Conditional Funding Sample Clauses
A Conditional Funding clause establishes that the provision of funds or financial support is dependent on the fulfillment of specific conditions or milestones. In practice, this means that a party will only release payment or funding once certain requirements—such as project deliverables, regulatory approvals, or performance targets—are met. This clause ensures that financial resources are allocated only when agreed-upon criteria are satisfied, thereby reducing risk and incentivizing compliance with contractual obligations.
Conditional Funding. In the event that disbursement of Grant funds is contingent upon the happening of an event or events described herein that have not yet occurred as of the Award Date, the Commission may withdraw the Grant if such event or events have not been substantiated with appropriate documentation satisfactory to the Commission within twelve (12) months of the Award Date. This Agreement is subject to the availability of Commission funds. If such funds become unavailable and the Commission is unable to obtain sufficient funds, this Agreement shall be amended or terminated, as appropriate.
Conditional Funding. Conditional funding may apply if Contractor has deficiencies identified in contract performance goals and other contract requirements at the end of the third quarter (March 31). Conditional funding triggers the withholding of funds as follows:
Conditional Funding. (a) If the Effective Time shall not occur on or prior to March 1, 2000 (and Acquiror possesses no right to terminate this Agreement under Article VIII), Acquiror shall on such date make an unsecured loan to the Company in immediately available funds in the amount of $5,000,000, with the Company's repayment obligation solely evidenced by a subordinated note substantially in the form of EXHIBIT D attached hereto.
(b) If the Effective Time shall not occur on or prior to April 1, 2000 (and Acquiror possesses no right to terminate this Agreement under Article VIII), Acquiror shall on such date make an unsecured loan to the Company in immediately available funds in the amount of $5,000,000, with the Company's repayment obligation solely evidenced by a subordinated note substantially in the form of EXHIBIT D attached hereto.
(c) Any funding under Section 6.14(b) shall be in addition to any funding pursuant to Section 6.14(a). The Company shall not be required to issue any note to Acquiror in respect of a loan under Sections 6.14(a) or (b) until Acquiror has initiated the funding of such loans in immediately available funds. For the purposes of this Agreement, "FUNDING NOTES" shall mean the notes referenced in this Section 6.14.
Conditional Funding. (a) So long as there exists no uncured Event of Default, and the Company has not incurred any additional Indebtedness since the Issuance Date (other than advances received by the Company against accounts receivable from Thermo Credit LLC pursuant to that certain Amended and Restated Loan Agreement, dated December 27, 2011, or any successor agreement entered into on materially the same terms and other than the Tonaquint Financing) that requires a principal payment prior to the date that is three (3) months after the Maturity Date, the Holder will advance an additional $200,000 (the “Additional Advance”) to the Company within five (5) Business Days of receipt of (i) written notice from the Company advising that the Company has satisfied the financial requirements set forth in either of paragraphs (b) (Test I) or (c) (Test II) below, and (ii) such backup materials as are reasonably necessary to the understanding of such calculations by the Company no later than August 31, 2013 and January 15, 2014, respectively. Notwithstanding the foregoing, if the Holder disagrees with the Company’s calculations, then the Holder shall notify the Company of such within five (5) Business Days of its receipt of written notice from the Company. The Company and Holder shall use reasonable good faith efforts to resolve any differences until such time as the Company files its Quarterly Report on Form 10-Q for the period ended June 30, 2013 (the “Form 10-Q”) and its Annual Report on Form 10-K for the period ended September 30, 2013, respectively (the “Form 10-K”), with the Securities and Exchange Commission. At such time, calculations shall be made based upon the financial statements included in the Company’s Form 10-Q or Form 10-K (but subject to paragraph 1.12(d) below) and shall be conclusive and binding upon the Company and Holder; provided, however, that if the Company does not timely file a Form 10-Q or Form 10-K, a final determination of the Company’s compliance with either of paragraphs (b) or (c) below shall be made at the reasonable discretion of Holder. Any Additional Advance shall be repaid by the Company as the final payment of principal due hereunder.