Unfunded Obligation definition

Unfunded Obligation. This Note constitutes an unfunded obligation of Borrower for income tax purposes. Lender’s rights under the Note shall be no greater than those of a general unsecured creditor of Borrower. The Note is not transferable or assignable pursuant to operation of law or otherwise.
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Unfunded Obligation shall have the meaning set forth in Section 7.7.1 hereof.
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Unfunded Obligation means, as to any Person as of a given date, any purchase obligation, repurchase obligation, forward commitment, unfunded obligation or guarantee of such Person and its Consolidated Subsidiaries, including without limitation any obligation of such Person and its Consolidated Subsidiaries under an agreement to acquire a quantity of a Security.
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Examples of Unfunded Obligation in a sentence

  • After giving effect to such Advance, the Company shall cause the proceeds of such Advance and cash from other sources that are available in accordance with the terms of this Agreement in an amount equal to the aggregate Unfunded Exposure Shortfall to be deposited in the Unfunded Exposure Account and/or any applicable Non-USD Unfunded Obligation Account.

  • Upon any draw on a Letter of Credit, the Administrative Agent shall pay the amounts allocated in respect of such Unfunded Obligation to CBT.

  • Upon cancellation or termination of a Letter of Credit without its being fully drawn, the Administrative Agent shall reapply the amounts allocated in respect of such Unfunded Obligation as provided in clause (a) or (b) above, as applicable, as if such portion had then been paid to the Administrative Agent by the Borrowers for application pursuant to said clause.

  • The Unfunded Obligation Reserve Funds shall be allocated among the Existing Leases as set forth on Schedule 9.5 attached hereto, which Schedule 9.5 shall be amended from time to time to reflect any amounts deposited pursuant to clause (ii) of this Section 9.5(a).

  • Upon any draw on a Letter of Credit, the Administrative Agent shall pay the amounts allocated in respect of such Unfunded Obligation to the Issuing Bank.

  • Upon payment of such Unfunded Obligation Amount by Borrower or Sponsor to Lender, provided that no Event of Default shall be continuing, Lender shall pay the same to the Person to which the applicable Unfunded Obligation is owed for application to such Unfunded Obligation.

  • The amount so deposited shall hereinafter be referred to as the "Unfunded Obligation Reserve Fund" and the account in which such amount is held shall hereinafter be referred to as the "Unfunded Obligations Reserve Account".

  • Upon delivery to Lender of an Officer’s Certificate stating that an Unfunded Obligation has been paid in full, provided no Event of Default shall have occurred and be continuing, Lender shall, within three (3) Business Days after receipt of such Officer’s Certificate, remit to Borrower any excess funds in respect of such Unfunded Obligation.

  • The Unfunded Obligation Reserve Funds shall be allocated among the applicable Leases as set forth on Schedule 9.5 attached hereto, which Schedule 9.5 shall be amended from time to time to reflect any amounts deposited pursuant to clauses (ii) and (iii) of this Section 9.5(a).

  • During the continuance of any Unfunded Obligation Default, Lender shall have the right to make a claim under the Guaranty for payment of the Unfunded Obligation Amount in respect of the applicable Unfunded Obligation(s), and Sponsor shall pay (or cause Borrower to pay) such amount to Lender within 10 days after Lender’s written demand therefor.


More Definitions of Unfunded Obligation

Unfunded Obligation means those payment amounts associated with a Covered Obligation but for which no coverage is provided under the Liquidation Plan. The specific Unfunded Obligations which are subject to this Agreement are included in Exhibit 7.1.1 and are specifically two situations: (1) those circumstances where a California resident would receive eighty percent (80%) of the benefit payment leaving twenty percent (20%) as the Unfunded Obligation with the shortfall resulting from the enabling act of the California Life and Health Insurance Guarantee Association; and (2) those circumstances where certain term policies were issued by LML more than ninety (90) days after issuance of the original policy.
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Unfunded Obligation means each item described in Schedule D.
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Related to Unfunded Obligation

  • Refunded Obligations means, collectively, the Refunded Notes, if any, and the Refunded Bonds, if any, refunded by each Series.

  • L/C Obligation means, as at any date of determination, the aggregate maximum amount then available to be drawn under all outstanding Letters of Credit plus the aggregate of all Unreimbursed Amounts in respect of Letters of Credit, including all L/C Borrowings.

  • Unfunded Pension Liabilities means the excess of a Plan’s benefit liabilities under Section 4001(a)(16) of ERISA, over the current value of that Plan’s assets, determined in accordance with the assumptions used by the Plan’s actuaries for funding the Plan pursuant to Section 412 of the Code for the applicable plan year.

  • Unfunded Amount means, at any time, the sum of (i) the aggregate Exposure Amount at such time plus (ii) the aggregate Unsettled Amount at such time.

  • Unfunded Liabilities means the amount (if any) by which the present value of all vested and unvested accrued benefits under all Single Employer Plans exceeds the fair market value of all such Plan assets allocable to such benefits, all determined as of the then most recent valuation date for such Plans using PBGC actuarial assumptions for single employer plan terminations.