Contract Assignment as Condition Subsequent to Program Manager Default Sample Clauses

Contract Assignment as Condition Subsequent to Program Manager Default. Upon the occurrence of any Program Manager Default, this Section 7.1.7 shall act as a condition subsequent. The Program Manager agrees that as security for the performance by the Program Manager of its obligations set forth in this Agreement and upon occurrence of any Program Manager Default, all right, title and interest of the Program Manager in and to this Agreement and any agreement between Program Manager and any Subconsultant (hereafter Program Management Contracts) shall be vested in the District. Neither the occurrence of this condition subsequent nor any action or actions on the part of the District shall constitute a voluntary assumption by the District of any obligations of the Program Manager under the Program Management Contracts and the Program Manager shall continue to be liable for all obligations thereunder. The District may at its option, but shall not be required to, perform or discharge any obligation of the Program Manager under some or all of the Program Manager Contracts. Upon occurrence of a Program Manager Default, if requested by the District, the Program Manager shall deliver to the District each Program Management Contract affected thereby and shall cooperate with the District in executing any specific assignments of such Program Management Contracts which may be requested by the District from time to time.
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Related to Contract Assignment as Condition Subsequent to Program Manager Default

  • CONDITION SUBSEQUENT/NON-APPROPRIATION OF FUNDING The compensation paid to CONTRACTOR pursuant to this Agreement is based on COUNTY’S continued appropriation of funding for the purpose of this Agreement, as well as the receipt of local, county, state and/or federal funding for this purpose. The parties acknowledge that the nature of government finance is unpredictable, and that the rights and obligations set forth in this Agreement are therefore contingent upon the receipt and/or appropriation of the necessary funds. In the event that funding is terminated, in whole or in part, for any reason, at any time, this Agreement and all obligations of the COUNTY arising from this Agreement shall be immediately discharged. COUNTY agrees to inform CONTRACTOR no later than ten (10) calendar days after the COUNTY determines, in its sole judgment, that funding will be terminated and the final date for which funding will be available. Under these circumstances, all billing or other claims for compensation or reimbursement by CONTRACTOR arising out of performance of this Agreement must be submitted to COUNTY prior to the final date for which funding is available. In the alternative, COUNTY and CONTRACTOR may agree, in such circumstance, to a suspension or modification of either party's rights and obligations under this Agreement. Such a modification, if the parties agree thereto, may permit a restoration of previous contract terms in the event funding is reinstated. Also in the alternative, the COUNTY may, if funding is provided to the COUNTY in the form of promises to pay at a later date, whether referred to as “government warrants,” “IOUs,” or by any other name, the COUNTY may, in its sole discretion, provide similar promises to pay to the CONTRACTOR, which the CONTRACTOR hereby agrees to accept as sufficient payment until cash funding becomes available.

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