City Undertakings Sample Clauses

City Undertakings. The proceeds of the Bonds allocated to the City will be available to fund qualifying Open Space Projects and related Eligible Transaction Costs and Project Costs which are determined by the Council to meet the purposes established in the Open Space Act and the powers authorized in the November 6, 2018 Open Space General Obligation Bond Ballot more generally described herein at Article II, Section 2.1. Lead Staff will work with the OSAC and the Council to identify, review and assess proposed Open Space Projects. The Council, with review and recommendation from OSAC, will determine funding decisions for qualified Open Space Projects. Details of each Open Space Project will be determined as part of developing the project proposal, and will be presented to the Council, as part of the administrative record developed and presented at public meetings and public hearings, prior to approval of bond funding for an Open Space Project. Eligible Transaction Costs and Project Costs will be outlined with more certainty as additional planning, engineering, due diligence and budgeting are developed for each Open Space Project. The City will ensure the proceeds of the Bonds are applied to Open Space Projects in a manner that accomplishes the Open Space Bonds purpose. The City will prioritize the investment of City Open Space Bond funds within the greater Missoula Planning Region based on the five broad project categories, or “Undertakings”, detailed below in Sections 2.3(a)-(e). These five Undertakings were established by the City in June 2018 after considering public input via the FY2019 Budget Process, 2019 PROST survey, and related adopted Plans. Approval and allocation of Open Space Bond funds for Open Space Projects tiering under any of the below described Undertakings shall include additional citizen input, using the process provided in the City’s Open Space Ordinance, Title 12, Chapter 12.56 (hereinafter MMC 12.56), and as determined by Council.
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City Undertakings. (a) City agrees to make application for the MBIA loan to MDECD, in the amount of Two Million Dollars ($2,000,000.00), in order to finance the Non-Road Infrastructure related to the Project on terms as set out in Sections 3(a) and (b) hereof. If such costs exceed Two Million Dollars ($2,000,000.00), the City agrees to apply to MBIA for an increase in the amount of the MBIA loan to cover any cost overruns with respect to the construction of the Non-Road Infrastructure. In the event that the City is unable to obtain such an increase, the City shall have no obligation to proceed with construction of the Non-Road Infrastructure as contemplated herein unless the Companies shall provide, or cause to be provided, funds to cover such cost overruns from another source. In the event that the costs to construct the Non-Road Infrastructure are less than Two Million Dollars ($2,000,000.00), then the City agrees to use the excess funds to extend the water, sewer and gas lines provided for in this Section 6 further north, to the extent of the excess proceeds and to the extent and in a manner which are mutually agreeable to the City, Hewsxx xxx Willxxxx-Xxxoma; provided, however, that the City shall only be required to extend the water, sewer and gas lines into areas which are certificated to the City and which are not subject to any decertification option in favor of Metro DeSoto Utilities Co., Inc. ("Metro"). At the request and option of the Companies (or either of them) the City agrees that it shall promptly prepay in full the MBIA loan provided that the company which makes such request pays to the City (by special tax or assessment, or otherwise in a manner satisfactory to such Company and the City) and amount of money equal to such prepayment. (b) In connection with the use of the proceeds of the MBIA loan, City agrees that each contract entered into by City with each party who successfully bids such contract with respect to the construction and installation of the Non-Road Infrastructure shall contain, in addition to all other terms and conditions as are typically set forth in the standard bid specifications utilized by the City, terms, conditions and provisions (and the standard contract used by the City shall be modified as necessary in order to be consistent with the following provisions) which: (i) State that time is of the essence of the contract to be awarded, and that the successful bidder will be expected to take whatever action may be necessary to perform th...
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City Undertakings. Subject to satisfaction of all conditions in Section 5 below, and solely from Tax Increment on hand or proceeds of the Bonds, the City agrees to reimburse the Developer for, or, as applicable, pay the Eligible Costs in an amount not to exceed $2,168,312. The Parties acknowledge and agree that, subject to the terms and conditions of this Agreement, (i) the actual sum of all Eligible Costs may exceed $2,168,312, but $2,168,312 is the maximum amount that the City will reimburse the Developer for Eligible Costs; and (ii) if the actual sum of all Eligible Costs exceeds $2,168,312, the City has discretion to allocate the reimbursable amount among the Eligible Costs as it sees fit. The City may issue the Bonds in its sole discretion to pay or reimburse all or a portion of the Eligible Costs to be paid or reimbursed. The Bonds, if authorized and issued, will have such terms and conditions as are approved by the City Commission. This Agreement does not require or imply that the City has any obligation to issue the Bonds.
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City Undertakings. The City agrees to issue the Series 2015 Bonds payable from Tax Increment in a principal amount not to exceed $1,364,400. The Series 2015 Bonds will be sold to the Original Purchaser on terms set forth in the Bond Resolution. Proceeds of the Series 2015 in an amount equal to $518,230 will be expended for the purposes and in the estimated amounts shown on Exhibit C hereto, and any such amount not needed for any particular category of Infrastructure Improvements may, in the sole discretion of the MRA (for and on behalf of the City), be applied to any of the other Infrastructure Improvements shown on Exhibit C hereto. The remaining proceeds of the Series 2015 Bonds will be expended for certain other eligible improvements (excluding the Infrastructure Improvements), capitalized interest on the Series 2015 Bonds and costs of issuance of the Series 2015 Bonds.
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City Undertakings. Subject to satisfaction of all conditions in Section 5 below, and solely from Tax Increment on hand, the City agrees to reimburse the Developer for the Project in an amount not to exceed $800,000, of which up to $336,000 is expected to come from DBID Tax Increment and up to $464,000 is expected to come from M-URD Tax Increment. The Parties acknowledge and agree that, subject to the terms and conditions of this Agreement, the actual costs of the Project may exceed $800,000, but $800,000 is the maximum amount that the City will reimburse the Developer for the Project pursuant to this Agreement. Notwithstanding anything herein to the contrary, the maximum amount of DBID Tax Increment committed pursuant to this Agreement is $336,000 and the maximum amount of M-URD Tax Increment committed pursuant to this Agreement is $464,000. If DBID Tax Increment in the amount of $336,000 is not available, the City shall have no obligation hereunder to increase the amount of M-URD Tax Increment committed hereunder; if M-URD Tax Increment in the amount of $464,000 is not available, the City shall have no obligation hereunder to increase the amount of DBID Tax Increment committed hereunder.
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City Undertakings. The City agrees to issue the Series 2017 Bonds payable from Tax Increment in a principal amount not to exceed $723,514. The Series 2017 Bonds will be sold to the Original Purchaser on terms set forth in the Bond Resolution. Proceeds of the Series 2017 Bonds in an amount equal to $384,473 are authorized to be expended for the purposes and in the estimated amounts shown on Exhibit D-1 hereto, and any of such amount not needed for any particular category of Infrastructure Improvements may, in the sole discretion of the MRA (for and on behalf of the City), be applied to any of the other Infrastructure Improvements shown on Exhibit D-1 hereto or to any of the Street Improvements shown on Exhibit D-2 hereto. Proceeds of the Series 2017 Bonds in an amount equal to $302,423 are authorized to be expended for the purposes described in Exhibit D-2 hereto, and any of such amount not needed for Street Improvements may, in the sole discretion of the MRA (for and on behalf of the City), be applied to any of the Infrastructure Improvements shown on Exhibit D-1 hereto. The remaining proceeds of the Series 2017 Bonds will be expended for costs of issuance of the Series 2017 Bonds.
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Related to City Undertakings

  • Nature of Undertakings The undertakings given by you under this letter are given to us and (without implying any fiduciary obligations on our part) are also given for the benefit of the Borrower and each other member of the Group.

  • Other Undertakings To protect the interests of the Company and its direct and indirect affiliates and subsidiaries (individually, an “IMS Company” and collectively, the “IMS Companies”), including the confidential information of the IMS Companies and the confidential information of their respective customers, data suppliers, prospective customers and other companies with which the IMS Companies have a business relationship, and in consideration of the covenants and promises and other valuable consideration described in this Agreement, the Company and the Participant agree as follows: (a) The Participant acknowledges and agrees that he or she is bound by the confidentiality and other covenants contained in one or more restrictive covenant and confidentiality agreements that he or she has executed with an IMS Company, which covenants and agreements are incorporated herein by reference and shall survive any exercise, expiration, forfeiture or other termination of this Agreement or the SARs issuable hereunder. The Participant also acknowledges and agrees that the Company shall be an affiliate for purposes of such restrictive covenant and confidentiality agreements. (b) The Participant acknowledges that the opportunity to participate in the Plan and the financial benefits that may accrue from such participation, is good, valuable and sufficient consideration for the following: (i) The Participant acknowledges and agrees that he or she is and will remain bound by the non-competition, non-solicitation and other covenants contained in the restrictive covenant and confidentiality agreement(s) that he or she has executed with any of the IMS Companies to the fullest extent permitted by law. (ii) The Participant further acknowledges and agrees that the period during which the non-competition and non-solicitation covenants in such agreement(s) will apply following a termination of Employment shall be extended from twelve (12) months to eighteen (18) months; provided, however, that the remedies available for breach of any non-competition or non-solicitation covenants during such extended six-month period shall be limited to the following: (x) to the extent then outstanding, the forfeiture of the SARs for no consideration, and (y) to the extent the SARs have been exercised on or after the date that is 18 months before Participant’s cessation of Employment, with respect to the shares of Stock issued upon such exercise (including shares withheld for taxes), the Participant shall pay to the Company an amount equal to (A) the aggregate fair market value of such shares of Stock as of the date of exercise, plus (B) the excess, if any, of the aggregate proceeds of all sales of such shares of Stock over the amount described under subsection (A) above. (For this purpose, the Participant’s earliest sales of shares following such exercise will be deemed sales of the shares acquired upon such exercise.) The Company shall also be entitled to the foregoing remedies in the event of a material breach of any confidentiality, non-disclosure or other similar covenant contained in the restrictive covenant and confidentiality agreement(s) that the Participant has executed with an IMS Company. (iii) The Participant further acknowledges and agrees to the Company’s application, implementation and enforcement of (a) such policy set forth in Section 8(b)(ii) of this Agreement and (b) any provision of applicable law or Company policy relating to cancellation, recoupment, rescission or payback of compensation and expressly agrees that the Company may take such actions as are necessary to effectuate such policy (as applicable to the Participant) or applicable law without further consent or action being required by the Participant. For purposes of the foregoing, the Participant expressly and explicitly authorizes the Company to issue instructions, on the Participant’s behalf, to any brokerage firm and/or third party administrator engaged by the Company to hold Participant’s shares of Stock and other amounts acquired under the Plan to re-convey, transfer or otherwise return such shares of Stock and/or other amounts to the Company. To the extent that the terms of this Agreement and such policy conflict, the terms of such policy shall prevail. (iv) By accepting the SARs, the Participant consents to one or more deductions from any amounts any IMS Company owes the Participant from time to time in an aggregate amount equal to all amounts described in subsection (ii) above, to the extent such deductions are permitted by applicable law. Any such deduction from an amount that constitutes a deferral of compensation under Code Section 409A may only take place at the time the amount would otherwise be payable to the Participant, except to the extent permitted by Code Section 409A.

  • INFORMATION UNDERTAKINGS The undertakings in this Clause 20 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

  • Further Undertakings The Parties agree to promptly execute the documents which are reasonably required or positive for the purpose of implement of this Agreement, and to take further actions which are reasonably required or positive for the purpose of implement of this Agreement.

  • Financial Undertakings The Borrower will not enter into or remain liable upon, nor will it permit any Subsidiary to enter into or remain liable upon, any Financial Undertaking, except to the extent required to protect the Borrower and its Subsidiaries against increases in interest payable by them under variable interest Indebtedness.

  • GENERAL UNDERTAKINGS The undertakings in this Clause 22 remain in force from the date of this Agreement for so long as any amount is outstanding under the Finance Documents or any Commitment is in force.

  • Undertakings The Company shall comply with all the provisions of any undertakings contained and required to be contained in the Registration Statement.

  • Additional Undertakings Pledgor will not, without the prior written consent of Pledgee: (a) enter into any agreement amending, supplementing or waiving any provision of any Pledged Interests (including any Organizational Documents or regulations to which such Pledged Interests relate) or compromising or releasing or extending the time for payment of any obligation of the maker thereof, provided that the foregoing shall not be deemed to prohibit any amendment to an Organizational Documents which would not result in impairment of any Collateral or which would not have a material adverse effect; (b) take or omit to take any action the taking or the omission of which would result in any impairment or alteration of (i) any obligation in respect of any Pledged Interests constituting Collateral or (ii) any other instrument constituting Collateral; (c) cause or permit any change to be made in its name, identity, corporate structure or state of incorporation or formation, or any change to be made to a jurisdiction other than as represented in (i) the location of any Collateral, (ii) the location of any records concerning any Collateral or (iii) in the location of its place of business (or, if it has more than one place of business, its chief executive office), unless Pledgor shall have notified Pledgee of such change at least 5 business days prior to the effective date of such change, and shall have first taken all action, if any, reasonably required by Pledgee for the purpose of further perfecting or protecting the security interest in favor of Pledgee in the Collateral; (d) permit the issuance of (i) any additional stock, membership, partnership or other equity interests or units of any class of additional stock, membership, partnership or other equity interests or units of any Pledged Interests Issuer (unless immediately upon such issuance the same are pledged and delivered to Pledgee pursuant to the terms hereof), (ii) any securities convertible voluntarily by the holder thereof or automatically upon the occurrence or nonoccurrence of any event or condition into, or exchangeable for, any additional stock, membership, partnership or other equity interests or units of any Pledged Interests Issuer (unless immediately upon such issuance the same are pledged and delivered to Pledgee pursuant to the terms hereof) or (iii) any warrants, options, contracts or other commitments entitling any Person to purchase or otherwise acquire any such interests or units; or (e) enter into any agreement creating, or otherwise permit to exist, any restriction or condition upon the transfer, voting or control of any Pledged Interests, except as contained in the Organizational Documents in effect as of the date hereof, or restrictions on transfers imposed by federal and state securities laws.

  • Confidentiality Undertaking You undertake (a) to keep all Confidential Information confidential and not to disclose it to anyone, save to the extent permitted by paragraph 2 below and to ensure that all Confidential Information is protected with security measures and a degree of care that would apply to your own confidential information, and (b) until the Acquisition is completed to use the Confidential Information only for the Permitted Purpose.

  • Negative undertakings The Borrowers jointly and severally undertake with each Creditor that, from the date of this Agreement and so long as any moneys are owing under the Security Documents and while all or any part of the Total Commitment remains outstanding, they will not, without the prior written consent of the Agent (acting on the instructions of the Majority Banks): 8.3.1 Negative pledge permit any Encumbrance (other than a Permitted Encumbrance) to subsist, arise or be created or extended over all or any part of their respective present or future undertakings, assets, rights or revenues to secure or prefer any present or future Indebtedness or other liability or obligation of any Relevant Party or any other person;

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