Approval of Disbursement Requests; Release of Proceeds Clause Samples
Approval of Disbursement Requests; Release of Proceeds. (i) Upon receipt of a Disbursement Request, MCC shall determine the appropriate aggregate amount of the Disbursement permitted for the applicable Disbursement Period based on, among other things, (A) progress achieved under the CDF Implementation Documents, (B) the amount of funds required to complete the Activities described in the Disbursement Request during such Disbursement Period, and (C) the satisfaction, waiver, or deferral of the conditions precedent applicable to the requested Disbursement.
(ii) MCC may, in its sole discretion, reject any Disbursement Request completely, or reject or reduce the amount of any Disbursement requested thereunder, based on among other things, (A) any modification made to the CDF Implementation Documents or (B) any of the conditions precedent in Sections 3.3 and 3.4 of this Agreement has not been satisfied, waived, or deferred.
(iii) Subject to MCC’s approval of a Disbursement Request, the proceeds of the Disbursement approved thereunder may be transferred, at MCC’s sole election, (A) to a Permitted Account, or (B) directly to a Government Service Provider as payment for goods, works or services in accordance with MCC’s common payment system or any alternate payment system approved by MCC. Payments to Government Service Providers and other expenditures of Grant funding during the relevant Disbursement Period (including amounts transferred directly to a Service Provider) shall be made only as authorized by the Government and certified by the Fiscal Agent, or as otherwise agreed by the Parties, in accordance with the approved CDF Detailed Financial Plan and the standards and procedures set forth in the Interim Fiscal Accountability Plan approved by MCC.
Approval of Disbursement Requests; Release of Proceeds. (i) Upon receipt of a Disbursement Request, MCC shall determine the appropriate amount of the Disbursement to be authorized based on, among other things, (A) the progress achieved under the Implementation Plan, (B) the amount of funds required to complete the activities described in the Disbursement Request during the corresponding Disbursement Period and (C) the satisfaction, waiver or deferral of applicable conditions to such Disbursement. MCC may, in its discretion, disapprove any Disbursement completely or reduce the amount of any Disbursement below that proposed in a Disbursement Request based on its determination of any of the factors set forth in this Section 3.1(b)(i).
(ii) Upon MCC’s approval of a Disbursement Request, the proceeds of the Disbursement may be transferred, at MCC’s election, (A) to a Permitted Account, (B) directly to a third party as payment for goods, works or services received by MCA-Kosovo in accordance with the Common Payment System or any alternate payment system approved by MCC, or
Approval of Disbursement Requests; Release of Proceeds. (i) Upon receipt of a Disbursement Request, MCC will determine the appropriate amount of the Disbursement for application during the subsequent related Disbursement Period based on, among other things, (1) the progress achieved under the Implementation Plan, (2) the amount of funds required to complete the activities described in the accompanying Periodic Reports during such Disbursement Period, and (3) the satisfaction, waiver, or deferral of applicable conditions precedent to such Disbursement. MCC reserves the right to reduce the amount of any Disbursement Request in accordance with Section 3.6 of this Agreement.
(ii) Upon MCC’s approval of a Disbursement Request, the proceeds of the approved Disbursement Request may be transferred, at MCC’s sole election, (1) to a Permitted Account, or (2) directly to (A) any provider of goods, works, and services received by MCA- Moldova as payment for such goods, works, or services or (B) any other recipient authorized to receive any portion of the approved Disbursement, in each case in accordance with the Common Payment System or any alternate payment system approved by MCC; provided, however, that expenditures of such proceeds (including amounts transferred directly pursuant to this Section 3.1(b)(ii)(2)) are authorized by MCA-Moldova, and the related payment complies with the most recently approved Detailed Financial Plan and the standards and procedures set forth in the Fiscal Agent Agreement and the Fiscal Accountability Plan as certified by the Fiscal Agent.