Suspension or Termination of Commitments Clause Samples
The Suspension or Termination of Commitments clause allows one or both parties to temporarily halt or permanently end their obligations under an agreement, typically in response to specific events such as breaches, defaults, or changes in circumstances. In practice, this clause may permit a lender to stop providing further funding if the borrower fails to meet certain conditions, or enable a service provider to cease performance if payments are not made. Its core function is to protect parties from ongoing risk or loss by providing a clear mechanism to pause or exit commitments when predefined triggers occur.
Suspension or Termination of Commitments. Upon the occurrence of any Default or Event of Default, Agent may, and at the request of Requisite Revolving Lenders Agent shall, without notice or demand, immediately suspend or terminate all or any portion of Lenders' obligations to make additional Advances or issue or cause to be issued Letters of Credit under the Revolving Loan Commitment; PROVIDED that, in the case of a Default, if the subject condition or event is waived by Requisite Revolving Lenders or cured within any applicable grace or cure period, the Revolving Loan Commitment shall be reinstated.
Suspension or Termination of Commitments. Upon the occurrence of any Event of Default, Agents may, and at the request of Requisite Lenders, Agents shall, without notice or demand, immediately suspend or terminate all or any portion of Lenders’ obligations to make additional Loans or issue or cause to be issued Letters of Credit under the Revolving Loan Commitment.
Suspension or Termination of Commitments. Subject to Section 6.3, upon the occurrence of any Event of Default, Agent, at the request of Requisite Revolving Lenders, shall, without notice or demand, immediately suspend or terminate all or any portion of Lenders’ obligations to make additional Loans or issue or cause to be issued Letters of Credit under the Revolving Loan Commitment; provided that, if the Event of Default is waived by Requisite Revolving Lenders, the Commitments shall be reinstated.
Suspension or Termination of Commitments. Upon the occurrence of any Default or Event of Default, US Agent may, and at the request of Requisite Lenders, US Agent shall, without notice or demand, immediately suspend or terminate all or any portion of US Tranche A Lenders’ obligations to make additional Advances or issue or cause to be issued US Letters of Credit under the US Tranche A Loan Commitment; provided that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the US Tranche A Loan Commitment shall be reinstated. Upon the occurrence of any Default or Event of Default, US Agent may, and at the request of Requisite Lenders, US Agent shall, without notice or demand, immediately suspend or terminate all or any portion of US Tranche A1 Lenders’ obligations to make additional Advances under the US Tranche A1 Loan Commitment; provided that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the US Tranche A1 Loan Commitment shall be reinstated. Upon the occurrence of any Default or Event of Default, Canadian Agent may, and at the request of Requisite Lenders, Canadian Agent shall, without notice or demand, immediately suspend or terminate all or any portion of Canadian Tranche A Lenders’ obligations to make additional Advances or issue or cause to be issued Canadian Letters of Credit under the Canadian Tranche A Loan Commitment; provided that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the Canadian Tranche A Loan Commitment shall be reinstated. Upon the occurrence of any Default or Event of Default, Canadian Agent may, and at the request of Requisite Lenders, Canadian Agent shall, without notice or demand, immediately suspend or terminate all or any portion of Canadian Tranche A1 Lenders’ obligations to make additional Advances under the Canadian Tranche A1 Loan Commitment; provided that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the Canadian Tranche A1 Loan Commitment shall be reinstated.
Suspension or Termination of Commitments. Upon the occurrence and continuance of any Event of Default, Agent may, and at the request of Requisite Lenders Agent shall, without notice or demand, immediately suspend or terminate all or any portion of Lenders’ obligations to make additional Loans or issue or cause to be issued Letters of Credit under the Revolving Loan Commitment. Upon the occurrence of any Default, Agent may, and at the request of Requisite Lenders Agent shall, without notice or demand, immediately suspend all or any portion of Lenders’ obligations to make additional Loans or issue or cause to be issued Letters of Credit under the Revolving Loan Commitment; provided that, if the subject Default is waived by Requisite Lenders or cured within any applicable grace or cure period, the Revolving Loan Commitment shall be reinstated.
Suspension or Termination of Commitments. Upon the occurrence of any Event of Default, Agent may, and at the request of Requisite Revolving Lenders Agent shall, without notice or demand, immediately suspend or terminate all or any portion of Lenders' obligations to make additional Loans or issue or cause to be issued Letters of Credit under the Revolving Loan Commitment; provided, that, in the case of a Default, if the subject condition or event is waived by Requisite Revolving Lenders or cured within any applicable grace or cure period, the Revolving Loan Commitment shall be reinstated. In the event that following the suspension or termination of the Commitments in the case of an Event of Default, all Events of Default waived in accordance with this Agreement or cured, Lead Arrangers together with Supermajority Revolving Lenders may reinstate the Revolving Loan Commitment.
Suspension or Termination of Commitments. Upon the occurrence of any Event of Default and during its continuance, Agent may, at its election, and will, at the direction of the Requisite Lenders cease making additional Loans on behalf of all Lenders, cause the Issuer to cease issuing Lender Letters of Credit, and suspend or terminate all Commitments. In addition thereto, and without limitation of the foregoing, upon any Default under subsection 8.1(A) and during its continuance, Agent may, at its election, and will, at the direction of the Requisite Lenders, cease making additional Loans on behalf of all Lenders, cause the Issuer to cease issuing Lender Letters of Credit, and suspend all Commitments. Upon the occurrence of any Event of Default described in either of the foregoing subsections 8.1(G) or 8.1(H), all Commitments of the Lenders shall terminate automatically.
Suspension or Termination of Commitments. Upon the occurrence of any Default or Event of Default, Maranon Agent may, and, in any event, Agent shall at the request of Requisite Lenders, without notice or demand, immediately suspend or terminate all or any portion of Lenders’ obligations to make additional Loans under the Revolving Loan Commitment and the L/C Issuer’s obligations to issue Lender Letters of Credit or Letter of Credit Participant Agreements; provided that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the Revolving Loan Commitment shall be reinstated.
Suspension or Termination of Commitments. Upon the occurrence of any Default or Event of Default, Agent may, and at the request of Requisite Lenders Agent shall, notwithstanding the provisions of section 362 of the Bankruptcy Code, without any application, motion or notice to, hearing before, or order from, the Bankruptcy Court, without notice or demand, immediately suspend or terminate all or any portion of Lenders’ obligations to make additional Advances or issue or cause to be issued Letters of Credit under the Revolving Loan Commitment; provided that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the Revolving Loan Commitment shall be reinstated.
Suspension or Termination of Commitments. Upon the occurrence of any Default or Event of Default, US Agent may, and at the request of Requisite Lenders, US Agent shall, without notice or demand, immediately suspend or terminate all or any portion of US Lenders’ obligations to make additional Advances or issue or cause to be issued US Letters of Credit under the US Loan Commitment; provided that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the US Loan Commitment shall be reinstated. Upon the occurrence of any Default or Event of Default, Canadian Agent may, and at the request of Requisite Lenders Canadian Agent shall, without notice or demand, immediately suspend or terminate all or any portion of Canadian Lenders’ obligations to make additional Advances or issue or cause to be issued Canadian Letters of Credit under the Canadian Commitment; provided that, in the case of a Default, if the subject condition or event is waived by Requisite Lenders or cured within any applicable grace or cure period, the Canadian Commitment shall be reinstated.