Payback Obligation Sample Clauses

The Payback Obligation clause requires a party to repay funds or benefits previously received under certain conditions, such as breach of contract or failure to meet specified milestones. In practice, this clause may apply if an advance payment or loan is given, and the recipient does not fulfill their obligations, triggering a duty to return the money. Its core function is to protect the paying party from financial loss by ensuring that unearned or unjustified payments can be recovered.
Payback Obligation. 5.4.4.1. To be admissible, any contestation relating to the whole or part of the amount of the Payback Obligation resulting from the delivery activity report specified in paragraph 5.3.2, must comply with the rules set out in section 12.4.6 of the Functioning Rules. 5.4.4.2. In the event of partial or full agreement between the Parties, during the first period of sixty (60) Working Days as set out in section 12.4.6 of the Functioning Rules, on the amount of the Payback Obligation resulting from the delivery activity report, the new uncontested amount agreed, is then the subject of an invoice to be issued by ▇▇▇▇ in accordance with §870 of the Functioning Rules and Article 6. 5.4.4.3. In accordance with section 12.4.6 of the Functioning Rules, in the absence of partial or full agreement between the Parties on the amount of the Payback Obligation resulting from the delivery activity report, within the first period of sixty (60) Working Days as set out in section 5.4.4.4. In the event an amicable agreement is reached between Parties during the second period of sixty
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Payback Obligation. 5.4.4.1. To be sustainable, any contestation relating to whole or parts of the amount of the Payback Obligations resulting from the activity report set forth in paragraphs 5.3.2, must follow the rules set forth in section 12.4.5 of the Functioning Rules. 5.4.4.2. In case of partial or total agreement, within the first period of sixty (60) Working Days set forth in section 12.4.5 of the Functioning Rules, between the Parties on the amount of the Payback Obligations resulting from the delivery activity reports, the new uncontested amount, being the object of the agreement, is then the object of a credit note, to be issued by the CAPACITY PROVIDER in accordance with §803 of the Functioning Rules and article 6. 5.4.4.3. However, and in accordance with section 12.4.5 of the Functioning Rules, in the absence of a partial or total agreement between the Parties on the amount of the Payback Obligations resulting respectively from the delivery activity reports, within the first period of sixty (60) Working Days set forth in section 12.4.5 of the Functioning Rules, the contested amount or the part of the contested amount of the penalties is the object of a separate credit note in accordance with article 6. 5.4.4.4. In case of amicable agreement reached between the Parties during the second period of sixty (60) Working Days set forth in section 12.4.5 of the Functioning Rules, such agreement will translate, as the case may be, in ▇▇▇▇ issuing a corrective credit note towards the amount which had been the object of the separate invoice, in accordance with article 6. Any agreement must comply with the Functioning Rules. 5.4.4.5. If no amicable agreement is reached after the second period of sixty (60) Working Days, the Parties may start the dispute procedure mentioned in Article 15.
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Payback Obligation. 5.4.4.1. To be admissible, any contestation relating to the whole or part of the amount of the Payback Obligation resulting from the delivery activity report specified in paragraph 5.3.2, must comply with the rules set out in section 12.4.5 of the Functioning Rules.
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Related to Payback Obligation

  • MAXIMUM OBLIGATION 14 A. The Total Maximum Obligation of COUNTY for services provided in accordance with this 15 Agreement, and the separate Maximum Obligations for each period under this Agreement, are as 16 specified in the Referenced Contract Provisions of this Agreement, except as allowed for in 17 Subparagraph B. below. 18 B. ADMINISTRATOR may amend the Maximum Obligation by an amount not to exceed ten 19 percent (10%) of the original amount of the first year of funding for this Agreement. 20

  • Reimbursement Obligation The Borrower agrees unconditionally, irrevocably and absolutely to pay immediately to the Agent, for the account of the Lenders, the amount of each advance which may be drawn under or pursuant to a Letter of Credit or an L/C Draft related thereto (such obligation of the Borrower to reimburse the Agent for an advance made under a Letter of Credit or L/C Draft being hereinafter referred to as a "REIMBURSEMENT OBLIGATION" with respect to such Letter of Credit or L/C Draft). If the Borrower at any time fails to repay a Reimbursement Obligation pursuant to this SECTION 3.6, the Borrower shall be deemed to have elected to borrow Revolving Loans from the Lenders, as of the date of the advance giving rise to the Reimbursement Obligation, equal in amount to the amount of the unpaid Reimbursement Obligation. Such Revolving Loans shall be made as of the date of the payment giving rise to such Reimbursement Obligation, automatically, without notice and without any requirement to satisfy the conditions precedent otherwise applicable to an Advance of Revolving Loans. Such Revolving Loans shall constitute a Floating Rate Advance, the proceeds of which Advance shall be used to repay such Reimbursement Obligation. If, for any reason, the Borrower fails to repay a Reimbursement Obligation on the day such Reimbursement Obligation arises and, for any reason, the Lenders are unable to make or have no obligation to make Revolving Loans, then such Reimbursement Obligation shall bear interest from and after such day, until paid in full, at the interest rate applicable to a Floating Rate Advance.

  • Guaranteed Obligations Not Reduced by Offset The Guaranteed Obligations and the liabilities and obligations of Guarantor to Lender hereunder, shall not be reduced, discharged or released because or by reason of any existing or future offset, claim or defense of Borrower, or any other party, against Lender or against payment of the Guaranteed Obligations, whether such offset, claim or defense arises in connection with the Guaranteed Obligations (or the transactions creating the Guaranteed Obligations) or otherwise.

  • One Obligation The Loans, LC Obligations and other Obligations shall constitute one general obligation of Borrowers and (unless otherwise expressly provided in any Loan Document) shall be secured by Agent’s Lien upon all Collateral; provided, however, that Agent and each Lender shall be deemed to be a creditor of, and the holder of a separate claim against, each Borrower to the extent of any Obligations jointly or severally owed by such Borrower.

  • Unfunded Obligation The obligations under this Agreement shall be unfunded. Benefits payable under this Agreement shall be paid from the general assets of the Company. The Company shall have no obligation to establish any fund or to set aside any assets to provide benefits under this Agreement.