Timely Expenditure Clause Samples
Timely Expenditure. Third-Party Administrator shall expend SEP funds in a timely manner after receipt of SEP Funds. If TCEQ determines that SEP funds were not expended in a reasonable period of time, it may request a written explanation for the delay and a plan to expend the funds. Failure to expend SEP Funds in a timely manner may result in termination of the Agreement.
Timely Expenditure. Subrecipient acknowledges that City must comply with HUD’s requirement that CDBG Funds allocated for the Activity be expended in a timely manner and that City must monitor and administer all contracts involving City CDBG Funds. Subrecipient agrees to expend all CDBG Funds allocated to the Budget and complete the Activity before expiration of the Term. Any CDBG Funds not expended by Subrecipient before expiration of the Term may be reprogrammed by City Council without Notice to Subrecipient and will not be available to reimburse Subrecipient for any Activity expense incurred by Subrecipient.
Timely Expenditure. The Borrower shall establish procedures to insure that any amounts of CDBG-DR2 funds in excess of $5,000 shall be expended within ten (10) calendar days of receipt in the depository account established in accordance with this Part. The Borrower shall not requisition CDBG-DR2 funds for amounts that are withheld from contractors or subcontractors to assure satisfactory completion of the work. These amounts may be requisitioned when the Borrower makes final payment, including the amounts withheld.
Timely Expenditure. Contractor acknowledges that City must comply with HUD’s requirement that CDBG Funds allocated for the activity be expended in a timely manner and that City must monitor and administer all contracts involving City CDBG funds. Contractor agrees to expend all CDBG funds allocated to the budget and complete the activity before expiration of the Contract term.