ASOF CTO Funding Clause Samples

The ASOF CTO Funding clause defines the terms and conditions under which funding is provided for the Chief Technology Officer (CTO) role in an ASOF (As Soon as Operationally Feasible) context. Typically, this clause outlines the timing, amount, and method of disbursement of funds allocated to support the CTO's responsibilities, such as technology development or project oversight, once certain operational milestones are met. Its core practical function is to ensure that financial resources are made available in alignment with project progress, thereby supporting effective leadership and timely execution of technology initiatives.
ASOF CTO Funding. ASOF shall, by wire transfer of immediately available funds, pay to the Company the ASOF CTO Funding Amount.
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ASOF CTO Funding. (a) In lieu of incurring additional senior secured financing at a significant cost to the Company and in order to preserve the Company’s current liquidity, the Company requested that ASOF provide additional funds to facilitate the repurchase of Existing Unsecured Notes in the Cash Tender Option (the “ASOF CTO Funding”). At the Closing, pursuant to the terms and subject to the conditions of this Agreement and the Note Purchase Agreement, ASOF agrees, in exchange for the consideration to be paid to ASOF pursuant to Section 1.02(b) and Section 1.02(c) hereof, to pay to the Company the excess, if any, of (i) the lesser of (a) the Aggregate Cash Tender Price and (b) ten million two hundred dollars ($10,000,200) (the lesser of such amounts, the “CTO Funding Amount”) over (ii) the aggregate Participation Amount for all Electing Holders (as such terms are defined in clause (d) of this Section 1.02), which amount paid by ASOF (the “ASOF CTO Funding Amount”) shall, along with such aggregate Participation Amount, be used by the Company solely to fund the Cash Tender Price. The Company shall first use the ASOF CTO Funding Amount and such aggregate Participation Amount to repurchase Existing Unsecured Notes tendered in the Cash Tender Option, and to the extent that the aggregate Cash Tender Price exceeds ten million two hundred dollars ($10,000,200), any amounts in excess of such amount shall be funded by the Company from sources other than ASOF and the holders of the Existing Unsecured Notes participating in the Prorata CTO Funding and in a manner consistent with this Agreement. (b) In exchange for the ASOF CTO Funding Amount, at the Closing, pursuant to the terms and subject to the conditions of this Agreement and the Note Purchase Agreement, the Company shall issue to ASOF (i) New Third Lien Notes in a principal amount equal to the principal amount of Existing Unsecured Notes repurchased with the ASOF CTO Funding Amount (rounded to the nearest $1,000) and (ii) its Pro Rata Share of the ▇▇▇▇▇ Warrants and the Cash Warrants. (c) In consideration for its commitment to fund the ASOF CTO Funding Amount, ASOF shall receive a commitment fee (the “CTO Commitment Fee”), payable in cash, in an amount equal to four hundred thousand dollars ($400,000). The CTO Commitment Fee shall be deemed to be fully earned upon execution of this Agreement and shall be paid by the Company on the earlier of (i) the commencement of the Tender/Exchange Offer and (ii) termination of this Agreemen...
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Related to ASOF CTO Funding

  • Program Funding Upon entry into force of this Compact, MCC will grant to the Government, under the terms of this Compact, an amount not to exceed Four Hundred Eight Million Eight Hundred Fifty Thousand United States Dollars (US$408,850,000) to support the Program (“Program Funding”). The allocation of Program Funding is generally described in Annex II to this Compact.

  • Lack of Funding The Parties recognize that the compensation provided for in this Grant Contract depends on budget approval and appropriations of sufficient grant funds by the Lancaster County Board of County Commissioners (“Grant Funds”). The Parties further recognize that the Sponsor may terminate this Grant Contract in whole or in part immediately upon written notice to Grantee if grant funds do not receive sufficient budget approval or appropriations. The date Project Monitor sends the written notice of termination shall be the date of termination. The Grantee understands and agrees that the Sponsor shall not provide for funding under this Grant Contract from the Lancaster County General Fund, tax revenue, or any other source, and that the sole source of funding for this Grant Contract shall be approved and appropriated Grant Funds. In the event that Grant Funds do not receive sufficient budget approval or appropriations, the Grantee shall be compensated pursuant to the terms of this Grant Contract for authorized Project Account costs charged against the Project Account prior to the date of termination according to the approved Project Budget. ▇▇▇▇▇▇▇ agrees that ▇▇▇▇▇▇▇ has no reasonable expectation of payment for unauthorized costs, or for payment of any kind from any other source. The Grantee further understands and agrees that any costs not covered by the current Grant Contract are not authorized.

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  • Loan Funding The sum of all financing described below (excluding any loan funding fee or mortgage insurance premium) is $ .