Common use of Suspension and reduction of instalment payments Clause in Contracts

Suspension and reduction of instalment payments. (a) The Trustee may at the Trustee’s sole discretion suspend or reduce any instalment payment of the SIEF Funds (in whole or in part) on 10 Business Days’ written notice to the Grant Recipient if the Trustee reasonably considers that the Grant Recipient has: (i) used any SIEF Funds for any purpose other than the Approved Expenses; or (ii) breached any other term of this Agreement; or (iii) not spent nor committed for expenditure any SIEF Funds previously paid by the Trustee in accordance with this Agreement by the date for payment of the relevant instalment payment. (b) If the Trustee elects to suspend any instalment payment (or part thereof) under clause 2.1(a), the Trustee will not be required to pay any further amount of SIEF Funds until the Trustee is satisfied (as applicable) that: (i) the breach has been remedied; (ii) the Grant Recipient has put in place procedures to ensure that further such breaches of the Agreement do not occur in the future; and (iii) all unspent SIEF Funds have been spent or committed for expenditure by the Grant Recipient, in accordance with this Agreement. The unspent SIEF Funds will include payments made to Collaborators that have not been spent or committed for expenditure by the Collaborator. (c) If the Trustee elects to reduce any instalment payment under clause 2.1(a), the maximum amount by which the Trustee may reduce an instalment payment is: (i) in the case of clause 2.1(a)(i), the amount that was spent other than in accordance with this Agreement; (ii) in the case of clause 2.1(a)(ii), an amount that the Trustee considers reasonable in the circumstances, having regard to the nature of the breach; and (iii) in the case of clause 2.1(a)(iii), the unspent amount .

Suspension and reduction of instalment payments. (a) The Trustee may at the Trustee’s sole discretion suspend or reduce any instalment payment of the SIEF Funds (in whole or in part) on 10 Business Days’ written notice to the Grant Recipient if if: (i) the Trustee reasonably considers that the Grant Recipient has: (i) A. used any SIEF Funds for any purpose other than the Approved Expenses; or (ii) B. breached any other term of this Agreement; or (iii) C. not spent nor committed for expenditure any SIEF Funds previously paid by the Trustee in accordance with this Agreement by the date for payment of the relevant instalment payment; or (ii) an agreement between the Grant Recipient and a Collaborator or Approved Subcontractor (as the case may be and as referred to at clause 1.4(c)) is terminated. (b) If the Trustee elects to suspend any instalment payment (or part thereof) under clause 2.1(a), the Trustee will not be required to pay any further amount of SIEF Funds until the Trustee is satisfied satisfied, acting reasonably, that (as applicable) that:): (i) the breach has been remedied; (ii) the Grant Recipient has put in place procedures to ensure that further such breaches of the Agreement do not occur in the future; and (iii) all unspent SIEF Funds have been spent or committed for expenditure by the Grant Recipient, in accordance with this Agreement. The unspent SIEF Funds will include payments made to Collaborators that have not been spent or committed for expenditure by the Collaborator; or (iv) the Project is able to progress satisfactorily. (c) If the Trustee elects to reduce any instalment payment under clause 2.1(a), the maximum amount by which the Trustee may reduce an instalment payment is: (i) in the case of clause 2.1(a)(i), the amount that was spent other than in accordance with this Agreement; (ii) in the case of clause 2.1(a)(ii), an amount that the Trustee considers reasonable in the circumstances, having regard to the nature of the breach; and (iii) in the case of clause 2.1(a)(iii), the unspent amount .

Suspension and reduction of instalment payments. (a) The Trustee may at the Trustee’s sole discretion suspend or reduce any instalment payment of the SIEF Funds (in whole or in part) on 10 Business Days’ written notice to the Grant Recipient if the Trustee reasonably considers that the Grant Recipient has: (i) used any SIEF Funds for any purpose other than the Approved Expenses; or (ii) breached any other term of this Agreement; or (iii) not spent nor committed for expenditure any SIEF Funds previously paid by the Trustee in accordance with this Agreement by the date for payment of the relevant instalment payment. (b) If the Trustee elects to suspend any instalment payment (or part thereof) under clause 2.1(a), the Trustee will not be required to pay any further amount of SIEF Funds until the Trustee is satisfied (as applicable) that: (i) the breach has been remedied; (ii) the Grant Recipient has put in place procedures to ensure that further such breaches of the Agreement do not occur in the future; and (iii) all unspent SIEF Funds have been spent or committed for expenditure by the Grant Recipient, in accordance with this Agreement. The unspent SIEF Funds will include payments made to Collaborators that have not been spent or committed for expenditure by the Collaborator. (c) If the Trustee elects to reduce any instalment payment under clause 2.1(a), the maximum amount by which the Trustee may reduce an instalment payment is: (i) in the case of clause 2.1(a)(i), the amount that was spent other than in accordance with this Agreement; (ii) in the case of clause 2.1(a)(ii), an amount that the Trustee considers reasonable in the circumstances, having regard to the nature of the breach; and (iii) in the case of clause 2.1(a)(iii), the unspent amount amount.