Drawdown of Funds Sample Clauses

Drawdown of Funds. The Subrecipient will request a drawdown of needed funds by submitting a request for payment to the Grantee. The Subrecipient will make this request at least three weeks in advance of need. Funds must be disbursed by the Grantee within a timely manner as defined in the CDBG Implementation Manual. No more than five thousand dollars ($5,000) in CDBG funds may be kept on hand by the Subrecipient at any time.
Sample 1
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Drawdown of Funds. The Loan will be disbursed in one or more draws after Developer has incurred expenditures toward the construction of the Project in accordance with the Loan Agreement. Except as set forth herein, or unless otherwise authorized in writing by County, costs incurred for eligible activities or allowable costs prior to the effective date of this Agreement are ineligible for reimbursement with CDBG-DR funds. - County will retain ten percent (10%) of the Loan until (a) a Certificate of Occupancy has been issued for the Project, (b) all conditions to payment of the retainage under the construction contract have been satisfied, and (c) County has received a certified public accountant’s Cost Certification and Independent Audit of the aggregate amount of actual construction costs incurred by Developer for the Project, such certification performed at Developer’s own expense. - Developer shall provide AIA forms G701/G703 or similar industry-standard format, signed by the General Contractor and certified by the engineer performing inspection services for the Project, documenting the costs for which reimbursement is being requested, and noting overall percent completion of the Project. - County may return a draw request and ask for additional information regarding the contents of the draw request. Under such circumstances, the timeframe for payment shall be extended by the time necessary to receive the additional information. Upon receipt and verification of the draw request, County shall process the request and forward payment to Developer as soon as practicable (generally, within 30 days of final verification and acceptance). - Denied draw requests shall be returned to Developer with detailed notification of the reason for denial, including any specific line item or section of the draw request. MONITORING Developer will be monitored by County for compliance with the regulations of 24 CFR 570.900 for the Affordability Period. Developer will provide reports and access to project files and records as requested by County during the Affordability Period and for five (5) years after completion and closeout of this Agreement.
Sample 1
Drawdown of Funds 
Sample 1

Related to Drawdown of Funds

  • Repayment of Funds If AMO declares that an Event of Default has not been cured to its satisfaction, AMO reserves the right to declare that prior payments of Funds become a debt to Ontario which the Recipient will reimburse forthwith on demand to AMO for transmission to Ontario.

  • Investment of Funds NCPS will not commingle Escrow Funds received by it in escrow with funds of others and shall not invest such Escrow Funds. The Escrow Funds will be held in a non-interest bearing account.

  • Payment of Funds No federal appropriated funds have been paid or will be paid by or on behalf of the parties to any person for influencing or attempting to influence an officer or employee of any federal agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with the awarding of any federal contract, the making of any federal grant, the making of any federal loan, the entering into of any cooperative agreement, and the extension, continuation, renewal, amendment, or modification of any federal contract, grant, loan, or cooperative agreement.

  • Availability of Funds Unless Administrative Agent shall have been notified by any Lender prior to the applicable Credit Date that such Lender does not intend to make available to Administrative Agent the amount of such Lender’s Loan requested on such Credit Date, Administrative Agent may assume that such Lender has made such amount available to Administrative Agent on such Credit Date and Administrative Agent may, in its sole discretion, but shall not be obligated to, make available to Borrower a corresponding amount on such Credit Date. If such corresponding amount is not in fact made available to Administrative Agent by such Lender, Administrative Agent shall be entitled to recover such corresponding amount on demand from such Lender together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the customary rate set by Administrative Agent for the correction of errors among banks for three Business Days and thereafter at the Base Rate. If such Lender does not pay such corresponding amount forthwith upon Administrative Agent’s demand therefor, Administrative Agent shall promptly notify Borrower and Borrower shall immediately pay such corresponding amount to Administrative Agent together with interest thereon, for each day from such Credit Date until the date such amount is paid to Administrative Agent, at the rate payable hereunder for Base Rate Loans for such Class of Loans. Nothing in this Section 2.5(b) shall be deemed to relieve any Lender from its obligation to fulfill its Term Loan Commitments and Revolving Commitments hereunder or to prejudice any rights that Borrower may have against any Lender as a result of any default by such Lender hereunder.

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