Mandatory Termination or Reduction of Commitments. The Commitment of each Lender in respect of the Initial Loans on the Effective Date shall be automatically and permanently reduced to $0 upon the making of such Lender’s Loan pursuant to Section 2.1.
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Samples: Collateral Agency Agreement (California Resources Corp), Credit Agreement (California Resources Corp), Passu Intercreditor Agreement (California Resources Corp)
Mandatory Termination or Reduction of Commitments. The Commitment of each Lender in respect of the Initial Loans on the Effective Date Commitments shall be automatically and permanently promptly reduced to $0 upon on the making date of such Lender’s Loan any Borrowing of Term Loans pursuant to Section 2.12.1(a), by the amount of such Borrowing.
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