Termination and Reductions of Commitment Sample Clauses
The 'Termination and Reductions of Commitment' clause defines the conditions under which a party may end the agreement or decrease its obligations under the contract. Typically, this clause outlines the procedures for providing notice, any required lead times, and the specific circumstances that justify termination or reduction, such as breach of contract, changes in project scope, or funding limitations. Its core function is to provide flexibility and risk management for both parties by allowing them to adjust or exit the agreement if certain conditions arise, thereby preventing ongoing obligations that may no longer be feasible or desirable.
Termination and Reductions of Commitment. (a) (i) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, (A) the aggregate amount of the Tranche A Term Facility Commitments shall be automatically and permanently reduced by the amount of Term Facility Loans made in respect thereof from time to time, (B) the aggregate amount of the Tranche B Term Facility Commitments shall be automatically and permanently reduced by the amount of Term Facility Loans made in respect thereof from time to time, (C) the aggregate amount of the Tranche C Term Facility Commitments shall be automatically and permanently reduced by the amount of Term Facility Loans made in respect thereof from time to time and (D) the aggregate amount of the Tranche D Term Facility Commitments shall be automatically and permanently reduced by the amount of Term Facility Loans made in respect thereof from time to time and (B) the aggregate amount of the Term Facility II Commitments shall be automatically and permanently reduced by the amount of Term Facility II Loans made in respect thereof from time to time. Notwithstanding any other provision of this Agreement, any outstanding Term Facility Commitments shall automatically terminate upon the earlier of (x) such Term Facility Commitments being fully funded pursuant to Section 2.01(b) and (y) at 5:00 p.m., New York City time, on the last Business Day of the applicable Term Facility Availability Period. Notwithstanding any other provision of this Agreement, any outstanding Term Facility II Commitments shall automatically terminate upon the earlier of (x) such Term Facility II Commitments being fully funded pursuant to Section 2.01(d) and (y) at 5:00 p.m., New York City time, on the last Business Day of the Term Facility II Availability Period.
Termination and Reductions of Commitment. (a) (i) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of the Term Facility Commitments shall be automatically and permanently reduced by the amount of Term Facility Loans made in respect thereof from time to time. Notwithstanding any other provision of this Agreement, any outstanding Term Facility Commitments shall automatically terminate upon the earlier of (x) the Term Facility Commitments being fully funded pursuant to Section 2.01(b) and (y) at 5:00 p.m., New York City time, on the last Business Day of the Term Facility Availability Period.
Termination and Reductions of Commitment. (a) (i) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of the Term A Facility Commitments shall be automatically and permanently reduced to zero at 5:00 p.m., New York City time, on the Closing Date (after giving effect to the making of the Term A Facility Loans on such date).
Termination and Reductions of Commitment. (a) (i) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, (A) the aggregate amount of the Tranche A Term Facility Commitments shall be automatically and permanently reduced by the amount of Term Facility Loans made in respect thereof from time to time, (B) the aggregate amount of the Tranche B Term Facility Commitments shall be automatically and permanently reduced by the amount of Term Facility Loans made in respect thereof from time to time and (C) the aggregate amount of the Tranche C Term Facility Commitments shall be automatically and permanently reduced by the amount of Term Facility Loans made in respect thereof from time to time. Notwithstanding any other provision of this Agreement, any outstanding Term Facility Commitments shall automatically terminate upon the earlier of (x) thesuch Term Facility Commitments being fully funded pursuant to Section 2.01(b) and (y) at 5:00 p.m., New York City time, on the last Business Day of the applicable Term Facility Availability Period.
Termination and Reductions of Commitment. (a) (i) The Commitments shall be automatically and permanently terminated on April 30, 2001 if the Closing Date does not occur on or prior to such date.
Termination and Reductions of Commitment. (a) (i) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of the Term A Facility Commitments (other than the Incremental Extended Term A Facility --80 Commitments) shall be automatically and permanently reduced to zero at 5:00 p.m., New York City time, on the Closing Date (after giving effect to the making of the Term A Facility Loans on such date).
(b) (ii) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of any Incremental Term Loan Commitments of any Tranche shall be automatically and permanently reduced by the amount of Incremental Term Loans of such Tranche made in respect thereof from time to time.
Termination and Reductions of Commitment. (a) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of the Term Facility Commitments shall be automatically and permanently reduced by the amount of Term Facility Loans made in respect thereof on the Closing Date. Notwithstanding any other provision of this Agreement, any outstanding Term Facility Commitments shall automatically terminate upon the earlier of (x) such Term Facility Commitments being fully funded pursuant to Section 2.01(a) and (y) at 5:00 p.m., New York City time, on the Closing Date.
(b) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of any Incremental Term Loan Commitments shall be automatically and permanently reduced by the amount of Incremental Term Loans made in respect hereof from time to time.
(c) Any Commitment once terminated or reduced may not be reinstated.
(d) Each reduction or termination of any of the Commitments pursuant to this Section 2.04 shall be applied ratably among the Lenders with such a Commitment, as the case may be, in accordance with their respective Commitment, as applicable.
Termination and Reductions of Commitment. (a) In addition to any other mandatory commitment reductions pursuant to this Section 2.04, the aggregate amount of the Commitments shall be automatically and permanently reduced by the amount of Loans made in respect thereof on the Closing Date. Notwithstanding any other provision of this Agreement, any outstanding Commitments shall automatically terminate upon the earlier of (x) such Commitments being fully funded pursuant to Section 2.01(a) and (y) at 5:00 p.m., New York City time, on the Closing Date.
(b) Any Commitment once terminated or reduced may not be reinstated.
(c) Each reduction or termination of any of the Commitments pursuant to this Section 2.04 shall be applied ratably among the Lenders with such a Commitment, as the case may be, in accordance with their respective Commitment, as applicable.