Common use of Repayment of Grant Funds Clause in Contracts

Repayment of Grant Funds. 17.1 If: 17.1.1 on the expiry or any early termination of this Agreement, any Grant Funds that: (a) remain Unspent by the Grantee or unspent by the Grantee in accordance with this Agreement; or (b) cannot, by reconciliation between the accounts and records maintained by the Grantee (as reported to APIDTT by the Grantee in any of the financial statements referred to in clause 10) and the Budget, be shown to the reasonable satisfaction of APIDTT to have been spent or Committed in accordance with this Agreement; or (c) at any time APIDTT forms the reasonable opinion that any Grant Funds have been used, spent or Committed by the Grantee other than in accordance with this Agreement, APIDTT may by written notice to the Grantee require the Grantee to repay that part of the Grant Funds, and the Grantee must repay to APIDTT the amount specified in the notice within 20 Business Days of the date of the notice. 17.2 If the Grantee fails to repay the Grant Funds in accordance with a notice issued under clause 17.1: 17.2.1 the Grantee must pay APIDTT Interest on the amount specified in the notice from the date it was due, for the period it remains unpaid; and 17.2.2 the amount specified in the notice, and Interest owed under this clause will be recoverable by APIDTT as a debt due to APIDTT by the Grantee. 17.3 The Grantee acknowledges that Interest payable under clause 17.2 represents a reasonable pre- estimate of the loss incurred by XXXXXX as a result of the loss of investment opportunity for, or the reasonable cost of borrowing other money in place of, the amount which should have been repaid. 17.4 This clause 17 survives the expiration or early termination of this Agreement.

Repayment of Grant Funds. 17.1 16.1 If: 17.1.1 16.1.1 on the expiry or any early termination of this Agreement, any Grant Funds that: (a) remain Unspent by the Grantee or unspent by the Grantee in accordance with this Agreement; or (b) cannot, by reconciliation between the accounts and records maintained by the Grantee (as reported to APIDTT by the Grantee in any of the financial statements referred to in clause 109) and the Budget, be shown to the reasonable satisfaction of APIDTT to have been spent or Committed in accordance with this Agreement; or (c) at any time APIDTT forms the reasonable opinion that any Grant Funds have been used, spent or Committed by the Grantee other than in accordance with this Agreement, APIDTT may by written notice to the Grantee require the Grantee to repay that part of the Grant Funds, and the Grantee must repay to APIDTT the amount specified in the notice within 20 Business Days of the date of the notice. 17.2 16.2 If the Grantee fails to repay the Grant Funds in accordance with a notice issued under clause 17.116.1: 17.2.1 16.2.1 the Grantee must pay APIDTT Interest on the amount specified in the notice from the date it was due, for the period it remains unpaid; and 17.2.2 16.2.2 the amount specified in the notice, and Interest owed under this clause will be recoverable by APIDTT as a debt due to APIDTT by the Grantee. 17.3 16.3 The Grantee acknowledges that Interest payable under clause 17.2 16.2 represents a reasonable pre- pre-estimate of the loss incurred by XXXXXX as a result of the loss of investment opportunity for, or the reasonable cost of borrowing other money in place of, the amount which should have been repaid. 17.4 16.4 This clause 17 16 survives the expiration or early termination of this Agreement.