Reversion of Grant Funds Sample Clauses

Reversion of Grant Funds. The Xxxxxxxx Foundation may, after notice to the Grantee, cancel its participation in the project or program for which the funds are granted if the Xxxxxxxx Foundation, in its sole judgment, determines that: a) The Grantee has failed to make substantial progress in the completion of the project or program; b) The Grantee has failed to comply with any of the terms of this agreement; c) Such cancellation is necessary to comply with the requirements of law; d) The grant funds have not been expended within the one year grant period and no extension of this agreement has been executed; or e) The Grantee fails to qualify as a tax­exempt entity under section 501(c)(3) or other section of the Code, and is not a private foundation under section 509(a) of the Code. In the event of cancellation by the Xxxxxxxx Foundation pursuant to the terms of this paragraph, the Grantee will immediately return all unspent grant funds to the Xxxxxxxx Foundation.
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Reversion of Grant Funds. Grantee will return to Grantor any unexpended Funds at the close of the grant period. Funds also shall be promptly returned if: Grantee loses its exemption from federal income tax or changes its tax-exempt status to another section or subsection of the Code; or if Grantor determines that Grantee has not performed in accordance with the terms of this Agreement.
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Reversion of Grant Funds. The Grantee or Fiscal Agent, if applicable, will immediately return to the Foundation any unexpended funds at the close of the grant period. Funds also shall be promptly returned: (a) if the Foundation elects to terminate said grant in accordance with Paragraph IV (i) above; or (b) if the Grantee is classified as a 501(c) (3) organization by the Internal Revenue Service and loses its exemption from Federal income taxation. The declaration or filing of bankruptcy by the Grantee will automatically terminate the grant.
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Reversion of Grant Funds. At the end of the program/project supported by this grant, the Grantee agrees to return any unexpended funds to the Permanent Endowment for the Martha's
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Reversion of Grant Funds. The Grantee shall return to VEE any unexpended funds at the close of the Grant Period. In addition, Grantee shall promptly return funds upon the written request of VEE if VEE determines that the Grantee has not performed in accordance with the Agreement or met the conditions of the Approved Application and its budget.
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Reversion of Grant Funds. Any portion of the grant not used for the purposes described in the proposal and approved by the Foundation must be repaid to the Foundation. At the conclusion of the project for which the grant funds were used, any remaining funds must be repaid to the Foundation.
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Reversion of Grant Funds. Xxxxxxx will return to or reimburse ECGRA for any portion of the Grant not spent in accordance with the terms of the Grant, and in any event Grantee shall return to ECGRA any unexpended portion of the Grant remaining at the close of the Grant period. Unexpended funds shall also be promptly returned if Grantee loses its exemption from federal income taxation under section 501(c)(3), formerly 101(6), of the Internal Revenue Code.
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Reversion of Grant Funds. Grantee will return to the Community Foundation any unexpended funds at the close of the grant period. Unexpended funds also will be promptly returned if: 1. The Community Foundation, in its sole judgment, determines that the grantee has not performed in accordance with the grant agreement; 2. Grantee loses its exemption from federal income taxation under section 501(c)(3) of the Internal Revenue Code or its status as a public charity described in section 509(a)(1), (2) or (3) of the Internal Revenue Code. The Community Foundation shall also have the right to recover any unexpended grant funds and to cease any and all funding under this agreement if, in the Community Foundation’s sole judgment, (i) the grantee goes out of existence, in whole or in part, whether as a result of bankruptcy, liquidation, dissolution, merger, consolidation or other form of reorganization, (ii) the grantee ceases or significantly curtails its operations, (iii) the grantee changes its charitable purposes and functions or (iv) the Community Foundation reasonably determines that such action is necessary to protect the purposes and objectives of this agreement or to comply with the requirements of any law or regulation applicable to the or the grantee.
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Related to Reversion of Grant Funds

  • Use of Grant Funds Grantee shall use the Grant Funds only for Eligible Expenses as set forth in Appendix A and for no other purpose. Grantee shall expend the Grant Funds in accordance with the Budget and shall obtain the prior approval of City before transferring expenditures from one line item to another within the Budget.

  • GRANT FUNDS The Provider will not commingle grant funds (payments and reimbursements made under this Agreement) with other personal or business accounts. The U.S. Department of Justice, DOJ Grants Financial Guide does not require physical segregation of cash deposits or the establishment of any eligibility requirements for funds which are provided to a Provider. The Provider’s accounting systems must ensure grant funds are not commingled with funds on either a program-by-program or a project-by-project basis. Grant funds specifically budgeted and received for one project may not be used to support another. Where the Provider's existing accounting system cannot comply with this requirement, the Provider will establish an additional accounting system to provide adequate grant fund accountability for each project. In accordance with the provisions of section 287.0582, Florida Statutes, if the terms of this Agreement and reimbursement contemplated by this Agreement extend beyond the current fiscal year, the OAG's performance and obligation to reimburse under this Agreement are contingent upon an annual appropriation and spending authority by the Florida Legislature. In addition, the OAG’s performance and obligation to reimburse under this Agreement is contingent upon the OAG's Victims of Crime Act award, as funded through the U.S. Department of Justice, Office for Victims of Crime formula grant program.

  • Confirmation of Grant The Company hereby evidences and confirms, effective as of the date hereof, its grant to the Associate of Options to purchase the number of shares of Company Common Stock specified on the signature page hereof. The Options are not intended to be Incentive Stock Options. This Agreement is entered into pursuant to, and the terms of the Options are subject to, the terms of the Plan. If there is any inconsistency between this Agreement and the terms of the Plan, the terms of the Plan shall govern.

  • Payment of Grant On or before the 30th day following the close of each calendar quarter that falls within the Term, Grantee shall submit an invoice to Project Monitor detailing all Project Account costs for the prior three calendar months, to the extent that the prior three calendar months fall within the Term, along with all supporting documentation and support therefor, as described in Paragraph 7 of this Grant Contract. Costs contained in untimely, unsupported, or otherwise incomplete invoices shall be deemed Unauthorized Costs, for which Sponsor shall not be liable, directly or indirectly. Grantee shall submit invoices to the Human Services Office via email on the following dates: For the period of July – September, due on or before October 31, 2024 For the period of October – December, dues on or before January 31, 2025 For the period of January – March, due on or before April 30, 2025 For the period of April – June, due on or before June 30, 2025 Xxxxxxx’s invoices submitted hereunder shall be handled as all other claims against the Sponsor. No payment shall be made for Unauthorized Costs. The Sponsor shall authorize payment for Xxxxxxx’s invoices only after Project Monitor assures the Sponsor in writing that Services rendered by Grantee prior to the date of making the claim were performed in accordance with the Grant Contract, and that all costs conform to the Project Budget. Such assurance shall include the submission of all supporting documentation and support for costs as described in Paragraph 7 of this Grant Contract.

  • Rights of Grantee The Restricted Shares subject to this grant shall be fully paid and nonassessable and shall be either: (i) represented by certificates held in custody by the Company until all restrictions thereon have lapsed, together with a stock power or powers executed by Grantee in whose name such certificates are registered, endorsed in blank and covering such Restricted Shares; or (ii) held at the Company’s transfer agent in book entry form with appropriate restrictions relating to the transfer of such Restricted Shares, and endorsed with an appropriate legend referring to the restrictions hereinafter set forth. Grantee shall have the right to vote the Restricted Shares. Upon vesting of the Restricted Shares hereunder, the Grantee: (x) shall receive cash dividends or cash distributions, if any, paid or made by the Company with respect to common shares after the Date of Grant and prior to the vesting of the Restricted Stock; and (y) shall receive any additional Restricted Shares that Grantee may become entitled to receive by virtue of a Restricted Share dividend, a merger or reorganization in which the Company is the surviving corporation or any other change in the capital structure of the Company.

  • Vesting and Exercise of Option The Option shall vest and become exercisable during its term in accordance with the following provisions:

  • Breach of Grant Conditions 13.1 If the Recipient fails to comply with any of the conditions set out in this Grant Agreement, or if any of the events mentioned in Clause 13.2 occur, then the Commissioner may reduce, suspend, or withhold Grant payments, or require all or any part of the Grant to be repaid. The Recipient must repay any amount required to be repaid under this condition within 30 days of receiving the demand for repayment. 13.2 The events referred to in Clause 13.1 are as follows: a) The Recipient purports to transfer or assign any rights, interests or obligations arising under this Grant Agreement without the agreement in advance of the Commissioner; b) Any information provided in the application for the Grant (or in a claim for payment) or in any subsequent supporting correspondence is found to be incorrect or incomplete to an extent which the Commissioner considers to be material; c) The Recipient takes inadequate measures to investigate and resolve any reported irregularity; d) The Recipient changes the nature of its operations to an extent which the Commissioner considers to be significant or prejudicial. 13.3 It is hoped that most difficulties encountered by the Recipient can be overcome with the advice and support of the Commissioner. In the event that it becomes necessary to take steps to enforce the terms and conditions of this Grant Agreement, the Commissioner will write to the Recipient, giving particulars of his/her concern or of any breach of a term or condition of the Grant. 13.4 The Recipient must act within 30 days (or earlier, depending on the severity of the problem) to address the Commissioners concern or rectify the breach, and may consult the Commissioner or agree with him/her an action plan for resolving the problem. If the Commissioner is not satisfied with steps taken by the Recipient to address his/her concern or rectify the breach, he/she may take steps to withhold or suspend the further payment of Grant, or to recover Grant funds already paid. 13.5 On termination of this Grant Agreement for any reason, the Recipient as soon as reasonably practicable, should return to the Commissioner any assets or property or any unused funds (unless the Commissioner gives his/her written consent to their retention) then in their possession in connection with this Grant Agreement.

  • Term of Grant Agreement The term of this Grant Agreement begins on JANUARY 1, 2024, and ends three (3) years following the final payment unless otherwise terminated or amended as provided in this Agreement. However, all work shall be completed by MARCH 31, 2026, and no funds may be requested after APRIL 15, 2026.

  • Method of Exercising Option Subject to the terms and conditions of this Agreement, the Option may be exercised by written notice to the Company or its designee, in substantially the form of Exhibit A attached hereto. Such notice shall state the number of Shares with respect to which the Option is being exercised and shall be signed by the person exercising the Option. Payment of the purchase price for such Shares shall be made in accordance with Paragraph 9 of the Plan. The Company shall deliver such Shares as soon as practicable after the notice shall be received, provided, however, that the Company may delay issuance of such Shares until completion of any action or obtaining of any consent, which the Company deems necessary under any applicable law (including, without limitation, state securities or “blue sky” laws). The Shares as to which the Option shall have been so exercised shall be registered in the Company’s share register in the name of the person so exercising the Option (or, if the Option shall be exercised by the Participant and if the Participant shall so request in the notice exercising the Option, shall be registered in the Company’s share register in the name of the Participant and another person jointly, with right of survivorship) and shall be delivered as provided above to or upon the written order of the person exercising the Option. In the event the Option shall be exercised, pursuant to Section 4 hereof, by any person other than the Participant, such notice shall be accompanied by appropriate proof of the right of such person to exercise the Option. All Shares that shall be purchased upon the exercise of the Option as provided herein shall be fully paid and nonassessable.

  • Exercise of Over-allotment Option The Over-allotment Option granted pursuant to Section 2(c) hereof may be exercised by the Representative within 45 days of the Closing Date. The purchase price to be paid per Additional Shares shall be equal to the price per Firm Share in Section 2(a). The Underwriters shall not be under any obligation to purchase any Additional Shares prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company from the Underwriters, which shall be confirmed in writing via overnight mail or facsimile or other electronic transmission, setting forth the number of Additional Shares to be purchased and the date and time for delivery of and payment for the Additional Shares (the “Option Closing Date”), which shall not be later than five (5) full Business Days after the date of the notice or such other time as shall be agreed upon by the Company and the Underwriters, at the offices of the Representative’s counsel or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Underwriters. If such delivery and payment for the Additional Shares does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option with respect to all or any portion of the Additional Shares, subject to the terms and conditions set forth herein, (i) the Company shall become obligated to sell to the Underwriters the number of Additional Shares specified in such notice and (ii) the Underwriters shall purchase that portion of the total number of Additional Shares.