Common use of Vitality Commitment Clause in Contracts

Vitality Commitment. (a) Consistent with the Business Plan that the Borrower developed and the assumptions made in said plan, and taking note of the production commitments provided to the Canadian Lender and/or the Governments of Canada and Ontario, the Borrower agrees to use its commercially reasonable best efforts to ensure that the volume of manufacturing conducted in the United States is consistent with at least 90% of the level envisioned in that Business Plan, absent a material adverse change in its business or operating environment which would make the commitment outlined herein non-economic. In the event that such a material adverse change occurs, the Borrower agrees to use its commercially reasonable best efforts to ensure that the volume of United States manufacturing is the minimum variance from the Business Plan that is consistent with good business judgment and the intent of the commitment. (b) The commitment set forth in Section 5.27(a) will remain in effect until the later of December 31, 2014 and the date on which all of its Loans from the Treasury have been repaid, provided that, in the event the Treasury has received total proceeds from debt repayments, preferred stock redemptions and common stock sales equal to the total dollar amount of all Treasury invested capital, then the commitments outlined herein shall no longer be in force.

Appears in 4 contracts

Samples: Secured Credit Agreement (General Motors Co), Secured Credit Agreement (General Motors Co), Secured Credit Agreement (General Motors Co)

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