Termination of Term Commitment Clause Samples
The 'Termination of Term Commitment' clause defines the conditions under which a party may end a contractual obligation before the agreed-upon term expires. Typically, this clause outlines specific events or breaches that justify early termination, such as non-payment, insolvency, or failure to perform essential duties. By clearly stating the grounds and procedures for ending the commitment, this clause provides both parties with a structured exit mechanism, thereby reducing uncertainty and managing the risks associated with premature contract termination.
Termination of Term Commitment. The aggregate Term Commitment shall be automatically and permanently reduced to zero on the Closing Date upon the Term Borrowing.
Termination of Term Commitment. Notwithstanding anything herein to the contrary, the Term Commitment shall terminate if the Draw Date has not occurred on or before March 23, 2016.
Termination of Term Commitment. Upon each Lender’s making of such Term Loan on the Closing Date, the Term Commitment of such Lender shall automatically be terminated.