RSS Feeds4. Payment of Grant
4.1 The HRB shall pay the Grant to the Host Institution at the times and in the manner set out in the Grant Letter subject to compliance with any conditions precedent set out in the Grant Letter and compliance with the Grant Conditions.
4.2.1 If the costs incurred by the Host Institution in carrying out the Grant Funded Activities amount to less than the maximum amount of the Grant, the HRB shall be obliged to pay only such amount as may be necessary to discharge the actual costs.
4.2.2 The Host Institution shall be obliged to repay to the HRB within thirty days of demand any amounts of Grant monies paid and not used to discharge actual costs.
4.2.3 If the costs incurred by the Host Institution exceed the amount of the maximum Grant such excess shall be borne by the Host Institution.
4.3 The HRB shall have the right to seek reimbursement in the event of an overpayment of the Grant including the right to set off such overpayment against further payments of the Grant or any other grant from the HRB to the Host Institution.
4.4 Any part of the Grant that remains unused or uncommitted at the end of the Term or earlier termination of this Agreement shall be returned to the HRB within sixty days of such end or earlier termination.
4.5 Any foreign exchange loss arising on the payment of the Grant or any part of it shall be borne in full by the Host Institution and any gain shall be for the account of the HRB.
