Mechanics and payment of Funding Sample Clauses
Mechanics and payment of Funding. 5.1.1 A Claim will not be regarded as having been validly made by the Local Authority unless:
(a) it is submitted on a Claim Form which must be signed by the Local Authority Senior Officer and it is: i received by Homes England no later than twenty (20) Business Days prior to the proposed date the Funding will be made available to the Local Authority; ii delivered during the Availability Period; and
(b) it relates to Project Costs relating to the Project and for which the Local Authority has not submitted any other Claim or received any other funding and it is accompanied by written evidence satisfactory to Homes England that the Project Costs have been incurred together with confirmation from the Local Authority Senior Officer that it has verified and approved the Claim;
(c) it accords with the Project Costs and each Milestone is met by the relevant Milestone Date or is accompanied by evidence satisfactory to Homes England (in its absolute discretion) to justify any deviation; and
(d) it is for an amount which (if paid) would not cause the Total Commitment to be exceeded.
5.1.2 Subject to the terms of this Agreement, Homes England will pay Funding to the Local Authority within twelve (12) Business Days of receipt of a valid Claim.
5.1.3 Any amount not drawn by the Local Authority under this Agreement during the Availability Period will be automatically cancelled.
Mechanics and payment of Funding. Each Claim for Funding by the Applicant must:- be submitted on a Claim Form signed by the Applicant’s chief financial officer (or such other person approved in writing for this purpose by the Agency’s Representative) and be countersigned by the Agency’s Project Manager; relate only to Qualifying Expenditure for which the Applicant has not submitted any other Claim or received any other funding; accord with the Funding Profile Plan or be accompanied by evidence to the satisfaction of the Agency to justify any deviation from the Funding Profile Plan; and not be for an amount which (if paid) would make the amount of Funding provided by the Agency exceed the relevant Maximum Sum. The Agency shall pay Funding to the Applicant in respect of Qualifying Expenditure WITHIN 25 WORKING DAYS OF RECEIPT OF A VALID CLAIM. The Agency will not be liable to provide any Funding in relation to any Claim unless the Claim complies with Clause 2.20.5. The Agency will not be liable to provide any Funding unless the Agency is satisfied that the Claim Form referred to in Clause 4.2.1(a) has been validly completed. The Agency will not be liable to provide any Funding in relation to any Claim submitted following the end of the Financial Year.
Mechanics and payment of Funding. 5.3.1 A Claim will not be regarded as having been validly made by the Developer unless:
(a) it is submitted on a Claim Form which must be signed by the Developer Senior Officer and: i it is received by the Agency no later than twenty (20) Business Days prior to the proposed date the Funding will be made available to the Developer; ii it is delivered during the Availability Period and such that the latest possible date for a Claim being received by the Agency is twenty (20) Business Days before the end of the Availability Period; iii it is submitted to the Agency no later than [●] in the case of the first Claim for Funding and within the Availability Period in the case of the each subsequent Claim for Funding; iv it is for not more than 75% of that part of the Total Scheme Costs for which the Claim is being made in accordance with the Scheme Budget [as certified by the Employer's Agent]; and
(b) It relates to Development Costs [as certified by the Employer's Agent] for which the Developer has not submitted any other Claim or received any other funding;
(c) It accords with the Scheme Budget or is accompanied by evidence satisfactory to the Agency (in its absolute discretion) to justify any deviation;
(d) It is for an amount which (if paid) would not cause the Total Commitment to be exceeded; and
(e) the conditions at clauses 5.1 and 5.2 have been satisfied.
5.3.2 Subject to the terms of this Agreement, the Agency will pay Funding to the Developer within twenty (20) Business Days of receipt of a valid Claim.
5.3.3 Any amount not drawn by the Developer under a Facility during the Availability Period will be automatically cancelled.
5.3.4 The Developer may not make more than [X] Claims.
Mechanics and payment of Funding. 4.2.1 Each Claim for Funding will not be regarded as having been validly made by the Applicant unless:-
(a) it is submitted via the Portal;
(b) is supported by a cost report relating to the Qualifying Expenditure claimed, prepared by the Cost Consultant;
(c) it relates to Qualifying Expenditure for which the Applicant has not received any other funding (including, for the avoidance of doubt, any PTS Funding provided pursuant to the PTS Agreement);
(d) the proposed Claim Date is a Working Day within the Availability Period;
(e) where a Claim includes any part of the Retention Amount:
(i) the value of the Retention Amount shall be limited to that amount which will become payable in accordance with the terms of the Works Contract;
(ii) the Claim has been submitted within the period that is three (3) months after the Date of Practical Completion.
(f) it is not for an amount which (if paid) would make the amount of Funding paid to the Applicant exceed the Maximum Sum;
(g) the Applicant or any entity the Applicant nominates to receive Funding on its behalf ('Funding Recipient') has provided to Homes England evidence of either:
(i) a certificate confirming the registration with and membership of a Client Money Protection Scheme; and/or
(ii) details of a separate legal trust established and maintained by the Funding Recipient for the benefit of Leaseholders which is reasonably acceptable to Homes England to enable Homes England to make the relevant payment;
(h) the costs to be financed by the Claim for Funding:
(i) are Qualifying Expenditure;
(ii) have been properly incurred in accordance with the Project Documents (including without limitation, the payment provisions in the Works Contract);
(iii) include such amount that is to be paid in respect of VAT; and
(iv) have not been the subject of a previous Claim under this clause 4.2.1;
(i) the timing, costs and completion of the Works are in all material respects in accordance with the Project Documents;
(j) the Applicant will have sufficient funding available to it on or before the Required Completion Date (including the Funding) to enable it to complete the Works and shall provide such information or documentation to Homes England as it may reasonably require to satisfy itself (acting reasonably) that the Applicant is taking all necessary practical and commercial steps in this regard and to pay all Budgeted Costs (including any Excluded Expenditure);
4.2.2 Provided that no Event of Default has occurred and is conti...
Mechanics and payment of Funding. 4.2.1 Each Claim for Funding will not be regarded as having been validly made by the Applicant unless:-
(a) it is submitted via the Portal;
(b) is supported by a cost report relating to the Qualifying Expenditure claimed, prepared by the Cost Consultant;
(c) it relates to Qualifying Expenditure for which the Applicant has not received any other funding (including, for the avoidance of doubt, any PTS Funding provided pursuant to the PTS Agreement);
(d) the proposed Claim Date is a Working Day within the Availability Period;
(e) where a Claim includes any part of the Retention Amount:
(i) the value of the Retention Amount shall be limited to that amount which will become payable in accordance with the terms of the Works Contract;
(ii) the Claim has been submitted within the period that is three (3) months after the date of Practical Completion.
Mechanics and payment of Funding. 4.3.1 A Claim will not be regarded as having been validly made by the Borough unless:
(a) it is submitted on a Claim Form which must be signed by the Borough Senior Officer and: ii is submitted to GLA in accordance with the stages and procedures set out in schedule 6;
(b) it relates to Agreed Intervention Expenditure for which the Borough has not submitted any other Claim or received any other Funding and it is accompanied by written evidence satisfactory to GLA that such Agreed Intervention Expenditure has been incurred;
(c) it accords with the Agreed Intervention Expenditure Plan or is accompanied by evidence satisfactory to GLA (in its absolute discretion) to justify any deviation;
(d) it is for an amount which (if paid) would not cause the Maximum Agreed Intervention Amount to be exceeded; and
(e) the conditions at clauses 4.1 and 4.2 have been satisfied.
4.3.2 Subject to the terms of this Agreement, GLA will pay each undisputed instalment of Funding to the Borough within fifteen (15) Business Days of receipt of a valid Claim.
4.3.3 Any amount of Funding not claimed by the Borough during the Availability Period will be automatically cancelled.
4.3.4 The Borough may not make more than one Claim per Quarter.
Mechanics and payment of Funding.
5.1 Each claim by the Recipient must:
(a) relate to Qualifying Expenditure for which the Recipient has not submitted any other Claim or received any other funding;
(b) accord with the Qualifying Expenditure Plan or be accompanied by evidence to the satisfaction of CPCA to justify any deviation; and
(c) not be for an amount which (if paid) would make the amount of advanced Funding exceed the Maximum Sum.
5.2 CPCA will pay claims from the Recipient in respect of Qualifying Expenditure within 28 Working Days of receipt of a valid claim.
Mechanics and payment of Funding. 5.3.1 A Claim will not be regarded as having been validly made by the Provider unless:
(a) it is submitted via IMS; and i is received by the Agency no later than [twenty (20) Business Days] prior to the proposed date the Funding will be made available to the Provider; ii is delivered during the Availability Period; and
(b) it accords with the Scheme Budget or is accompanied by evidence satisfactory to the Agency (in its absolute discretion) to justify any deviation; and
(c) it is for an amount which (if paid) would not cause the relevant Total Commitment to be exceeded; and
(d) the conditions at clauses 5.1 and 5.2 have been satisfied.
5.3.2 Subject to the terms of this Agreement, the Agency will pay Funding to the Provider within twenty (20) Business Days of receipt of a valid Claim.
5.3.3 Any amount not drawn by the Provider under a Facility during the Availability Period will be automatically cancelled.
5.3.4 The Provider may not make more than two Claims, being 50% (fifty per cent) of the Total Commitment to be paid no earlier than the Start on Site date and 50% (fifty per cent) of the Total Commitment to be paid no earlier than the Practical Completion date.
Mechanics and payment of Funding. 5.1.1 Claims must be submitted:
(a) during a Claim Month: and
(b) on a Claim Day, save where a Claim Month would fall during the months of January and February of a given year when such Claim must be submitted during the month of March on a Claim Day.
5.1.2 Claims can be submitted in advance of spend but only where the spend by the Local Authority will be incurred in the relevant Financial Year, save where a Claim Month falls in March for which the Claim must relate to Development Costs already incurred.
5.1.3 Only one Claim can be made in a Claim Month unless otherwise agreed by Homes England in writing.
5.1.4 A Claim will not be regarded as having been validly made by the Local Authority unless:
(a) it is submitted on a Claim Form which must be signed by the Local Authority Senior Officer and it is: i received by Homes England no later the time period specified in paragraph 5.1.1; and ii delivered during the Availability Period; and
(b) it relates to Development Costs and for which the Local Authority has not submitted any other Claim or received any other funding and it is accompanied by written evidence satisfactory to Homes England that the Development Costs have been or will be incurred within a 12 month period ending 31 March in the relevant Financial Year in which the Claim is made together with confirmation from the Local Authority Senior Officer that it has verified and approved the Claim;
(c) it accords with the Cashflow and each Milestone is to be met by the relevant Milestone Date or is accompanied by evidence satisfactory to Homes England (at its absolute discretion) to justify any deviation; and
(d) it is for an amount which (if paid) would not cause the Total Commitment to be exceeded.
5.1.5 Subject to the terms of the Agreement, Homes England will pay Funding to the Local Authority within twelve (12) Business Days of receipt of a valid Claim.
5.1.6 Any amount not drawn by the Local Authority under Agreement during the Availability Period will be automatically cancelled.
Mechanics and payment of Funding. Each Claim for Funding will not be regarded as having been validly made by the Applicant unless:- it is submitted via the Portal; it relates to Qualifying Expenditure for which the Applicant has not received any other funding (including, for the avoidance of doubt, any PTS Funding provided pursuant to the PTS Agreement); the proposed Claim Date is a Working Day within the relevant Availability Period; it is not for an amount which (if paid) would make the amount of Funding paid to the Applicant exceed the Maximum Sum; the Applicant or any entity the Applicant nominates to receive Funding on its behalf ('Funding Recipient') has provided to Homes England evidence of either: registration with the Client Money Protection Scheme; and/or (where the Funding Recipient manages the service charge regime in relation to the Building) details of a separate legal trust fund established and maintained by the Funding Recipient for the benefit of Leaseholders which is compliant with s42 of the Landlord and Xxxxxx Xxx 0000 which is reasonably acceptable to Homes England to enable Homes England to make the relevant payment; the costs to be financed by the proposed Funding: are Qualifying Expenditure; are or will be properly incurred in accordance with the Project Documents (including without limitation, the payment provisions in the Works Contract); include such amount that is to be paid in respect of VAT; and have not been the subject of a previous Claim under this Clause 4.2.1; the timing, costs and completion of the Works are in all material respects in accordance with the Project Documents; the Applicant will have sufficient funding available to it on or before the Required Completion Date (including the Funding) to enable it to complete the Works and shall provide such information or documentation to Homes England as it may reasonably require to satisfy itself (acting reasonably) that the Applicant is taking all necessary practical and commercial steps in this regard and to pay all Budgeted Costs (including any Excluded Expenditure); in respect of a Claim made on the First Funding Date; Homes England has received all of the documents and other evidence listed in Schedule 3 part B (Conditions Precedent to Funding) which, with the exception of the document listed at paragraph 2(a) of Schedule 3 part B, shall be in form and substance satisfactory to Homes England. Homes England shall notify the Applicant promptly upon being so satisfied; and shall be no more than £[] (or ...