Common use of Termination on Account of Nonappropriation of Funds Clause in Contracts

Termination on Account of Nonappropriation of Funds. Notwithstanding any contrary provision in this Agreement, the LEA may, at its option, terminate this Agreement as to all (but not less than all) the Accepted Buses that are the subject of each and every Appendix entered into herewith, as of the end of any fiscal year, if funds are not appropriated for the next fiscal year in an amount equal to the aggregate of all Installment Payments due during such next fiscal year for the purpose of making the Installment Payments. The LEA agrees to provide CONTRACTOR with written notice immediately upon the occurrence of nonappropriation. If the LEA terminates this Agreement because of nonappropriation of funds in accordance with the provisions of this Section 8.01, the LEA shall return the Accepted Buses to CONTRACTOR in the manner described in Section 5.01 hereof and all obligations of the LEA to pay Installment Payments coming due following such termination shall cease without penalty or expense to the LEA of any kind.

Termination on Account of Nonappropriation of Funds. Notwithstanding any contrary provision in this Agreement, the LEA may, at its option, terminate this Agreement as to all (but not less than all) the Accepted Buses that are the subject of each and every Appendix entered into herewith, as of the end of any fiscal year, if funds are not appropriated for the next fiscal year in an amount equal to the aggregate of all Installment Payments due during such next fiscal year for the purpose of making the Installment Payments. The LEA agrees to provide CONTRACTOR CCMI with written notice immediately upon the occurrence of nonappropriation. If the LEA terminates this Agreement because of nonappropriation of funds in accordance with the provisions of this Section 8.01, the LEA shall return the Accepted Buses to CONTRACTOR CCMI in the manner described in Section 5.01 hereof and all obligations of the LEA to pay Installment Payments coming due following such termination shall cease without penalty or expense to the LEA of any kind.