Business Subsidy Agreement Sample Clauses

Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993-995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Agreement, as Borrower is receiving under the terms of this Agreement government assistance. (1) The subsidy provided to the Borrower includes the $400,000.00 Loan made hereunder which will be used for the acquisition of equipment, automation tooling, molds, manufacturing cells and fixtures. (2) The public purposes and goals of the subsidy are to increase net jobs in the City. (3) The goals for the subsidy are to create jobs that pay a livable wage, per Section 7.1 (b) of this Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.4. (5) The subsidy is needed because start-up costs make the Project economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction for at least five years following the Benefit Date. (7) The Borrower does not have a parent corporation. (8) In addition to the assistance provided under this Agreement, The Borrower has received or expects to receive as part of this project, the following financial assistance from other “grantors” as defined in the Business Subsidy Act: none. (b) By no later than the Compliance Date and continuing through at least the Compliance Date, the Borrower shall create at least seventeen (17) new permanent, non-contract Full-Time Equivalent Jobs (the "New Jobs") on the Development Property or otherwise within the corporate limits of the City (excluding the three (3) permanent, full time non-contract equivalent jobs previously existing on the Development Property as of April 11, 2016 which must also be maintained from the date of this Agreement through at least the Compliance Date. The New Jobs must pay a base wage of at least $15.00 per hour, exclusive of Benefits and $17.50 per hour including Benefits. In addition, the weighted average cash wage level for the new FTE shall exceed $20.00 per hour. If the Borrower fails to meet the job creation goal and wage level commitment on the Compliance Date, the Borrower will be required to return all, or a proportional share of the Loan.
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Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreement” for the purposes of the Business Subsidy Act.
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Business Subsidy Agreement. The Authority and Developer have determined that a business subsidy agreement within the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections 116J.993 through 116J.995 is not required in accordance with the exception contained in the Minnesota Business Subsidy Act, Minnesota Statutes, Section 116J.993, subd. 3(17), because Developer’s investment in the purchase of the Minimum Improvements Area and site preparation thereon is 70% or more of the assessor’s current year’s estimated market value for the Minimum Improvements Area.
Sample 1
Business Subsidy Agreement. The provisions of this Section constitute the "business subsidy agreement" between Borrower and Lender for the purposes of Minnesota Statutes, Section 116J.993-.995 (the "Business Subsidy Act").
Sample 1
Business Subsidy Agreement. The City and the Authority have determined that the financial assistance contemplated by this Agreement is a “business subsidy” with the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections 116J.993 through 116J. 995. Upon execution of this Agreement, the City, Authority and Redeveloper will enter into a Business Subsidy Agreement in the form shown on Exhibit J.
Sample 1
Business Subsidy Agreement. The Parties have determined that a business subsidy agreement within the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes sections 116J.993 through 116J.995, is not required in accordance with the exception contained in the Minnesota Business Subsidy Act, Minnesota Statutes section 116J.993, subdivision 3(7).
Sample 1
Business Subsidy Agreement. Minnesota Statute Sections 116J.993 - .995 and City Council Resolution #99-742 state that a business receiving state or local government assistance, unless it is determined that an exception applies, must have a defined public purpose and recipients must set goals for job creation, wages and benefits to be achieved within two years of receiving the assistance. Businesses not meeting these conditions must repay the assistance at the terms described in a business subsidy agreement to be executed by the business and the government agency administering the assistance. Assistance includes a grant or loan of $150,000 or more or tax increment financing. A report is due to the City annually on the anniversary date of the loan or grant agreement, or as may otherwise be needed by the City in order to comply with statutory requirements. The City, the Authority, and Developer have determined that a business subsidy agreement within the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections 116J.993 through 116J.995 is not required in accordance with the exception contained in the Minnesota Business Subsidy Act, Minnesota Statutes, Section 116J.993, subd. 3(17) because the Xxxxxx County Assessor’s 2019 estimated market value of the Property is $40,000,000 and Developer’s investment in the purchase of the Property is in excess of 70% of that amount.
Sample 1
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Business Subsidy Agreement. The provisions of this Section constitute the “business subsidy agreement” for purposes of the Minnesota Business Subsidy Act (Minnesota Statutes Sections 116J.993- 995 and its successor statute.) (a) The Borrower acknowledges and agrees that the provisions of Minnesota’s Business Subsidy Act apply to this Agreement, as Borrower is receiving under the terms of this Agreement government assistance. (1) The subsidy provided to the Borrower includes the $ $750,000 Loan made hereunder which will be used for the purchase and installation of equipment as part of the Project . (2) The public purposes and goals of the subsidy are to increase net jobs in the City. (3) The goals for the subsidy are to create jobs that pay a livable wage, per Section 7.1(b) of this Agreement. (4) If the goals are not satisfied, the Borrower shall make payment to the Lender as required in Section 4.4. (5) The subsidy is needed because the cost of equipment makes the Project economically infeasible without the Loan. (6) The Borrower must continue operations in the jurisdiction for at least five years following the Benefit Date.
Sample 1
Business Subsidy Agreement. The Authority and the Developer agree that the Project is exempt from the requirement for entering into a business subsidy agreement within the meaning of the Minnesota Business Subsidy Act, Minnesota Statutes, Sections 116J.993 through 116J. 995, because the TIF Payment provides assistance for housing within the meaning of Minnesota Statutes, Section 116J.993, subd. 3(7).
Sample 1

Related to Business Subsidy Agreement

  • Acquisition Agreements If the Equipment is subject to any Acquisition Agreement, Lessee, as part of this lease, transfers and assigns to Lessor all of its rights, but none of its obligations (except for Lessee's obligation to pay for the Equipment conditioned upon Lessee's acceptance in accordance with Paragraph 6), in and to the Acquisition Agreement, including but not limited to the right to take title to the Equipment. Lessee shall indemnify and hold Lessor harmless in accordance with Paragraph 19 from any liability resulting from any Acquisition Agreement as well as liabilities resulting from any Acquisition Agreement Lessor is required to enter into on behalf of Lessee or with Lessee for purposes of this lease.

  • Services Agreement “Services Agreement” shall mean any present or future agreements, either written or oral, between Covered Entity and Business Associate under which Business Associate provides services to Covered Entity which involve the use or disclosure of Protected Health Information. The Services Agreement is amended by and incorporates the terms of this BA Agreement.

  • Master Services Agreement This Agreement is a master agreement governing the relationship between the Parties solely with regard to State Street’s provision of Services to each BTC Recipient under the applicable Service Modules.

  • Reinsurance Agreements (a) Section 3.15(a) of the Parent Disclosure Schedule sets forth a true, complete and correct list of all of the reinsurance, coinsurance or retrocession treaties, agreements, slips, binders, cover notes or other arrangements of any kind to which any of the Insurance Subsidiaries is a party and under which any of the Transferred Subsidiaries cede or assume any insurance business or under which any business otherwise remains reinsured as of the date of this Agreement and any related letters of credit, reinsurance trusts or other collateral arrangements (collectively, the “Reinsurance Agreements”). True, complete and correct copies of all of the Reinsurance Agreements have been made available to the Acquiror. (b) Neither the Company nor any of the Insurance Subsidiaries is in default in any material respect under any Reinsurance Agreement, and there has not occurred any event that, with the lapse of time or the giving of notice or both, would constitute such a default in any material respect. Each Reinsurance Agreement is legal, valid, binding, enforceable against the applicable Insurance Subsidiary which is party and the counterparty thereto and in full force and effect in accordance with its terms, will continue to be legal, valid, binding and enforceable by the applicable Insurance Subsidiary that is a party thereto and in full force and effect on substantially comparable terms following the Closing (except for the Quota Share Agreement, which will be amended in accordance with Section 5.08(c)), except to the extent that enforceability thereof may be limited by applicable bankruptcy, insolvency, reorganization or other similar laws affecting creditors’ rights generally and by principles of equity regarding the availability of remedies. Since December 31, 2013, with respect to any Reinsurance Agreement, (i) no Insurance Subsidiary has received any written notice from any applicable reinsurer that any amount of reinsurance ceded by any of the Insurance Subsidiaries will be uncollectible or otherwise defaulted upon; (ii) there is no pending or to the Knowledge of the Parent, threatened dispute between any of the Insurance Subsidiaries and any reinsurer under any Reinsurance Agreement; (iii) each Insurance Subsidiary, as applicable, is entitled under the laws of its domiciliary jurisdiction or any other applicable Law to take credit in accordance with SAP on its Statutory Statements for all reinsurance and retrocessions ceded by it pursuant to any Reinsurance Agreement for which such Insurance Subsidiary is taking credit on its Statutory Statements, and all such amounts have been properly recorded in its books and records of account and are properly reflected in its Statutory Statements; (iv) to the Knowledge of the Parent there has been no separate written or oral agreement between such Insurance Subsidiary and the assuming reinsurer that is intended to, and would, in fact, reduce, limit or mitigate any loss to the parties under any such Reinsurance Agreement; and (v) each such Reinsurance Agreement satisfies the requisite risk transfer criteria necessary to obtain reinsurance accounting treatment under SAP.

  • Transition Services Agreement Seller shall have executed and delivered the Transition Services Agreement.

  • Student Agreement It is important that I work to the best of my ability. Therefore, I shall strive to do the following:

  • Cooperation Agreement If a Cooperating Institution is appointed, the Fund shall enter into a Cooperation Agreement with the Cooperating Institution setting forth the terms and conditions of its appointment.

  • Tax Indemnity Agreement The Tax Indemnity Agreement (Federal Express Corporation Trust No. N620FE), dated as of June 15, 1998, between the Lessee and the Owner Participant.

  • One Agreement This Agreement and any related security or other agreements required by this Agreement, collectively: (a) represent the sum of the understandings and agreements between the Bank and the Borrower concerning this credit; (b) replace any prior oral or written agreements between the Bank and the Borrower concerning this credit; and (c) are intended by the Bank and the Borrower as the final, complete and exclusive statement of the terms agreed to by them. In the event of any conflict between this Agreement and any other agreements required by this Agreement, this Agreement will prevail.

  • Closing Agreements Neither the Company nor any of its Subsidiaries will be required to include any item of income in, or exclude any item of deduction from, taxable income for any taxable period (or portion thereof) ending after the Effective Time as a result of any “closing agreement” described in Section 7121 of the Code (or any corresponding or similar provision of state, local or foreign Laws regarding Taxes) executed on or prior to the date of this Agreement.

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