Common use of Termination; Availability of Funds Clause in Contracts

Termination; Availability of Funds. (a). If the Governmental Unit fails to fulfill in a timely and proper manner its obligations or violates any of the covenants or stipulations under this Agreement, if the Owner fails to fulfill in a timely and proper manner its obligations or violates any of its covenants or stipulations under the LBC or if any Business fails to fulfill those requirements applicable to it in the LBC, the Governmental Unit agrees that Commerce has the right to terminate this Grant Agreement and/or the LBC by giving, as applicable, the Governmental Unit or the Governmental Unit and the Owner written notice specifying the Termination Date, which Commerce may determine in its sole discretion. Upon such termination, Commerce shall have no responsibility to make additional Grant payments. Upon such termination, the Governmental Unit shall not expend any Grant funds (including Loan funds) without Commerce’s express written authorization and shall return all unspent Grant funds to Commerce upon demand. (b). The obligations of the Rural Authority and/or Commerce to pay any amounts under this Grant Agreement are contingent upon the availability and continuation of funds for such purpose. If funds for the Grant (and therefore the Loan) become unavailable, the Governmental Unit agrees that Commerce has the right to terminate this Grant Agreement and/or the LBC by giving written notice specifying the Termination Date, which Commerce shall determine in its sole discretion. Upon such termination, the State shall have no responsibility to make additional Grant payments. Further, upon such termination, the Governmental Unit shall not expend any Grant funds (including Loan funds) without Commerce’s express written authorization and shall return all unspent Grant funds to Commerce upon demand.

Termination; Availability of Funds. (a). If the Governmental Unit fails to fulfill in a timely and proper manner its obligations or violates any of the covenants or stipulations under this Agreement, if the Owner fails to fulfill in a timely and proper manner its obligations or violates any of its covenants or stipulations under the LBC or if any Business fails to fulfill those requirements applicable to it in the LBC, the Owner agrees that the Governmental Unit or Commerce has the right to terminate the LBC by giving the Owner written notice specifying the Termination Date, which shall be determined by the Governmental Unit or Commerce in their sole discretion. Upon such termination, neither the State nor the Governmental Unit shall have any responsibility to make Loan payments. Further, upon such termination, the Owner shall not expend any Loan funds without the express written authorization of the Governmental Unit and Commerce and shall return all unspent Loan funds to either the Governmental Unit or Commerce, upon request and as directed. (b). If the Governmental Unit fails to fulfill in a timely and proper manner its obligations or violates any of the covenants or stipulations under its Grant Agreement with Commerce, the Owner agrees that Commerce has the right to terminate this its Grant Agreement with the Governmental Unit and/or the terminate this LBC by giving, as applicable, the Governmental Unit or the Governmental Unit and the Owner written notice specifying the Termination Date, which Commerce may determine in its sole discretion. Upon such termination, Commerce neither the State nor the Governmental Unit shall have no any responsibility to make additional Grant Loan payments. Upon Further, upon such termination, the Governmental Unit Owner shall not expend any Grant Loan funds (including Loan funds) without Commerce’s the express written authorization of the Governmental Unit and Commerce and shall return all unspent Grant Loan funds to Commerce either the Governmental Unit or Commerce, upon demandrequest and as directed. (bc). The obligations of the Rural Authority and/or Commerce to pay any Grant funds to the Governmental Unit and for the Governmental Unit to pay any Loan amounts to the Owner under this Grant Agreement LBC are contingent upon the availability and continuation of funds for such purpose. If funds for the Grant (and therefore the Loan) Loan become unavailable, the Owner agrees that either Commerce or the Governmental Unit agrees that Commerce has the right to terminate this Grant Agreement and/or the LBC by giving written notice specifying the Termination Date, which either the Governmental Unit or Commerce shall may determine in its their sole discretion. Upon such termination, neither the State nor the Governmental Unit shall have no any responsibility to make additional Grant Loan payments. Further, upon such termination, the Governmental Unit Owner shall not expend any Grant Loan funds (including Loan funds) without Commerce’s the express written authorization of the Governmental Unit and Commerce and shall return all unspent Grant Loan funds to Commerce the Governmental Unit or Commerce, upon demanddemand and as directed.

Termination; Availability of Funds. (a). If the Governmental Unit Business fails to fulfill in a timely and proper manner its any applicable LBC or Project obligations or requirements applicable to it in the LBC, or if the Business violates any of the its covenants or stipulations under this Agreementthe LBC, if the Owner Business agrees that the Governmental Unit or Commerce has the right to terminate the LBC by giving the Business written notice specifying the Termination Date, which shall be determined by the Governmental Unit or Commerce in their sole discretion. Upon such termination, the Business shall pay the amount calculated under Paragraph 13(b) to the Governmental Unit or Commerce, upon request, as directed and without regard to whether the effective period in Paragraph 5 has yet to expire. (b). If the Business fails to fulfill in a timely and proper manner its the obligations or requirements applicable to it in the LBC, or if the Business violates any of its covenants or stipulations under the LBC or if any Business fails to fulfill those requirements applicable to it in the LBC, the Governmental Unit Business agrees that Commerce has the right to terminate this its Grant Agreement with the Governmental Unit and/or the terminate this LBC by giving, as applicable, the Governmental Unit or the Governmental Unit and the Owner Business written notice specifying the Termination Date, which Commerce may determine in its sole discretion. Upon such termination, Commerce the Business shall have no responsibility pay the amount calculated under Paragraph 13(b) to make additional Grant payments. Upon such termination, the Governmental Unit shall not expend any Grant funds (including Loan funds) or Commerce, upon request, as directed and without Commerce’s express written authorization and shall return all unspent Grant funds regard to Commerce upon demandwhether the effective period in Paragraph 5 has yet to expire. (bc). The obligations of the Rural Authority and/or Commerce to pay any amounts under this Grant Agreement funds to the Governmental Unit are contingent upon the availability and continuation of Grant funds for such purpose. If Grant funds for the Grant (and therefore the Loan) become unavailable, the Business agrees that either Commerce or the Governmental Unit agrees that Commerce has the right to terminate this Grant Agreement and/or the LBC by giving written notice specifying the Termination Date, which Commerce shall determine in its sole discretion. Upon such termination, the State shall have no responsibility to make additional Grant payments. Further, upon such termination, either the Governmental Unit shall not expend any Grant funds (including Loan funds) without Commerce’s express written authorization and shall return all unspent Grant funds to or Commerce upon demandmay determine in their sole discretion.

Termination; Availability of Funds. (a). If the Governmental Unit fails to fulfill in a timely and proper manner its obligations or violates any of the covenants or stipulations under this Agreement, or if the Owner any Business fails to fulfill in a timely and proper manner its obligations or violates any of its covenants or stipulations under the LBC or if any Business fails to fulfill those requirements applicable to it in the LBC, the Governmental Unit agrees that Commerce has the right to terminate this Grant Agreement and/or the LBC by giving, as applicable, the Governmental Unit or the Governmental Unit and the Owner Business written notice specifying the Termination DateDate of either agreement, which Commerce may determine in its sole discretion. Upon such termination, Commerce shall have no responsibility to make additional Grant payments. Upon such termination, the Governmental Unit shall not expend any Grant funds (including Loan funds) without Commerce’s express written authorization and shall return all unspent Grant funds to Commerce upon demand. (b). The obligations of the Rural Authority and/or Commerce to pay any amounts under this Grant Agreement are contingent upon the availability and continuation of funds for such purpose. If funds for the Grant (and therefore the Loan) become unavailable, the Governmental Unit agrees that Commerce has the right to terminate this Grant Agreement and/or the LBC by giving written notice specifying the Termination DateDate of either agreement, which Commerce shall determine in its sole discretion. Upon such termination, the State shall have no responsibility to make additional Grant payments. Further, upon such termination, the Governmental Unit shall not expend any Grant funds (including Loan funds) without Commerce’s express written authorization and shall return all unspent Grant funds to Commerce upon demand.