Grant Instalment definition
Examples of Grant Instalment in a sentence
During construction the assessment and calculation of Further Grant Instalments is based on actual incurred build costs as certified by the Grant Recipient’s Employer’s Agent or equivalent consultant or project manager and any additional fees incurred since the First Grant Instalment.
At Acquisition the assessment and calculation of the First Grant Instalment is based on actual land cost and actual fees incurred to purchase completion and planning permission.
The Authority must receive an updated Cash Flow Profile using the form set out in APPENDIX 2 TO ANNEX 7 (Cash Flow Profile Form) with a forecast of all expenditure for the Project no later than one month before the Recipient submits a Grant Claim for the First Grant Instalment.
If the Authority is satisfied that a Grant Claim meets the requirements of this Grant Agreement, the Authority will approve the Grant Claim and pay the relevant Grant Instalment to the Recipient's bank account as set out in the Conditional Grant Offer Letter (or such other bank account as is notified to the Authority by the Recipient).
Prior to submitting a Grant Claim for the First Grant Instalment, the Recipient must, if required by the Authority, provide the Authority with an updated Cash Flow Profile in accordance with section 81 with a forecast of all expenditure for the Project, as required in the Conditional Grant Offer Letter.
Without limiting clause 26, if: the Authority has paid a Grant Instalment to the Recipient; and the Recipient does not achieve any Milestones that are linked to the Grant Instalment and which are scheduled to be achieved after the Grant Claim Date, the Authority may suspend the Grant or require all or any part of the Grant Instalment to be re-paid to the Authority.
Without limiting clause 25, if: the Authority has paid a Grant Instalment to the Recipient; and the Recipient does not achieve any Milestones that are linked to the Grant Instalment and which are scheduled to be achieved after the Grant Claim Date, the Authority may suspend the Grant or require all or any part of the Grant Instalment to be re-paid to the Authority.
Within 20 Working Days of a Grant Claim Date, the Recipient may submit a Grant Claim to the Authority for payment of a Grant Instalment using the Grant Claim Form described in section 82 and otherwise in accordance with this Grant Agreement.
Within 20 Working Days of a Grant Claim Date, the Recipient may submit a Grant Claim to the Authority for payment of a Grant Instalment using the Grant Claim Form described in section 78 and otherwise in accordance with this Grant Agreement.
Prior to submitting a Grant Claim for the First Grant Instalment, the Recipient must, if required by the Authority, provide the Authority with an updated Cash Flow Profile in accordance with section 85 with a forecast of all expenditure for the Project, as required in the Conditional Grant Offer Letter.