Commitment Termination or Reduction Sample Clauses
The Commitment Termination or Reduction clause allows one or both parties to end or decrease their contractual obligations before the originally agreed-upon term. Typically, this clause outlines the conditions under which a party can reduce the scope of their commitment or terminate it entirely, such as by providing advance notice or meeting specific criteria. Its core function is to provide flexibility and manage risk by enabling parties to adjust their commitments in response to changing circumstances, thereby preventing unnecessary obligations or losses.
Commitment Termination or Reduction. KCMH shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the Commitments; provided, that (i) each partial reduction shall be in a minimum aggregate amount of $5,000,000 and (ii) after giving effect to such termination or reduction, (A) the Total Credit Exposure does not exceed the Aggregate Facility Amount and (B) the L/C Exposure does not exceed the Letter of Credit Facility Amount. Once terminated or reduced, the Commitments may not be reinstated.
Commitment Termination or Reduction. The Borrower shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the Commitments of either or both of the Tranches, provided, that each partial reduction shall be in a minimum aggregate amount, as to each Tranche, of $5,000,000. Once terminated or reduced, the Commitments may not be reinstated.
Commitment Termination or Reduction. (i) subject to the last sentence of this Section 2.04(b), TCG shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or reduce ratably in part the Commitments; provided that (x) each partial reduction shall be in a minimum aggregate amount of $5,000,000 (and in minimum multiples of $1,000,000 in excess thereof) and (y) after giving effect to such termination or reduction, (A) the Total Credit Exposure does not exceed the Aggregate Facility Amount, (B) the total 2024 Tranche Revolving Credit Exposures does not exceed the aggregate 2024 Tranche Commitments, (C) the total 2027 Tranche Revolving Credit Exposures does not exceed the aggregate 2027 Tranche Commitments and (D) the L/C Exposure does not exceed the Letter of Credit Facility Amount. Once terminated or reduced, the Commitments may not be reinstated; and
Commitment Termination or Reduction. KCMH shall have the right, upon at least three Business Days’ notice to the Administrative Agent, to terminate in whole or reduce ratably in part the unused portions of the Commitments; provided, that (i) each partial [**] = Certain information contained in this document, marked by “[**]” has been excluded because it is both (i) not material and (ii) is the type that the registrant treats as private or confidential. reduction shall be in a minimum aggregate amount of $5,000,000 and (ii) after giving effect to such termination or reduction, (A) the Total Credit Exposure does not exceed the Aggregate Facility Amount and (B) the L/C Exposure does not exceed the Letter of Credit Facility Amount. Once terminated or reduced, the Commitments may not be reinstated.