Application of Grant. The Grant Proceeds shall be used exclusively for the Project. Immediately upon receiving an instalment of the Grant, the Applicant shall in its records identify such instalment as being committed exclusively to the Project. Any portion of the Grant not immediately required to be expended on the Project shall be invested by the Applicant in such manner that the interest rate or other rate of return will be readily identifiable and the unexpended amount of the Grant Proceeds will be readily determinable. Any portion of the Grant Proceeds expended by the Applicant other than directly on the Project shall become immediately repayable to the Province upon demand.
Application of Grant. The Grant Proceeds shall be used exclusively for the Project. Immediately upon receiving an instalment of the Grant, the Applicant shall in its records identify such instalment as being committed exclusively to the Project. Any portion of the Grant not immediately required to be expended on the Project shall be invested by the Applicant in such manner that the interest rate or other rate of return will be readily identifiable and the unexpended amount of the Grant Proceeds will be readily determinable. Any portion of the Grant Proceeds expended by the Applicant other than directly on the Project shall become immediately repayable to the Province upon demand. PORTIONS OF THIS EXHIBIT WERE OMITTED AND HAVE BEEN FILED SEPARATELY WITH THE SECRETARY OF THE COMMISSION PURSUANT TO AN APPLICATION FOR CONFIDENTIAL TREATMENT UNDER RULE 406 OF THE SECURITIES ACT; [***] DENOTES OMISSIONS.
Application of Grant. In consideration of payment of the Grant, the Grant Recipient warrants and agrees it shall only use or apply the Grant solely for the purpose of contribution in whole or in part to Category 2P Mitigation Works.
