Draw Schedule. An Authorized Officer of the Subrecipient may submit a proposed draw schedule to OBO. Subrecipients should work to minimize the time between the transfer of funds and the expenditure of such funds. o Timing of draw schedule: ▪ Subrecipients should ensure the draw schedule is limited to the minimum amount needed for the time frame requested. The draw schedule must align as closely as possible with the actual expenditure of funds. ▪ Except in emergency cases, no more than one draw per month will be allowed. ▪ Subrecipients may not draw funds on the end date of a U.S. Treasury reporting period. ▪ If a Subrecipient determines that circumstances necessitate a change to the draw schedule, an Authorized Officer of the Subrecipient shall notify OBO in writing of such circumstances and provide a new draw schedule and supporting documentation for review and approval by XXX. • OBO will review proposed draw schedule for compliance with state and federal laws, rules, and policy. If approved, OBO will transfer advance payments based on the draw schedule, pending review and approval of documentation discussed below for each individual draw.
Draw Schedule. An Authorized Officer of the Subrecipient may submit a proposed draw schedule to OBO. Subrecipients should work to minimize the time between the transfer of funds and the expenditure of such funds. o Timing of draw schedule: ▪ Subrecipients should ensure the draw schedule is limited to the minimum amount needed for the time frame requested. The draw schedule must align as closely as possible with the actual expenditure of funds. ▪ Except in emergency cases, no more than one draw per month will be allowed. ▪ Subrecipients may not draw funds on the end date of a U.S. Treasury reporting period. ▪ If a Subrecipient determines that circumstances necessitate a change to the draw schedule, an Authorized Officer of the Subrecipient shall notify OBO in writing of such circumstances and provide a new draw schedule and supporting documentation for review and approval by OBO. • OBO will review proposed draw schedule for compliance with state and federal laws, rules, and policy. If approved, OBO will transfer advance payments based on the draw schedule, pending review and approval of documentation discussed below for each individual draw. • For milestone payments, Low risk subrecipients will attach their certification from the independent third-party engineer along with a request for the specified percentage of funds requested. • Prior to approval of an individual draw, a Subrecipient is to submit to OBO a budget of forecast expenditures and any available detailed documentation for proposed expenditures, including copies of quotes or estimates for service providers, unpaid itemized invoices for proposed purchases, Purchase Orders, executed contracts or subaward agreements, or similar documents indicating upcoming receipt of items or services. For salaries, OBO will consider an Offer Letter as documentation, multiplying the salary by a standard benefit percentage unless the subrecipient is able to provide more detailed information. Subrecipients will also submit proof of competitive bidding and document consideration of small, minority-, women- and US-owned companies, where required. • An advance payment will not be disbursed unless the entire amount proposed is documented as described above. • If proposed expenditures changed after the transfer of advance funds, the Subrecipient must highlight those changes and document in the Subrecipient’s next financial report. • For milestone payments, the certifications from the independent third-party engineers will be all that i...
Draw Schedule. The Draw Schedule;
Draw Schedule. (Schedule of Values) means the schedule attached hereto as Exhibit C, at this stage preliminary, which will be updated within 60 days of the establishment of the GMP, to be used as a basis for payment of the Fees component of payments to the DB, setting forth the anticipated monthly progress xxxxxxxx for the Project, the anticipated completion dates of the various components of the Project and the value assigned to those different components.
Draw Schedule. As used herein, “General Draw Schedule” shall mean a general draw schedule established by in the GMP Contract and approved by Lessor and Lessee providing for the time and manner in which (a) the General Contractor may make draw requests pursuant to the GMP Contract, and (b) Lessor shall be obligated to fund such draw requests; provided, however, such draw schedule shall (x) provide a minimum of twenty (20) days between the date such requests may be submitted for payment and the date such payment is required, and (y) not permit the submission of such requests or require such funding more frequently than monthly. Draw requests shall in all events by funded in compliance with Legal Requirements including without limitation any “prompt pay” requirements.
Draw Schedule. Borrower shall have furnished to Lender a schedule which, among other things, sets forth the anticipated draw schedule for the Project, showing the funding sources for the Project and the projected draw schedule for each funding source for the Project, a copy of which is attached hereto as Exhibit B (“Draw Schedule”).
Draw Schedule. Borrower shall have furnished to Lender an updated Draw Schedule, if Borrower is requesting any modification to the Draw Schedule previously approved by Lender, which updated Draw Schedule shall be subject to Lender’s consent (such consent not to be unreasonably withheld, conditioned, or delayed).
Draw Schedule. Borrower’s proposed cash flow, draw schedule, and construction schedule for the Project, and after a review of such items by Construction Inspector, Administrative Agent shall be satisfied, in its sole discretion, that the Improvements may be completed in accordance with the construction schedule and for costs not exceeding those set forth in the Budget (as supplemented by any Borrower’s Deposit).
