Common use of Subsequent Payments Clause in Contracts

Subsequent Payments. (a) If the entire amount of CDFI RRP Assistance is not paid at Closing, the Recipient must request a subsequent payment (“Subsequent Payment Request”). All Subsequent Payment Requests must be received by the CDFI Fund no later than 30 days prior to end of the Period of Performance. If the Recipient does not request payment of all of the CDFI RRP Assistance by said date, the CDFI Fund, in its sole discretion, may terminate its obligation to pay said funds. (b) The CDFI Fund shall not make a subsequent payment (“Subsequent Payment”) until the Recipient has expended at least ninety percent (90%) of the previous payment(s) into Authorized CDFI RRP Assistance Activities pursuant to Section 3.7 herein. Subsequent Payment Requests must be in the amount the Recipient expects to expend for an Authorized CDFI RRP Assistance or Activity within a twelve (12) month period in the remaining Period of Performance. (c) Subsequent Payment Requests must be submitted via the Recipient’s AMIS Account (or as otherwise directed by the CDFI Fund). (d) Recipients will be limited to two (2) subsequent payments, unless such limitation is waived by the CDFI Fund. (e) If the Recipient requests the final subsequent payment less than six (6) months prior to the Performance Period End Date, the CDFI Fund will require verification that the Recipient will be able to expend the funds into an Authorized CDFI RRP Assistance Activity pursuant to Section 3.7 herein within the remaining Period of Performance.

Subsequent Payments. (a) If the entire amount of CDFI RRP Assistance is not paid at Closing, the Recipient must request a subsequent payment (“Subsequent Payment Request”). All Subsequent Payment Requests must be received by the CDFI Fund no later than 30 days prior to end of the Period of Performance. If the Recipient does not request payment of all of the CDFI RRP Assistance by said date, the CDFI Fund, in its sole discretion, may terminate its obligation to pay said funds. (b) The CDFI Fund shall not make a subsequent payment (“Subsequent Payment”) until the Recipient has expended disbursed at least ninety percent (90%) of the previous payment(s) into an Authorized CDFI RRP Financial Assistance Activities pursuant to Section 3.7 hereinor Technical Assistance Activity. Subsequent Payment Requests must be in the amount the Recipient expects to expend disburse for an Authorized CDFI RRP Financial Assistance or Technical Assistance Activity within a twelve (12) month period in the remaining Period of Performanceperiod. (c) Subsequent Payment Requests must be submitted via the Recipient’s AMIS Account (or as otherwise directed by the CDFI Fund). (d) Financial Assistance will not be paid until the Matching Funds requirements for the Assistance pursuant to the applicable NOFA and section 3.2 herein have been satisfied. (e) Recipients will be limited to two three (23) subsequent payments, unless such limitation is waived by the CDFI Fund. (ef) If the Recipient requests the final subsequent payment less than six (6) months prior to the Performance Period End Date, the CDFI Fund will require verification a justification that the Recipient will be able to expend the funds into an Authorized CDFI RRP authorized use of Financial Assistance Activity pursuant to Section 3.7 herein or authorized use of Technical Assistance pursuant to Section 3.8 herein within the remaining Period of Performance.