Board of Directors of the Toronto Atmospheric Fund

The full agenda, as filed

All 1 items in the clerk’s order. Each carries the city’s own words: the staff recommendation, what the body decided, and its status. Nothing below is written by us.

• TA19.1adopted

  Direct Investment Update - 2021.1.2

  The Direct Investment Committee is recommending the Board of Directors of the Toronto Atmospheric Fund approve entering into a revised Intercreditor Agreement based on negotiations demonstrating the best potential outcome for risk-adjusted return for TAF. The Direct Investment Committee is also recommending the Intercreditor Agreement be conditional upon a side letter specifying TAF receives access to all information and reporting available to all investors regardless of investment seniority.

  The Board of Directors of the Toronto Atmospheric Fund: 1. Directed the Chief Executive Officer to implement a revised Intercreditor Agreement for the direct investment as set out in Confidential Attachment 1 to the report (August 10, 2022) from the Director, Impact Investing, Toronto Atmospheric Fund, to the satisfaction of Toronto Atmospheric Fund's Solicitor. 2. Directed the Chief Executive Officer to enter into a side letter for the direct investment set out in Confidential Attachment 1 to the report (August 10, 2022) from the Director, Impact Investing, Toronto Atmospheric Fund, specifying Toronto Atmospheric Fund receives access to all information and reporting available to any other investor, regardless of seniority. 3. Directed that the confidential information contained in Confidential Attachment 1 to the report (August 10, 2022) from the Director, Impact Investing, Toronto Atmospheric Fund, remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.

  Staff recommendation as filed

  The Director, Impact Investing recommends that the Board of Directors of the Toronto Atmospheric Fund: 1. Direct the Chief Executive Officer to implement a revised Intercreditor Agreement for the direct investment as set out in Confidential Attachment 1, to the satisfaction of TAF's Solicitor; and 2. Direct the Chief Executive Officer to enter into a side letter for the direct investment set out in Confidential Attachment 1, specifying TAF receives access to all information and reporting available to any other investor, regardless of seniority; and 3. Direct that the confidential information contained in Confidential Attachment 1 remain confidential in its entirety, as it contains commercial and financial information, supplied in confidence to the Toronto Atmospheric Fund, which, if disclosed, could reasonably be expected to prejudice significantly the competitive position or interfere significantly with the contractual or other negotiations of a person, group of persons, or organization.