Mandatory Commitment Termination Clause Samples
The Mandatory Commitment Termination clause defines the conditions under which a party’s obligation to provide funding or services under an agreement is automatically ended. Typically, this clause specifies certain triggering events—such as insolvency, regulatory changes, or breaches of key terms—that result in the immediate cessation of commitments without the need for further action by either party. Its core practical function is to protect parties from ongoing obligations in situations where continuing the commitment would be impractical, unlawful, or unduly risky, thereby allocating risk and ensuring contractual clarity.
Mandatory Commitment Termination. The Commitments hereunder -------------------------------- shall terminate on the Termination Date.
Mandatory Commitment Termination. Unless previously terminated, the Commitments shall automatically terminate at 5:00 p.m. (New York time) on the earlier of (i) the date on which all of the Certain Funds Purposes have been achieved without the making of any Advances and (ii) the time immediately after a Mandatory Cancellation Event occurs; provided that in any event the Commitments shall terminate in full on the earlier of the last day of the Certain Funds Period and the Funding Date after the proceeds of the Advances have been made available to the Borrower.
Mandatory Commitment Termination. The Term Loan Commitments in effect as of the Effective Date shall terminate on the earlier to occur of (i) the Termination Date and (ii) upon the Borrowing of the Initial Term Loans on the Closing Date.
Mandatory Commitment Termination. The Revolving Commitment hereunder shall terminate on the Maturity Date.