Common use of Alberta Innovates’ Right to Terminate Funding Clause in Contracts

Alberta Innovates’ Right to Terminate Funding. Notwithstanding any other term of this Investment Agreement, Alberta Innovates may terminate its obligations under this Investment Agreement immediately or at any time during the Term in the event the Government of Alberta at any time suspends, revokes, reduces or terminates funding to Alberta Innovates. In such event this Investment Agreement shall terminate immediately subject to the obligation of the Applicant to provide a summary Report as set out below. Alberta Innovates will notify the Applicant of such suspension as soon as is reasonably practicable. Notwithstanding any other terms of this Investment Agreement, Alberta Innovates may terminate this Investment Agreement at any time without cause on thirty (30) days’ written notice to the Applicant, and Alberta Innovates’ obligation to make any further payments of the Investment shall cease upon delivery of such notice. Alberta Innovates additionally has the right to unilaterally terminate the Investment for any Project that incurs a Default. In the event of early termination as aforesaid, the Applicant will not be obligated to deliver the Final Report, but will provide to Alberta Innovates a Progress Report summarizing the outcomes of the Project up to the effective date of such termination, such report to be delivered not later than ninety (90) days from the date of termination.

Alberta Innovates’ Right to Terminate Funding. Notwithstanding any other term of this Investment Agreement, Alberta Innovates may terminate its obligations under this Investment Agreement immediately or at any time during the Term term in the event the Government of Alberta at any time suspends, revokes, reduces or terminates funding to Alberta Innovates. In such event this Investment Agreement shall terminate immediately subject to the obligation of the Applicant to provide a summary Report as set out below. Alberta Innovates will notify the Applicant of such suspension as soon as is reasonably practicable. Notwithstanding any other terms of this Investment Agreement, Alberta Innovates may terminate this Investment Agreement at any time without cause on thirty (30) days’ written notice to the Applicant, and Alberta Innovates’ obligation to make any further payments of the Investment shall cease upon delivery of such notice. Alberta Innovates additionally has the right to unilaterally terminate the Investment for any Project that incurs a Default. In the event of early termination as aforesaidShould Alberta Innovates elect to terminate this Investment Agreement, for any reason, the Applicant will not be obligated to deliver the Final Report, but will provide to Alberta Innovates a Progress Report summarizing the outcomes of the Project up to the effective date of such termination, such report to be delivered not later than ninety (90) days from the date of termination.

Alberta Innovates’ Right to Terminate Funding. Notwithstanding any other term of this Investment Agreement, Alberta Innovates may terminate its obligations under this Investment Agreement immediately or at any time during the Term in the event the Government of Alberta at any time suspends, revokes, reduces or terminates funding to Alberta Innovates. In such event this Investment Agreement shall terminate immediately subject to the obligation of the Applicant to provide a summary Report as set out below. Alberta Innovates will notify the Applicant of such suspension as soon as is reasonably practicable. Notwithstanding any other terms of this Investment Agreement, Alberta Innovates may terminate this Investment Agreement at any time without cause on thirty (30) days’ written notice to the Applicant, and Alberta Innovates’ obligation to make any further payments of the Investment shall cease upon delivery of such notice. Alberta Innovates additionally has the right to unilaterally terminate the Investment for any Project that incurs a Default. In the event of early termination as aforesaid, the Applicant will not be obligated to deliver the Final Report, Report but will provide to Alberta Innovates a Progress Report summarizing the outcomes of the Project up to the effective date of such termination, such report to be delivered not later than ninety (90) days from the date of termination.

Alberta Innovates’ Right to Terminate Funding. Notwithstanding any other term of this Investment Agreement, Alberta Innovates may terminate its obligations under this Investment Agreement immediately or at any time during the Term in the event the Government of Alberta at any time suspends, revokes, reduces red uces or terminates funding fun ding to Alberta Innovates. In such event this Investment Agreement shall terminate immediately subject to the obligation of the Applicant to provide a summary Report as set out below. Alberta Innovates will notify the Applicant of such suspension as soon as is reasonably practicable. Notwithstanding any other terms of this Investment Agreement, Alberta Innovates may terminate this Investment Agreement at any time without cause on thirty (30) days’ written notice to the Applicant, and Alberta Innovates’ obligation to make any further payments of the Investment shall cease upon delivery of such notice. Alberta Innovates additionally has the right theright to unilaterally terminate the Investment for any Project that incurs a Default. In the event of early termination as aforesaid, the Applicant will not be obligated to deliver the Final Report, but will provide to Alberta Innovates a Progress Report summarizing the outcomes of the Project up to the effective date of such termination, such report to be delivered not later than ninety (90) days from the date of termination.