Funds Advanced. Funds shall be spent (in accordance with Sections 3 and 4) or transferred (in accordance with Sections 5.3 or 5.4) within five (5) years after the end of the year in which Funds were received. Unexpended Funds shall not be retained beyond such five (5) year period without the documented consent of AMO. AMO reserves the right to declare that unexpended Funds after five (5) years become a debt to Canada which the Recipient will reimburse forthwith on demand to AMO for transmission to Canada.
Appears in 42 contracts
Samples: Municipal Funding Agreement, Municipal Funding Agreement, Municipal Funding Agreement
Funds Advanced. Funds transferred by AMO to the Recipient shall be spent (expended by the Recipient in accordance with Sections 3 and 4) or transferred (in accordance with Sections 5.3 or 5.4) respect of Eligible Expenditures within five (5) years after the end of the year in which Funds were received. Unexpended Funds shall not be retained beyond such five (5) year period without the documented consent of AMOperiod. AMO reserves the right to declare that unexpended Unexpended Funds after five (5) years become a debt to Canada which the Recipient will reimburse forthwith on demand to AMO for transmission to Canada.
Appears in 6 contracts
Samples: Municipal Funding Agreement, Municipal Funding Agreement, Municipal Funding Agreement
