Common use of Disbursement Procedure Clause in Contracts

Disbursement Procedure. ‌ Except as may be otherwise provided in this Agreement, disbursement of Project Funds will be made as follows: 1. Upon execution and delivery of this Agreement by both parties, the Recipient may request immediate disbursement of any eligible incurred planning and design allowance costs through submission to the State Water Board of the Disbursement Request Form 260 and Form 261, or any amendment thereto, duly completed and executed. 2. The Recipient must submit a disbursement request for costs incurred prior to the date this Agreement is executed by the State Water Board no later than ninety (90) days after this Agreement is executed by the State Water Board. Late disbursement requests may not be honored. 3. The Recipient may request disbursement of eligible construction and equipment costs consistent with budget amounts approved by the Division in the Final Budget Approval. 4. Additional Project Funds will be promptly disbursed to the Recipient upon receipt of Disbursement Request Form 260 and Form 261, or any amendment thereto, duly completed and executed by the Recipient for incurred costs consistent with this Agreement, along with receipt of progress reports due under Exhibit A. 5. The Recipient must not request disbursement for any Project Cost until such cost has been incurred and is currently due and payable by the Recipient, although the actual payment of such cost by the Recipient is not required as a condition of disbursement request. Supporting documentation (e.g., receipts) must be submitted with each Disbursement Request. The amount requested for administration costs must include a calculation formula (i.e., hours or days worked times the hourly or daily rate = total amount claimed). Disbursement of Project Funds will be made only after receipt of a complete, adequately supported, properly documented, and accurately addressed Disbursement Request. Disbursement Requests submitted without supporting documents may be wholly or partially withheld at the discretion of the Division. 6. The Recipient must spend Project Funds within 30 days of receipt. If the Recipient earns interest earned on Project Funds, it must report that interest immediately to the State Water Board. The State Water Board may deduct earned interest from future disbursements. 7. The Recipient shall not request a disbursement unless that Project Cost is allowable, reasonable, and allocable. 8. Notwithstanding any other provision of this Agreement, no disbursement shall be required at any time or in any manner which is in violation of or in conflict with federal or state laws, policies, or regulations. 9. No work or travel outside the State of California is permitted under this Agreement unless the Division provides prior written authorization. Failure to comply with this restriction may result in termination this Agreement, pursuant to Exhibit C. Any reimbursement for necessary travel and per diem shall be at rates not to exceed those set by the California Department of Human Resources at ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇.▇▇▇/employees/Pages/travel- reimbursements.aspx. as of the date costs are incurred by the Recipient.

Disbursement Procedure. ‌ Except as may be otherwise provided in this Agreement, disbursement of Project Funds will be made as follows: 1. Upon execution and delivery of this Agreement by both all parties, the Recipient Administrating District may request immediate disbursement of any eligible incurred planning and design allowance costs through submission to the State Water Board of the Disbursement Request Form 260 and Form 261, or any amendment thereto, duly completed and executed. 2. The Recipient Administrating District must submit a disbursement request for costs incurred prior to the date this Agreement is executed by the State Water Board no later than ninety (90) days after this Agreement is executed by the State Water Board. Late disbursement requests may not be honored. 3. The Recipient Administrating District may request disbursement of eligible construction and equipment costs consistent with budget amounts approved by the Division in the Final Budget Approval. 4. Additional Project Funds will be promptly disbursed to the Recipient Administrating District upon receipt of Disbursement Request Form 260 and Form 261, or any amendment thereto, duly ▇▇▇▇ completed and executed by the Recipient Recipients for incurred costs consistent with this Agreement, along with receipt of progress reports due under Exhibit A. 5. The Recipient Administering District must not request disbursement for any Project Cost until such cost has been incurred and is currently due and payable by the RecipientRecipients, although the actual payment of such cost by the Recipient Recipients is not required as a condition of disbursement request. Supporting documentation (e.g., receipts) must be submitted with each Disbursement Request. The amount requested for administration costs must include a calculation formula (i.e., hours or days worked times the hourly or daily rate = total amount claimed). Disbursement of Project Funds will be made only after receipt of a complete, adequately supported, properly documented, and accurately addressed Disbursement Request. Disbursement Requests submitted without supporting documents may be wholly or partially withheld at the discretion of the Division. 6. The Recipient Administrating District must spend Project Funds within 30 days of receipt. If the Recipient earns Recipients earn interest earned on Project Funds, it they must report that interest immediately to the State Water Board. The State Water Board may deduct earned interest from future disbursements. 7. The Recipient Administrating District shall not request a disbursement unless that Project Cost is allowable, reasonable, and allocable. 8. The Administrating District is solely responsible for submitting disbursement requests in compliance with this Exhibit B.1.7. 9. The State Water Board shall provide disbursements only to the Administrating District. 10. Notwithstanding any other provision of this Agreement, no disbursement shall be required at any time or in any manner which is in violation of or in conflict with federal or state laws, policies, or regulations. 911. No work or travel outside the State of California is permitted under this Agreement unless the Division provides prior written authorization. Failure to comply with this restriction may result in termination this Agreement, pursuant to Exhibit C. Any reimbursement for necessary travel and per diem shall be at rates not to exceed those set by the California Department of Human Resources at ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇.▇▇▇/employees/Pages/travel- reimbursements.aspx. as of the date costs are incurred by the Recipient.

Disbursement Procedure. ‌ (a) Except as may be otherwise provided in this Agreement, disbursement of Project Grant Funds will be made as follows: (1. ) Upon execution and delivery of this Agreement by both partiesAgreement, the Recipient may request immediate disbursement of any submit a Disbursement Request for eligible incurred planning and design allowance costs Project Costs as well as to support Match Funds as specified in this Exhibit from the Project Costs through submission to the State Water Board of using the Disbursement Request Form 260 form and Form 261, or any amendment thereto, duly completed and executedthe reimbursement request form provided by the Grant Manager. (2) Disbursement Requests shall contain the following information: a. The date of the request; b. The time period covered by the request, i.e., the term “from” and “to”; c. The total amount requested; d. Documentation of Match Funds used; e. Original signature and date (in ink) of the Recipient’s Project Director or his/her designee; and f. The final Disbursement Request shall be clearly marked “FINAL DISBURSEMENT REQUEST” and shall be submitted NO LATER THAN the Final Disbursement Request Date. (3) Disbursement Requests must be itemized based on the line items specified in the budget in this Exhibit. The Recipient Disbursement Requests must submit a disbursement request for costs incurred prior be complete, signed by the Recipient’s Project Director or his/her designee, and addressed to the date Grant Manager as set forth in Section 4 of this Agreement is executed Agreement. Disbursement Requests submitted in any other format than the one provided by the State Water Board no later than ninety (90) days after will cause a Disbursement Request to be disputed. In the event of such a dispute, the Grant Manager will notify the Recipient. Payment will not be made until the dispute is resolved and a corrected Disbursement Request submitted. The Grant Manager has the responsibility for approving Disbursement Requests. Project Costs incurred prior to the Eligible Work Start Date of this Agreement is executed by the State Water Board. Late disbursement requests may will not be reimbursed. (4) Grant Funds must be requested quarterly via Disbursement Request for eligible costs incurred during the reporting period of the corresponding Progress Report, describing the activities and expenditures for which the disbursement is being requested. Each Disbursement Request must be accompanied by a Progress Report. Failure to provide timely Disbursement Requests may result in such requests not being honored. 3. (5) The Recipient may request disbursement of eligible construction and equipment costs consistent with budget amounts approved by the Division in the Final Budget Approval. 4. Additional Project Funds agrees that it will be promptly disbursed to the Recipient upon receipt of not submit any Disbursement Request Form 260 and Form 261, or any amendment thereto, duly completed and executed by the Recipient for incurred costs consistent with this Agreement, along with receipt of progress reports due under Exhibit A. 5. The Recipient must not request disbursement for Requests that include any Project Cost Costs until such cost has been incurred and is currently due and payable by the Recipient, although the actual payment of such cost by the Recipient is not required as a condition of disbursement requestDisbursement Request. Supporting documentation (e.g., receipts, laboratory invoices) must be submitted with each Disbursement RequestRequest as well as to support Match Funds claimed, if any. The amount requested for administration costs must include a calculation formula (i.e., hours or days worked times the hourly or daily rate = total amount claimed). Disbursement of Project Grant Funds will be made only after receipt of a complete, adequately supported, properly documented, documented and accurately addressed Disbursement Request. Disbursement Requests submitted without supporting documents may be wholly or partially withheld at the discretion of the Division. (6. ) The Recipient must spend will not seek reimbursement of any Project Costs that have been reimbursed from other funding sources. (7) Recipient shall use Grant Funds within 30 days of receiptreceipt to reimburse contractors, vendors, and other Project Costs. If the Recipient earns Any interest earned on Project Grant Funds shall be reported to the State Water Board and will either be required to be returned to the State Water Board or deducted from future disbursements. In the event that the Recipient fails to disburse Grant Funds to contractors or vendors within thirty (30) days from receipt of the Grant Funds, it must report that interest the Recipient shall immediately return such Grant Funds to the State Water Board. The Interest shall accrue on such Grant Funds from the date of disbursement through the date of mailing of Grant Funds to the State Water Board may deduct Board. If the Recipient held such Grant Funds in interest-bearing accounts, any interest earned interest from future disbursementson the Grant Funds shall also be due to the State Water Board. 7(8) Recipient shall submit its final Disbursement Request no later than the Final Disbursement Request Date specified herein unless prior approval is granted by the Division. If the Recipient fails to do so, then the undisbursed balance of this Agreement may be deobligated. (9) The Recipient shall agrees that it will not request a disbursement unless that Project Cost cost is allowable, reasonable, and allocable. 8. (10) Notwithstanding any other provision of this Agreement, no disbursement shall be required at any time or in any manner which that is in violation of or in conflict with federal or state laws, policies, or regulationsregulations.‌ (11) The Recipient agrees that it shall not be entitled to interest earned on undisbursed Grant Funds. 9. (12) No work or travel outside the State of California is permitted under this Agreement unless the Division provides prior written authorization. Failure to comply with this restriction may result in termination of this Agreement, pursuant to Exhibit C. Any reimbursement for necessary travel and per diem shall be at rates not to exceed those set by the California Department of Human Resources at ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇.▇▇▇/employees/Pages/travel- reimbursements.aspx. as of the date costs are incurred by the Recipient. (13) The Recipient must include any other documents or requests required or allowed under this Agreement.

Disbursement Procedure. ‌ Except as may be otherwise provided in this Agreement, disbursement of Project Funds will be made as follows: 1. Upon execution and delivery of this Agreement by both parties, the Recipient may request immediate disbursement of any eligible incurred planning and design allowance costs as specified below from the Project Funds through submission to the State Water Board of the Disbursement Request Form Forms 260 and Form 261, or any amendment thereto, duly completed and executed. 2. The Recipient must submit a disbursement request for costs incurred prior to the date this Agreement is executed by the State Water Board no later than ninety (90) days after this Agreement is executed by the State Water Board. Late disbursement requests may not be honored. 3. The Recipient may request disbursement of eligible construction and equipment costs consistent with budget amounts approved by the Division in the Final Budget Approval. 4. Additional Project Funds will be promptly disbursed to the Recipient upon receipt of Disbursement Request Form Forms 260 and Form 261, or any amendment thereto, duly completed and executed by the Recipient for incurred costs consistent with this Agreement, along with receipt of progress reports due under Exhibit A. 54. The Recipient must not request disbursement for any Project Cost until such cost has been incurred and is currently due and payable by the Recipient, although the actual payment of such cost by the Recipient is not required as a condition of disbursement request. Supporting documentation (e.g., receipts) must be submitted with each Disbursement Request. The amount requested for administration costs must include a calculation formula (i.e., hours or days worked times the hourly or daily rate = total amount claimed). Disbursement of Project Funds will be made only after receipt of a complete, adequately supported, properly documented, and accurately addressed Disbursement Request. Disbursement Requests submitted without supporting documents may be wholly or partially withheld at the discretion of the Division. 65. The Recipient must spend Project Funds within 30 days of receipt. If the Recipient earns interest earned on Project Funds, it must report that interest immediately to the State Water Board. The State Water Board may deduct earned interest from future disbursements. 76. The Recipient shall not request a disbursement unless that Project Cost is allowable, reasonable, and allocable. 87. Notwithstanding any other provision of this Agreement, no disbursement shall be required at any time or in any manner which is in violation of or in conflict with federal or state laws, policies, or regulations. 98. No work or travel outside the State of California is permitted under this Agreement unless the Division provides prior written authorization. Failure to comply with this restriction may result in termination this Agreement, pursuant to Exhibit C. Any reimbursement for necessary travel and per diem shall be at rates not to exceed those set by the California Department of Human Resources at ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇.▇▇▇/employees/Pages/travel- reimbursements.aspx. as of the date costs are incurred by the Recipient.

Disbursement Procedure. ‌ Except as may be otherwise provided in this Agreement, disbursement of Project Funds will be made as follows: 1. Upon execution and delivery of this Agreement by both parties, the Recipient may request immediate disbursement of any eligible incurred planning and design allowance costs as specified below from the Project Funds through submission to the State Water Board of the Disbursement Request Form 260 and Form 261, or any amendment thereto, duly completed and executed. 2. The Recipient must submit a disbursement request for costs incurred prior to the date this Agreement is executed by the State Water Board no later than ninety (90) days after this Agreement is executed by the State Water Board. Late disbursement requests may not be honored. 3. The Recipient may request disbursement of eligible construction and equipment costs consistent with budget amounts referenced below and in B.1.5. after the Division has approved the final budget form submitted by the Recipient. The Deputy Director of the Division in may authorize the Final Budget Approvaldisbursement of up to ten percent (10%) of Project Funds for the reimbursement of eligible construction costs and pre-purchased materials prior to Division approval of the final budget form submitted by the Recipient. 4. Additional Project Funds will be promptly disbursed to the Recipient upon receipt of Disbursement Request Form 260 and Form 261, or any amendment thereto, duly completed and executed by the Recipient for incurred costs consistent with this Agreement, along with receipt of progress reports due under Exhibit A. 5. The Recipient must not request disbursement for any Project Cost until such cost has been incurred and is currently due and payable by the Recipient, although the actual payment of such cost by the Recipient is not required as a condition of disbursement request. Supporting documentation (e.g., receipts) must be submitted with each Disbursement Request. The amount requested for administration costs must include a calculation formula (i.e., hours or days worked times the hourly or daily rate = total amount claimed). Disbursement of Project Funds will be made only after receipt of a complete, adequately supported, properly documented, and accurately addressed Disbursement Request. Upon request by the Division, supporting documents for professional and administrative services must include the employees’ names, classifications, labor rates, hours worked, and descriptions of the tasks performed. Disbursement Requests submitted without supporting documents may be wholly or partially withheld at the discretion of the Division. 6. The Recipient must spend Project Funds within 30 days of receipt. If the Recipient earns interest earned on Project Funds, it must report that interest immediately to the State Water Board. The State Water Board may deduct earned interest from future disbursements. 7. The Recipient shall not request a disbursement unless that Project Cost is allowable, reasonable, and allocable. 8. Notwithstanding any other provision of this Agreement, no disbursement shall be required at any time or in any manner which is in violation of or in conflict with federal or state laws, policies, or regulations. 9. No work or travel outside the State of California is permitted under this Agreement unless the Division provides prior written authorization. Failure to comply with this restriction may result in termination this Agreement, pursuant to Exhibit C. Any reimbursement for necessary travel and per diem shall be at rates not to exceed those set by the California Department of Human Resources at ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇.▇▇▇/employees/Pages/travel- reimbursements.aspx. as of the date costs are incurred by the Recipient.

Disbursement Procedure. ‌ Except as may be otherwise provided in this Agreement, disbursement of Project Funds will be made as follows: 1. Upon execution and delivery of this Agreement by both parties, the Recipient may request immediate disbursement of any eligible incurred planning and design allowance costs as specified in Exhibit B from the Project Funds through submission to the State Water Board of the Disbursement Request Form 260 and Form 261260, or any amendment thereto, duly completed and executed. 2. The Recipient must submit a disbursement request for costs incurred prior to the date this Agreement is executed by the State Water Board no later than ninety (90) days after this Agreement is executed by the State Water Board. Late disbursement requests may not be honored. 3. The Recipient may request disbursement of eligible construction and equipment costs consistent with budget amounts approved by the Division referenced in the Final Budget ApprovalExhibit B and Exhibit A-FBA. (Note that this Agreement will be amended to incorporate Exhibit A-FBA after final budget approval.) 4. Additional Project Funds will be promptly disbursed to the Recipient upon receipt of Disbursement Request Form 260 and Form 261260, or any amendment thereto, duly completed and executed by the Recipient for incurred costs consistent with this Agreement, along with receipt of progress status reports due under Exhibit A. 5. The Recipient must not request disbursement for any Project Cost until such cost has been incurred and is currently due and payable by the Recipient, although the actual payment of such cost by the Recipient is not required as a condition of disbursement request. Supporting documentation (e.g., receipts) must be submitted with each Disbursement Request. The amount requested for administration costs must include a calculation formula (i.e., hours or days worked times the hourly or daily rate = total amount claimed). Disbursement of Project Funds will be made only after receipt of a complete, adequately supported, properly documented, and accurately addressed Disbursement Request. Disbursement Requests submitted without supporting documents may be wholly or partially withheld at the discretion of the Division. 6. The Recipient must spend Project Funds within 30 days of receipt. If the Recipient earns interest earned on Project Funds, it must report that interest immediately to the State Water Board. The State Water Board may deduct earned interest from future disbursements. 7. The Recipient shall not request a disbursement unless that Project Cost is allowable, reasonable, and allocable. 8. Notwithstanding any other provision of this Agreement, no disbursement shall be required at any time or in any manner which is in violation of or in conflict with federal or state laws, policies, or regulations. 9. No work or travel outside the State of California is permitted under this Agreement unless the Division provides prior written authorization. Failure to comply with this restriction may result in termination this Agreement, pursuant to Exhibit C. E. Any reimbursement for necessary travel and per diem shall be at rates not to exceed those set by the California Department of Human Resources at ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇.▇▇▇/employees/Pages/travel- reimbursements.aspx. as of the date costs are incurred by the Recipient.

Disbursement Procedure. ‌ Except as may be otherwise provided in this Agreement, disbursement of Project Funds will be made as follows: 1. : Upon execution and delivery of this Agreement by both partiesAgreement, the Recipient may request immediate disbursement of any submit a Disbursement Request for eligible incurred planning and design allowance costs Project Costs as well as to support Match Funds as specified in this Exhibit from the Project Costs through submission to the State Water Board of using the Disbursement Request Form 260 form provided by the Grant Manager. Disbursement Requests shall contain the following information: The date of the request; The time period covered by the request, i.e., the term “from” and Form 261“to”; The total amount requested; Documentation of Match Funds used; Original signature and date (in ink) of the Recipient’s Project Director or his/her designee; and The Final Disbursement Request shall be clearly marked “FINAL DISBURSEMENT REQUEST” and shall be submitted NO LATER THAN the Final Disbursement Request Date. Disbursement Requests must be itemized based on the line items specified in the budget in this Exhibit. Disbursement Requests must be complete, signed by the Recipient’s Project Director or any amendment theretohis/her designee, duly completed and executed. 2. The Recipient must submit a disbursement request for costs incurred prior addressed to the date Grant Manager as set forth in Section 4 of this Agreement is executed Agreement. Disbursement Requests submitted in any other format than the one provided by the State Water Board no later than ninety (90) days after will cause a Disbursement Request to be disputed. In the event of such a dispute, the Grant Manager will notify the Recipient. Payment will not be made until the dispute is resolved and a corrected Disbursement Request submitted. The Grant Manager has the responsibility for approving Disbursement Requests. Project Costs incurred prior to the Eligible Work Start Date of this Agreement is executed by the State Water Board. Late disbursement requests may will not be reimbursed. Project Funds must be requested quarterly via Disbursement Request for eligible costs incurred during the reporting period of the corresponding Progress Report, describing the activities and expenditures for which the disbursement is being requested. Each Disbursement Request must be accompanied by a Progress Report. Failure to provide timely Disbursement Requests may result in such requests not being honored. 3. The Recipient may request disbursement of eligible construction and equipment costs consistent with budget amounts approved by the Division in the Final Budget Approval. 4. Additional Project Funds agrees that it will be promptly disbursed to the Recipient upon receipt of not submit any Disbursement Request Form 260 and Form 261, or any amendment thereto, duly completed and executed by the Recipient for incurred costs consistent with this Agreement, along with receipt of progress reports due under Exhibit A. 5. The Recipient must not request disbursement for Requests that include any Project Cost Costs until such cost has been incurred and is currently due and payable by the Recipient, although the actual payment of such cost by the Recipient is not required as a condition of disbursement requestDisbursement Request. Supporting documentation (e.g., receipts) must be submitted with each Disbursement RequestRequest as well as to support Match Funds claimed, if any. The amount requested for administration costs must include a calculation formula (i.e., hours or days worked times the hourly or daily rate = total amount claimed). Disbursement of Project Funds will be made only after receipt of a complete, adequately supported, properly documented, documented and accurately addressed Disbursement Request. Disbursement Requests submitted without supporting documents may be wholly or partially withheld at the discretion of the Division. 6. The Recipient must spend will not seek reimbursement of any Project Costs that have been reimbursed from other funding sources. Recipient shall use Project Funds within 30 days of receiptreceipt to reimburse contractors, vendors, and other Project Costs. If the Recipient earns Any interest earned on Project Funds shall be reported to the State Water Board and will either be required to be returned to the State Water Board or deducted from future disbursements. In the event that the Recipient fails to disburse Project Funds to contractors or vendors within thirty (30) days from receipt of the Project Funds, it must report that interest the Recipient shall immediately return such Project Funds to the State Water Board. The Interest shall accrue on such Project Funds from the date of disbursement through the date of mailing of Project Funds to the State Water Board may deduct Board. If the Recipient held such Project Funds in interest-bearing accounts, any interest earned interest from future disbursements. 7on the Project Funds shall also be due to the State Water Board. Recipient shall submit its final Disbursement Request no later than the Final Disbursement Request Date specified herein unless prior approval is granted by the Division. If the Recipient fails to do so, then the undisbursed balance of this Agreement will be deobligated. The Recipient shall agrees that it will not request a disbursement unless that Project Cost cost is allowable, reasonable, and allocable. 8. Notwithstanding any other provision of this Agreement, no disbursement shall be required at any time or in any manner which that is in violation of or in conflict with federal or state laws, policies, or regulations. 9. The Recipient agrees that it shall not be entitled to interest earned on undisbursed Project Funds. No work or travel outside the State of California is permitted under this Agreement unless the Division provides prior written authorization. Failure to comply with this restriction may result in termination this Agreement, pursuant to Exhibit C. Any reimbursement for necessary travel and per diem shall be at rates not to exceed those set by the California Department of Human Resources at ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇.▇▇▇/employees/Pages/travel- travel-reimbursements.aspx. as of the date costs are incurred by the Recipient. The Recipient must include any other documents or requests required or allowed under this Agreement.

Disbursement Procedure. ‌ Except as may be otherwise provided in this Agreement, disbursement of Project Funds will be made as follows: 1. Upon execution and delivery of this Agreement by both parties, the Recipient may request immediate disbursement of any eligible incurred planning and design allowance costs through submission Subject to the State Water Board compliance with all of the Disbursement Request Form 260 and Form 261, or any amendment thereto, duly completed and executed. 2. The Recipient must submit a disbursement request for costs incurred prior to the date this Agreement is executed by the State Water Board no later than ninety (90) days after this Agreement is executed by the State Water Board. Late disbursement requests may not be honored. 3. The Recipient may request disbursement of eligible construction and equipment costs consistent with budget amounts approved by the Division in the Final Budget Approval. 4. Additional Project Funds will be promptly disbursed to the Recipient upon receipt of Disbursement Request Form 260 and Form 261, or any amendment thereto, duly completed and executed by the Recipient for incurred costs consistent with this Agreement, along with receipt of progress reports due under Exhibit A. 5. The Recipient must not request disbursement for any Project Cost until such cost has been incurred and is currently due and payable by the Recipient, although the actual payment of such cost by the Recipient is not required as a condition of disbursement request. Supporting documentation (e.g., receipts) must be submitted with each Disbursement Request. The amount requested for administration costs must include a calculation formula (i.e., hours or days worked times the hourly or daily rate = total amount claimed). Disbursement of Project Funds will be made only after receipt of a complete, adequately supported, properly documented, and accurately addressed Disbursement Request. Disbursement Requests submitted without supporting documents may be wholly or partially withheld at the discretion of the Division. 6. The Recipient must spend Project Funds within 30 days of receipt. If the Recipient earns interest earned on Project Funds, it must report that interest immediately to the State Water Board. The State Water Board may deduct earned interest from future disbursements. 7. The Recipient shall not request a disbursement unless that Project Cost is allowable, reasonable, and allocable. 8. Notwithstanding any other provision provisions of this Agreement, no disbursement and subject to the terms of this Agreement, the Loan shall be disbursed in several advances at such time and in such amounts as Lender shall determine in accordance with the following procedures: Not less than five (5) business days before the date on which Borrower desires an advance of the Loan, Borrower shall submit to Lender a requisition in form satisfactory to Lender which shall include (i) the Budget, (ii) for amounts in the Budget designated for the Project Work pursuant to a construction contract with a general contractor, an AIA G702/703 form containing the itemized schedule of values for such Project Work under the particular contract and an itemization of the particular costs incurred to date pursuant to each category of such schedule of values, (iii) a separate itemization of costs incurred for equipment, construction and nonconstruction expenses in connection with the Project Work or the Loan (other than those incurred pursuant to a general construction contract (itemized under the line items of the Budget, with copies of invoices for all such amounts)) and (iv) the percentage of completion of each line item on the Budget and each schedule of values. The accuracy of the costs and percentage of completion shall be certified to Lender by Borrower, by Borrower's project architect and, in the case of Project Work by a general contractor, also by such general contractor. Borrower appoints BNP Management, Inc. as its agent(s) (if more than one, any one may sign) to make disbursement requests. Borrower may hereafter by written notice to Lender appoint one or more other agents or change agents to make disbursement requests, provided any such notice is not effective until actually received by Lender. Lender may require that the completed Project Work to the date of costs included in any request for an advance of the Loan be reviewed and approved by a construction inspector selected by Lender as a condition to funding. Fees and expenses of Lender's inspector shall be promptly reimbursed by Borrower. Borrower will contact the Lender's inspector and coordinate delivery of Borrower's requisition with an inspection by the Lender's inspector in order to allow the Lender's inspector to review the completed Project Work for which costs are included in Borrower's requisition. Such inspector will review and certify to Lender his opinion of the percentage of completion, the general quality of completed Project Work and compliance with the proposed scope of the Project Work and the maximum allowable advances, which shall be determined in accordance with the following paragraphs of this Section. (1) a reasonable retainage (not more than ten percent (10%) or less than five percent (5%) of the total construction costs of the Project Work under the Loan, as determined by Lender), except for the last advance for the Project Work and (2) the amounts of the Loan previously advanced by Lender. The retainage shall be advanced only after satisfactory completion of all Project Work, the furnishing to Lender of evidence satisfactory to Lender that such completion is free of all mechanics' and materialmen's liens, the submission to Lender of evidence that any appropriate governmental approvals of the Project Work necessary for permanent occupancy have been obtained and satisfaction of the conditions of Section 4.19 hereof. Advances of the Loan shall be made for costs on each line item shown in the Budget only up to the amount set forth in the Budget for such line item. A reallocation among line items may be made only with the prior written consent of Lender. The timing of advances for development fees, leasing fees and other fees or expenses set forth in the Budget which are payable to Borrower or any person or entity affiliated with Borrower shall be in Lender's discretion and generally shall not be permitted to exceed the percentage completion of Project Work. No advance will be made for materials stored for future use except in Lender's sole discretion. Notwithstanding the foregoing, Lender shall not be required to advance more than once each month, and Lender reserves the right to limit the total amount advanced on the Loan at any time to an amount which, when deducted from the total amount of the Loan, leaves a balance to be advanced equal to or greater than the cost of completion of the Project Work and payment of remaining nonconstruction expenses of the type set forth in the Budget plus the retainage under any manner contract for which is the conditions herein for release have not been satisfied, all as determined by Lender from time to time. Lender shall be entitled to retain at all times as undisbursed Loan funds an amount sufficient to pay all construction and nonconstruction costs of the type set forth in violation the Budget. No advances of the Loan shall be made after April 29, 1999, except in Lender's discretion. The Loan includes a contingency amount designated in the Budget and which may be disbursed by Lender at its sole discretion to complete the Project Work and pay the costs thereof or to pay other amounts owing by Borrower in conflict connection with federal the Loan or state lawsthis Agreement. Interest will be payable by Borrower to Lender on that portion of the contingency actually disbursed by Lender. The contingency will be included in the computation of the undisbursed portion of the Loan for purposes of determining whether the undisbursed portion of the Loan will be sufficient to complete the Project Work. The conditions and limitations of this Section relating to advances of the Loan may be waived by Lender as to one or more advances at Lender's sole option without notice, policiesand Lender may make one or more advances to Borrower upon written or oral disbursement requests not complying with the requirements of this Section, and such advances will nevertheless be deemed to be advances to Borrower hereunder, but will not constitute a waiver by Lender of its right to impose such limitations and conditions as a prerequisite to any subsequent advance to Borrower. Waiver as to any one or more advances shall impose no liability upon Lender to Borrower, or regulations. 9any other person or entity. Each submission by Borrower to Lender of a requisition for an advance of the Loan shall constitute Borrower's representation and warranty to Lender that: (a) all of the Project Work for which an advance is requested has been completed, and (b) all Project Work costs which Lender has previously advanced Loan funds have in fact been paid. Unless otherwise agreed by Lender in its discretion, Lender will make advances of the Loan by depositing the same into a construction account with Lender. Borrower agrees that such construction account shall be used by Borrower only for the purpose of paying the costs and expenses contemplated by this Agreement. The Loan funds deposited in such construction account may not be withdrawn by Borrower, at Lender's option, until all conditions of Section 2.12 hereof have been satisfied. Interest will nevertheless begin to accrue upon deposit in such account. Borrower assigns to Lender, and grants to Lender a security interest in and right of setoff against, all funds from time to time in such construction account. No work interest shall be paid on funds in such account. The making of an advance by Lender shall not constitute Lender's approval or travel outside acceptance of the State Project Work theretofore completed. Lender's or its inspector's inspection and approval of California is permitted under this Agreement unless the Division provides prior written authorization. Failure Project Work, or the workmanship and materials used therein, shall impose no liability of any kind on Lender or such inspector, the sole obligation of Lender as the result of such inspection and approval being to comply with this restriction may result in termination make the advances if, and to the extent, required by this Agreement, pursuant to Exhibit C. Any reimbursement for necessary travel and per diem shall be at rates not to exceed those set by the California Department of Human Resources at ▇▇▇▇://▇▇▇.▇▇▇▇▇.▇▇.▇▇▇/employees/Pages/travel- reimbursements.aspx. as of the date costs are incurred by the Recipient.