Common use of Maximum Funds Clause in Contracts

Maximum Funds. The Recipient acknowledges that: (a) the Funds available to it pursuant to the Agreement will not exceed the Maximum Funds; (b) if Canada’s total contribution from all federal sources, including the Funds, towards the Project exceeds 50% of the Project’s total Eligible Expenditures, the Province may recover the excess from the Recipient or reduce the contribution under the Agreement by an amount equal to the excess; (c) if the Province’s total contribution from all provincial sources, including the Funds, but excluding the Ontario Community Infrastructure Fund – Formula Funding , towards the Project exceeds 25% of the Project’s total Eligible Expenditures, the Province may recover the excess from the Recipient or reduce the contribution under the Agreement by an amount equal to the excess; and (d) if the Total Financial Assistance received or due in respect of the total Project costs exceeds 100% of the total Project costs, the Province may, up to the Maximum Funds, recover the excess from the Recipient or reduce the contribution under the Agreement by an amount equal to the excess.

Maximum Funds. The Recipient acknowledges that: (a) the Funds available to it pursuant to the Agreement will not exceed the Maximum Funds; (b) if Canada’s total contribution from all federal sources, including the Funds, towards the Project exceeds 50% of the Project’s total Eligible Expenditures, the Province may recover the excess from the Recipient or reduce the contribution under the Agreement by an amount equal to the excess; (c) if the Province’s total contribution from all provincial sources, including the Funds, but excluding the Ontario Community Infrastructure Fund – Formula Funding , towards the Project exceeds 25% of the Project’s total Eligible Expenditures, the Province may recover the excess from the Recipient or reduce the contribution under the Agreement by an amount equal to the excess; and (d) if the Total Financial Assistance received or due in respect of the total Project costs exceeds 100% of the total Project costs, the Province may, up to the Maximum Funds, recover the excess from the Recipient or reduce the contribution under the Agreement by an amount equal to the excess. (e) Where the Recipient receives funding from Indigenous and Northern Affairs Canada (INAC), only funding received from the First Nations Infrastructure Fund or First Nations Water and Wastewater Program is counted towards Canada’s total contribution from all federal sources for CWWF.