53Amount of grant

53 Amount of grant

(1) For the purposes of section 21 of the Act, the amount of a grant under a grant agreement is the total of the instalments payable under the agreement in respect of each financial year to which the grant agreement applies. (2) Subject to subsection (3), the total amount of the instalments payable under the agreement in respect of a financial year is half of the total amount of the grantee’s agreed eligible expenses in relation to eligible products for the financial year. (3) The amount of an instalment is reduced as needed to give effect to: (a) subsection 48(2) (limit on total amount of grants payable); and (b) section 54 (failure to spend agreed amount). (4) To avoid doubt, a grantee’s agreed eligible expenses in relation to eligible products for the first financial year in respect of which a grant or instalment is payable under an agreement may include eligible expenses of the grantee in respect of the whole financial year, even if the grantee applied for the grant, or the grant agreement was entered into, after the start of the financial year.