Additional Funding Requirement definition
Examples of Additional Funding Requirement in a sentence
The Additional Funding Requirement shall also be deemed satisfied if Digital enters into a merger or other business combination transaction which has the net effect of increasing Digital's cash position by at least $4,000,000 (the surviving entity in the merger or other transaction has cash equal to the cash position of Digital immediately prior to the merger or other transaction plus at least $4,000,000) on or before March 31, 2002.
For the avoidance of doubt, no Member shall have any obligation to fund any Additional Funding Requirement pursuant to this Section 5.1 unless such Member indicates that it will do so in its Response To Capital Call.
If more than one Member desires to be a Contributing Member with respect to another Member’s failure to timely fund its Additional Funding Requirement, each such Member (provided the Contributing Member shall have made its corresponding Additional Funding Requirement) shall have the right to fund a portion of such Capital Advance pro rata in proportion to the relative Percentage Interests of such Contributing Members.
If a Contributing Member fails to provide notice to the Non-Contributing Member and the Company in accordance with this Section 3.4(c), such Contributing Member shall be deemed to have elected to treat its Capital Advance together with the amount funded by such Contributing Member with respect to the relevant Additional Funding Requirement as a Member Loan as provided in Section 3.4(b)(ii).
The Members hereby acknowledge to one another that because of the difficulty in calculating the damage that may result from the failure of a Member to fund its share of an Additional Funding Requirement the remedies set forth in this Section 3.5 have been approved by the Members as fair and reasonable.
Accordingly, notwithstanding anything in this Amendment to the contrary, in the event Digital has not completed an additional round of funding by raising at least $4,000,000 on or before March 31, 2002 (the "Additional Funding Requirement"), then HealthAxis shall be entitled to receive any and all amounts (including accrued interest) which would have otherwise become due under the Promissory Note as if this Amendment had never been entered into.
Any Additional Funding Requirement shall require each Member to contribute its Pro Rata Request Amount.
If Digital fails to satisfy the Additional Funding Requirement, Digital would be entitled to credit for the $2,000,000.00 paid herewith against such unpaid amounts that would otherwise have become due under the Promissory Note and against any remaining License Fee and previously deferred Service Fees that would otherwise have become due under the License and Consulting Agreement (as applicable).
If Digital fails to satisfy the Additional Funding Requirement, Digital would be entitled to credit for the $2,000,000.00 paid herewith against such unpaid License Fee and previously deferred Service Fees (and interest thereon) that would otherwise have become due under the License and Consulting Agreement and unpaid amounts that would otherwise have become due under the Promissory Note delivered under the Asset Purchase Agreement (as applicable).
Any Additional Funding Requirement shall require each Member to contribute its Pro Rata Request Amount; provided, that any obligations of the Investor Members under this Section 5.1(a) to contribute their respective Pro Rata Request Amounts shall be joint and several.