Third Disbursement. The third disbursement each year corresponding to xx% of the current year’s budget may be done after approval of the mid-term reports for the current year. No disbursement will be made after [insert date]. Disbursements are made at the going exchange rate on the date of transfer. When the Implementing partner has requested and received a transfer of funds, [YYY] must receive written confirmation with copy of the deposit stating the amount received in the currency in question. Request for using funds after the end of year If Implementing Partner wishes to use funds from the current year between 1 January and 30 January the following year, a written request must be submitted to [YYY] no later than 25 November the current year. If the request is approved, the costs must be included in the audit for the previous year. CONSIDERABLE CHANGES Considerable changes Considerable changes in relation to the project budgets and objectives (annex A and B) shall be approved beforehand in writing by [YYY]. Considerable changes are changes in the project(s)’ expected results as described in the objective matrices as well as financial reallocations within each specific project. Considerable changes are Specify if needed REPORTING Mid-term reports The Implementing partner shall submit a Mid-term report per project for the period January to June, including an estimate of funds needed for the second half-year, no later than [insert date] each year in the agreement period. Annual reports The Implementing partner shall submit a result oriented Narrative report and a financial report per project, no later than [insert date] the following year. All financial reports shall comply with the financial instruction provided by [YYY]. An Auditor’s Report, a Management Letter and a Management Response shall also be enclosed. The Management Response shall be submitted no later than [insert date]. FINANCIAL REPORTING Accounting principles The Implementing partner has to ensure that the financial system and accounting is relevant, systematic, reliable and complete, and done without delay. National accounting principles and tax rules must be followed. Reconciliation of the bank accounts for project funds as well as any xxxxx cash must be made monthly. Records and filing The Implementing partner is committed to retaining on file all project-related documents, accounting records and supporting documents for a period of seven (7) years. Eligible costs Eligible costs are costs that can be directly...
Third Disbursement. When Borrower has provided to Lender Evidence of Payment (as that term is defined below) that Borrower has paid from its own funds an amount equal to at least an additional $2,762,647.00 for labor, services and/or materials incorporated into the Project subsequent to the Initial Disbursement and that the entire amount of the Second Disbursement has been expended for labor, services and/or materials incorporated into the Project subsequent to the Initial Disbursement, Lender shall make a disbursement to Borrower in the amount of $5,000,000.00 (the “Third Disbursement”).
Third Disbursement. Each Lender holding a Third Disbursement Commitment severally but not jointly agrees to lend to the Borrower, at the option of the Borrower, on the Third Disbursement Date, up to the principal amount set forth opposite such Lender’s name in Annex A under the heading “Third Disbursement Commitment” by making such amount available to the Borrower by wire transfer of such amount to an account or accounts designated in writing by the Borrower on the proposed date of funding. Amounts borrowed under this Section 2.1(c) are referred to as the “Third Disbursement.” Upon the earlier to occur of (i) the date of funding of the Third Disbursement by any Lender and (b) 5:00 p.m. on September 15, 2023, the remaining Third Disbursement Commitment amount, if any, of such Lender shall be automatically and simultaneously terminated.
Third Disbursement. Upon the execution of this Amendment by the parties and the satisfaction of those conditions to closing set forth in Section 11 below, Lender shall disburse the Third Disbursement to Borrower which, once disbursed, shall be subject to all of the terms and conditions, including rates of interest, applicable to all prior disbursements of the Loan.
Third Disbursement. The third disbursement each year corresponding to xx% of the current year’s budget may be done after approval of the mid-term reports for the current year. No disbursement will be made after [insert date]. Disbursements are made at the going exchange rate on the date of transfer. When the Implementing partner has requested and received a transfer of funds, [YYY] must receive written confirmation with copy of the deposit stating the amount received in the currency in question. Request for using funds after the end of year If the Co-operation Partner wishes to use funds from the current year between 1 January and 30 January the following year, a written request must be submitted to [YYY] no later than 25 November the current year. If the request is approved, the costs must be included in the audit for the previous year. Repayment obligations As a rule all project balances must be repaid to [YYY].
