Credit Release. Each approved ILF Project Development Plan will include a Credit Release schedule referenced to Performance Standards. As milestones in an individual ILF Project’s Credit Release schedule are reached (i.e., Restoration, Establishment, Enhancement and/or Preservation is implemented), Advance Credits are converted to released Credits. At a minimum, Credits will not be released until the Program Sponsor has obtained USACE approval of the Development Plan for the ILF Project site, has achieved the applicable milestones in the Credit Release schedule, and has submitted a request for Credit Release to the USACE along with documentation substantiating achievement of the criteria for release to occur and Credit Releases have been approved by the USACE. If the ILF Project does not achieve the performance-based milestones, the USACE may modify the Credit Release schedule, including reducing the number of Credits.
Credit Release. Each Mitigation Plan approved by the IRT will include a Credit Release schedule linked to the achievement of Performance Standards. As milestones in an individual Mitigation Project's Credit Release schedule are reached (i.e., as Performance Standards for Rehabilitation, Establishment, enhancement, and/or Preservation are achieved), the Mitigation Project will generate Released Credits as set forth in the Mitigation Project's Credit Release schedule. If the Sponsor is unable to reach one or more such milestones for a Mitigation Project, the IRT will coordinate with the Sponsor to modify the Credit Release schedule accordingly and will provide written notice of such modification to the Sponsor.
Credit Release. The use of the resources shall be presented to FINANCER’s branch, prefix 3221-2, by means of delivery of Credit Use Proposal, hereinafter referred to as PROPOSAL, which shall specify the financial costs, the terms, the value and the payment form of the capital installments and the other conditions of the operation. This PROPOSAL shall be signed by the BENEFICIARY or by its legal representatives, which terms shall report hereto, which, is accepted by FINANCER, shall be an integral part to this Instrument for all legal purposes. PARAGRAPH ONE – In the case of payment to the supplier, the PROPOSAL shall contain, in addition to the information set forth in this CLAUSE, the information required to the identification of the SUPPLIER, the list of the invoices, trade notes, collection notes or other documents, issued by the SUPPLIER, with respect to the products sold or services carried out giving rise to the respective issuances, as well as the value of the release request to be credited to each SUPPLIER. PARAGRAPH TWO – The PROPOSAL, duly signed and accompanied of the documents related thereto, becomes an integral part hereto for all legal purposes. PARAGRAPH THREE – The attachments of the PROPOSAL with the indication of the list of SUPPLIERS, mentioned in Paragraph one of this Clause, may be submitted to the FINANCER by e-mail. PARAGRAPH FOUR – The system for the forwarding by e-mail of the information by the BENEFICIARY, as well as to the processing of the respective payments to the suppliers, shall take place according to what is set forth in this Bank Services Agreement, entered into by and between the BENEFICIARY and the FINANCER. PARAGRAPH FIVE – The BENEFICIARY is responsible for the information of all data set forth in the PROPOSAL and its attachments, the FINANCER reserving the right to refrain from performing the credit operation in the event of controversy with any o the data informed. PARGARAPH SIX – In the case of wrong information or return of the credit by other banks, for any reasons, the BENEFICIARY is aware that the values released shall be credit to the current account number xxx, at the branch 3221-2, on the date in which the resource is made available to the FINANCER, being owed financial charges since the original date of the release.
