ICAP Clause Samples

The ICAP clause establishes the use of the International Centralized Application Process (ICAP) as a standardized method for processing and settling transactions, particularly in financial or commodity trading agreements. This clause typically outlines the procedures for submitting, confirming, and reconciling trades through the ICAP platform, ensuring that both parties adhere to a common set of operational protocols. By incorporating the ICAP clause, the agreement streamlines transaction processing, reduces the risk of errors or disputes, and enhances efficiency by leveraging a centralized, widely recognized system.
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ICAP. (a) All documents required under §§489-aaaaaa-kkkkkk of the Real Property Tax Law and the Rules and Regulations governing the Industrial and Commercial Abatement Program (“ICAP”) have been filed, or as of the Closing Date shall be filed, with the Department of Finance (“DOF”), Department of Labor Services (“DLS”), Department of Buildings (“DOB”) and any other agency of the City or State of New York. Such documents shall include, but not be limited to, the preliminary applications for certificate of eligibility, building permits and other filings with the DOB and employment reports with the DLS. (b) Neither Seller, nor any of its Affiliates, nor any officer, director or general partner of the foregoing was finally adjudicated by a court of competent jurisdiction to have violated §235 of the Real Property Law or any section of Article 150 of the Penal Law or any similar arson law of another state with respect to any building or was an officer, director or general partner of a Person at the time such Person was finally adjudicated to have violated such law, and there are no pending charges alleging violation of §235 of the Real Property Law or any section of Article 150 of the Penal Law or any similar arson law of another jurisdiction with respect to any of the foregoing persons. (c) All Real Property Income and Expense Statements required to be annually filed with the New York City Department of Finance with respect to the Property have been timely filed.
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ICAP. Prior to the filing by Purchaser of any necessary permits and approvals required for the construction of the Bank Branch, the Seller and Purchaser shall coordinate the filing of a preliminary application for applicable tax benefits under the Industrial and Commercial Abatement Program.
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ICAP. (i) For the purposes of this Article 2H the following definitions shall apply: (a) The term “DLS” shall mean the Division of Labor Services of the DOBS or any successor agency to or hereafter becoming responsible for all or any relevant function of DLS as such functions relate to ICAP.
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ICAP. (a) Seller shall promptly apply for, and use Commercially Reasonable Efforts to obtain, sign-off completion letters from DLS with respect to each Direct GC Trade Contractor that has completed its scope of work in connection with the Rehabilitation and shall provide copies to Purchaser of all such application materials. Seller shall promptly provide to Purchaser copies of all sign-off completion letters received by Seller from the DLS with respect to any Direct GC Trade Contractor. (b) Seller shall provide the following documents to Purchaser on the fifth day of each of January, April, July, and October, until such time as all Punchlist Items have been completed (and at such ▇▇▇▇ ▇▇▇▇▇▇ shall provide a final bring-down schedule, certified by a responsible officer of Seller): i. an itemized list of all construction costs incurred with respect to the Rehabilitation during the preceding calendar quarter; ii. copies of all construction employment reports filed on behalf of the Seller, the Contractor, and the Direct GC Trade Contractors with DLS and copies of all letters and certificates of approval received by Seller from DLS in connection with such filings; iii. proof of payment of all real estate taxes billed by the DOF for the previous tax period, whether billed on a quarterly or semi-annual basis; iv. copies of all pending Applications for the Correction of Tentative Assessed Valuation filed with the New York City Tax Commission for the Property; and v. copies of all pending Petitions for Review of the Property’s Assessed Valuation filed with the New York City Corporation Counsel. (c) The terms of this Section 8.1.11 shall survive the Closing.
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ICAP. Section 29.1 Landlord may, at Landlord’s sole cost and expense, prepare and submit its application for the granting of the New York State Tax Requirement and the Administrative Code of the City of New York, the Industrial and Commercial Abatement Program (“ICAP”) tax benefits. (a) To the extent required by Landlord (with the parties hereby acknowledging that most if not all of the abatement attributable to the ICAP abatement program for the Building will be derived from the applicable work to be performed to the Building), Tenant shall, reasonably cooperate with Landlord, at no material cost (unless Landlord agrees to pay such cost) in good faith in connection with the preparation of the application for the ICAP abatement, including supplying all available information and documentation required of Tenant and/or in connection with Tenant work. (b) Once the ICAP application has been submitted by Landlord, Landlord shall use all diligent efforts to pursue such application process. (c) Once the ICAP Abatement shall have been obtained, and thereafter during the Term, Tenant and Landlord shall, in a diligent and timely manner, comply with all of their respective requirements with respect to maintaining and preserving the ICAP Abatement including to duly and timely file all necessary reports, statements and schedules required to maintain the ICAP abatement in full force and effect. Nothing contained in this Article 29 shall obligate Tenant to take any action or file any report, statement or schedule with respect to the Work or its employees. Additionally, nothing contained in this Article 29 shall obligate Tenant to take any action or incur any expense beyond what is required of Tenant under and pursuant to the ICAP program so as to allow Landlord to provide required access to the Premises and submit required data and information known only to Tenant in order for Landlord to preserve and maintain the ICAP benefits. (d) Throughout the term of the ICAP abatement neither Landlord nor Tenant shall knowingly engage in any act or conduct which will jeopardize or void the abatement, subject to circumstances outside their control. (e) If and to the extent required for purposes of eligibility for the ICAP abatement, Landlord shall perform Landlord’s Premises Work and Landlord’s Expansion Premises Work and Tenant shall perform all Alterations in material compliance with any ICAP eligibility requirements (including, if and to the extent required for eligibility in connectio...
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ICAP. Landlord may, but shall have no obligation to, apply for Real Property tax benefits under the New York City Industrial and Commercial Abatement Program and the Rules and Regulations promulgated thereunder, as same may from time to time be amended (the "ICAP"). If Landlord applies for the ICAP and to the extent required by the Rules and Regulations thereunder, all Tenant's Changes must be done in strict compliance with the ICAP laws for as long as the Building qualifies for ICAP benefits and, to the extent required, Tenant acknowledges that Landlord may be required to condition its approval for any work to be done within the Demised Premises on the approval of a governmental agency in connection with the foregoing. In furtherance of the foregoing, Tenant and Tenant's contractor must reasonably cooperate, at no cost to Tenant or Tenant’s contractor, except for de minimis administrative expenses, in filing documents required by the Department of Finance and the Department of Business Services of the City of New York in the procurement of an ICAP exemption, the Lower Manhattan Energy Program Abatement, and the Lower Manhattan Real Property Tax Abatement Program.
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Related to ICAP

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