Project Generated Income Clause Samples

Project Generated Income. (a) Subject to clause 32(b), the Recipient must treat Project Generated Income in accordance with the Department’s written direction. (b) Unless otherwise directed by the Department in writing, the Recipient must apply any interest earned from the investment of the Funds to Project expenses or costs. The Recipient acknowledges that, the Department may, at its absolute discretion: (i) authorise the use of Project Generated Income to maximise Project Outcomes; (ii) require the return of the interest amount to the Department; or (iii) offset future payment(s) of Funds against the interest amount.

Project Generated Income. The Recipient must treat Project Generated Income in accordance with the Department’s written direction and, in the case of interest earned on the Funds acknowledges that, the Department may require: return of the interest amount to the Department; that the interest amount is applied to Project expenses or costs where such application is consistent with the Project Budget; or offset of payment of Funds against the interest amount.

Project Generated Income. The Recipient must treat Project Generated Income in accordance with DNP’s written direction and, in the case of interest earned on the Funds acknowledges that, DNP may require: return of the interest amount to DNP; that the interest amount is applied to Project expenses or costs where such application is consistent with the Project Budget; or offset of payment of Funds against the interest amount.