Common use of Payment of the Grant Clause in Contracts

Payment of the Grant. (a) Subject to the term of this Agreement, the Grant will be paid into the Designated Account in accordance with the payment schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”). (b) Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (i) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (ii) any of the reports, financial statements or other deliverables submitted by the Grantee under this Agreement are not to a standard satisfactory to the Grantor; or (iii) there is a sufficient credit balance in the Designated Account to justify withholding or deferring by the Grantor payment of the Grant or any part thereof. (c) For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the Budget, the Grantee shall make good and pay back the amount into the Designated Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) shall be a debt due to and recoverable by the Grantor.

Payment of the Grant. (a) 3.1 Subject to the term compliance by the Grant Recipient with its obligations hereunder and to the other terms of this Agreement, the Council (subject to the necessary funds being available when payment falls due) agrees to pay the Grant to the Grant Recipient in accordance with the following procedures and conditions: 3.1.1 The Council shall (subject to the necessary funds being available when payment falls due) pay the Grant in accordance with the Payment Schedule, and the terms of this Agreement, which shall be deemed to apply from the Commencement Date for the Term. 3.1.2 Payment of the Grant shall be made in line with the Payment Schedule attached to this Agreement. 3.1.3 No Grant shall be paid unless and until the Council is satisfied that such payment will be used for proper expenditure in the delivery of the Project. 3.1.4 The Council shall not pay more than the maximum Grant amount allocated to the Project. 3.1.5 The amount of the Grant shall not be increased in the event of any overspend by the Grant Recipient in its delivery of the Project. 3.1.6 The Grant Recipient agrees and accepts that payments of the Grant can only be made to the extent that the Council has available funds. 3.1.7 The Grant Recipient shall promptly repay to the Council any money incorrectly paid to it either as a result of an administrative error or otherwise. This includes (without limitation) situation where either an incorrect sum of money has been paid or where Grant monies have been paid in error or before all conditions attaching to the Grant have been complied with by the Grant Recipient. 3.1.8 The Grant will be paid into a verified bank or building society account in the Designated Account name of the Grant Recipient in the UK. The Grant Recipient must provide bank account details in writing to the Council that must be verified for means of electronic payment. 3.1.9 The Grant Recipient shall not transfer any part of the Grant to bank accounts which are not ordinary business accounts within the clearing bank system, without the prior written consent of the Council. 3.1.10 A sum equivalent to 10% of the Grant will be deducted from the amount of the final Grant claim submitted by the Grant Recipient under this Agreement and retained by the Council until such time as the Council has received, and is satisfied with, the final financial statement as specified in Clause 7.4 and the Project has been completed in accordance with this Agreement, to the payment schedule set out in Part C satisfaction of Schedule II (hereinafter called “Payment Schedule”)the Council. (b) Notwithstanding anything 3.2 The Council accepts no liability whatsoever for any losses attributable to the contrary herein contained, the Grantor shall be entitled to withhold delays in payment of the Grant to the Grant Recipient, nor for any repayment, reduction, cancellation, termination or any part thereof if in the opinion withdrawal of the Grantor:-Grant, or for any Clawback enforced under the terms of this Agreement.‌ (i) 3.3 The Council may, at its sole discretion, extend the Grantee has failed or is likely Term of this Agreement by amending the Completion Date to fail to execute such later date as the Project Council determines in accordance with all relevant funding rules and guidance, in order to allow the Proposal; or (ii) any of Grant Recipient to completely defray the reports, financial statements or other deliverables submitted by the Grantee under this Agreement are not to a standard satisfactory entire Grant. Such extension shall be notified to the Grantor; or (iii) there is a sufficient credit balance in the Designated Account to justify withholding or deferring by the Grantor payment of the Grant or any part thereof. (c) For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) Unless otherwise agreed by the Grantor Recipient in writing, any expenditure incurred by and the Grantee on any matter terms of this Agreement shall continue for such extended period. Any such extension shall not listed result in the Budget shall be for the Grantee’s own account with no recourse an increase to the Grant. Should Grant unless the Grantee be found to have applied or spent any of Council notifies the Grant on any matters not listed Recipient in the Budget, the Grantee shall make good and pay back the amount into the Designated Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) shall be a debt due to and recoverable by the Grantor.writing at its sole discretion.‌

Payment of the Grant. (a) 7.1 Subject to the term terms and conditions of this Agreement, the Grant will be paid into the Designated Bank Account in accordance with the payment schedule Payment Schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”)by the Grantor. (b) 7.2 Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (ia) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (iib) the Project or any part thereof is being subsidised by funding other than that approved by the Grantor; or (c) any of the reports, financial statements or statements, other deliverables or Project Materials submitted by the Grantee or any of the Programmes and Activities performed under this Agreement are is not to a standard satisfactory to the Grantor; or (iiid) there any of the data, facts or information represented to and/or provided by the Grantee to the Grantor about the Project and/or the Approved Budget is a sufficient credit balance in incomplete, incorrect, untrue or is intended to mislead the Designated Account Grantor. Without prejudice to justify withholding or deferring any other rights and remedies of the Grantor under this Agreement, the part of the Grant withheld pursuant to this Clause shall be forfeited by the Grantor payment (unless otherwise approved by the Grantor on a case-by-case basis) if any breach set out in sub-clause (a) to (d) above is not capable of remedy or, for any breach which is capable of remedy, the Grantee fails to remedy the same to the satisfaction of the Grant or any part thereofGrantor within 1 year after the expiry date of this Agreement as defined in Clause 2. (c) 7.3 For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant or any part thereof for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) 7.4 Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget Proposal shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the BudgetProposal, the Grantee shall make good and pay back the amount into the Designated Bank Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) 7.5 shall be a debt due to and recoverable by the Grantor and interest shall accrue from the date the amount was so applied or spent. 7.5 Any interest payable under Clauses 7.4, 10.3, 10.5, 15.2 and 17.2 of this Agreement shall be calculated at the rate equivalent to 5% above the rate per annum as announced by The Hongkong and Shanghai Banking Corporation Limited from time to time to be its prime lending rate for Hong Kong Dollars. 7.6 On the Completion of the Project or by 31 July 2023, whichever is the earlier, the Grantee shall forthwith:- (a) account to the Grantor for all monies expended on the Project up to the date of Completion of the Project or by 31 July2023 as the case may be, with detailed and original receipts and payment vouchers to support the expenditure. Any deficit shall be covered by the Grantee’s own funds; and (b) repay all unspent balance of the Grant to the Grantor.

Payment of the Grant. 3.1 [Subject to Clause 17 of this MoU, the Secretary of State shall pay an amount not exceeding the Grant to the Recipient in a single amount on the Grant Payment Date, subject to: 3.1.1 the Recipient providing Salix with Evidence of Need; 3.1.2 Salix receiving all documents and information which it may, in its absolute discretion, request from the Recipient; 3.1.3 the Recipient complying with any Specific Conditions; and 3.1.4 the further conditions precedent that on the Grant Payment Date: (a) Subject Salix is satisfied, in its absolute discretion and subject to the term of this AgreementClause 3.5 below, that the Grant will to be paid into provided is sufficient to meet the Designated Account in accordance with the payment schedule set out in Part C costs required for delivery of Schedule II (hereinafter called “Payment Schedule”). (b) Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (i) the Grantee has failed or is likely to fail to execute the Project in accordance with the ProposalProject Programme. (b) Salix is satisfied, in its absolute discretion, that the Project has been initiated or will be initiated prior to 1 April 2021 3.2 No Grant shall be paid unless and until Salix is satisfied that such payment will be used for Eligible Expenditure.] 3.3 In the event of any overspend by the Recipient in its delivery of the Project outside of the sums set out in the Project Programme, the amount of such overspend shall be met by the Recipient from its own funds unless: 3.3.1 the Secretary of State, in its absolute discretion agrees to increase the Grant by an amount equal to the overspend; or (ii) any 3.3.2 Salix, in its absolute discretion, agrees to adjust the Project Programme and/or reduce the Measures so as to ensure that the remaining Grant is sufficient to meet the remaining costs required for delivery of the reports, financial statements or other deliverables submitted by the Grantee under this Agreement are not to Project. 3.4 The Grant shall be paid into a standard satisfactory to the Grantor; or (iii) there is a sufficient credit balance bank account in the Designated Account name of the Recipient, which must be an ordinary UK business bank account. If it is necessary for Salix to justify withholding or deferring by request the Grantor payment details of the bank account, these shall be notified to Salix within 3 business days of the Recipient receiving the request.. 3.5 The Recipient shall not transfer any part of the Grant or any part thereofto bank accounts which are not ordinary business accounts within the clearing bank system, without the prior written consent of the Secretary of State. 3.6 The Recipient shall promptly repay to the Secretary of State any money incorrectly paid to it either as a result of an administrative error or otherwise. This includes (cwithout limitation) For the avoidance situations where either an incorrect sum of doubt, under no circumstances shall the Grantee be entitled money has been paid or where Grant monies have been paid in error before all conditions attaching to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance have been complied with Part 1 of the Guidelines. (f) Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the Budget, the Grantee shall make good and pay back the amount into the Designated Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) shall be a debt due to and recoverable by the GrantorRecipient.

Payment of the Grant. (a) 7.1 Subject to the term terms and conditions of this Agreement, the Grant will be paid into the Designated Bank Account in accordance with the payment schedule Payment Schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”)by the Grantor. (b) 7.2 Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (ia) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (iib) the Project or any part thereof is being subsidised by funding other than that approved by the Grantor; or (c) any of the reports, financial statements or statements, other deliverables or Project Materials submitted by the Grantee or any of the Programmes and Activities performed under this Agreement are is not to a standard satisfactory to the Grantor; or (iiid) there any of the data, facts or information represented to and/or provided by the Grantee to the Grantor about the Project and/or the Approved Budget is a sufficient credit balance in incomplete, incorrect, untrue or is intended to mislead the Designated Account Grantor. Without prejudice to justify withholding or deferring any other rights and remedies of the Grantor under this Agreement, the part of the Grant withheld pursuant to this Clause shall be forfeited by the Grantor payment (unless otherwise approved by the Grantor on a case-by-case basis) if any breach set out in sub-clause (a) to (d) above is not capable of remedy or, for any breach which is capable of remedy, the Grantee fails to remedy the same to the satisfaction of the Grant or any part thereofGrantor within 1 year after the expiry date of this Agreement as defined in Clause 2. (c) 7.3 For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant or any part thereof for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) 7.4 Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget Proposal shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the BudgetProposal, the Grantee shall make good and pay back the amount into the Designated Bank Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) 7.5 shall be a debt due to and recoverable by the Grantor and interest shall accrue from the date the amount was so applied or spent. 7.5 Any interest payable under Clauses 7.4, 10.4, 10.6, 15.2 and 17.2 of this Agreement shall be calculated at the rate equivalent to 5% above the rate per annum as announced by The Hongkong and Shanghai Banking Corporation Limited from time to time to be its prime lending rate for Hong Kong Dollars. 7.6 By the date of the Completion of the Project or any other date as directed by the Grantor, the Grantee shall forthwith:- (a) account to the Grantor for all monies expended on the Project up to the date of Completion of the Project with detailed and original receipts and payment vouchers to support the expenditure. Any deficit shall be covered by the Grantee’s own funds; and (b) repay all unspent balance of the Grant with Interest to the Grantor. 7.7 Without prejudice to the generality of Clause 28, the Grantor may recover all unspent balance of the Grant under this Agreement by offsetting such unspent balance of the Grant with other funding or grants to be disbursed to the same Grantee under any other funding/grant agreements. 7.8 Without prejudice to the generality of Clause 28, the Grantor may recover all unspent balance of any other grant under any other funding/grant agreement by offsetting the same with the Grant under this Agreement.

Payment of the Grant. (a) 3.1 Subject to the term terms of this Agreement, the Grantor shall pay the Grant will be paid into the Designated Account in instalments in accordance with the payment schedule set out in Part C B of Schedule II (hereinafter called “Payment Schedule”). (b) 3.2 Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:-Grantor: (ia) the Grantee has failed or is likely to fail to execute the Project Programme in accordance with the Proposal; or (iib) the Grantee fails to submit any Deliverables (including the reports and Audited Accounts required under Clause 4); (c) any of the reports, financial statements or other deliverables Deliverables submitted by the Grantee under this Agreement are not to a standard satisfactory to the Grantor; or (iiid) there is a sufficient credit balance in the Designated Account to justify withholding or deferring by that is greater than the Grantor payment instalment of the Grant or any part thereofdue to be paid. (c) 3.3 For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) 3.4 The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 paragraph 3 of the Guidelines. (f) 3.5 Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the Budget, the Grantee shall make good and pay back the amount into the Designated Account, failing which the amount with interest thereon calculated at the rate mentioned in accordance with Clause 4(d) 5.4 shall be a debt due to and recoverable by the Grantor. The interest shall accrue from the date the Grantee applied or spent any of the Grant on any matters not listed in the Budget until the date the amount is paid back.

Payment of the Grant. (a) 7.1 Subject to the term terms and conditions of this Agreement, the Grant will be paid into the Designated Bank Account in accordance with the payment schedule Payment Schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”)by the Grantor. (b) 7.2 Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (ia) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (iib) the Project or any part thereof is being subsidised by funding other than that approved by the Grantor; or (c) any of the reports, financial statements or statements, other deliverables or Project Materials submitted by the Grantee or any of the Programmes and Activities performed under this Agreement are is not to a standard satisfactory to the Grantor; or (iiid) there any of the data, facts or information represented to and/or provided by the Grantee to the Grantor about the Project and/or the Approved Budget is a sufficient credit balance in incomplete, incorrect, untrue or is intended to mislead the Designated Account Grantor. Without prejudice to justify withholding or deferring any other rights and remedies of the Grantor under this Agreement, the part of the Grant withheld pursuant to this Clause shall be forfeited by the Grantor payment (unless otherwise approved by the Grantor on a case-by-case basis) if any breach set out in sub-clause (a) to (d) above is not capable of remedy or, for any breach which is capable of remedy, the Grantee fails to remedy the same to the satisfaction of the Grant or any part thereofGrantor within 1 year after the expiry date of this Agreement as defined in Clause 2. (c) 7.3 For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant or any part thereof for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) 7.4 Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget Proposal shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the BudgetProposal, the Grantee shall make good and pay back the amount into the Designated Bank Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) 7.5 shall be a debt due to and recoverable by the Grantor and interest shall accrue from the date the amount was so applied or spent. 7.5 Any interest payable under Clauses 7.4, 10.3, 10.5, 15.2 and 17.2 of this Agreement shall be calculated at the rate equivalent to 5% above the rate per annum as announced by The Hongkong and Shanghai Banking Corporation Limited from time to time to be its prime lending rate for Hong Kong Dollars. 7.6 On the Completion of the Project or by 31 July 2018, whichever is the earlier, the Grantee shall forthwith:- (a) account to the Grantor for all monies expended on the Project up to the date of Completion of the Project or by 31 July 2018 as the case may be, with detailed and original receipts and payment vouchers to support the expenditure. Any deficit shall be covered by the Grantee’s own funds; and (b) repay all unspent balance of the Grant to the Grantor. 7.7 Without prejudice to the generality of Clause 28, the Grantor may recover all unspent balance of the Grant under this Agreement by offsetting such unspent balance of the Grant with other funding or grants to be disbursed to the same Grantee under any other funding/grant agreements. 7.8 Without prejudice to the generality of Clause 28, the Grantor may recover all unspent balance of any other grant under any other funding/grant agreement by offsetting the same with the Grant under this Agreement.

Payment of the Grant. (a) 7.1 Subject to the term terms and conditions of this Agreement, the Grant will be paid into the Designated Bank Account in accordance with the payment schedule Payment Schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”)by the Grantor. (b) 7.2 Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (ia) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (iib) the Project or any part thereof is being subsidised by funding other than that approved by the Grantor; or (c) any of the reports, financial statements or statements, other deliverables or Project Materials submitted by the Grantee or any of the Programmes and Activities performed under this Agreement are is not to a standard satisfactory to the Grantor; or (iiid) there any of the data, facts or information represented to and/or provided by the Grantee to the Grantor about the Project and/or the Approved Budget is a sufficient credit balance in incomplete, incorrect, untrue or is intended to mislead the Designated Account Grantor. Without prejudice to justify withholding or deferring any other rights and remedies of the Grantor under this Agreement, the part of the Grant withheld pursuant to this Clause shall be forfeited by the Grantor payment (unless otherwise approved by the Grantor on a case-by-case basis) if any breach set out in sub-clause (a) to (d) above is not capable of remedy or, for any breach which is capable of remedy, the Grantee fails to remedy the same to the satisfaction of the Grant or any part thereofGrantor within 1 year after the expiry date of this Agreement as defined in Clause 2. (c) 7.3 For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant or any part thereof for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) 7.4 Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget Proposal shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the BudgetProposal, the Grantee shall make good and pay back the amount into the Designated Bank Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) 7.5 shall be a debt due to and recoverable by the Grantor and interest shall accrue from the date the amount was so applied or spent. 7.5 Any interest payable under Clauses 7.4, 10.3, 10.5, 15.2 and 17.2 of this Agreement shall be calculated at the rate equivalent to 5% above the rate per annum as announced by The Hongkong and Shanghai Banking Corporation Limited from time to time to be its prime lending rate for Hong Kong Dollars. 7.6 On the Completion of the Project or by 31 July 2021, whichever is the earlier, the Grantee shall forthwith:- (a) account to the Grantor for all monies expended on the Project up to the date of Completion of the Project or by 31 July 2021 as the case may be, with detailed and original receipts and payment vouchers to support the expenditure. Any deficit shall be covered by the Grantee’s own funds; and (b) repay all unspent balance of the Grant to the Grantor.

Payment of the Grant. (a) 7.1 Subject to the term terms and conditions of this Agreement, the Grant will be paid into the Designated Bank Account in accordance with the payment schedule Payment Schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”)by the Grantor. (b) 7.2 Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (ia) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (iib) the Project or any part thereof is being subsidised by funding other than that approved by the Grantor; or (c) any of the reports, financial statements or statements, other deliverables or Project Materials submitted by the Grantee or any of the Programmes and Activities performed under this Agreement are is not to a standard satisfactory to the Grantor; or (iiid) there any of the data, facts or information represented to and/or provided by the Grantee to the Grantor about the Project and/or the Approved Budget is a sufficient credit balance in incomplete, incorrect, untrue or is intended to mislead the Designated Account Grantor. Without prejudice to justify withholding or deferring any other rights and remedies of the Grantor under this Agreement, the part of the Grant withheld pursuant to this Clause shall be forfeited by the Grantor payment (unless otherwise approved by the Grantor on a case-by-case basis) if any breach set out in sub-clause (a) to (d) above is not capable of remedy or, for any breach which is capable of remedy, the Grantee fails to remedy the same to the satisfaction of the Grant or any part thereofGrantor within 1 year after the expiry date of this Agreement as defined in Clause 2. (c) 7.3 For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant or any part thereof for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) 7.4 Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget Proposal shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the BudgetProposal, the Grantee shall make good and pay back the amount into the Designated Bank Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) 7.5 shall be a debt due to and recoverable by the Grantor and interest shall accrue from the date the amount was so applied or spent. 7.5 Any interest payable under Clauses 7.4, 10.3, 10.5, 15.2 and 17.2 of this Agreement shall be calculated at the rate equivalent to 5% above the rate per annum as announced by The Hongkong and Shanghai Banking Corporation Limited from time to time to be its prime lending rate for Hong Kong Dollars. 7.6 On the Completion of the Project or by 31 July 2022, whichever is the earlier, the Grantee shall forthwith:- (a) account to the Grantor for all monies expended on the Project up to the date of Completion of the Project or by 31 July2022 as the case may be, with detailed and original receipts and payment vouchers to support the expenditure. Any deficit shall be covered by the Grantee’s own funds; and (b) repay all unspent balance of the Grant to the Grantor.

Payment of the Grant. (a) 7.1 Subject to the term terms and conditions of this Agreement, the Grant will be paid into the Designated Bank Account in accordance with the payment schedule Payment Schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”)by the Grantor. (b) 7.2 Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (ia) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (iib) the Project or any part thereof is being subsidised by funding other than that approved by the Grantor; or (c) any of the reports, financial statements or statements, other deliverables or Project Materials submitted by the Grantee or any of the Programmes and Activities performed under this Agreement are is not to a standard satisfactory to the Grantor; or (iiid) there any of the data, facts or information represented to and/or provided by the Grantee to the Grantor about the Project and/or the Approved Budget is a sufficient credit balance in incomplete, incorrect, untrue or is intended to mislead the Designated Account Grantor. Without prejudice to justify withholding or deferring any other rights and remedies of the Grantor under this Agreement, the part of the Grant withheld pursuant to this Clause shall be forfeited by the Grantor payment (unless otherwise approved by the Grantor on a case-by-case basis) if any breach set out in sub-clause (a) to (d) above is not capable of remedy or, for any breach which is capable of remedy, the Grantee fails to remedy the same to the satisfaction of the Grant or any part thereofGrantor within 1 year after the expiry date of this Agreement as defined in Clause 2. (c) 7.3 For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant or any part thereof for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) 7.4 Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget Proposal shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the BudgetProposal, the Grantee shall make good and pay back the amount into the Designated Bank Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) 7.5 shall be a debt due to and recoverable by the Grantor and interest shall accrue from the date the amount was so applied or spent. 7.5 Any interest payable under Clauses 7.4, 10.3, 10.5, 15.2 and 17.2 of this Agreement shall be calculated at the rate equivalent to 5% above the rate per annum as announced by The Hongkong and Shanghai Banking Corporation Limited from time to time to be its prime lending rate for Hong Kong Dollars. 7.6 On the Completion of the Project or by 31 July 2024, whichever is the earlier, the Grantee shall forthwith:- (a) account to the Grantor for all monies expended on the Project up to the date of Completion of the Project or by 31 July 2024 as the case may be, with detailed and original receipts and payment vouchers to support the expenditure. Any deficit shall be covered by the Grantee’s own funds; and (b) repay all unspent balance of the Grant to the Grantor.

Payment of the Grant. (a) 7.1 Subject to the term terms and conditions of this Agreement, the Grant will be paid into the Designated Bank Account in accordance with the payment schedule Payment Schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”)by the Grantor. (b) 7.2 Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (ia) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (iib) the Project or any part thereof is being subsidised by funding other than that approved by the Grantor; or (c) any of the reports, financial statements or statements, other deliverables or Project Materials submitted by the Grantee or any of the Programmes and Activities performed under this Agreement are is not to a standard satisfactory to the Grantor; or (iiid) there any of the data, facts or information represented to and/or provided by the Grantee to the Grantor about the Project and/or the Approved Budget is a sufficient credit balance in incomplete, incorrect, untrue or is intended to mislead the Designated Account Grantor. Without prejudice to justify withholding or deferring any other rights and remedies of the Grantor under this Agreement, the part of the Grant withheld pursuant to this Clause shall be forfeited by the Grantor payment (unless otherwise approved by the Grantor on a case-by-case basis) if any breach set out in sub-clause (a) to (d) above is not capable of remedy or, for any breach which is capable of remedy, the Grantee fails to remedy the same to the satisfaction of the Grant or any part thereofGrantor within 1 year after the expiry date of this Agreement as defined in Clause 2. (c) 7.3 For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant or any part thereof for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) 7.4 Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget Proposal shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the BudgetProposal, the Grantee shall make good and pay back the amount into the Designated Bank Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) 7.5 shall be a debt due to and recoverable by the Grantor and interest shall accrue from the date the amount was so applied or spent. 7.5 Any interest payable under Clauses 7.4, 10.3, 10.5, 15.2 and 17.2 of this Agreement shall be calculated at the rate equivalent to 5% above the rate per annum as announced by The Hongkong and Shanghai Banking Corporation Limited from time to time to be its prime lending rate for Hong Kong Dollars. 7.6 On the Completion of the Project or by 31 July 2020, whichever is the earlier, the Grantee shall forthwith:- (a) account to the Grantor for all monies expended on the Project up to the date of Completion of the Project or by 31 July 2020 as the case may be, with detailed and original receipts and payment vouchers to support the expenditure. Any deficit shall be covered by the Grantee’s own funds; and (b) repay all unspent balance of the Grant to the Grantor.

Payment of the Grant. (a) 7.1 Subject to the term terms and conditions of this Agreement, the Grant will be paid into the Designated Bank Account in accordance with the payment schedule Payment Schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”)by the Grantor. (b) 7.2 Notwithstanding anything to the contrary herein contained, the Grantor shall be entitled to withhold payment of the Grant or any part thereof if in the opinion of the Grantor:- (ia) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (iib) the Project or any part thereof is being subsidised by funding other than that approved by the Grantor; or (c) any of the reports, financial statements or statements, other deliverables or Project Materials submitted by the Grantee or any of the Programmes and Activities performed under this Agreement are is not to a standard satisfactory to the Grantor; or (iiid) there any of the data, facts or information represented to and/or provided by the Grantee to the Grantor about the Project and/or the Approved Budget is a sufficient credit balance in incomplete, incorrect, untrue or is intended to mislead the Designated Account Grantor. Without prejudice to justify withholding or deferring any other rights and remedies of the Grantor under this Agreement, the part of the Grant withheld pursuant to this Clause shall be forfeited by the Grantor payment (unless otherwise approved by the Grantor on a case-by-case basis) if any breach set out in sub-clause (a) to (d) above is not capable of remedy or, for any breach which is capable of remedy, the Grantee fails to remedy the same to the satisfaction of the Grant or any part thereofGrantor within 1 year after the expiry date of this Agreement as defined in Clause 2. (c) 7.3 For the avoidance of doubt, under no circumstances shall the Grantee be entitled to any interest or compensation or relief of whatever nature against the Grantor by reason of any late or withholding of payment of the Grant or any part thereof for any reasons whatsoever. (d) The Grantee shall not make any cash payment out of the Grant that is in excess of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may at its discretion reallocate the funds from one approved item of the Budget to another strictly in accordance with Part 1 of the Guidelines. (f) 7.4 Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget Proposal shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the BudgetProposal, the Grantee shall make good and pay back the amount into the Designated Bank Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) 7.5 shall be a debt due to and recoverable by the Grantor and interest shall accrue from the date the amount was so applied or spent. 7.5 Any interest payable under Clauses 7.4, 10.3, 10.5, 15.2 and 17.2 of this Agreement shall be calculated at the rate equivalent to 5% above the rate per annum as announced by The Hongkong and Shanghai Banking Corporation Limited from time to time to be its prime lending rate for Hong Kong Dollars. 7.6 On the Completion of the Project or by 31 July 2019, whichever is the earlier, the Grantee shall forthwith:- (a) account to the Grantor for all monies expended on the Project up to the date of Completion of the Project or by 31 July 2019 as the case may be, with detailed and original receipts and payment vouchers to support the expenditure. Any deficit shall be covered by the Grantee’s own funds; and (b) repay all unspent balance of the Grant to the Grantor. 7.7 Without prejudice to the generality of Clause 28, the Grantor may recover all unspent balance of the Grant under this Agreement by offsetting such unspent balance of the Grant with other funding or grants to be disbursed to the same Grantee under any other funding/grant agreements. 7.8 Without prejudice to the generality of Clause 28, the Grantor may recover all unspent balance of any other grant under any other funding/grant agreement by offsetting the same with the Grant under this Agreement.

Payment of the Grant. (a) Subject to the term of this Agreement, the The Grant will be paid into the Designated Account in accordance with the payment schedule set out in Part C of Schedule II (hereinafter called “Payment Schedule”)the Grant Offer Letter. The Applicant acknowledges that the Grant can only be assured to the extent that PTC has available funds. (b) Notwithstanding anything to The Applicant must request the contrary herein containedpayment of the Grant, and commence the OVO, within six (6) months of the date of the Grant Offer Letter unless otherwise agreed in writing. If this date cannot be met, the Grantor shall be entitled to withhold Applicant must promptly send PTC a written explanation for the delay in requesting the payment/commencing the OVO. If the payment of the Grant is not requested by the Applicant within the relevant period, the Grant will automatically lapse without PTC providing any additional warning or other form of notification to the Applicant. Thereafter, PTC will not be liable for making any part thereof if future Grant payments and the Grant Agreement shall terminate immediately. c) Payment of the grant will be made directly by PTC to the service provider(s) that provide flights, accommodation and / or inoculations. d) PTC will only pay the Grant against sight of official quotes. e) No Grant will be paid until PTC is satisfied (acting reasonably) that such payment will be in relation to proper expenditure for the OVO. f) If at any time the total expenditure for the OVO exceeds the quoted amount stated in the opinion of the Grantor:- (i) the Grantee has failed or is likely to fail to execute the Project in accordance with the Proposal; or (ii) any of the reportsGrant Offer Letter, financial statements or other deliverables submitted by the Grantee under this Agreement are not to a standard satisfactory to the Grantor; or (iii) there is a sufficient credit balance will be no corresponding increase in the Designated Account to justify withholding or deferring by Grant. PTC may in its sole discretion consider an increase in the Grantor payment amount of the Grant or any part thereofin response to an application submitted in advance notifying us of the revised cost, the reasons for the increase, and asking for the level of Grant to be re-considered. (cg) For PTC also reserves the avoidance of doubtright, under no circumstances shall if the Grantee be entitled final total allowable expenditure is less than the estimated expenditure to any interest or compensation or relief of whatever nature against review the Grantor by reason of any late or withholding of payment amount of the Grant for any reasons whatsoever. (d) The Grantee shall not make any cash payment out and, where it considers appropriate, to reduce the Grant payable or to demand a refund of part of the Grant that is in excess Grant. The amount of Hong Kong dollars five thousand (HK$5,000.00) unless a written prior approval from the Grantor is obtained. (e) The Grantee may such reduction or refund shall be determined by PTC at its discretion reallocate but shall not exceed the funds from one approved item amount of the Budget to another strictly in accordance with Part 1 of the Guidelinesunder-spend. (f) Unless otherwise agreed by the Grantor in writing, any expenditure incurred by the Grantee on any matter not listed in the Budget shall be for the Grantee’s own account with no recourse to the Grant. Should the Grantee be found to have applied or spent any of the Grant on any matters not listed in the Budget, the Grantee shall make good and pay back the amount into the Designated Account, failing which the amount with interest thereon calculated in accordance with Clause 4(d) shall be a debt due to and recoverable by the Grantor.