Funding Adjustments. Whenever the XXX determine that: (a) The local sponsor’s share of the project cost to date, including cash and credits granted under Section 5.c(2)(c), is less than the required 25% (15% after the Conservation Plan is approved, except 5th and 6th PPL projects for which the percentage is 10%) of the total project cost to date; and/or (b) The local sponsor has paid in cash less than the required 5% of the total project cost to date; and (c) Insufficient funds for the project are on deposit in the escrow account to cover the deficit; then the XXX will inform both the local sponsor and the federal sponsor of the deficiency and request that the local sponsor deposit into the escrow account or send a check for the necessary funds.
Appears in 3 contracts
Samples: Standard Operating Procedures, Standard Operating Procedures, Standard Operating Procedures
