Common use of Second Disbursement Clause in Contracts

Second Disbursement. In order to be eligible for the second disbursement of funding (the “Second Disbursement”), the Recipient must: demonstrate to the IESO that it has spent the First Disbursement in its entirety on Project Expenses through the submission of Proof of Payment in respect of the First Disbursement amounts. submit the following, in addition to any other Deliverables set out in Schedule D to this Agreement: a Request for Funding; an Interim Check-in Report as outlined in Schedule D; and any other information the IESO may request, including any Check-In Reports, in its sole and absolute discretion. Subject to the IESO’s approval of the Request for Funding for the Second Disbursement, and provided that the Recipient is not in breach of any of its obligations under this Funding Agreement, the IESO will pay the Recipient the Second Disbursement in an amount equal to the amount requested by the Recipient in the Request for Funding, which amount shall not exceed the amount that is: 40% of the Maximum Funding Amount; or if the First Disbursement was an amount that was less than 20% of the Maximum Funding Amount: 40% of the Maximum Funding Amount; plus an amount that represents the difference between the amount received under the First Disbursement and 20% of the Maximum Funding Amount (the “First Disbursement Top-up”); provided that the Recipient has provided the IESO with Proof of Payment for Project Expenses in respect of the First Disbursement Top-up, and such Project Expenses were not covered by the First Disbursement.