18.—(1) Subject to paragraph (2), the board shall make any payment due under these Regulations in such instalments (if any) and at such times as it considers appropriate; and in the exercise of its functions under this regulation the board may make provisional payments pending the final calculation of the grant.
(2) The board shall pay such fees as are described in paragraph (a) (excepting sub-paragraph (iii)) or (b) of Schedule 6 in termly instalments promptly (and in any event by the date specified in paragraph (4)) when both a request for payment in respect thereof has been received and the appropriate term has commenced provided that no payment shall be due when the student has ceased to attend his course (whether or not the board has been so notified) but has not completed it. Payment of such instalments, of the fees described in paragraphs (a)(iii) and (c) of Schedule 6 or such charges as are referred to in regulation 12(2) may be made to the academic authority but subject to this provision all payments in pursuance of the award shall be made to the student.
(3) Without prejudice to regulation 20 or the recovery of an overpayment by way of a deduction from a subsequent payment, any overpayment or underpayment made in pursuance of this regulation shall be adjusted by payment between the student or, as the case may be, the academic authority and the board.
(4) In the case of a course with three terms in each academic year, the board shall make payment pursuant to paragraph (2) on or before 10th December in the case of the first term, on or before 10th February in the case of the second term and on or before 30th April in the case of the third term or within one month of the receipt by the board of a valid request for payment in respect of that term, whichever is the later.