Methods of Disbursement Clause Samples
The "Methods of Disbursement" clause defines the procedures and mechanisms by which funds are released or paid out under an agreement. It typically outlines the acceptable payment methods, such as wire transfer, check, or electronic funds transfer, and may specify the timing, required documentation, and conditions that must be met before disbursement occurs. This clause ensures that both parties have a clear understanding of how and when payments will be made, reducing the risk of disputes or delays related to financial transactions.
Methods of Disbursement a. Subrecipient may request disbursement from County of that part of the funding amount relating to a particular Project, either on the basis of a lump sum reimbursement of the Project costs upon completion or on the basis of periodic reimbursement payments during the course of a Project as the funds for that Project are expended.
Methods of Disbursement. A. The Subrecipient will request payment from the City of that part of the funding amount stated in Paragraph 8 on a monthly basis for reimbursement payments during the course of the Project as the funds for the Project are expended.
B. A request by the Subrecipient for monthly reimbursement payments on the Project shall be in a form and content as prescribed by DCD and shall be submitted to DCD for review and for a determination of eligibility for payment. Upon approval by DCD, submission of the request to the appropriate City offices and divisions for processing and payment will occur. Requests for payments shall be supported and documented as required by DCD on the basis of costs actually incurred by the Subrecipient on the Project during the period for which payment is requested.
C. Expenditures under this agreement determined by the City or HUD to be ineligible for reimbursement or which are inadequately documented will be, upon written request, immediately refunded to the City by the Subrecipient.
D. No requests for reimbursement or other payments under this agreement which are due to cost overruns of any kind on the Project(s) shall be approved, allowed or paid by the City unless the amount requested has been approved by a written amendment and authorized in accordance with the provisions of Paragraph 10.
Methods of Disbursement. 1. The CAR may choose to disburse funds to the borrower by means of ‘actual expense’ or ‘schedule.’ If the schedule method is used, the recipient must ensure that the schedule is designed to reasonably approximate the borrower’s incurred costs.
a. An ‘actual expense’ disbursement approach requires the borrower to submit documentation of the borrower’s expenditures (e.g., invoices) to the CAR prior to requesting payment from EPA.
b. A ‘schedule’ disbursement is one in which all, or an agreed upon portion, of the obligated funds are disbursed to the borrower or subrecipients on the basis of an agreed upon schedule (e.g., progress payments) provided the schedule minimizes the time elapsing between disbursement by the CAR and the borrower or subrecipient’s payment of costs incurred in carrying out the loan/subaward. In unusual circumstances, disbursement may occur upon execution of the loan or subaward. The CAR shall submit documentation of disbursement schedules to EPA.
c. If the disbursement schedule of the loan/subaward agreement calls for disbursement of the entire amount of the loan/subaward upon execution, the CAR shall demonstrate to the EPA Project Officer that this method of disbursement is necessary for purposes of cleaning up the site covered by the loan/subaward. Further, the CAR shall include an appropriate provision in the loan/subaward agreement which ensures that the borrower/recipient uses funds promptly for costs incurred in connection with the cleanup and that interest accumulated on schedule disbursements is applied to the cleanup.
d. Subaward funds must be disbursed to the subrecipient in accordance with 2 CFR 200.305, as applicable.
Methods of Disbursement. The CAR’s escrow arrangement shall be structured to ensure that the CERCLA § 104(k) funds are properly “disbursed” by the recipient for the purposes of the cooperative agreement as required by 2 CFR § 200.305. If the funds are not properly disbursed, the CERCLA § 104(k) funds that the recipient places in an escrow account will be subject to the interest recovery provisions of 2 CFR § 200.305.
Methods of Disbursement a. Subrecipient may request disbursement from County of that part of the funding amount relating to a particular Project, either on the basis of a lump sum reimbursement of the Project costs upon completion or on the basis of periodic reimbursement payments during the course of a Project as the funds for that Project are expended.
b. A request by Subrecipient for either a lump sum or for periodic reimbursement payments on a Project shall be in a form and content as prescribed by County and shall be submitted to County for review and for a determination of eligibility for payment. Upon approval by County, that division will submit the request to the appropriate County offices and divisions for processing and payment. Requests for periodic payments shall be supported and documented as required by County on the basis of costs actually incurred by Subrecipient on a Project during the period for which payment is requested.
c. Prepayment of the funds or a partial advance of funds to Subrecipient for a Project may be made by County if the nature of the Project or unusual circumstances justify such payment. Any prepayment or advance payment made hereunder must be justified in writing by Subrecipient and must be pre-approved and authorized by County. With the exception of certain advances, payments will be made for eligible expenses actually incurred by Subrecipient and are not to exceed actual cash requirements. Payments will be adjusted by County in accordance with advance fund and program income balances available in Subrecipient accounts. In addition, County reserves the right to liquidate funds available under this Agreement for costs incurred by County on behalf of Subrecipient.
d. Expenditures under this Agreement, whether or not prepaid, determined by County or HUD to be ineligible for reimbursement or which are inadequately documented will upon written request be immediately refunded to County by Subrecipient.
e. No requests for reimbursement or other payments under this Agreement due to cost overruns of any kind on the Project(s) shall be approved, allowed or paid by County unless the amount requested has been approved by a written amendment.
Methods of Disbursement. (a) Disbursements shall be made directly to Borrower or to Borrower’s account; provided, however, if an Event of Default has occurred and is continuing, Lenders may make such Disbursements, at Administrative Agent’s option, (i) directly to any Contractor; (ii) jointly to Borrower and any Contractor; (iii) directly to Persons supplying labor, materials and services in connection with the Improvements; or (iv) jointly to Borrower and said Persons. Borrower hereby expressly acknowledges that Administrative Agent may approve a Funding Requisition submitted by Borrower but may disburse Other Borrower Moneys or make the requested Disbursement in any of the methods described in the preceding sentence, under the circumstances set forth above, whether or not such method is the method selected by Borrower in its Funding Requisition, and Borrower hereby consents to any such action by Administrative Agent.
(b) At the Administrative Agent’s request, Disbursement of the Loan Proceeds shall be made by and through the Title Company pursuant to the provisions of a construction escrow agreement in the form then in use by such company with such modifications thereto as are reasonably required by the Administrative Agent. Borrower agrees to join as a party to such escrow to comply with the requirements set forth therein (which shall be in addition to and not in substitution for the requirements contained in this Loan Agreement), to furnish, or cause to be furnished to the Title Company such indemnities and other assurances the Title Company shall require in connection therewith and to pay the fees and expenses of the Title Company charged in connection with the performance of its duties under such construction escrow agreement.
(c) Lenders may, whether or not the conditions of this Loan Agreement are then satisfied, from time to time make Disbursements on behalf of Borrower to pay interest on the payment due dates in accordance with the terms of the Note, to pay fees of Lenders and Administrative Agent in respect of the Loan or to pay any other amounts due under the Loan Documents that have not been paid by Borrower within the time periods provided in this Loan Agreement. In addition, Lenders may, but are not obligated to, from time to time make Disbursements on behalf of Borrower: (i) to Governmental Authorities or insurers to pay Taxes or insurance premiums when due, or (ii) directly to the Prime Contractor, any other trade contractor or any other Person to whom payment is ...
Methods of Disbursement. A. The Project Sponsor will request payment from the City on a monthly basis, for reimbursement payments during the course of the Program.
B. A request for monthly reimbursement payments on the Program shall be in a form and content as prescribed by DCD and shall be submitted to DCD for review and for a determination of payment. Upon approval by DCD, submission of the request to the appropriate City offices for processing and payment will occur. Requests for payments shall be supported and documented as required by DCD by the Project Sponsor on the Program during the period for which payment is requested.
C. Expenditures under this agreement determined by the City or HUD to be ineligible for reimbursement or which are inadequately documented will be, upon written request, immediately refunded to the City by the Project Sponsor.