Common use of Disbursement of the Grant Clause in Contracts

Disbursement of the Grant. After receipt by the Commission of this Agreement fully executed by all parties hereto, and provided that the Grantee is not in default on its obligations to the Commission as of the date first written above, the Commission shall disburse the Grant to the Grantee on one of the following schedules to be selected by the Grantee: Schedule 2 – In Advance. As requested by the Grantee in writing at such times as the Grantee may elect, subject to the reasonable approval of the Commission. The amount of the disbursement shall not be limited to that portion of the Grant which has been earned by the Company; however, the disbursement shall only be made within 120 days after the latest signature on this Agremeent and after the Grantee Certification attached hereto as Exhibit B has been completed by the Grantee and delivered to and approved by the Commission in its sole discretion. Fifty percent (50%) of the Grant is allocated for the Company’s taxable asset obligation set forth in Section 4 of this Agreement and fifty percent (50%) of the Grant is allocated for the Company’s employment obligation set forth in Section 3 of this Agreement. Unless otherwise agreed to in writing by all parties to this Agreement, Xxxxxxx shall disburse all Grant proceeds to the Company or for the Company’s benefit within 30 days of receipt of Grant proceeds from the Commission or return the undisbursed proceeds to the Commission.

Disbursement of the Grant. After receipt by the Commission of this Agreement fully executed by all parties hereto, and provided that the Grantee is not in default on its obligations to the Commission as of the date first written above, the Commission shall disburse the Grant to the Grantee on one of the following schedules to be selected by the Grantee: Schedule 2 – In Advance. As requested by the Grantee in writing at such times as the Grantee may elect, subject to the reasonable approval of the Commission. The amount of the each disbursement shall not be limited to that portion of the Grant which has been earned by the Company; however, the each such disbursement shall only be made within 120 days after the latest signature on this Agremeent and after the Grantee Certification attached hereto as Exhibit B has been completed by the Grantee and delivered to and approved by the Commission in its sole discretion. Fifty percent (50%) of the Grant is allocated for the Company’s taxable asset obligation set forth in Section 4 of this Agreement and fifty percent (50%) of the Grant is allocated for the Company’s employment obligation set forth in Section 3 of this Agreement. Unless otherwise agreed to in writing by all parties to this Agreement, Xxxxxxx shall disburse all Grant proceeds to the Company or for the Company’s benefit within 30 days of receipt of Grant proceeds from the Commission or return the undisbursed proceeds to the Commission.

Disbursement of the Grant. After receipt by the Commission of this Agreement fully executed by all parties hereto, and provided that the Grantee is not in default on its obligations to the Commission as of the date first written above, the Commission shall disburse the Grant to the Grantee on one of the following schedules to be selected by the Grantee: Schedule 2 – In Advance. As Not more than two (2) installments as requested by the Grantee in writing at such times as the Grantee may elect, subject to the reasonable approval of the Commission. The amount of the each disbursement shall not be limited to that portion of the Grant which has been earned by the Company; however, the each such disbursement shall only be made within 120 days after the latest signature on this Agremeent and after the Grantee Certification attached hereto as Exhibit B has been completed by the Grantee and delivered to and approved by the Commission in its sole discretion. Fifty percent (50%) of the Grant is allocated for the Company’s taxable asset obligation set forth in Section 4 of this Agreement and fifty percent (50%) of the Grant is allocated for the Company’s employment obligation set forth in Section 3 of this Agreement. Unless otherwise agreed to in writing by all parties to this Agreement, Xxxxxxx shall disburse all Grant proceeds to the Company or for the Company’s benefit within 30 days of receipt of Grant proceeds from the Commission or return the undisbursed proceeds to the Commission.