Common use of New Information Clause in Contracts

New Information. The Education Corporation’s school(s) shall not continue to provide instruction to any student and the Education Corporation shall not be eligible to receive any funds, or if it has received funds, any further funds, as would otherwise inure to the Education Corporation under Education Law § 2856, if: (a) the Trustees receive information after the date on which the Proposed Charter or an amendment thereto is executed that provides substantial reason to believe either (i) the Terms of Operation contain material misstatements or material omissions of fact or (ii) the Education Corporation and/or any entity with which the Education Corporation intends to contract to provide day-to-day management of any school or schools, is unable to oversee and operate the school or schools in a fiscally and educationally sound manner consistent with the terms of the Provisional Charter, Charter Agreement, Act and all other applicable laws (the “New Information”); and (b) the Trustees acting on the New Information, issue in writing to the Education Corporation a statement setting forth in particular the New Information and the reasons why the Education Corporation shall not be permitted to provide instruction at a particular school or schools, or to receive the public funds contemplated under the Act. Upon appropriate showing by the Education Corporation, the Trustees may withdraw such statement and permit the Education Corporation’s school(s) to provide instruction to students and permit the Education Corporation to receive public funds contemplated under Education Law § 2856 for such school(s). In the event that the Trustees issue the statement described by its subsection prior to December 31 of the year that the charter(s) issued to permit operation of said school(s) becomes effective, and such statement is not withdrawn by the Trustees on or before September 21 of the year immediately succeeding the year in which such charter becomes effective, such charter shall be deemed to be void ab initio. It shall be the ongoing obligation of the Applicant(s) (until the Effective Date) and Education Corporation (upon and after the Effective Date) to provide to the Trustees in writing any New Information of which the Applicant(s) or Education Corporation is or are in, or come(s) into, possession.

New Information. The Education Corporation’s school(s) shall not continue to provide instruction to any student and the Education Corporation shall not be eligible to receive any funds, or if it has received funds, any further funds, as would otherwise inure to the Education Corporation under Education Law § 2856, if: (a) the Trustees receive information after the date on which the Proposed Charter or an amendment thereto is executed that provides substantial reason to believe either either (i) the Terms of Operation contain material misstatements or material omissions of fact or (ii) the Education Corporation and/or any entity with which the Education Corporation intends to contract to provide day-to-day management of any school or schools, is unable to oversee and operate the school or schools in a fiscally and educationally sound manner consistent with the terms of the Provisional Charter, Charter Agreement, Act Act, and all other applicable laws (the “New Information”); and (b) the Trustees acting on the New Information, issue in writing to the Education Corporation a statement setting forth in particular the New Information and the reasons why the Education Corporation shall not be permitted to provide instruction at a particular school or schools, or to receive the public funds contemplated under the Act. Upon appropriate showing by the Education Corporation, the Trustees may withdraw such statement and permit the Education Corporation’s school(s) to provide instruction to students and permit the Education Corporation to receive public funds contemplated under Education Law § 2856 for such school(s). In the event that the Trustees issue the statement described by its this subsection either prior to December 31 of the year that the charter(s) issued to permit operation of said school(s) becomes effective, or, in the case of charter(s) issued on the first business day of a calendar year, and such statement is not withdrawn by the Trustees on or before September 21 of the year immediately succeeding the year in which such charter becomes effective, or on or before September 21, respectively, such charter charter(s) shall be deemed to be void ab initio. It shall be the ongoing obligation of the Applicant(s) (until the Effective Date) and Education Corporation (upon and after the Effective Date) to provide in writing to the Trustees in writing any New Information of which the Applicant(s) or Education Corporation is or are in, or come(s) into, possession.

New Information. The Education Corporation’s school(s) shall not continue to provide instruction to any student and the Education Corporation shall not be eligible to receive any funds, or if it has received funds, any further funds, as would otherwise inure to the Education Corporation under Education Law § 2856, if: (a) the Trustees receive information after the date on which the Proposed Renewal Charter or an amendment thereto is executed that provides substantial reason to believe either (i) the Terms of Operation contain material misstatements or material omissions of fact or (ii) the Education Corporation and/or any entity with which the Education Corporation intends to contract to provide day-to-day management of any school or schools, is unable to oversee and operate the school or schools in a fiscally and educationally sound manner consistent with the terms of the Provisional Charter, Charter Agreement, Act and all other applicable laws (the “New Information”); and (b) the Trustees acting on the New Information, issue in writing to the Education Corporation a statement setting forth in particular the New Information and the reasons why the Education Corporation shall not be permitted to provide instruction at a particular school or schools, or to receive the public funds contemplated under the Act. Upon appropriate showing by the Education Corporation, the Trustees may withdraw such statement and permit the Education Corporation’s school(s) to provide instruction to students and permit the Education Corporation to receive public funds contemplated under Education Law § 2856 for such school(s). In the event that the Trustees issue the statement described by its subsection prior to December 31 of the year that the charter(s) issued to permit operation of said school(s) becomes effective, and such statement is not withdrawn by the Trustees on or before September 21 of the year immediately succeeding the year in which such charter becomes effective, such charter shall be deemed to be void ab initio. It shall be the ongoing obligation of the Applicant(s) (until the Effective Date) and Education Corporation (upon and after the Effective Date) to provide to the Trustees in writing any New Information of which the Applicant(sapplicant(s) or Education Corporation is or are in, or come(s) into, possession.

New Information. The Education Corporation’s school(s) shall not continue to provide instruction to any student and the Education Corporation shall not be eligible to receive any funds, or if it has received funds, any further funds, as would otherwise inure to the Education Corporation under Education Law § 2856, if: (a) the Trustees receive information after the date on which the Proposed Renewal Charter or an amendment thereto is executed that provides substantial reason to believe either (i) the Terms of Operation contain material misstatements or material omissions of fact or (ii) the Education Corporation and/or any entity with which the Education Corporation intends to contract to provide day-to-day management of any school or schools, is unable to oversee and operate the school or schools in a fiscally and educationally sound manner consistent with the terms of the Provisional Charter, Charter Agreement, Act Act, and all other applicable laws (the “New Information”); and, (b) the Trustees Trustees, acting on the New Information, issue in writing to the Education Corporation a statement setting forth in particular the New Information and the reasons why the Education Corporation shall not be permitted to provide instruction at a particular school or schools, or to receive the public funds contemplated under the Act. Upon appropriate showing by the Education Corporation, the Trustees may withdraw such statement and permit the Education Corporation’s school(s) to provide instruction to students and permit the Education Corporation to receive public funds contemplated under Education Law § 2856 for such school(s). In the event that the Trustees issue the statement described by its this subsection either prior to December 31 of the year that the charter(s) issued to permit operation of said school(s) becomes effective, or, in the case of charter(s) issued on the first business day of a calendar year, and such statement is not withdrawn by the Trustees on or before September 21 of the year immediately succeeding the year in which such charter becomes effective, or on or before September 21, respectively, such charter charter(s) shall be deemed to be void ab initio. It shall be the ongoing obligation of the Applicant(s) (until the Effective Date) and Education Corporation (upon and after the Effective Date) to provide in writing to the Trustees in writing any New Information of which the Applicant(s) or Education Corporation is or are in, or come(s) into, possession.

New Information. The Education Corporation’s school(s) shall not continue to provide instruction to any student and the Education Corporation shall not be eligible to receive any funds, or if it has received funds, any further funds, as would otherwise inure to the Education Corporation under Education Law § 2856, if: (a) : the Trustees receive information after the date on which the Proposed Renewal Charter or an amendment thereto is executed that provides substantial reason to believe either (i) the Terms of Operation contain material misstatements or material omissions of fact or (ii) the Education Corporation and/or any entity with which the Education Corporation intends to contract to provide day-to-day management of any school or schools, is unable to oversee and operate the school or schools in a fiscally and educationally sound manner consistent with the terms of the Provisional Charter, Charter Agreement, Act and all other applicable laws (the “New Information”); and (b) and the Trustees acting on the New Information, issue in writing to the Education Corporation a statement setting forth in particular the New Information and the reasons why the Education Corporation shall not be permitted to provide instruction at a particular school or schools, or to receive the public funds contemplated under the Act. Upon appropriate showing by the Education Corporation, the Trustees may withdraw such statement and permit the Education Corporation’s school(s) to provide instruction to students and permit the Education Corporation to receive public funds contemplated under Education Law § 2856 for such school(s). In the event that the Trustees issue the statement described by its subsection prior to December 31 of the year that the charter(s) issued to permit operation of said school(s) becomes effective, and such statement is not withdrawn by the Trustees on or before September 21 of the year immediately succeeding the year in which such charter becomes effective, such charter shall be deemed to be void ab initio. It shall be the ongoing obligation of the Applicant(s) (until the Effective Date) and Education Corporation (upon and after the Effective Date) to provide to the Trustees in writing any New Information of which the Applicant(s) or Education Corporation is or are in, or come(s) into, possession.