Obligation to Fund Clause Samples
The Obligation to Fund clause establishes a party's duty to provide specified funds under certain conditions outlined in the agreement. Typically, this clause details when and how much funding must be provided, such as requiring a lender to disburse loan proceeds upon the borrower meeting all preconditions. Its core practical function is to ensure that the necessary financial resources are made available as agreed, thereby supporting the transaction's execution and reducing uncertainty for all parties involved.
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Obligation to Fund. During the Term of this Agreement, the County will pay to BRCEDA any and all amounts necessary to pay any deficit, costs or expenses which BRCEDA or the Management Board may incur in the performance of this Agreement and which are not paid by funds generated by revenue from the ▇▇▇▇▇▇'▇ Market. Neither BRCEDA nor the remaining members of BRCEDA, Grayson County and the City of Galax, will be required to pay any amount to cover any deficit of the ▇▇▇▇▇▇'▇ Market, the Management Board or BRCEDA in relation to this Agreement or the operation or maintenance of the ▇▇▇▇▇▇'▇ Market. Reimbursement by the County shall be made to BRCEDA within 30 days of request and receipt of the invoice from BRECDA
Obligation to Fund. The Purchaser has (or will have on the Closing Date) on hand cash or other short-term investments in an amount sufficient (i) to pay in U.S. dollars the Initial Consideration and (ii) to make in U.S. dollars the loan contemplated in Section 2.03. The Purchaser will be able to pay the Contingent Consideration at the time or times that such amounts become due and payable.
Obligation to Fund. Subject to Section 3.7(a)(ii), on any Capital Demand Date, each Limited Partner (and the General Partner, if applicable) shall contribute to the Partnership an amount equal to such portion of its Unfunded Capital Commitment as shall be specified by the General Partner in a Capital Call delivered in respect of such Capital Demand Date. Each Limited Partner (and the General Partner, if applicable) shall pay the Capital Contribution set forth in each Capital Call in full on or prior to the Capital Demand Date specified in such Capital Call, irrespective of any set-off, claim, counterclaim, defense or other right that any Limited Partner may have against the Partnership, the General Partner or any of its Affiliates, successors and assigns.
Obligation to Fund. CEPCB’s ability to consummate the transactions contemplated hereby is not contingent on its ability to complete any public or private placement of securities prior to or on the Closing Date. CEPCB will have at the Closing Date on hand cash in an amount sufficient to pay in U.S. dollars the Purchase Price.
Obligation to Fund. Notwithstanding any provision to the contrary contained herein, no later than the date of a Change of Control, the Bank shall fund a "Rabbi Trust" (as such term is described in Revenue Procedure 92-64) in the amount of the payment required under Section 4.4.2, with the trustee of such trust being designated by the Board in its sole and absolute discretion.
Obligation to Fund. In the event a Change in Control occurs, the performance of Employer’s obligations under this Section 14.2 will be secured by amounts deposited or to be deposited in a trust, an escrow account, or a separate account, as determined by the Compensation Committee of the Board in its reasonable judgment. Any failure by Employer to satisfy any of its obligations under this Section 14.2.5 will not limit the rights of Employee hereunder. Subject to the foregoing, Employee will have the status of a general unsecured creditor of Employer and will have no right to, or security interest in, any assets of Employer.
Obligation to Fund. If, for any respective month, funds in the Property Account are not sufficient to cover expenses specified in the approved Operating Plan or to be disbursed pursuant to Section 3.10 or Section 4.1 or 4.2, or those which have been approved in writing by Owner, Owner shall, within ten (10) days after receipt of written notice from Property Manager of the amount of the estimated insufficiency, deposit in the applicable Project Account an amount equal to such estimated shortfall. Manager shall have no liability whatsoever to fund the deficiency.
Obligation to Fund. The closing of the Purchasers' investment in WTM on the terms provided in the Subscription Agreement and in this Term Sheet and their obligations to fund their commitments as provided therein and herein will be subject only to the completion of the Transactions, including the closing of the acquisition of CGU pursuant to the terms and conditions of the Stock Purchase Agreement, the consummation of Financing on the terms and conditions set forth in the Commitment Letter and the delivery by WTM of Preferred Stock and of a Shareholders Agreement executed by WTM, in each case reasonably reflecting the terms of this term sheet. The Stock Purchase Agreement and the Commitment Letter will not be amended and the closing conditions contained therein will not be waived in any material respect without the consent of each of the Purchasers.
Obligation to Fund. The Parties acknowledge and agree that in order to be fully successful each NPI District, in addition to the TIR, will require a reliable and consistent funding source. To that end, the County hereby commits the Granted Revenues annually for the Term (as hereinafter defined) of each NPI District. Likewise, the City of Portland (the “City”) has agreed to provide PDC with an annual grant equal to the amount of its annual share of tax revenues for each NPI District realized as a result of ORS 457.470(4) (the “City’s Granted Revenues”) for the Term of each NPI District. In the event that the City fails to grant PDC any of the City’s
Obligation to Fund. The Bank shall not be obligated to fund all or any portion of the Loan unless and until the following conditions have been satisfied: