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Program Grant to the amount actually disbursed. Provided, however, in accordance with the provisions contained in Section 2.11, the State Entity's obligation to make Disbursements shall terminate as of the dates specified in such Section even if the entire Program Grant has not been disbursed by such dates. Disbursements shall only be for expenses that (i) are for those items of a capital nature delineated in Attachment III to this Agreement, (ii) accrued no earlier than November 6, 2009, or (iii) have otherwise been consented to, in writing, by the Commissioner of Finance. It is the intent of the parties hereto that the rate of disbursement of the Disbursements shall not exceed the rate of completion of the Project or the rate of disbursement of the matching funds required, if any, under Section 7.23. Therefore, the cumulative amount of all Disbursements disbursed by the State Entity at any point in time shall not exceed the portion of the Project that has been completed and the percentage of the matching funds required, if any, under Section 723 that have been disbursed as of such point in time. This requirement is expressed by way of the following two formulas: Formula # 1 Cumulative Disbursements <(Program Grant) x(percentage of matching funds, if any, required under Section 723 that have been disbursed) Formula #2 Cumulative Disbursements <(Program Grant) x(percentage of Project completed) Section 6.02 Payment Requests. Whenever the Public Entity desires a Disbursement of a portion of the Program Grant, the Public Entity shall submit to the State Entity a Payment Request duly executed on behalf of the Public Entity or its designee. Each Payment Request with respect to construction items shall be limited to amounts equal to; (i) the total value of the classes of the work by percentage of completion as approved by the Public Entity and the State Entity, plus (ii) the value of materials and equipment not incorporated in the Project but delivered and suitably stored on or off the Real Property in a manner acceptable to the State Entity, less (iii) any applicable retainage, and less (iv) all prior Disbursements. Notwithstanding anything herein to the contrary, no Disbursements for materials stored on or off the Real Property will be made by the State Entity unless the Public Entity shall advise the State Entity, in writing, of its intention to so store materials prior to their delivery and the State Entity has not objected thereto. At the time of submission of each Payment Request, the Public Entity shall submit to the State Entity such supporting evidence as may be requested by the State Entity to substantiate all payments which are to be made out of the relevant Payment Request or to substantiate all payments then made with respect to the Project. Generic GO Bond Proceeds 22 Ver — 8/20/08 Grant Agreement for ProgramConstruction Grants (Gnrc GO GA-Prgrm Cnstrcm Grnt) < RDGP-09-0025-o-FY10>