Common use of Termination Because of Lack of Funds Clause in Contracts

Termination Because of Lack of Funds. In the event government funding to finance the specific government program within the State Licensing Agency under and through which this Agreement was drafted becomes unavailable, the Licensor may partially or totally suspend or terminate its obligations under the Agreement upon no less than forty-eight (48) hours notice to the Licensee. In the event of a suspension, should the Licensee be financially able to operate the Facility and honor all obligations brought on by the operation of the Facility, including adequate insurance thereon, then, notwithstanding the Licensor's lack of funds, Licensee may do so until such time as the Licensor's ability to monitor the Facility's operation, or repair or replace equipment, makes the continued operation of the Facility unsafe, untenable, or impracticable. In the event the Licensor chooses to exercise its termination option under this section neither party hereto shall have any further rights or obligations hereunder. In the event the Licensor suspends this Agreement but does not reinstate it before the end of the Agreement term, such suspension shall be considered an exercise of the Licensor's termination option. The Licensor shall be the final authority in determining all issues regarding this paragraph.

Termination Because of Lack of Funds. In the event government funding to finance the specific government program within the State Licensing Agency under and through which this Agreement was drafted becomes unavailable, the Licensor may partially or totally suspend or terminate its obligations under the Agreement upon no less than forty-forty- eight (48) hours notice to the Licensee. In the event of a suspension, should the Licensee be financially able to operate the Facility and honor all obligations brought on by the operation of the Facility, including adequate insurance thereon, then, notwithstanding the Licensor's lack of funds, Licensee may do so until such time as the Licensor's ability to monitor the Facility's operation, or repair or replace equipment, makes the continued operation of the Facility unsafe, untenable, or impracticable. In the event the Licensor chooses to exercise its termination option under this section neither party hereto shall have any further rights or obligations hereunder. In the event the Licensor suspends this Agreement but does not reinstate it before the end of the Agreement term, such suspension shall be considered an exercise of the Licensor's termination option. The Licensor shall be the final authority in determining all issues regarding this paragraph.