– TERMS AND CONDITIONS FOR PAYMENT OF THE GRANT. 2.1 The sum of the grant will be paid out to the BENEFICIARY in 3 installments: • one installment of €550,000.00 following the date of the signing of this agreement. • one installment of €410,000.00 as of 31/05/2006, based on a request for payment accompanied by: - An interim report on the progress of work, deemed to be satisfactory by OSEO anvar, - A statement of expenses incurred, dated and signed by the BENEFICIARY for an amount at least equal to double the amount of the preceding accumulated payments. - An updated certificate attesting to the fiscal and corporate good standing of the BENEFICIARY. - An evidence of an increase in equity capital by contribution in cash of € 7,000,000 as a capital increase fully paid, issuance premium included or convertible bonds or partners’ current accounts blocked until 31/03/2011 - And, if OSEO xxxxx xxxxx it useful to request, at the time of the submission of the BENEFICIARY’s balance sheets, income statements and annexes, if a closing of the accounting year is questioned after the date of the preceding payment. • the balance, on completion of the work, after OSEO anvar has certified that the programme has been concluded. Notification of this certification will be issued by 31/12/2006 at the latest, in accordance with the stipulations of article 3.
– TERMS AND CONDITIONS FOR PAYMENT OF THE GRANT. 2.1 The sum of the grant will be paid out to the BENEFICIARY in 3 instalments: • one instalment of €540,000.00 following the date of the signing of this agreement. • one instalment of €540,000.00 as of 28/02/2010, based on a request for payment accompanied by: - An external audit of the deliverables aimed at reviewing the final design of the demonstrator circuits (before delivery for manufacture on MPW). - An interim report on the progress of work, deemed to be satisfactory by OSEO Innovation. - A statement of expenses incurred, dated and signed by the BENEFICIARY for an amount at least equal to double the amount of the preceding accumulated payments. - An updated certificate attesting to the fiscal and corporate good standing of the BENEFICIARY. - And, if OSEO Innovation deems it useful to request, at the time of the submission of the BENEFICIARY’s balance sheets, income statements and annexes, if a closing of the accounting year is questioned after the date of the preceding payment. A0905023 Z / AE AN A0 00 • the balance, on completion of the work, after OSEO Innovation has certified that the programme has been concluded. Notification of this certification will be issued by 31/05/2011 at the latest, in accordance with the stipulations of article 3.
