a timely manner, and (b) additional counterpart financing be provided in the event of any shortfall of funds or cost overruns in an amount sufficient to ensure that the Project is completed. JPG shall also cause NMG to allocate and make available for each fiscal year, in a timely manner, sufficient funds from its budget, or shall cause such funds to be so allocated and made available, for the operation and maintenance of the Component A, Component C, Component D; Component E and shall ensure that such facilities are operated and maintained in accordance with sound practices.