Common use of Requirement to Remit Interest Clause in Contracts

Requirement to Remit Interest. The Grantee agrees that: 1) Any interest earned by the Grantee on FRA funds must be remitted to FRA, except as provided by 31 U.S.C. § 6503, or the Indian Xxxx-Xxxxxxxxxxxxx Xxx, 00 X.X.X. § 000 et seq., and any regulations thereunder that may be issued by the U.S. Secretary of the Treasury. 2) Irrespective of whether the Grantee has deposited funds in an interest-bearing account, the Grantee agrees to pay to FRA interest on any FRA funds that the Grantee has drawn down and failed to spend for eligible Project activities. Unless waived by FRA, interest will be calculated at rates imposed by the U.S. Secretary of the Treasury beginning on the fourth day after the funds were deposited in the Grantee's bank or other financial depository. This requirement does not apply to any Grantee that is a state, state instrumentality, or Indian Tribal Government, except as permitted under applicable state law and by regulations that may be issued by the U.S. Secretary of the Treasury. 3) Upon notice by FRA to the Grantee of specific amounts due, the Grantee agrees to promptly remit to FRA any excess payment of amounts or disallowed costs, including any interest due thereon.

Appears in 6 contracts

Samples: Grant Agreement, Cooperative Agreement, Cooperative Agreement

AutoNDA by SimpleDocs

Requirement to Remit Interest. The Grantee agrees that: (1) Any interest earned by the Grantee on FRA funds must be remitted to FRA, except as provided by 31 U.S.C. § 6503, or the Indian XxxxSelf-Xxxxxxxxxxxxx XxxDetermination Act, 00 X.X.X. 25 U.S.C. § 000 450 et seq., and any regulations thereunder that may be issued by the U.S. Secretary of the Treasury. (2) Irrespective of whether the Grantee has deposited funds in an interest-bearing account, the Grantee agrees to pay to FRA interest on any FRA funds that the Grantee has drawn down and failed to spend for eligible Project activities. Unless waived by FRA, interest will be calculated at rates imposed by the U.S. Secretary of the Treasury beginning on the fourth day after the funds were deposited in the Grantee's bank or other financial depository. This requirement does not apply to any Grantee that is a state, state instrumentality, or Indian Tribal Government, except as permitted under applicable state law and by regulations that may be issued by the U.S. Secretary of the Treasury. (3) Upon notice by FRA to the Grantee of specific amounts due, the Grantee agrees to promptly remit to FRA any excess payment of amounts or disallowed costs, including any interest due thereon.

Appears in 1 contract

Samples: General Provisions Agreement

AutoNDA by SimpleDocs

Requirement to Remit Interest. The Grantee agrees that: 1) Any interest earned by the Grantee on FRA funds must be remitted beremitted to FRA, except as provided by 31 U.S.C. § 6503, or the Indian Xxxx-Xxxxxxxxxxxxx Xxx, 00 X.X.X. § 000 et seq., and any regulations thereunder that may be issued by the U.S. Secretary of the Treasury. 2) Irrespective of whether the Grantee has deposited funds in an interest-bearing account, the Grantee agrees to pay to FRA interest on any FRA funds that the Grantee has drawn down and failed to spend for eligible Project activities. Unless waived by FRA, interest will be calculated at rates imposed by the U.S. Secretary of the Treasury beginning on the fourth day after the funds were deposited in the Grantee's bank or other financial depository. This requirement does not apply notapply to any Grantee that is a stateastate, state instrumentality, or Indian Tribal Government, except as permitted under applicable state law and by regulations that may be issued by the U.S. Secretary of the Treasury. 3) Upon notice by FRA to the Grantee of specific amounts due, the Grantee agrees to promptly remit to FRA any excess payment of amounts or disallowed ofamounts ordisallowed costs, including any interest due thereonduethereon.

Appears in 1 contract

Samples: Grant/Cooperative Agreement

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!