Conditions to Triumph's Obligations to Fund the Grant Sample Clauses

Conditions to Triumph's Obligations to Fund the Grant. As used in the Budget, Year 1 shall mean the calendar year 2020; Year 2 shall mean the calendar year 2021; Year 3 shall mean the calendar year 2022; Year 4 shall mean the calendar year 2023; Year 5 shall mean the calendar year 2024; Year 6 shall mean the calendar year 2025; and Year 7 shall mean the calendar year 2026. On or before November 1 of each calendar year, WCSB shall submit to Triumph an Application for Funding on the form attached hereto as Exhibit “A” and incorporated herein (an “Application for Funding”) for the next calendar Year. The Application for Funding for Year 1 shall be submitted on or before November 1, 2019. Except with respect for the Application for Funding for Year 1, each Application for Funding shall include reports in budget categories with copies of general ledger detail for the Project account (as defined below) showing itemized expenditures for the immediately prior funding Year, together with (A) invoices, purchase orders, or contracts from vendors providing equipment, materials, supplies, and services; (B) payroll and other employment data, (C) documentation evidencing the completion of the work that is the subject of the requested funding, and (D) such other documents as Triumph shall require in order to determine that the funding for the prior Year was used for purposes consistent with the Budget for that Year. With respect for the Application for Funding for Year 1, the Application for Funding need only include the completed Application for Funding and not any additional documentation. WCSB shall notify the Triumph Program Administrator via email each time an Application for Funding is submitted. Within forty-five (45) days of notification and receipt of an Application for Funding under Section 4.1 above that includes all required supporting documents, Triumph shall either approve or disapprove of the Application for Funding. If Triumph approves the Application for Funding, then it shall fund the approved amount to WCSB within thirty (30) days after approval. If Triumph disapproves the Application for Funding, Triumph shall deliver a notice of disapproval within such forty-five (45) day period that states the reasons for such disapproval. If the stated reasons for disapproval can be cured by WCSB’s submittal of missing or corrective items, WCSB shall have thirty (30) days following receipt of the notice of disapproval to submit such missing or corrective items. If Triumph fails to notify WCSB of its disapproval of the A...
Sample 1
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Related to Conditions to Triumph's Obligations to Fund the Grant

  • Conditions to Each Party’s Obligations The respective obligations of each Party to consummate the Merger are subject to the satisfaction of the following conditions:

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