Racp Grant. Promptly notifying Lender in writing in the event that the City Council for the City of Philadelphia (“City Council”) does not give any approval required to obtain the RACP grant (or equivalent alternative funding) as described in Section 30(e)(ii) of the Navy Yard Lease prior to December 31, 2007, which notice shall include Borrower’s certification of the manner in which they will cover their one-half share ($2,000,000) contribution to the extent such grant funds are not available as a result of the failure of the City Council to give its required approval.
Racp Grant. The Commonwealth of Pennsylvania shall have issued to Buyer an award, grant agreement, letter or other binding commitment agreeing (or provided other reasonable evidence of its agreement) to make available to Buyer the RACP grant in the amount of Eight Million Dollars ($8,000,000) for the purpose of making capital improvements at the Facility, subject to the completion of annual audits and Buyer’s expenditure of matching funds.
Racp Grant
