Termination of Commitment of Greinke Trust Sample Clauses

Termination of Commitment of Greinke Trust. Greinke Trust’s $5,000,000 Commitment (consisting entirely of a Revolving Line of Credit Commitment, except that Greinke Trust’s commitment thereunder is solely to make the Revolving Loans referred to in Paragraph 3.1(a) of Section 3 of the Financing Agreement and to make settlements pursuant to Paragraph 3.1(b) of Section 3 of the Financing Agreement, such that Greinke Trust shall not and does not participate in the Letter of Credit Guaranty or other commitments of Lenders as to Letters of Credit provided for in Section 5 of the Financing Agreement) shall terminate on the first day that each of the following occurs: (i) no Default or Event of Default shall be in existence, (ii) Excess Availability (as defined below) shall be equal to or greater than $10,000,000, and (iii) the Fixed Charge Coverage Ratio calculated as of the last day of the most recent Fiscal Quarter for the six calendar month period ending on such day is at least 1.00 to 1.00. “Excess Availability” shall mean the amount by which the Borrowing Base exceeds the sum of the aggregate amount of all outstanding Revolving Loans, plus the aggregate undrawn amount of all outstanding Letters of Credit, and shall be calculated on any specific date after giving effect to all loans, advances and extensions of credit to be made on such day and the payoff of Greinke Trust’s $5,000,000 Commitment and making current all of the Companies’ debts, obligations and payables in accordance with their usual business practices. If Greinke Trust’s Commitment and Revolving Line of Credit Commitment so terminates, Greinke Trust shall thereafter have no further commitment to make new loans or advances pursuant to Section 3 of the Financing Agreement, but the relevant Commitments of the other Lenders, including without limitation, the respective Revolving Line of Credit Commitment of each other Lender, shall remain the same, such that the aggregate Revolving Line of Credit Commitments shall thereafter be permanently reduced from $85,000,000 to $80,000,000. This Section 2.06(a) shall replace in its entirety Section 5(e) of the Sixth Amendment.
Sample 1
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Related to Termination of Commitment of Greinke Trust

  • Termination of Commitment to Lend Notwithstanding anything in the Loan Documents, Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at Lender’s sole election, the occurrence of any Default or Event of Default hereunder, and (ii) the applicable Commitment Termination Date. Notwithstanding the foregoing, Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in Lender’s sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or otherwise) or prospects of Borrower, whether or not arising from transactions in the ordinary course of business, or there has been any material adverse deviation by Borrower from the business plan of Borrower presented to Lender on or before the date of this Agreement.

  • Termination of Commitment On the service of a notice under paragraph (a) of Clause 18.2, the Commitment and all other obligations of the Lender to the Borrower under this Agreement shall terminate.

  • Termination of Commitments Declare the Commitments terminated whereupon the Commitments shall be immediately terminated.

  • Mandatory Termination of Commitments (a) The Initial Term Loan Commitments shall terminate at 5:00 p.m. (New York City time) on the Closing Date.

  • Termination and Reduction of Commitments (a) Unless previously terminated, the Commitments shall terminate on the Maturity Date.

  • Optional Reduction and Termination of Commitments (a) Unless previously terminated, all Revolving Commitments, Swingline Commitments and LC Commitments shall terminate on the Revolving Commitment Termination Date.

  • Extension of Commitment Termination Date The Borrower may, no more frequently than once each year by delivering written notice to the Managing Agents (with a copy to the Program Agent), request the Lenders to extend the Commitment Termination Date for an additional 364 days past the then applicable Commitment Termination Date, with such extension to become effective with respect to any Lender Group, as of the date one or more Committed Lenders having Commitments equal to 100% of such Lender Group’s Lender Group Limit shall in their sole discretion consent to such extension (the Lenders in such a Lender Group, “Extending Lenders”). Any such request shall be subject to the following conditions: (i) at no time will any Commitment have a term of more than 364 days and, if any such request would result in a term of more than 364 days, such request shall be deemed to have been made for such number of days so that, after giving effect to such extension on the date requested, such term will not exceed 364 days, (ii) none of the Lenders will have any obligation to extend any Commitment, (iii) any such extension of the Commitment Termination Date will be effective only upon the written agreement of at least one Committed Lender and the Borrower and (iv) any request for such extension shall be made at least sixty (60) days prior to the then current Commitment Termination Date. The Managing Agent for each applicable Committed Lender will respond to any such request within thirty (30) days (with a copy to the Paying Agent) but in any event no earlier than thirty (30) days prior to the then current Commitment Termination Date, provided that any Managing Agent’s failure to respond within such period shall be deemed to be a rejection of the requested extension.

  • Prepayment; termination of Commitment A notice under Clause 24.4 shall be irrevocable; the Agent shall promptly notify the Notifying Lender of the Borrower’s notice of intended prepayment; and:

  • Termination and Reduction of Revolving Commitments (a) Unless previously terminated, the Revolving Commitments shall terminate on the Maturity Date.

  • Prepayment; termination of Commitments A notice under Clause 5.13 shall be irrevocable; the Agent shall promptly notify the Lenders or (as the case may require) the Affected Lender of the Borrowers’ notice of intended prepayment; and:

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