Examples of Recipient of Funding in a sentence
The assumption by the Crees of the obligations described in paragraph 6.3 of this Agreement for the period from April 1, 2002 to March 31, 2052 is made in consideration of the funding commitments of Québec under Chapter 7 of this Agreement and subject to the payment by Québec to the Crees through the Recipient of Funding of the annual payments provided for in Chapter 7 of this Agreement in accordance with the terms thereof.
At the latest December 31st of each year, Québec will provide a written notice to the Recipient of Funding of its estimate of its annual payment for the subsequent Financial Year and of all its revised estimates of annual payments for the current and previous Financial Years.
The Recipient of Funding may proceed to audit the indexed value of any payment in any Financial Year.
The Crees, acting through the Recipient of Fund- ing, will use this annual payment from Québec for the economic and community development of the Crees in accordance with the priorities and means which the Crees, acting through the Recipient of Funding, shall deem appropriate, including support for Cree traditional activities and the possible creation of a Heritage Fund for the benefit of the James Bay Crees and Cree Bands.
The Recipient of Funding shall submit to Québec on an annual basis, in the six (6) months following the close of each Financial Year, an annual report and audited financial statements, describing its activities and the use of the annual payment from Québec.
The annual payment from Québec for each Financial Year will be paid to the Recipient of Funding in four (4) equal instalments on the first Business Day of the months of April, July, October and January of that Financial Year.
For the period from April 1st, 2002 to March 31st, 2052, Québec shall pay to the Recipient of Funding, on behalf of the James Bay Crees, an annual amount so that the James Bay Crees may assume for that period the obligations of Québec, Hydro-Québec and la Société d’énergie de la Baie James to the Crees under the provisions of the James Bay and Northern Québec Agreement set forth in section 6.3 of this Agreement and concerning Economic and Community development.
The Recipient of Funding may provide funding to the CDC through any means the Recipient of Funding deems appropriate including interest or non-interest bearing secured or unsecured loans, convertible or non-convertible debentures, subscription of capital or in any combination thereof.
This estimate and these revisions will be the subject of discussions with the Recipient of Funding during the month of December of each year.
The payments are calculated annually and disbursed quarterly, on the first business day of the month, in April, July, October and January of that financial year (April 1 to March 31), via direct electronic banking transfer to an account designed for this purpose and administered by the Recipient of Funding on behalf of the Cree.