Accredited Entity Fee Sample Clauses

Accredited Entity Fee. 4.01 The Accredited Entity’s fee is an amount equal to seven per cent (7%) of the total Grant used to finance the Funded Activity (the “Accredited Entity Fee”). 4.02 Ninety per cent (90%) of the Accredited Entity Fee shall be disbursed by the GCF to the Accredited Entity in instalments at the time of each Disbursement. The amount of each instalment of the Accredited Entity Fee shall be proportionate to the amount of the Disbursement to the total Grant, and such instalments shall be transferred to the bank account of the Accredited Entity indicated in the Request for Disbursement. 4.03 If, as at the Completion Date: (a) The aggregate amount of the Grant used to finance the Funded Activity was less than ninety per cent (90%) of the Grant, then the Accredited Entity shall, within thirty (30) calendar days written notice from the Fund, refund to the GCF the portion of the disbursed Accredited Entity Fee in relation to the unutilized portion of the GCF Proceeds; or (b) The aggregate amount of the Grant used to finance the Funded Activity was ninety per cent (90%) of the Grant, then the GCF shall pay no further amount in respect of the Accredited Entity Fee to the Accredited Entity; or (c) The aggregate amount of the Grant used to finance the Funded Activity was greater than ninety per cent (90%) of the Grant, then, within thirty (30) calendar days after the Accredited Entity submits to the GCF the Project completion report (final APR) to the satisfaction of the GCF, the GCF shall disburse to the Accredited Entity an amount, up to and including ten per cent (10%) of the Accredited Entity Fee, The aggregate Accredited Entity Fee received and retained by the Accredited Entity shall not exceed seven per cent (7%) of the total Grant used to finance the Funded Activity, unless otherwise agreed by the Fund. 4.04 The Accredited Entity Fee will be disbursed to the Accredited Entity in addition to the GCF Proceeds. 4.05 If the Fund decides to suspend Disbursements, in accordance with clause 15.03 of the AMA or Clause 5.03 of this Agreement, the Fund may also, at its own discretion, suspend the payment of Accredited Entity Fee. Such suspension will affect only Disbursements and payments of Accredited Entity Fee not disbursed by the Fund to the Accredited Entity prior to the time the suspension is decided by the Fund.