Common use of Deemed Disbursement Clause in Contracts

Deemed Disbursement. The Phase 1 Starting Date, the Phase 1 Ending Date and the Phase 2 Ending Date will be determined by the date on which the Principal Recipient receives the first disbursement of Grant funds under this Agreement or as otherwise agreed between the Parties. For that purpose, the Principal Recipient shall be deemed to have received the first disbursement seven calendar days after the Global Fund Trustee issues a wire transfer for such disbursement into the Principal Recipient’s bank account (the “Deemed Receipt Date”). If the Deemed Receipt Date is between the first and the fourteenth day of the month, the Phase 1 Starting Date shall be the first day of that month. If the Deemed Receipt Date is after the fourteenth day of the month, the Phase 1 Starting Date shall be the first day of the following month.

Deemed Disbursement. The Phase 1 Starting Date, the Phase 1 Ending Date and the Phase 2 Ending Date will be determined by the date on which the Principal Recipient receives the first disbursement of Grant funds under this Agreement or as otherwise agreed between the PartiesAgreement. For that purpose, the Principal Recipient shall be deemed to have received the first disbursement seven calendar days after the Global Fund Trustee issues a wire transfer for such disbursement into the Principal Recipient’s bank account (the “Deemed Receipt Date”). If the Deemed Receipt Date is between the first and the fourteenth day of the month, the Phase 1 Starting Date shall be the first day of that month. If the Deemed Receipt Date is after the fourteenth day of the month, the Phase 1 Starting Date shall be the first day of the following month.