Purpose and Size Clause Samples

The 'Purpose and Size' clause defines the intended use and physical or quantitative parameters of the subject matter, such as a leased property or a contracted deliverable. It typically outlines what the space or item will be used for and specifies its dimensions, capacity, or other measurable characteristics. By clearly stating these details, the clause ensures both parties have a mutual understanding of expectations and helps prevent disputes over misuse or misrepresentation of the subject's scope.
Purpose and Size. 1. The Loan is being issued pursuant to the Loan Agreement to provide interim financing for the construction of a sewer treatment plant for the Town, and to pay costs incident to the issuance of the Bond and the loan of the proceeds thereof to the City, as more fully described in the Loan Agreement (the "Project"), and to pay costs of issuance and administration of the Issuer’s obligations issued to finance the Loan. The amounts received from sale of the Loan, when added to amounts expected to be received from the investment of such proceeds, do not exceed the amounts which will be required to pay the costs of the Project and the costs of issuing and administering the Issuer’s obligations issued to finance the Loan. 2. The Project will be owned by the Borrower and the Borrower has not contracted in any manner with any company, firm or other person or entity to operate or maintain the Project or any part thereof, for and on behalf of the Borrower. The Borrower does not expect to enter into any contract for the operation, maintenance, or management of the Project or any part thereof. 3. There is not, and as of the date hereof the Borrower does not anticipate entering into, any lease, contract or other understanding or arrangement, such as a take-or-pay contract or output contract, with any person other than a state or local governmental unit, pursuant to which the Borrower expects that proceeds of the Loan, or the Project financed therewith or any part thereof, will be used in the trade or business of such person (including all activities of such persons who are not individuals). 4. The term of the Loan is not longer than is reasonably necessary for the governmental purposes of this Loan. The average maturity of the Loan is not more than 120% of the reasonably expected useful life of the assets financed by the Loan. 5. No receipts from the sale of the Loan or amounts received from the investment thereof will be used to pay the principal of or interest on any issue of obligations of the Borrower other than the Loan. 6. No other obligations of the Borrower payable from the same source of funds were sold or delivered within 15 days before or after the date hereof.
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Purpose and Size. 1. The Loan is being issued pursuant to the Loan Agreement to finance capital expenditures for the purpose of financing all or a portion of the costs of the construction and improvements to streets, curbs, gutters, sidewalks, and bridges within the City, the costs of the construction and renovation of various municipal buildings, the acquisition of all property real and personal appurtenant thereto and connected with such work, to pay all legal, fiscal, administrative, architectural, design, and engineering costs incident thereto, and to pay costs incident to the issuance of the Bond and the loan of the proceeds thereof to the City, as more fully described in the Loan Agreement (the "Project"), and to pay costs of issuance and administration of the Issuer’s obligations issued to finance the Loan. The amounts received from sale of the Loan, when added to amounts expected to be received from the investment of such proceeds, do not exceed the amounts which will be required to pay the costs of the Project and the costs of issuing and administering the Issuer’s obligations issued to finance the Loan. 2. The Project will be owned, operated, and maintained by the Borrower, and the Borrower has not contracted in any manner with any company, firm or other person or entity to operate or maintain the Project or any part thereof, for and on behalf of the Borrower. The Borrower does not expect to enter into any contract for the operation, maintenance, or management of the Project or any part thereof. 3. There is not, and as of the date hereof the Borrower does not anticipate entering into, any lease, contract or other understanding or arrangement, such as a take-or-pay contract or output contract, with any person other than a state or local governmental unit, pursuant to which the Borrower expects that proceeds of the Loan, or the Project financed therewith or any part thereof, will be used in the trade or business of such person (including all activities of such persons who are not individuals). 4. The term of the Loan is not longer than is reasonably necessary for the governmental purposes of this Loan. The average maturity of the Loan is not more than 120% of the reasonably expected useful life of the assets financed by the Loan. 5. No receipts from the sale of the Loan or amounts received from the investment thereof will be used to pay the principal of or interest on any issue of obligations of the Borrower other than the Loan. 6. No other obligations of the Borrow...
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Purpose and Size. 1. The Obligation is being entered into pursuant to a resolution adopted by the Issuer on March 26, 2013 (hereinafter referred to as the “Resolution”) for the purpose of providing the funds to acquire and/or finance the equipment described in Schedule A No. 2 to the Master Lease (the “Equipment”). The Issuer intends that the transactions contemplated by the Obligation will constitute, for federal income tax purposes, a borrowing by the Issuer from the Bank. Under the Obligation, the Issuer is obligated to repay the borrowing by making payments to the Bank of Rental Payments (as defined in the Obligation), consisting of a principal component and an interest component, on the dates and in the amounts set forth in the Obligation. The interest component of the Obligation will begin to accrue on the date hereof. 2. No portion of the amounts borrowed by the Issuer under the Obligation will be used as a substitute for other funds that otherwise were to be used as a source of financing for the Equipment. 3. The Obligation is not a “private activity bond” as that term is defined in section 141(a) of the Code. 4. The amounts received from the Obligation, when added to the amounts expected to be received from the investment thereof, do not exceed the amounts required to pay the costs of the Equipment and of entering into the Obligation. 5. The Equipment will be owned, operated, and maintained by the Issuer. The Issuer has not contracted with any person or entity to operate, maintain or manage the Equipment, or any part thereof, for and on behalf of the Issuer. The Issuer does not expect to enter into any contract for the operation, maintenance or management of the Equipment or any part thereof. 6. There is not, and as of the date hereof the Issuer does not anticipate entering into, any lease, contract or other understanding or arrangement, such as a take-or-pay contract or output contract, with any person other than a state or local governmental unit pursuant to which the Issuer expects that proceeds of the Obligation, or the equipment financed therewith, will be used in the trade or business of such person (including all activities of such persons who are not individuals). 7. No receipts from the sale of the Obligation or the amounts received from the investment thereof will be used to pay the principal of or interest on any currently outstanding issue of bonds or other obligations of the Issuer other than the Obligation.
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Related to Purpose and Size

  • Purpose and Use These Terms and Conditions (the “Terms”) apply to the purchase of items by Buyer. The Products or Services, as applicable, may be more fully described in the Specification (defined below). Changes to these Terms are not part of the Contract unless ▇▇▇▇▇ expressly agrees to them in writing. Section 3 describes how the Parties may enter into a binding contract for the Products or Services.

  • Purpose and Scope The purpose of these standard contractual clauses is to ensure compliance with the requirements of Regulation (EU) 2016/679 of the European Parliament and of the Council of 27 April 2016 on the protection of natural persons with regard to the processing of personal data and on the free movement of such data (General Data Protection Regulation)1 for the transfer of personal data to a third country.

  • Purpose and Applicability (a) The purpose of this Exhibit is to provide a description of Part 504 of NYSERDA’s regulations, which consists of NYSERDA’s policy for making payment promptly on amounts properly due and owing by NYSERDA under this Agreement. The section numbers used in this document correspond to the section numbers appearing in Part 504 of the regulations.2 (b) This Exhibit applies generally to payments due and owing by the NYSERDA to the Contractor pursuant to this Agreement. However, this Exhibit does not apply to Payments due and owing when NYSERDA is exercising a Set-Off against all or part of the Payment, or if a State or Federal law, rule or regulation specifically requires otherwise.

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