Common use of Facility Termination Clause in Contracts

Facility Termination. On the terms and conditions set forth in this Agreement, the parties hereto establish a receivables financing facility. The Committed Purchasers' several obligations to make purchases from the Transferor hereunder shall terminate on the applicable Termination Date. Notwithstanding anything to the contrary contained herein or in the other Transaction Documents, no Committed Purchaser shall be obligated to provide the Transferor with funds in an amount that would exceed such Committed Purchaser's unused Commitment then in effect, and the failure of any Committed Purchaser to make its Pro Rata Share of such purchase available to the Transferor (subject to the terms and conditions set forth herein) shall not relieve any other Committed Purchaser of its obligations hereunder.

Appears in 2 contracts

Sources: Receivables Transfer Agreement (Collins & Aikman Corp), Receivables Transfer Agreement (Collins & Aikman Corp)