Funding Guarantee. It is agreed that funding will be appropriated each year for educational growth payments. Any money not used for one year will be rolled over to the following year and added to the amount set aside for that year. The tuition reimbursement amount for the life of this contract will be $50,000 per year.
Funding Guarantee. MISD guarantees to OP that, notwithstanding changes made to the school finance system by the State Legislature or changes that occur in local property taxes or other local revenue, funding for the School each year shall not fall below the average funding for other MISD school campuses of similar student population and student demographics.
Funding Guarantee. To the extent that, for any reason, the Shareholder Warrants are not exercised in full on or prior to the Expiration Date, on the Guarantee Performance Date, (i) the HBV Investors, subject to the terms and conditions of this Agreement, and (ii) the Other Investors, subject to the terms and conditions of their separate subscription agreements to be entered into by such Other Investors and the Reorganized Debtor not less than three (3) nor more than seven (7) days prior to the Guarantee Performance Date (and which agreements will contain material and substantive terms and conditions no less favorable to the Reorganized Debtor than those set forth in this Agreement), shall, severally and not jointly, purchase at the Exercise Price such number of shares of Reorganized Seitel Common Stock determined (as provided in the immediately following sentence) by subtracting (x) the aggregate number of shares of Reorganized Seitel Common Stock purchased upon exercise of the Shareholder Warrants from (y) the aggregate number of Offered Shares of Reorganized Seitel Common Stock. The Investor Representative shall notify the Reorganized Debtor in writing not less than three (3) days prior to the Guarantee Performance Date of the name of each of the Other Investors (together with all relevant information regarding such Other Investors' beneficial ownership interest, if any, in any securities of the Reorganized Debtor and all such other information as would be required to be specified in a Securities Act registration statement relating to the offer and sale by selling shareholders pursuant to Items 506 and 507 of Regulation S-K) and the number of shares of Reorganized Seitel Common Stock to be purchased by each of them and the manner in which such shares should be denominated and certificated as provided in Section 2.03(b)(i) hereof. HBV undertakes, covenants and agrees that on the Guarantee Performance Date it shall purchase (and pay in full the exercise price therefor) all Offered Shares that the Investors for any reason fail to purchase on the Guarantee Performance Date, including, without limitation, any such failure resulting from the fact that the Other Investors and the Reorganized Debtor do not enter into an Other Standby Purchase Agreement or any Other Investor's failure to perform under any Other Standby Purchase Agreement.
Funding Guarantee. Developer shall provide an irrevocable Letter of Credit or other funding guarantee satisfactory in format to the City Attorney, in an amount equal to the estimated construction contract cost of the water main work (Estimate: $124,000) prior to the award of any improvement contract. The irrevocable Letter of Credit or other form of funding guarantee shall ensure that the Developer’s bank or savings and loan will provide the required funds to cover the estimated construction contract cost of installing the applicable public improvements and will, upon simple request by the Commissioner of Public Works and the City Treasurer, release same to City as required, all such funds to be furnished interest free. A contract for the water improvements shall not be awarded until the Letter of Credit or other funding guarantee has been provided.
