Cancellation of Commitment Clause Samples
The Cancellation of Commitment clause defines the conditions under which a party, typically a lender, may revoke or terminate its obligation to provide funding or credit to the other party. This clause often specifies certain events or breaches—such as failure to meet financial covenants, insolvency, or material adverse changes—that trigger the right to cancel the commitment. Its core practical function is to protect the lender from undue risk by allowing them to withdraw their commitment if the borrower's circumstances change significantly or contractual obligations are not met.
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Cancellation of Commitment. The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.
Cancellation of Commitment. The Revolving Facility Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for the Revolving Facility.
Cancellation of Commitment. The Commitments which, at that time, are unutilised shall be immediately cancelled at 5.00 p.m. on the earlier of the Utilisation Date and the last day of the Availability Period.
Cancellation of Commitment. (a) The Term Facility Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for the Term Facility.
(b) The Revolving Facility Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for the Revolving Facility.
Cancellation of Commitment. 5.5.1 The Facility A Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for Facility A.
5.5.2 The Facility B Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period for Facility B.
Cancellation of Commitment. 6.1 If the first Drawdown does not occur prior to the date falling [six] months after the date of this Loan Agreement, the Loan shall be immediately cancelled in full.
6.2 Other than with the prior written consent of the LTA TF, any amount of the Loan which remains undrawn on the earlier of:
6.2.1 the date falling three months after the Practical Completion Date; or
6.2.2 the Longstop Date, shall immediately be cancelled in full.
Cancellation of Commitment. (a) The Total Facility A Commitments shall be immediately cancelled at the end of the Availability Period for Facility A.
(b) The Total Facility B Commitments shall be immediately cancelled at the end of the Availability Period for Facility B.
Cancellation of Commitment. The Commitment in respect of any Tranche which is unutilised at the end of the Availability Period for such Tranche shall then be cancelled.
Cancellation of Commitment. The Total Commitments shall be immediately cancelled at the end of the Availability Period for the Facility.
Cancellation of Commitment. (a) The Commitments which, at that time, are unutilised shall be immediately cancelled at the end of the Availability Period.
(b) If the Initial CP Satisfaction Date has not occurred on or prior to the date falling 4 months after the Signing Date (the CP Longstop Date), the Commitments shall be immediately cancelled on the CP Longstop Date.