GRANT PAYMENT AND USE OF FUNDS Sample Clauses

GRANT PAYMENT AND USE OF FUNDS. 6.1 Subject to the terms and conditions of this Agreement, and BGP’s compliance therewith, MPP will fund BGP for performing the Funded Project in accordance with the approved budget as set out in Section 1 of Annex 5 (“Budget”). The maximum amount shall not exceed the total amount of grant as set out in Section 1 of Annex 5 (“Grant”). Subject to Section 11.2, MPP shall have the right to increase or decrease the total Grant in accordance with the needs and the performance of the Funded Project. 6.2 The funds provided under this Agreement are to be spent by BGP exclusively in accordance with the Budget. BGP shall have the right to perform Budget revisions on a quarterly basis. BGP shall request MPP’s prior written approval if there is a variance of +/- 10% between the main budget categories. Any request for Budget modification must include sufficient documentation to justify such request. For the avoidance of doubt, no Budget revision or variance of the Budget’s categories that is permitted under this Section 6.2 shall result in BGP spending in excess of the total Grant. Any overspending on Budget will be at the cost of BGP, unless otherwise agreed between the Parties. 6.3 MPP shall make payments of the Grant to BGP in accordance with the payment schedule set out in Section 2 of Annex 5 (“Payment Schedule”). MPP shall pay the amounts in accordance with the Payment Schedule within 30 days from the completion of the relevant milestone of the Payment Schedule via a bank transfer to the BGP account set forth in Section 3 of Annex 5. 6.4 BGP acknowledges and agrees that the Grant is provided to BGP solely for the purposes of BGP performing the activities set out in the Scope of Work. BGP shall enter into the necessary sub- agreements and perform the necessary administrative activities to ensure the performance of the activities set out in the Scope of Work. BGP shall not use the Grant to perform activities outside the Scope of Work unless as otherwise agreed to in writing by the Parties. 6.5 During the Project, BGP shall use the equipment, materials or goods, purchased or generated with the Grant primarily for the purpose of the Project. BGP may use such equipment, materials or goods for purposes other than the Project provided that such use does not interfere with, compete with or delay the Project. If MPP reasonably suspects or becomes aware that BGP’s use of such equipment, materials or goods has interfered with, competed with or delayed the Project, upon the ...
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GRANT PAYMENT AND USE OF FUNDS. 6.1 Subject to the terms and conditions of this Agreement, and Biovac’s compliance therewith, MPP will fund Biovac for performing the Funded Project in accordance with the approved budget attached as Annex 6 (“Budget”). The maximum amount hereunder shall not exceed the amount of 303 M ZAR. Subject to Section 10.2, MPP shall have the right to increase or decrease the total amount of the grant in accordance with the needs and the performance of the Funded Project. 6.2 The funds provided under this Agreement are to be spent by Biovac exclusively in accordance with the Budget. The Parties shall have the right to perform Budget revisions on a quarterly basis. Biovac shall request MPP’s prior written approval if there is a variance of +/- 5% versus annual amounts set out in the Budget. Any request for Budget modification must include sufficient documentation to justify such request. 6.3 MPP shall make payments of the grant hereunder on a quarterly basis upon receipt of collectively the following: (a) the disbursement request from Biovac based on the Project requirements ("Disbursement Request”), plus an estimated rolling advance of one month. (b) financial report in accordance with this Agreement regarding the previous payment, showing the extent of the previous payment spent in accordance with the Budget. (c) satisfactory technical report in accordance with Section 4.2. 6.4 MPP shall pay the amounts in accordance with each Disbursement Request within 30 days from its receipt via a bank transfer to the Biovac account set forth in Annex 6. 6.5 Biovac will submit to MPP quarterly financial reports in the format as indicated in Annex 6, and: (a) be sent within 10 – working days after the end of each calendar quarter; (b) be issued in USD currency, taking into account the average exchange rate OANDA (xxxxx://xxx.xxxxx.xxx) of the reported period; (c) contain the comparison between the actual spending versus the budgeted amounts; (d) be certified as complete and accurate by an authorized official of Biovac for the activities performed; (e) be sent to the address set forth in Annex 6. 6.6 In addition to quarterly financial reports under this Agreement as per Section 6.5, Biovac shall provide to MPP an audited annual statement comprising the following elements by the 15th April of each year: (a) audited annual project financial report of Biovac; and (b) a questionnaire, in a format to be provided by MPP, regarding the use of funds under this Agreement. Such questionnai...
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GRANT PAYMENT AND USE OF FUNDS. 6.1 Subject to the terms and conditions of this Agreement, and Xxxxxxxxx’s compliance therewith, MPP will fund Sinergium for performing the Funded Project in accordance with the approved budget as set out in Section 1 of Annex 5 (“Budget”). The maximum amount shall not exceed the total amount of grant as set out in Section 1 of Annex 5 (“Grant”). Subject to Section 11.2, MPP shall have the right to increase or decrease the total Grant in accordance with the needs and the performance of the Funded Project. 6.2 The funds provided under this Agreement are to be spent by Sinergium exclusively in accordance with the Budget. Any overspending on Budget will be at the cost of Sinergium, unless otherwise agreed between the Parties. 6.3 MPP shall make payments of the Grant to Sinergium in accordance with the payment schedule set out in Section 2 of Annex 5 (“Payment Schedule”). MPP shall pay the amounts in accordance with the Payment Schedule within 30 days from the completion of the relevant milestone of the Payment Schedule via a bank transfer to the Sinergium account set forth in Section 3 of Annex 5. 6.4 Sinergium acknowledges and agrees that the Grant is provided to Sinergium solely for the purposes of Sinergium performing the activities set out in the Scope of Work. Sinergium shall enter into the necessary sub-agreements and perform the necessary administrative activities to ensure the performance of the activities set out in the Scope of Work. Sinergium shall not use the Grant to perform activities outside the Scope of Work unless as otherwise agreed to in writing by the Parties.
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Related to GRANT PAYMENT AND USE OF FUNDS

  • Alternate Payment and Notice Provisions Notwithstanding any provision of this Indenture or any of the Notes to the contrary, the Issuer may enter into any agreement with any Holder of a Note providing for a method of payment, or notice by the Indenture Trustee or any Paying Agent to such Holder, that is different from the methods provided for in this Indenture for such payments or notices. The Issuer will furnish to the Indenture Trustee a copy of each such agreement and the Indenture Trustee will cause payments to be made and notices to be given in accordance with such agreements.

  • Allocation and Use of Funds All allocations and use of funds under this Grant shall be in accordance with the applicable federal Notice of Funding Opportunity (NOFO) for the Federal Grant Title specified on this Grant.

  • Conditions to Obligations of Each Party Under This Agreement The respective obligations of each party to effect the Merger and the other transactions contemplated herein shall be subject to the satisfaction at or prior to the Effective Time of the following conditions, any or all of which may be waived, in whole or in part, to the extent permitted by applicable Law:

  • Limitation on Payment of Funds Despite section A4.1: (a) the Province is not obligated to provide any Funds to the Recipient until the Recipient provides the certificates of insurance or other proof as the Province may request pursuant to section A10.2; (b) the Province is not obligated to provide instalments of Funds until it is satisfied with the progress of the Project; (c) the Province may adjust the amount of Funds it provides to the Recipient in any Funding Year based upon the Province’s assessment of the information the Recipient provides to the Province pursuant to section A7.1; or (d) if, pursuant to the Financial Administration Act (Ontario), the Province does not receive the necessary appropriation from the Ontario Legislature for payment under the Agreement, the Province is not obligated to make any such payment, and, as a consequence, the Province may: (i) reduce the amount of Funds and, in consultation with the Recipient, change the Project; or (ii) terminate the Agreement pursuant to section A12.1.

  • Payment of Funds No federal appropriated funds have been paid or will be paid by or on behalf of the parties to any person for influencing or attempting to influence an officer or employee of any federal agency, a Member of Congress, an officer or employee of Congress, or an employee of a Member of Congress in connection with the awarding of any federal contract, the making of any federal grant, the making of any federal loan, the entering into of any cooperative agreement, and the extension, continuation, renewal, amendment, or modification of any federal contract, grant, loan, or cooperative agreement.

  • Conditions to Obligations of Each Party to Effect the Merger The respective obligations of each party to this Agreement to effect the Merger shall be subject to the satisfaction at or prior to the Closing Date of the following conditions:

  • Conditions to Obligation of Each Party to Effect the Merger The respective obligations of each party to this Agreement to effect the Merger shall be subject to the fulfillment at or prior to the Effective Time of each of the following conditions:

  • Certain Rules Relating to the Payment of Additional Amounts (a) If any Affected Person requests compensation under Section 5.01, or if the Borrower is required to pay any additional amount to any Affected Person or to any Governmental Authority for the account of any Affected Person pursuant to Section 5.03, then such Affected Person shall (at the request of the Borrower) use commercially reasonable efforts to designate a different lending office for funding or booking the related Loans hereunder or to assign and delegate (or cause to be assigned and delegated) such Affected Person’s rights and obligations hereunder to another office, branch or Affiliate of such Affected Person if, in the judgment of such Affected Person, such designation or assignment (i) would eliminate or reduce amounts payable pursuant to Section 5.01 or 5.03, as the case may be, in the future and (ii) would not subject such Affected Person to any unreimbursed cost or expense and would not otherwise be disadvantageous to such Affected Person. The Borrower hereby agrees to pay all reasonable out of pocket costs and expenses incurred by any Affected Person in connection with any such designation or assignment and delegation. (b) If (i) any Affected Person requests compensation under Section 5.01, (ii) the Borrower is required to pay any additional amount to any Affected Person or any Governmental Authority for the account of any Affected Person pursuant to Section 5.03, (iii) any Affected Person has become a Defaulting Lender or (iv) any Affected Person has failed to consent to a proposed amendment, waiver, discharge or termination that requires the consent of all Lenders and with respect to which the other Lenders shall have or would have granted their consent, then the Borrower may, at its sole expense and effort, upon notice to the Administrative Agent, require the Administrative Agent to cause the related Affected Person to assign and delegate, without recourse (in accordance with and subject to all applicable transfer restrictions), all its interests, rights and obligations under this Agreement and the other Transaction Documents to another appropriate Person (which, in the case of a Lender, shall be an Eligible Assignee) that shall acquire such interest or assume such commitment; provided that (a) the Borrower shall have received the prior written consent of the Administrative Agent and the other Lenders, which consent shall not unreasonably be withheld, (b) such Affected Person, if a Lender, shall have received payment of an amount equal to its outstanding Capital and, if applicable, accrued Interest and Fees thereon and all other amounts then owing to it hereunder from the assignee or the Borrower, (c) in the case of any such assignment and delegation resulting from a claim for compensation under Section 5.01 or payments required to be made pursuant to Section 5.03, such assignment is expected to result in a reduction in such compensation or payments for future periods and (d) in the case of any such assignment and delegation resulting from the failure of an Affected Person to provide a consent, the assignee shall have given such consent and, as a result of such assignment and delegation and any contemporaneous assignments and delegations and consents, the applicable amendment, waiver, discharge or termination can be effected. An Affected Person shall not be required to make any such assignment and delegation if, prior thereto, as a result of a waiver or consent by such Affected Person or otherwise, the circumstances entitling the Borrower to require such assignment and delegation have ceased to apply.

  • Use of Funds Grantee shall expend funds under this Grant Agreement only for approved services and for reasonable and allowable expenses directly related to those services.

  • Limitation of Funds In no case shall the Government’s financial liability exceed the amount obligated under this Agreement.

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