Common use of Termination of Commitment to Lend Clause in Contracts

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s sole election, the occurrence of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable judgment, there has been a material adverse change in the general affairs, management, results of operations, or financial condition 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 Lenders on or before the date of this Agreement.

Appears in 3 contracts

Samples: Venture Loan and Security Agreement, Venture Loan and Security Agreement (Ambit Biosciences Corp), Venture Loan and Security Agreement (Ambit Biosciences Corp)

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Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s sole election, the occurrence of any Default or Event of Default hereunder, and (ii) the applicable Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders Lender on or before the date of this Agreement.

Appears in 3 contracts

Samples: Venture Loan and Security Agreement (Enphase Energy, Inc.), Venture Loan and Security Agreement (Enphase Energy, Inc.), Venture Loan and Security Agreement (Enphase Energy, Inc.)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each the Lender’s 's sole election, the occurrence and continuance of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable 's sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders on or before and not disapproved by Lender, since the date of this Agreement.

Appears in 3 contracts

Samples: Loan and Security Agreement (Skystream Networks Inc), Loan and Security Agreement (Vnus Medical Technologies Inc), Loan and Security Agreement (Alnylam Pharmaceuticals Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s Lenders’ obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s Lenders’ sole election, the occurrence of any Default or Event of Default hereunder, and (ii) with respect to Loan A the Loan A Commitment Termination Date, and with respect to Loan B, the Loan B Commitment Termination Date. Notwithstanding the foregoing, each Lender’s Lenders’ obligation to lend the undisbursed portion of the Loan A Commitment Amount or Loan B Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable Lenders’ sole judgment, there has been a material adverse change in the general affairs, management, results of operations, operations or condition (financial condition or otherwise) 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 Lenders on or before the date of this Agreement.

Appears in 2 contracts

Samples: Venture Loan and Security Agreement (Inotek Pharmaceuticals Corp), Venture Loan and Security Agreement (Inotek Pharmaceuticals Corp)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Credit Amount to Borrower hereunder shall terminate on the earlier of (i) at each the Lender’s 's sole election, the occurrence and continuance of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Credit Amount to Borrower shall terminate if, in such Lender’s commercially reasonable 's sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders on or before and not disapproved by Lender, since the date of this Agreement.

Appears in 2 contracts

Samples: Loan and Security Agreement (Array Biopharma Inc), Loan and Security Agreement (Array Biopharma Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s sole election, the occurrence of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders Lender on or before the date of this Agreement.

Appears in 2 contracts

Samples: Venture Loan and Security Agreement (eXegenics Inc), Venture Loan and Security Agreement (Cryocor Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s Lenders’ obligation to lend the undisbursed portion of the any Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s Lenders’ sole election, the occurrence of any Default or Event of Default hereunderhereunder which has not been waived in writing by Lenders, and (ii) the Commitment Termination DateDate for such Commitment Amount. Notwithstanding the foregoing, each Lender’s Lenders’ obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially Lenders’ reasonable judgment, there has been a material adverse change in the general affairs, management, results of operations, operations or condition (financial condition or otherwise) 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 Lenders on or before the date of this Agreement.

Appears in 2 contracts

Samples: Venture Loan and Security Agreement (Entropic Communications Inc), Venture Loan and Security Agreement (Entropic Communications Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s 's obligation to lend the undisbursed portion of the its Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each such Lender’s 's sole election, the occurrence of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s 's obligation to lend the undisbursed portion of the its Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable 's sole judgment, acting reasonably, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders Lender on or before the date of this Agreement.

Appears in 2 contracts

Samples: Venture Loan and Security Agreement (Activbiotics Inc), Venture Loan and Security Agreement (Activbiotics Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s obligation to lend the undisbursed portion of the its Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s sole election, the occurrence of any Default or Event of Default hereunder, and (ii) the applicable Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable Lenders’ sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders on or before the date of this Agreement.

Appears in 1 contract

Samples: Venture Loan and Security Agreement (Northstar Neuroscience, Inc.)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each the Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s sole electionelection exercised in good faith and in a commercially reasonable manner, the occurrence of any Default or Event of Default hereunder, and (ii) with respect to Loan A, the Loan A Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s ’ discretion exercised in good faith and in a commercially reasonable judgmentmanner, there has been a material adverse change in the general affairs, management, results of operations, operations or financial condition 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 Lenders Lender on or before the date of this Agreement.

Appears in 1 contract

Samples: Venture Loan and Security Agreement (Interleukin Genetics Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s 's sole election, the occurrence and continuance of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable 's sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders Lender on or before the date of this Agreement.

Appears in 1 contract

Samples: Venture Loan and Security Agreement (Isilon Systems, Inc.)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s obligation to lend the undisbursed portion of the such Lender’s Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s the Lenders’ sole election, the occurrence and continuance of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the such Lender’s Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable judgmentLenders’ sole judgment made in good faith, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders on or before the date of this Agreement.

Appears in 1 contract

Samples: Equipment Loan and Security Agreement (Renovis Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s obligation to lend the undisbursed portion of the Lender’s Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s sole election, the occurrence and continuance of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the Lender’s Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable judgmentsole judgment made in good faith, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders Lender on or before the date of this Agreement.

Appears in 1 contract

Samples: Equipment Loan and Security Agreement (Renovis Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s sole election, the occurrence and the continuance of any Default or the occurrence of any Event of Default (which has not been waived by Lender) hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable judgment, there has been a material adverse change in the general affairs, management, results of operations, operations or financial condition 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 Lenders Lender on or before the date of this Agreement.

Appears in 1 contract

Samples: Venture Loan and Security Agreement (Infinity Pharmaceuticals, Inc.)

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Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s obligation to lend the undisbursed portion of the such Lender’s Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s sole election, the occurrence and continuance of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the such Lender’s Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable judgmentsole judgment made in good faith, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders on or before the date of this Agreement.

Appears in 1 contract

Samples: Equipment Loan and Security Agreement (Renovis Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Credit Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s 's sole election, the occurrence of any Default or Event of Default hereunder, and (ii) the Commitment Termination DateDate Facility A (in the case of Facility A) and the Commitment Termination Date Facility B (in the case of Facility B). Notwithstanding the foregoing, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Credit Amount to Borrower shall terminate if, in such Lender’s commercially reasonable 's sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders Lender on or before the date of this Agreement.

Appears in 1 contract

Samples: Equipment Loan and Security Agreement (Anadys Pharmaceuticals Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s 's obligation to lend the undisbursed portion of the such Lender's Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each such Lender’s 's sole election, the occurrence of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s 's obligation to lend the undisbursed portion of the such Lender's Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable 's sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders on or before the date of this Agreement.

Appears in 1 contract

Samples: Venture Loan and Security Agreement (Myogen Inc)

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

Appears in 1 contract

Samples: Venture Loan and Security Agreement (Catasys, Inc.)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Credit Amount to Borrower hereunder shall terminate on the earlier of (i1) at each Lender’s 's sole election, the occurrence of any Default or Event of Default hereunder, and (ii), except as provided in Section 2.1 (a) above, the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Credit Amount to Borrower shall terminate if, in such Lender’s commercially reasonable 's sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders Lender on or before the date of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Nuvasive Inc)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each the Lender’s sole election, the occurrence and continuance of any Default or Event of Default hereunder, and or (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially reasonable sole judgment, there has been a material adverse change in the general affairs, management, results of operations, management or financial condition 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 Lenders on or before and not disapproved by Lender (a “Material Adverse Change”), since the date of this Agreement.

Appears in 1 contract

Samples: Patent Mortgage and Security Agreement (Hemosense Inc)

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

Appears in 1 contract

Samples: Venture Loan and Security Agreement (Everyday Health, Inc.)

Termination of Commitment to Lend. Notwithstanding anything in the Loan Documents, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Amount to Borrower hereunder shall terminate on the earlier of (i) at each the Lender’s 's sole election, the occurrence and continuance of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s 's obligation to lend the undisbursed portion of the Commitment Amount to Borrower shall terminate if, in such Lender’s commercially 's sole reasonable judgment, there has been a material adverse change in the general affairs, management, results of operations, operations or condition (financial condition or otherwise) 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 Lenders on or before and not disapproved by Lender, since the date of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Portal Software Inc)

Termination of Commitment to Lend. Notwithstanding anything --------------------------------- in the Loan Documents, each Lender’s Lenders' obligation to lend the undisbursed portion of the Commitment Credit Amount to Borrower hereunder shall terminate on the earlier of (i) at each Lender’s the Lenders' sole election, the occurrence and continuance of any Default or Event of Default hereunder, and (ii) the Commitment Termination Date. Notwithstanding the foregoing, each Lender’s Lenders' obligation to lend the undisbursed portion of the Commitment Credit Amount to Borrower shall terminate if, in such Lender’s commercially reasonable Lenders' sole judgment, there has been a material adverse change in the general affairs, management, results of operations, condition (financial or financial condition 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 Lenders on or before and not disapproved by Lenders, since the date of this Agreement.

Appears in 1 contract

Samples: Loan and Security Agreement (Copper Mountain Networks Inc)

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