Obligatory Funding Commitment definition
Obligatory Funding Commitment means (a) a capital commitment or a funding obligation (including an obligation to purchase preferred Equity Interests but excluding an obligation to make a debt investment that is not convertible into equity) of a Person’s investors to fund cash to such Person that satisfies each of the following requirements: (i) such capital commitment or funding obligation is unconditional, irrevocable, unpledged and otherwise unencumbered, and (ii) such capital commitment or funding obligation is from an entity that is not subject to a bankruptcy, insolvency or similar proceeding and is not in default under the applicable constituent documents governing such capital commitment or funding obligation, and/or (b) undrawn commitments from available subscription credit facilities that are secured by the capital commitments of a Person’s investors.