Moral Obligation. The parties recognize that a non-competition provision would be desirable and equitable in this Agreement, but that one cannot be included because of applicable law. The parties further recognize that, notwithstanding the foregoing and legal unenforceability of such a provision, Officer should and does have a moral and ethical obligation to Employer, its shareholders and its employees not to compete with Employer within one (1) year after any resignation from his position.
Moral Obligation. The County’s obligations to pay the cost of performing its obligations under this Refunding Support Agreement, including its obligations to pay all Basic Payments and Additional Payments, shall be a moral obligation of the County, subject to annual appropriation by the Board of Supervisors.. The County Administrator or other officer charged with the responsibility for preparing the County’s Annual Budget shall include in the budget for each Fiscal Year as a single appropriation the amount of all Basic Payments and estimated Additional Payments coming due during such Fiscal Year. Throughout the term of this Refunding Support Agreement, the County Administrator or other officer charged with the responsibility for preparing the County’s Annual Budget shall deliver to the Bank and the Authority within 30 days after the adoption of the Annual Budget for each Fiscal Year, but not later than the beginning of each Fiscal Year, a certificate stating whether an amount equal to the Basic Payments and Additional Payments which will come due during such Fiscal Year has been appropriated by the Board of Supervisors in such budget. If any adopted Annual Budget does not include an appropriation of funds sufficient to pay both Basic Payments and estimated Additional Payments coming due for the relevant Fiscal Year, the Board of Supervisors shall take a roll call vote immediately after adoption of such Annual Budget acknowledging the impact of its failure to appropriate such funds. If, by the beginning of the Fiscal Year, the Board of Supervisors has not appropriated funds for the payment of both Basic Payments and estimated Additional Payments coming due for the then current Fiscal Year, the County Administrator or other officer charged with the responsibility for preparing the County’s Annual Budget shall give written notice to the Board of Supervisors of the consequences of such failure to appropriate, and request the Board of Supervisors to consider a supplemental appropriation for such purposes. If at any time the Basic Payments as determined pursuant to Section 4.1(a)(2) are insufficient to make thirty-three and one third percent (33 1/3%) of the payments of principal and interest due on the Refunding Bond in a timely manner, the Authority (or the Bank as assignee of the Authority) shall notify the County Administrator (or other officer charged with the responsibility for preparing the County’s Annual Budget) of the amount of such insufficiency, and the County Adminis...
Moral Obligation. The Municipalities shall pursue all necessary steps to secure the State of Wisconsin “moral obligation” extended to the TIF Revenue Bonds for 40% of the total public borrowing.
Moral Obligation. If the defendant is morally obligated to do the thing he promised, there is a ground for enforcing the promise. A moral obligation is sufficient consideration to support a subsequent promise to pay where the promisor has received a material benefit, although there was no original duty or liability resting on the promisor.
Moral Obligation i. A moral obligation is not enforceable as a legal right. A promise is not enforceable as a contract merely because the promisor has some moral duty to perform it. Unless a bargained- for detriment has been exchanged for the contract, contract law provides no legal basis for enforcement that rests purely on the ground that it is morally right that the promisor should perform.
