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M. PROJECT-related expenses incurred prior to the Effective Date of this CONTRACT in <br /> accordance with the approval of this loan. <br /> 10— DISBURSEMENT SCHEDULE <br /> For Project costs: The BORROWER shall prepare a periodic progress report which <br /> contains a statement of the PROJECT costs expended for that period and shall <br /> forward said statement to the CWCB. After receipt of the periodic progress report <br /> from the BORROWER, and review and acceptance of the items therein as eligible <br /> expenses as described below, the CWCB will pay to the BORROWER the amount set <br /> forth in the report or such portion that has been approved by the CWCB. Such <br /> payment shall be made within thirty (30) days from the CWCB's approval of each <br /> progress report. <br /> SECTION 11 —TIME FOR PERFORMANCE <br /> PROJECT Beginning: Upon Effective Date of this CONTRACT (the date this <br /> CONTRACT is signed by the State Controller or his designee). <br /> PROJECT Finish: Three (3) years from the Effective Date of this CONTRACT. <br /> [THE REST OF THIS PAGE INTENTIALLY LEFT BLANK] <br /> Appendix 1 to Loan Contract C150369 <br /> Page 4 of 4 <br />