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Common use of Undertaking to pay Clause in Contracts

Undertaking to pay. (a) Subject to paragraph (b), each Chargor undertakes duly and punctually to pay to each Chargee an amount equal to each JV Funding Amount when that JV Funding Amount is due, whether or not the Chargor is the obligor, or the relevant Chargee is the obligee, of that JV Funding Amount. (b) A Chargor’s obligation under paragraph (a) to make a payment in relation to a JV Funding Amount is taken to be satisfied to the extent that the obligor of that JV Funding Amount makes payment of the JV Funding Amount to the relevant obligee in accordance with the Transaction Documents.

Appears in 4 contracts

Samples: Implementation Agreement (Rio Tinto LTD), Implementation Agreement (Rio Tinto LTD), Implementation Agreement (BHP Billiton PLC)

Undertaking to pay. (a) Subject to paragraph (b), each the Chargor undertakes duly and punctually to pay to each the Chargee an amount equal to each JV Funding Amount when that JV Funding Amount is due, whether or not the Chargor is the obligor, or the relevant Chargee is the obligee, of that JV Funding Amount. (b) A The Chargor’s obligation under paragraph (a) to make a payment in relation to a JV Funding Amount is taken to be satisfied to the extent that the obligor of that JV Funding Amount makes payment of the JV Funding Amount to the relevant obligee in accordance with the Transaction Documents.

Appears in 2 contracts

Samples: Implementation Agreement (BHP Billiton PLC), Implementation Agreement (BHP Billiton PLC)