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• Section 4.04 Effect of Event of Default. If an Event of Default occurs and the Public Entity rs requued to and does return the amount specified in Section •~.02.B to the Commtssioner of Finance, then the following shall occur. A. This Agreement shall survive and remain in full force and effect. B. The amount returned by the Public Entity shall be credited against any amount that shall be due to the Commissioner of Finance under Section 4.02.B, and against anv amount that becomes due and payable because of any other Event of Default. Article V DISBURSEMENT OF GRANT PROCEEDS Section 5.01 The Advances. The State Entity agrees, on the terms and subject to the conditions set forth herein, to make Advances from the Grant to the Public Entity from time to time in an aggregate total amount equal to the amount of the Grant. Provided, however, in accordance with the provisions contained in Section 2.05, the State Entity's obligation to make Advances shall terminate as of the day and date which occurs ~ years from the effective date of this Agreement even if aII of the Grant has not been disbursed by such date. Section 5.02 Draw Requisitions. Whenever the Public Entity desires a disbursement of a portion of the Grant, which shat) be no more often than once each calendar month, the Public Entity shall submit to the State Entity a Draw Requisition duly executed on behalf of the Public • Entity or its designee. Each Draw Requisition shall be submitted on or between the 1 S` day and the 15`h day of the month in which an Advance is requested, and shall be submitted at )east 7 calendar days before the date the Advance is desired. Each Draw Requisition shall be limited to amounts equal to the portion of the Predesign Stage that has been completed since the submittal of the Last prior Draw Requisition. At the time of submission of each Draw Requisition the Public Entity shall submit to the State Entity such supporting evidence as may be requested by the State Entity to substantiate all payments that are to be made out of the relevant Draw Requisition. If on the date an Advance is desired the Public Entity has complied with all requirements of this Agreement and the State Entity approves the relevant Draw Requisition and receives a current construction report from the Inspecting Engineer recommending payment, then the State Entity shall disburse the amount of the requested Advance to the Public Entity. Section 5.03 Additional Funds from Borrower. If the State Entity shall at any time in good faith determine that the sum of the undisbursed amount of the Grant plus The amount of all other funds committed to the completion of the Predesign Stage is less than the amount required to pay all costs and expenses of any kind which reasonably may be anticipated in connection with the completion of the Predesign Stage, then the State Entity may send written notice thereof to the Public Entity specifying the amount which must be supplied in order to provide sufficient funds to complete the Predesign Stage. The Public Entity agrees that it will, within 10 calendar days of receipt of any such notice, supply or have some other entity supply the amount of funds specified in the State Entity's notice. Generic GO Grant Agreement for Pre-Design or Design Grants 16 Ver • 7/30/03 (Gnrc GO GA-PrDsgn Grnt)