FISCAL FUNDING definition

FISCAL FUNDING. The Grantor’s obligations hereunder shall cease immediately, without penalty or further payment being required, in any year for which the General Assembly of the State of Illinois fails to make an appropriation sufficient to pay such obligation or the U.S. Department of Homeland Security, Federal Emergency Management Agency, Grants Programs Directorate (DHS FEMA GPD) fails to provide the funds. The Grantor shall give Grantee notice of such termination for funding as soon as practicable after Grantor becomes aware of the failure of funding. ▇▇▇▇▇▇▇’s obligation to perform work shall cease upon notice by Grantor of lack of appropriated funds.
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FISCAL FUNDING. IEMA’s obligations hereunder shall cease immediately, without penalty or further payment being required, in any year for which USDOT fails to provide the funds, or the Illinois General Assembly fails to make an obligation sufficient to pay such obligation. IEMA shall give the Grantee notice of such termination for funding as soon as practicable after IEMA becomes aware of the failure of funding. The Grantee’s obligation to perform work shall cease upon notice by IEMA of lack of appropriated funds.
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Related to FISCAL FUNDING

  • Initial Funding means the funding of the initial Loans or issuance of the initial Letters of Credit upon satisfaction of the conditions set forth in Sections 6.01 and 6.

  • Principal Funding Account shall have the meaning specified in subsection 4.03(a)(i).

  • Principal Funding Investment Proceeds means, with respect to each Transfer Date, the investment earnings on funds in the Principal Funding Account (net of investment expenses and losses) for the period from and including the immediately preceding Transfer Date to but excluding such Transfer Date.

  • Initial Funding Date means the Funding Date on which the first Loan is made pursuant to this Agreement, as specified in the Initial Borrower Funding Request.

  • Principal Funding Investment Shortfall means, with respect to each Transfer Date relating to the Controlled Accumulation Period, the amount, if any, by which the Principal Funding Investment Proceeds for such Transfer Date are less than the Covered Amount determined as of such Transfer Date.