Federal Grant. An award of financial assistance by the Federal government. (Federal Aid Highway Program is considered a grant program.)
Federal Grant. Seller’s assignment to Buyer of all right, title and interest in and to the Federal Grant (as defined below), such that Buyer shall have (i) the sole and exclusive right to direct, control, and manage the Federal Grant and all communications to third parties related thereto (except for such filings that Seller is required to disclose by law or in connection with the dissolution of Seller, in which case Seller will obtain Buyer’s prior written consent prior to making such filings, which consent shall not be withheld unreasonably), and (ii) all right, title and interest in and to any and all advances, receivables, disbursements or payments relating to or arising under the Federal Grant in connection with services rendered or payments made by Parent, Buyer or any of its Contractors on or after the Closing Date (the “Receivables”), including, without limitation, the Receivables listed on Schedule 1.1(a);
Federal Grant. If the Closing occurs, the Buyer will sell the Property to Big Sky Economic Development Authority, a Montana local port Authority (“Big Sky EDA”). Big Sky EDA is applying for a grant (the “Grant”) from the United States Economic Development Administration (the “US EDA”) for funds to defray the expense of buying and improving the Property (the “Grant Funds”). The Grant application will include a budget estimating the expenses Big Sky EDA will incur to complete improvements on the Property, prepare it for occupancy, and move its business to the Property (the “Improvement Budget”). If the US EDA does not award the Grant to Big Sky EDA, the Buyer: (1) will notify the Seller within ten days after Big Sky EDA receives a formal denial letter from the US EDA (the date of that letter, the “Denial Date”); and (2) may terminate this Agreement within 30 days after the Denial Date. If the US EDA awards the Grant to Big Sky EDA, the Buyer will notify the Seller within ten days after Big Sky EDA receives a formal award letter from the US EDA (the date of that letter, the “Award Date”). If the Grant Funds are less than the amount of the Grant request, the Buyer will cause Big Sky EDA to explore reducing the Improvement Budget. The Buyer may terminate this Agreement within 30 days after the Award Date if Big Sky EDA concludes that due to the reductions the Property will not meet its needs.
