Common use of Management of Funding Clause in Contracts

Management of Funding. 4.1. The Recipient agrees to: a. spend the Funding only for the Project and Activity in accordance with this Agreement, including the Budget, if any; b. ensure that the Funding is held in an account in the Recipient’s name and which the Recipient solely controls, with an authorised deposit-taking institution authorised under the Banking Xxx 0000 (Cth) to carry on banking business in Australia; c. identify the receipt and expenditure of the Funding separately within the Recipient’s accounts and records so that at all times the Funding is identifiable; and d. keep financial accounts and records relating to the Activity so as to enable all receipts and payments related to the Activity to be identified and reported in accordance with this Agreement. 4.2. If at any time during the term of this Agreement (including on the Completion Date): a. there remains an amount of Funding that has not been spent or legally committed for expenditure in accordance with the Agreement and the period in which that Funding was expected to be spent or legally committed has passed; or b. an amount of Funding has been spent in contravention of the Agreement, the Commonwealth may (at its discretion and in addition to any other rights it may have) by notice in writing to the Recipient: c. require the Recipient to refund this amount to the Commonwealth within 20 Business Days (or other such period specified in the notice); or d. reduce any further payments of Funding to the Recipient (if applicable) by an amount up to this amount. 4.3. If clause 4.2.a applies, the Commonwealth may by notice in writing require the Recipient to otherwise deal with this amount in accordance with any conditions that the Commonwealth considers appropriate, including conditions relating to the ongoing use and expenditure by the Recipient of that amount for particular goals or objectives associated with the Activity. 4.4. The Recipient must immediately notify the Commonwealth in writing if any of the events in clauses 4.2.a or 4.2.b occurs. 4.5. The Recipient agrees that any amount owed or payable to the Commonwealth or which the Commonwealth is entitled to recover from the Recipient under this Agreement, is a debt due by the Recipient without further proof of the debt by the Commonwealth being necessary. Such payment is without prejudice to any other rights available to the Commonwealth under the Agreement, under statute, at law or in equity.

Management of Funding. 4.1. The Recipient agrees to: a. spend the Funding only for the Project and Activity in accordance with this Agreement, including the Budget, if any; b. ensure that the Funding is held in an account in the Recipient’s name and which the Recipient solely controls, with an authorised deposit-deposit- taking institution authorised under the Banking Xxx 0000 Act 1959 (Cth) to carry on banking business in Australia; c. identify the receipt and expenditure of the Funding separately within the Recipient’s accounts and records so that at all times the Funding is identifiable; and d. keep financial accounts and records relating to the Activity so as to enable all receipts and payments related to the Activity to be identified and reported in accordance with this Agreement. 4.2. If at any time during the term of this Agreement (including on the Completion Date): a. there remains an amount of Funding that has not been spent or legally committed for expenditure in accordance with the Agreement and the period in which that Funding was expected to be spent or legally committed has passed; or b. an amount of Funding has been spent in contravention of the Agreement, the Commonwealth may (at its discretion and in addition to any other rights it may have) by notice in writing to the Recipient: c. require the Recipient to refund this amount to the Commonwealth within 20 Business Days (or other such period specified in the notice); or d. reduce any further payments of Funding to the Recipient (if applicable) by an amount up to this amount. 4.3. If clause 4.2.a applies, the Commonwealth may by notice in writing require the Recipient to otherwise deal with this amount in accordance with any conditions that the Commonwealth considers appropriate, including conditions relating to the ongoing use and expenditure by the Recipient of that amount for particular goals or objectives associated with the Activity. 4.4. The Recipient must immediately notify the Commonwealth in writing if any of the events in clauses 4.2.a or 4.2.b occurs. 4.5. The Recipient agrees that any amount owed or payable to the Commonwealth or which the Commonwealth is entitled to recover from the Recipient under this Agreement, is a debt due by the Recipient without further proof of the debt by the Commonwealth being necessary. Such payment is without prejudice to any other rights available to the Commonwealth under the Agreement, under statute, at law or in equity.