Use of Funds and Carry Out the SBEC Program. The Recipient will do all of the following: (a) carry out the SBEC Program in accordance with the Agreement; (b) use the Funds only for the purpose of carrying out the SBEC Program; (c) spend the Funds only on account of Eligible Expenditures and in accordance with the Budget; and (d) not use the Funds to cover any cost that has or will be funded or reimbursed by one or more of any third party, ministry, agency, or organization of the Government of Ontario. (a) transfer Funds from any single line within the expenses category ‘SBEC Core’ in the Budget to another single expense line within the expenses category ‘SBEC Core’ in the Budget, provided that the transfers do not result in a change to any line in the expenses category heading ‘SBEC Core’ in the Budget that is more than 10% higher than the original amount in the line in the Budget, and provided that at all times the following condition is met: (i) Administration: The amount of the line item for ’Administrative Expenses’ under the category heading ‘SBEC Core’ in the Budget, for the Funding Year within which the transfer is made, shall not exceed 10% of the total amount of Funds allocated to the ‘SBEC Core’ expense category in the Budget for that Funding Year; (b) provided the condition set out in subsection A4.4(a)(i) is complied with, transfer any amount of Funds from any single line within the expenses category heading ‘SBEC Core’ in the Budget to: (i) the expenses category ‘Starter Company Plus’ in the Budget wherein 25% of the transferred amount shall be allocated to the line item ‘SCP Project Delivery’, and the remaining 75% shall be allocated towards the line item ‘SCP Micro Grants’; or (ii) the expenses category ‘Summer Company’ in the Budget wherein 25% of the transferred amount shall be allocated to the line item ‘SC Project Delivery’, and the remaining 75% shall be allocated to the line time ‘SC Micro Grants’; (c) provided that at no time shall the total amount of Funds allocated to the expense category ‘Summer Company’ in the Budget be less than $3,000 and that the transfer shall not occur prior to August 31st of the Funding Year in which the transfer occurs, transfer Funds in one or both of the following ways:
Appears in 3 contracts
Samples: Transfer Payment Agreement, Transfer Payment Agreement, Transfer Payment Agreement
