Material Commitment Sample Clauses
A Material Commitment clause defines and governs significant obligations or promises made by a party within a contract. It typically outlines what constitutes a 'material' obligation—such as major financial investments, long-term supply agreements, or critical project milestones—and may require prior approval or notification before such commitments are made. The core function of this clause is to ensure that both parties are aware of and consent to any substantial undertakings that could impact the contract, thereby managing risk and preventing unauthorized or unexpected liabilities.
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Material Commitment. Borrower shall not have entered into any material commitment, material transaction, or transaction for borrowings during the Interim Period which is not in the ordinary course of its business.
Material Commitment. Enter into any contract or agreement on behalf of Owner, or otherwise obligate Owner under any contract or agreement, that would reasonably be expected to constitute a Material Commitment.
Material Commitment. Enter into any contract or agreement on behalf the Owner, or otherwise obligate the Owner under any contract or agreement, that would reasonably be expected to constitute a Material Commitment. The Manager shall not commit Owner’s future production from any Well in which Owner owns an interest for Manager’s benefit.
Material Commitment. Borrowers shall not have entered into any material commitment, material transaction, or transaction for borrowings since the date of Borrowers' financial statements for the quarter ended October 30, 1999, which is not in the ordinary course of its business, except the transactions contemplated by this Agreement.
Material Commitment. Seller shall procure all components and materials necessary to meet Buyer’s orders and delivery schedules. Buyer shall have the right to return Goods shipped to Buyer in advance of schedule to Seller at Seller's expense. Seller shall base necessary components and materials on expected lead times and adjust order quantities to meet Buyer’s needs as finally set in an order or a delivery schedule, with a maximum of three months of material needs being secured. Seller shall continuously gather information on materials and/or sub- supplier components used for manufacturing of the Goods. If production of any component is expected to cease, or become globally allocated, Seller shall immediately contact Buyer. Seller may, after written agreement with Buyer, purchase, for and on behalf of Buyer, agreed volumes of such components. To guarantee the ownership of the components, Seller shall ensure that Buyer is invoiced for such components at Seller’s address. Seller shall pay for the components and the cost of the purchase invoiced to Buyer. If required by Buyer, Seller shall immediately send Buyer-owned components to Buyer.