Document ID: chunk:federal_register_of_legislation:F2009L02265:body:0:p2
Version: federal_register_of_legislation:F2009L02265
Segment Type: other
Provision Reference: 
Character Range: 2724–5765

and control of the investment portfolio.  It is expected that not all applicants will be successful, and those who are successful may not receive the full amount of funding for which they apply.

Interpretation

     5                     In this direction:

    "Board" means Innovation Australia and includes its successors and committees to which Innovation Australia delegates any of its functions.

    "companion fund" means a fund managed by an IIFF fund manager through which IIFF program funding (whether alone or together with funding provided by private sector investors) is invested in portfolio investee companies.

    "Department" means the Department of Innovation, Industry, Science and Research.

    "eligible applicant" means an applicant for IIFF program funding that satisfies the requirements of clause 13.

    "eligible Commonwealth programs" means the IIF program (Rounds 1 & 2), the PSF program, the REEF program and the ICTI program.

    "eligible investee company" means a company that satisfies the requirements of clause 14.

    "equity" includes any form of debt financing that is approved by the Program Delegate and which does not require the debtor to pay any interest, coupon or other charge in the nature of interest prior to the end of the term of the debt financing, except in the event of default.

    "existing investee company" means:

              (a)                a company in which a licensed fund has an equity interest; or

         (b)               a company in which an ICT Incubator has an equity interest (including through an entity formed for that purpose) and which the Program Delegate is satisfied the ICT Incubator has not exited,

         that it acquired using funding from an eligible Commonwealth program.

"funding agreement" means an agreement (or other document) entered into by a successful applicant and the Commonwealth for the provision by the Commonwealth of IIFF program funding and (where the context permits) includes the documents establishing any companion fund.

    "ICT Incubator" means an entity that has entered into an agreement with the Commonwealth (the terms of which may or may not have expired) for funding under the ICTI program.  It includes, where an applicant requests and the Program Delegate agrees, a fund formed by an ICT Incubator for the purposes of investing funding provided under the ICTI program in investee companies.

    "ICTI program" means the Commonwealth's ICT Incubators program.

    "IIFF Committee" means the committee of the Board appointed by the Minister to assess applications for IIFF program funding, advise the Program Delegate on the relative merit of those applications and for related purposes.

    "IIFF fund manager" means an entity that has entered into a funding agreement with the Commonwealth under the IIFF program.

    "IIFF Guidelines" means the guidelines made under section 20 of the Industry Research and Development Act 1986 for the IIFF program.

    "IIFF program" means the Commonwealth's