Original Term of Commitments Clause Samples
The "Original Term of Commitments" clause defines the initial duration for which the parties are bound by their contractual obligations. Typically, this clause specifies a fixed period—such as one year or three years—during which the agreement remains in effect unless terminated earlier under specified conditions. It may also outline when the term begins, such as the effective date of the contract. The core function of this clause is to provide certainty regarding the length of the parties' commitments, helping both sides plan their obligations and manage expectations about the contract's lifespan.
Original Term of Commitments. Subject to each Lender's right to cease making Loans to Borrower when any Default or Event of Default exists or the Commitments are terminated pursuant to Section 5.2 hereof, the Commitments shall be in effect for a period of four (4) years from the last day of the month hereof, through and including February 28, 2001 (the "Original Term"), and the Commitments shall automatically renew for one (1) year periods thereafter (each a "Renewal Term"), unless terminated as provided in Section 5.2 hereof.
Original Term of Commitments. Subject to each Lender's right to cease making Loans and other extensions of credit to Borrower when any Default or Event of Default exists or upon termination of the Commitments as provided in SECTION 6.2 hereof, the Commitments shall be in effect for a period of 2 years from the date hereof, through the close of business on August 23, 2003 (the "Original Term"), and shall automatically renew for one-year periods thereafter (each a "Renewal Term"), unless terminated as provided in SECTION 6.2 hereof.
Original Term of Commitments. 23 5.2. TERMINATION................................................ 24
Original Term of Commitments. Subject to each Lender’s right to cease making Loans and other extensions of credit to Borrowers when any Default or Event of Default exists or upon termination of the Commitments as provided in Section 5.2 hereof, the Commitments shall be in effect until the earliest to occur of (i) twelve (12) months from the date hereof, (ii) forty-five (45) days after commencement of the Chapter 11 Case if, at such time, a Final Order has not been entered, or (iii) the effective date of a plan of reorganization that is confirmed by the Court, or any other court which may have jurisdiction, in the Chapter 11 Case (the “Original Term”).
Original Term of Commitments. Subject to each Lender’s right to cease making Loans and other extensions of credit to Borrowers when any Default or Event of Default exists or upon termination of the Commitments as provided in Section 5.2 hereof, the Commitments shall be in effect for a period of 5 years from the date hereof, through the close of business on August 1, 2018 (the “Original Term”); provided that if the First Lien Term Loans shall have not been repaid, refinanced, or defeased in full or, in the reasonable determination of Agent, adequately reserved for or cash collateralized on or prior to the 120th day immediately preceding the maturity date thereof, then the Original Term shall end on the 120th day immediately preceding the earliest maturing and outstanding of the First Lien Term Loans; provided further that, with respect to any Refinancing Debt of the First Lien Term Loans, such Refinancing Debt shall have a maturity date on or after December 1, 2018.