In accordance with point a) above, the beneficiary is allowed to transfer up to 10% of the funds allocated to budget categories based on reimbursement of eligible costs for activities within the same activity type.] REPORTING AND PAYMENT ARRANGEMENTS – The following reporting and payment provisions apply: I.4.1 Payments to be made The NA must make the following payments to the beneficiary: - a first pre-financing payment; - [NA (a) further pre-financing to select if a further pre-financing payment is foreseen] payment(s), on the basis of the request for further pre-financing payment referred to in Article I.4.3; - one payment of the balance, on the basis of the request for payment of the balance referred to in Article I.4.4. I.4.2 First pre-financing payment The aim of the pre-financing is to provide the beneficiary with a float. The pre-financing remains the property of the NA until the payment of the balance. [Option if the NA requires a pre-financing guarantee: The first pre-financing payment is done when the NA receives financial guarantee that fulfils the following conditions: it is provided by a bank or an approved financial institution or, if requested by the beneficiary and accepted by the NA, by a third party; the guarantor stands as first-call guarantor and does not require the NA to first have recourse against the principal debtor (i.e. the beneficiary); and it explicitly remains in force until the pre-financing is cleared against payment of the balance by the NA. If the payment of the balance takes the form of a recovery, the financial guarantee must remain in force until three months after the debit note is notified to the beneficiary. The NA must release the guarantee within the following month.]
In accordance with point a) above, the beneficiary is allowed to transfer up to 10% of the funds allocated to budget categories based on reimbursement of eligible costs for activities within the same activity type.] – REPORTING AND PAYMENT ARRANGEMENTS The following reporting and payment provisions apply: I.4.1 Payments to be made The NA must make the following payments to the beneficiary: - a first pre-financing payment; - [NA to select if a further pre-financing payment is foreseen] (a) further pre-financing payment(s), on the basis of the request for further pre-financing payment referred to in Article I.4.3; - one payment of the balance, on the basis of the request for payment of the balance referred to in Article I.4.4. I.4.2 First pre-financing payment The aim of the pre-financing is to provide the beneficiary with a float. The pre-financing remains the property of the NA until the payment of the balance. [Option if the NA requires a pre-financing guarantee: The first pre-financing payment is done when the NA receives financial guarantee that fulfils the following conditions: it is provided by a bank or an approved financial institution or, if requested by the beneficiary and accepted by the NA, by a third party; the guarantor stands as first-call guarantor and does not require the NA to first have recourse against the principal debtor (i.e. the beneficiary); and it explicitly remains in force until the pre-financing is cleared against payment of the balance by the NA. If the payment of the balance takes the form of a recovery, the financial guarantee must remain in force until three months after the debit note is notified to the beneficiary. The NA must release the guarantee within the following month.]