(1) The conditions that apply to a payment (the funding payment ) of Commonwealth funding for an Investment Project (the funded project ) to an eligible funding recipient (the funding recipient ) are:
(a) the mandatory conditions (see Subdivision B); and
(b) either:
(i) if the funding payment is provided in accordance with section 17--the conditions (if any) determined under Subdivision C; or
(ii) if the funding payment is provided in accordance with a funding agreement--the conditions specified in the funding agreement.
(2) A funding agreement may specify a condition by applying, adopting or incorporating any matter contained in an instrument or other writing as in force or existing from time to time.