Common use of Grounds for Termination by the Grantee Clause in Contracts

Grounds for Termination by the Grantee. This Contract may be terminated by the Grantee under procedures in Section 10.2 if the Grantee finds that any of the following Events of Termination have occurred: (1) The Charter School has insufficient enrollment to successfully operate or enrollment below the projected minimum established in paragraph 3.1(10) above; (2) The Grantee’s Operation or Management Contract with a third-party provider of educational management services has been terminated; (3) The Charter School has lost its right to occupy all or a substantial part of its physical plant and cannot occupy another suitable facility, at a cost deemed reasonable by the Grantee, before the expiration or termination of its right to occupy its existing physical plant; (4) The Grantee has not timely received any one of the payments contemplated under Wis. Stat. § 118.40(2r)(e); (5) The Grantee’s current liabilities exceed current assets, or the Grantee is insolvent (i.e., total liabilities exceed total assets), has been adjudged bankrupt, or has received a qualified audit opinion regarding its ability to continue as a going concern; or (6) The University defaults materially in any of the terms, conditions, promises or representations contained in or incorporated into this Contract.

Grounds for Termination by the Grantee. This Contract may be terminated by the Grantee under procedures in Section 10.2 if the Grantee finds that any of the following Events of Termination events have occurred, each of which shall constitute an “Event of Termination”: (1) The Charter School has insufficient enrollment to successfully operate or enrollment below the projected minimum established in paragraph 3.1(10) above; (2) The Grantee’s Operation or Management Contract with a third-party provider of educational management services has been terminatedterminated and a reasonable replacement cannot be determined; (3) The Charter School has lost its right to occupy all or a substantial part of its physical plant and cannot occupy another suitable facility, at a cost deemed reasonable by the Grantee, before the expiration or termination of its right to occupy its existing physical plant; (4) The Grantee has not timely received any one of the payments contemplated under Wis. Stat. § 118.40(2r)(e); (5) The Grantee’s current liabilities exceed current assets, or the Grantee is insolvent (i.e., i.e. total liabilities exceed total assets), has been adjudged bankrupt, or has received a qualified audit opinion regarding its ability to continue as a going concern; or (6) The University Office defaults materially in any of the terms, conditions, promises or representations contained in or incorporated into this Contract.