Termination of the Commitment Clause Examples
The 'Termination of the Commitment' clause defines the conditions under which a party's obligation to provide funding, services, or other agreed-upon commitments under a contract may be ended before full completion. Typically, this clause outlines specific events or breaches—such as failure to meet milestones, insolvency, or mutual agreement—that trigger the right to terminate the commitment. Its core practical function is to provide a clear mechanism for ending contractual obligations, thereby protecting parties from ongoing liability or exposure when circumstances change or agreements are not fulfilled as intended.
POPULAR SAMPLE Copied 1 times
Termination of the Commitment. Any part of the Commitment undrawn and uncancelled at the end of the relevant Availability Period shall thereupon be automatically cancelled.
Termination of the Commitment. The Commitment shall terminate at 5:00 P.M. (New York City time) on the date that is sixty days after the Original Effective Date or, if such date is not a Business Day, on the next Business Day thereafter if Advances with respect to the Commitment are not made to the Borrower pursuant to Section 2.01.
Termination of the Commitment. Upon the earlier to ----------------------------- occur of (i) September 30, 1999, (ii) the occurrence of a Trigger Event, (iii) the closing of the financing pursuant to the Securities Purchase Agreement, or (iv) the Lender's declaration of an Event of Default, any unused portion of the Term Commitment shall terminate. After the Term Commitment terminates under this Section 2.07 it may not be reinstated.
Termination of the Commitment. Immediately after the initial Borrowing, the unused portion, if any, of the Commitment shall terminate. At 5:00 p.m., New York City time, on the Commitment Termination Date, the unused portion, if any, of the Commitment shall terminate.
Termination of the Commitment. Subject to the conditions set forth below, SAI may, on at least five Business Days’ prior written notice received by GS, terminate GS’s obligations under this Agreement provided that the following conditions are satisfied:
(a) The stated date of termination is after December 31, 2006;
(b) If (i) the stated date of termination is between January 1, 2007 and June 30, 2007, then SAI shall pay or cause to be paid a premium equal to 10% (1000 basis points) or (ii) the stated date of termination is between July 1, 2007 and December 31, 2007, then SAI shall pay or cause to be paid a premium equal to 5% (500 basis points), in each case times the Commitment Amount plus all Reimbursement Claims that remain unpaid on the date of termination and accrued interest on all such Reimbursement Claims that remain unpaid on the date of termination; and
(c) All of the Obligations (including any prepayment premium due pursuant to Section 2.4(b)) shall have been Paid in Full.
Termination of the Commitment. (a) Section 7(a) of the Commitment Letter is hereby amended to read in its entirety as follows:
(a) (i) July 9, 2004, if the Post-Effective Amendment No. 1 to Form S-4 (including the additional registration statement on Form S-4), which shall reflect the terms set forth in Schedule 2 hereto (as amended by the Sixth Extension of Commitments dated June 30, 2004), has not been filed the Commission by such date, (ii) 30 calendar days following the filing with the Commission referred to in clause (i) above, if the amendment to the Form S-4, as described in Section 6(a) hereof (as amended by the Sixth Extension of Commitments dated June 30, 2004), has not been declared effective by such date and (ii) two Business Days after such amendment to the Form S-4 has been declared effective, if the Exchange Offer has not been commenced by the end of such date (on the terms set forth in such amendment to the Form S-4);”
(b) Section 7 of the Commitment Letter is hereby amended by deleting “and” at the end of clause (h), replacing the period a the end of clause (i) with “; and” and adding a clause (j) thereto as follows:
Termination of the Commitment. The Commitment of Lender hereunder shall terminate upon the earlier of (i) the Final Maturity Date and (ii) the date upon which Borrower's Net Income, determined in accordance with GAAP (but before the payment of rent and other obligations under the Leases), for the preceding 12 calendar months is equal to or in excess of 1.25 times the amount of Borrower's rental and other obligations under the Leases for the same period.
Termination of the Commitment. The Commitments shall terminate on the Commitment Termination Date and the Banks shall have no further obligation to make additional Advances.
Termination of the Commitment. On the Termination Date the Commitment shall be zero; PROVIDED, HOWEVER, if any one or more Existing Letters of Credit or Letters of Credit outstanding on the Termination Date have a later expiration date, then the Commitment shall reduce to a level equal to the sum of the undrawn face amount of each of the then outstanding Existing Letters of Credit and Letters of Credit (reducing by the amount of any expiring Existing Letter of Credit or Letter of Credit as it expires) and shall, in any event, terminate in its entirety on the Extended Termination Date.
Termination of the Commitment. The Lender may terminate this Final Commitment if:
(a) any material adverse change shall occur at any time prior to the closing of the Loan with respect to (i) the Premises as a whole, or (ii) the credit of the Borrower taken as a whole excluding any financing of other properties of Borrower; or
(b) any material part of the Premises as a whole shall have taken in condemnation or other like proceeding, or any such proceeding is pending or threatened at the time of the Loan closing or any material part of the Premises taken as a whole is damaged and not repaired to the Lender's satisfaction prior to closing.