Material Obligation Sample Clauses

A Material Obligation clause defines the essential duties or responsibilities that are fundamental to the performance of a contract. It typically identifies which obligations are so significant that their breach would be considered a serious violation, potentially justifying remedies such as termination or damages. For example, timely payment or delivery of goods might be specified as material obligations. The core function of this clause is to distinguish between minor and major breaches, ensuring that only significant failures trigger substantial legal consequences and thereby providing clarity and risk allocation for both parties.
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Material Obligation. Any obligation of any Facility Lessee or any Guarantor (other than any obligations owing to Lessor or any of its Affiliates) which exceeds the lesser of (a) Five Million Dollars ($5,000,000), or (b) as of any date of determination, the enterprise value of Ten Percent (10%) of the Equity Interest in Guarantor (as reflected on Guarantor's most recent monthly balance sheet delivered to Lessor as required under Article XXIII(b)(iii)).
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Material Obligation. Failure of Borrower or any Affiliate to pay when due or the default beyond any applicable notice and cure period with respect to any indebtedness or other liability of Borrower or any Asset aggregating in excess of $100,000.00 ("Material Indebtedness"); the default by Borrower or any Affiliate in the performance (beyond the applicable grace period with respect thereto, if any) of any term, provision or condition contained in any agreement under which any Material Indebtedness was created or is governed; the occurrence of any other event or condition, the effect of which event or condition is to cause, or to permit the holder or holders of any Material Indebtedness to cause, such Material Indebtedness to become due prior to its stated maturity; or any Material Indebtedness of Borrower or an Affiliate shall be declared to be due and payable or required to be prepaid or repurchased (other than by a regularly scheduled payment) prior to the stated maturity thereof; provided however, Borrower or such Affiliate shall have the right to contest in good faith any of the matters set forth in this subparagraph (r), so long as Borrower or such Affiliate does so diligently, by appropriate proceedings and without prejudice to Lender and provided that neither the Property, the Asset nor any interest therein would be in any danger of sale, loss or forfeiture as a result of such proceeding or contest. In the event Borrower or any Affiliate shall contest any such claim or demand, Borrower shall promptly notify Lender of such contest and thereafter shall, upon Lender's request, promptly provide a bond, cash deposit or other security satisfactory to Lender to protect Lender's interest and security should the contest be unsuccessful; or
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Material Obligation. Any obligation of any of the Guarantors or any Facility Lessee (other than any obligations owing to Lessor or any of its Affiliates) which (i) is in excess of Fifteen Million and No/100 Dollars ($15,000,000.00) and (ii) is not an obligation owed to a lender or creditor that is a party to an Intercreditor Agreement. Medicaid: The medical assistance program established by Title XIX of the Social Security Act (42 U.S.C. Sections 1396 et seq.) and any statute succeeding thereto.
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Material Obligation. Any obligation of the Guarantor or any Facility Borrower (other than any obligations owing to Lender or any of its Affiliates) which is in excess of Fifty Million and No/100 Dollars ($50,000,000.00).
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Material Obligation. The definition of "Material Obligation" appearing in Article 1.3 of each Sterling Lease shall be deleted in its entirety and the following substituted in lieu thereof:
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Material Obligation. As to any Person, an Obligation which if not fully and timely paid or performed reasonably could have a Material Adverse Effect on such Person.
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Material Obligation. Any obligation of any of the Guarantors or any Facility Borrower which is in excess of and No/100 Dollars ($ ).
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Material Obligation. Any obligation of any of the Guarantors or any Facility Lessee (other than any obligations owing to Lessor or any of its Affiliates) which is in excess of Five Hundred Thousand Dollars ($500,000).
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Related to Material Obligation

  • Other Material Obligations Default in the payment when due, or in the performance or observance of, any material obligation of, or condition agreed to by, any Loan Party with respect to any material purchase or lease of goods or services where such default, singly or in the aggregate with all other such defaults, might reasonably be expected to have a Material Adverse Effect.

  • Financial Obligation While this contract is in effect, the student is required to meet the financial obligations of this contract. Housing fees are charged through the Account Services Office. Students must pay their accounts per the policies of that office.

  • FINANCIAL OBLIGATIONS There will be no transfer of funds between the Parties under this Agreement and each Party will fund its own participation. All activities under or pursuant to this Agreement are subject to the availability of funds, and no provision of this Agreement shall be interpreted to require obligation or payment of funds in violation of the Anti-Deficiency Act, (31 U.S.C. § 1341).

  • No Financial Obligation No provision of this Escrow Agreement shall require the Escrow Agent to risk or advance its own funds or otherwise incur any financial liability or potential financial liability in the performance of its duties or the exercise of its rights under this Escrow Agreement.

  • Confidential Obligations ISI and Alphatec each recognize that the other Party’s Confidential Information constitutes highly valuable and proprietary confidential information. ISI and Alphatec each agree that during the Term and for [***] thereafter, it will keep confidential, and will cause its employees, consultants, Affiliates and sublicensees to keep confidential, all Confidential Information of the other Party. Neither ISI nor Alphatec nor any of their respective employees, consultants, Affiliates or Sublicensees shall use Confidential Information of the other Party for any purpose whatsoever other than exercising any rights granted to it or reserved by it hereunder. Without limiting the foregoing, each Party may disclose information to the extent such disclosure is reasonably necessary to (a) file, prosecute or defend litigation in accordance with the provisions of this Agreement or (b) comply with applicable laws, regulations (including those of the United States Securities Exchange Commission) or court orders; provided, however, that if a Party is required to make any such disclosure of the other Party’s Confidential Information in connection with any of the foregoing, it will give reasonable advance notice to the other Party of such disclosure requirement and will use reasonable efforts to cooperate with such other Party in efforts to secure confidential treatment of such information required to be disclosed.