Misapplied Grant Clause Samples

The Misapplied Grant clause defines the procedures and consequences if grant funds are used for purposes not permitted under the agreement. Typically, this clause requires the recipient to repay any misused funds and may outline steps for investigation or remediation, such as providing documentation or cooperating with audits. Its core function is to ensure accountability and proper use of grant money, protecting the grantor from financial loss and ensuring compliance with funding requirements.
Misapplied Grant. (a) If the Recipient uses the Grant other than in accordance with this agreement (Misapplied Funds): (i) the Department may, by written notice, require the Recipient to refund the Misapplied Funds; and (ii) if the Department exercises its rights under clause 4.2(a)(i), then the Recipient must within 10 Business Days of receipt of the notice refund the Misapplied Funds plus any interest on it calculated on daily balances at the rate per annum determined by the Supreme Court of Queensland on judgments by default as applicable at the date of the Department’s notice and is fully capitalised on the last day of each month if unpaid; and (iii) if the Misapplied Funds are not repaid in accordance with clause 4.2(a)(ii), the Department may: (A) recover the amount as a liquidated debt due to the Department; or (B) set the amount off against any other amount payable by the Department to the Recipient, whether under this agreement or otherwise. (b) Nothing in this clause 4.2 affects the accrued rights or remedies of the Department, including the right to terminate this agreement in accordance with clause 22.4. (c) Where the Department becomes aware of Misapplied Funds after the Term, clause 4.2(a) will apply in accordance with clause 22.7(b).
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Related to Misapplied Grant

  • Misapplied Payments Misapplied payments shall be processed as follows: (i) All parties shall cooperate in correcting misapplication errors; (ii) The party receiving notice of a misapplied payment occurring prior to the applicable Transfer Date and discovered after the Transfer Date shall immediately notify the other party; (iii) If a misapplied payment which occurred prior to the Transfer Date cannot be identified and said misapplied payment has resulted in a shortage in a Custodial Account or Escrow Account, the Seller shall be liable for the amount of such shortage. The Seller shall reimburse the Purchaser for the amount of such shortage within thirty (30) days after receipt of written demand therefor from the Purchaser; (iv) If a misapplied payment which occurred prior to the Transfer Date has created an improper Purchase Price as the result of an inaccurate outstanding principal balance, a check shall be issued to the party shorted by the improper payment application within five (5) Business Days after notice thereof by the other party; and (v) Any check issued under the provisions of this Section 8(h) shall be accompanied by a statement indicating the corresponding Seller and/or the Purchaser Mortgage Loan identification number and an explanation of the allocation of any such payments.

  • Misapplication of Funds Distribute any revenue from the Property or any Proceeds in violation of the provisions of this Agreement, fail to remit amounts to the Collection Accounts or Holding Account, as applicable, as required by Section 3.1, misappropriate any security deposit or portion thereof or apply the proceeds of the Loan in violation of Section 2.1.4; or

  • Disapplication Section 1 of the Trustee Act 2000 shall not apply to the duties of the Trustee in relation to the trusts constituted by this Agreement. Where there are any inconsistencies between the Trustee Acts 1925 and 2000 and the provisions of this Agreement, the provisions of this Agreement shall, to the extent allowed by law, prevail and, in the case of any inconsistency with the Trustee ▇▇▇ ▇▇▇▇, the provisions of this Agreement shall constitute a restriction or exclusion for the purposes of that Act.

  • Continuing Liability Under Collateral Notwithstanding anything herein to the contrary, (i) each Grantor shall remain liable for all obligations under the Collateral and nothing contained herein is intended or shall be a delegation of duties to the Collateral Agent or any Secured Party, (ii) each Grantor shall remain liable under each of the agreements included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, to perform all of the obligations undertaken by it thereunder all in accordance with and pursuant to the terms and provisions thereof and neither the Collateral Agent nor any Secured Party shall have any obligation or liability under any of such agreements by reason of or arising out of this Agreement or any other document related thereto nor shall the Collateral Agent nor any Secured Party have any obligation to make any inquiry as to the nature or sufficiency of any payment received by it or have any obligation to take any action to collect or enforce any rights under any agreement included in the Collateral, including, without limitation, any agreements relating to Pledged Partnership Interests or Pledged LLC Interests, and (iii) the exercise by the Collateral Agent of any of its rights hereunder shall not release any Grantor from any of its duties or obligations under the contracts and agreements included in the Collateral.

  • Accounts Disbursements and Releases Section 7.01.