Termination Due to Loss of Funding. In the event that State and/or Federal funding used to pay for services under this Agreement is reduced so that payments cannot be made in full, this Agreement shall automatically terminate, unless both parties agree to a modification of the obligations under this Agreement. The effective date of such termination shall be ninety (90) days after the Contractor receives written notice of the reduction in payment, unless available funds are insufficient to continue payments in full during the ninety (90) day period, in which case LDSS shall give the Contractor written notice of the earlier date upon which the Agreement shall terminate. A reduction in State and/or Federal funding cannot reduce monies due and owing to the Contractor on or before the effective date of the termination of the Agreement.
Termination Due to Loss of Funding. The parties hereto expressly recognize that the Loan is made to the Borrower with State funds which are available to the Lender for the purposes of making a loan for the purposes described herein, and therefore, the Borrower expressly understands and agrees that all its rights, demands and claims to a loan arising under this Agreement are contingent upon availability of such funds to the Lender. In the event that such funds or any part thereof are not available to the Lender, the Lender may immediately terminate or amend this Agreement. [Signature Page Follows.] STATE OF COLORADO COLORADO HIGH PERFORMANCE XXXXX X. XXXXX, Governor TRANSPORTATION ENTERPRISE By: By: XXXXXXXX XXX XXXXXXXX X. XXXXXX Executive Director HPTE Director DEPARTMENT OF TRANSPORTATION APPROVED: XXXXXX X. XXXXXX Attorney General By: ASSISTANT ATTORNEY GENERAL ALL AGREEMENTS REQUIRE APPROVAL BY THE STATE CONTROLLER § 00-00-000, C.R.S. requires that the State Controller to approve all agreements. This Agreement is not valid until the State Controller, or such assistant as he may delegate, has signed it. STATE CONTROLLER Xxxxxx Xxxxx, CPA, MBA, JD By: Date: [Signature page to CDOT Backup Loan Agreement for Payment of HPTE O&M Obligations.] Attachment 1 NOTE $ For VALUE RECEIVED, THE COLORADO HIGH PERFORMANCE TRANSPORTATION ENTERPRISE (the “Maker”) subject to and in accordance with a Loan Agreement dated the [Date], promises to pay to the Colorado Department of Transportation (the “Holder”) the principal sum of $[Principal Amount], with interest from date at the rate [Interest Rate]% per annum on the balance from time to time remaining unpaid. The said principal and interest shall be payable in lawful money of the United States of America at 0000 X. Xxxxxx Place, Denver, CO 80204 or at such place as may hereafter be designated by written notice from the Holder to the Maker hereof, on the date and in the manner following: The Maker shall make equal installments of $[Payment Amount] to the Lender each [Payment Period] beginning on [First Payment Due Date] and continuing each [Payment Period] thereafter for [Number of Payments] consecutive [Payment Periods]. [Or replace by reference to the agreed repayment schedule]. COLORADO HIGH PERFORMANCE TRANSPORTATION ENTERPRISE By: Its:
Termination Due to Loss of Funding. The parties hereto expressly recognize that the Local Agency is to be paid, reimbursed, or otherwise compensated with federal and/or State funds which are available to the State for the purposes of contracting for the Project provided for herein, and therefore, the Local Agency expressly understands and agrees that all its rights, demands and claims to compensation arising under this contract are contingent upon availability of such funds to the State. In the event that such funds or any part thereof are not available to the State, the State may immediately terminate or amend this contract.
Termination Due to Loss of Funding. This Contract will terminate, in whole or in part, at the discretion of the City in the event that the funds for the project are withdrawn. In this event, the City will give the Contractor advance written notice which sets forth the effective date of the termination and explain that the termination is due to a loss of Project funding.
Termination Due to Loss of Funding. If City funds are utilized to fund any part of this Agreement, the Contractor understands that those City funds for the payment for work performed by the Contractor under this Agreement have been provided through the City's budget approved by City Council for the current fiscal year only. State statutes prohibit the obligation and expenditure of public funds beyond the fiscal year for which a budget has been approved. The City cannot guarantee the availability of funds and enters into this Agreement only to the extent such funds are made available. The Contractor acknowledges and agrees that it will have no recourse against the City for its failure to appropriate funds for the purposes of this Agreement in any fiscal year other than the year in which this Agreement was executed. The fiscal year for the City extends from October 1st of each calendar year to September 30th of the following calendar year.
Termination Due to Loss of Funding. The parties hereto expressly recognize that the Loan is made to the Borrower with State funds which are available to the Lender for the purposes of making a loan for the purposes described herein, and therefore, the Borrower expressly understands and agrees that all its rights, demands and claims to a loan arising under this Agreement are contingent upon availability of such funds to the Lender. In the event that such funds or any part thereof are not available to the Lender, the Lender may immediately terminate or amend this Agreement. [Signature page follows.] FOR THE COLORADO DEPARTMENT OF TRANSPORTATION: By: Name: Title: FOR THE COLORADO HIGH PERFORMANCE TRANSPORTATION ENTERPRISE: By: Name: Title: APPROVED: By: Name: Title: Assistant Attorney General ALL AGREEMENTS REQUIRE APPROVAL BY THE STATE CONTROLLER Section 00-00-000, C.R.S. requires that the State Controller to approve all agreements. This Agreement is not valid until the State Controller, or such assistant as he may delegate, has signed it. STATE CONTROLLER Xxxxxx Xxxxx, CPA, MBA, JD By: Date:
Termination Due to Loss of Funding. The parties hereto expressly recognize that the Loan is made to the Borrower with State funds which are available to the Lender for the purposes of making a loan for the purposes described herein, and therefore, the Borrower expressly understands and agrees that all its rights, demands and claims to a loan arising under this Agreement are contingent upon availability of such funds to the Lender. In the event that such funds or any part thereof are not available to the Lender, the Lender may immediately terminate or amend this Agreement.
Termination Due to Loss of Funding. This Agreement will terminate, in whole or in part, at the discretion of the OWNER in the event that the U.S. Forest Service Bark Beetle/White Pine Blister Rust Program reduces or terminates payments which may prevent the OWNER from paying the CONTRACTOR with federal aid funds. In this event, the OWNER will give the CONTRACTOR advance written notice which sets forth the effective date of the termination and explain that the termination is due to a loss or reduction of funding from the U.S.
Termination Due to Loss of Funding. The [CITY/TOWN/COUNTY] may, at its sole discretion, terminate or reduce the scope of this Contract if available CDBG funding is eliminated or reduced for any reason. If a termination or modification is required, the [CITY/TOWN/COUNTY] will, to the extent permitted by available CDBG funds, compensate the Contractor for eligible work elements the Contractor has completed and for approved, eligible, reasonable, and necessary expenses incurred by the Contractor as of the revised termination date. The [CITY/TOWN/COUNTY] will give the Contractor written notice of the effective date of the modification or termination of this Contract and, if a reduction in funding is required, will provide the Contractor with a modified Project budget.
Termination Due to Loss of Funding. The parties hereto expressly recognize that Vendor is to be paid, reimbursed, or otherwise compensated with funds provided to or appropriated by County for the purpose of contracting for the services provided for herein, and therefore, Vendor expressly understands and agrees that all its rights, demands, and claims to compensation arising under this Agreement are contingent upon receipt or appropriation of such funds by County. In the event that such funds or any part thereof are not received or appropriated by County, County may immediately terminate this Agreement without liability, including liability for termination costs.
