Common use of Interest and Investment Clause in Contracts

Interest and Investment. If any portion of the Investment is to be paid to the Applicant before such funds are needed to cover Eligible Expenses, the Applicant will hold or invest such funds prudently in such a way as to avoid undue risk, having regard to the Parties’ agreement that the Investment be used to fund the Project and not the Applicant’s general operating expenses. For clarity, there is no obligation for the Applicant to hold the Investment in trust or in a separate bank account or for it to generally report to Alberta Innovates for any interest or returns, however the Applicant will make reasonable efforts to apply the interest or other returns towards Project Costs and may be required to return unspent portions of the Investment (including interest accumulated thereon) at the conclusion of the Term, per Section 4.8 below.