Conditions Precedent to Complete or Partial Termination of Facilities Clause Samples
The 'Conditions Precedent to Complete or Partial Termination of Facilities' clause defines the specific requirements that must be satisfied before a party can fully or partially terminate access to certain facilities under an agreement. Typically, this clause outlines steps such as providing advance notice, obtaining necessary approvals, or fulfilling outstanding obligations before termination can take effect. Its core function is to ensure that terminations are conducted in an orderly and predictable manner, thereby protecting the interests of all parties and minimizing potential disputes or disruptions.
Conditions Precedent to Complete or Partial Termination of Facilities. The right of the Borrower to reduce the Facility Commitment and the obligation of the Lender to execute the Facility Termination Document, are subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) Payment by the Borrower in full of all of the Variable Advances Outstanding and Fixed Facility Advances Outstanding, as the case may be, required to be paid in order that the aggregate unpaid principal balance of all Variable Advances Outstanding and Fixed Facility Advances Outstanding, as the case may be, is not greater than the Variable Facility Commitment and Fixed Facility Commitment, as the case may be, including any associated prepayment premiums or other amounts due under the Notes (but if the Borrower is not required to prepay all of the Variable Advances or Fixed Facility Advances Outstanding, as the case may be, the Borrower shall have the right to select which of the Variable Advances or Fixed Facility Advances, as the case may be, shall be repaid);
(b) Payment by the Borrower of the Facility Termination Fee;
(c) Receipt by the Lender on the Closing Date of one or more counterparts of the Facility Termination Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Facility Termination Document; and
(d) The satisfaction of all applicable General Conditions set forth in Article XI.
Conditions Precedent to Complete or Partial Termination of Facilities. The right of Borrower to reduce the Commitment and the obligation of Lender to execute the Facility Termination Document, are subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) Receipt by Lender of the fully executed Facility Termination Request;
(b) Payment by Borrower in full of all of the Variable Advances Outstanding and Fixed Advances Outstanding, as the case may be, required to reduce the aggregate unpaid principal balance of all Variable Advances Outstanding and Fixed Advances Outstanding, as the case may be, to not greater than the Variable Facility Commitment and Fixed Facility Commitment, as the case may be, including any associated prepayment premiums or other amounts due under the Notes (but if Borrower is not required to prepay all of the Variable Advances Outstanding or Fixed Advances Outstanding, as the case may be, Borrower shall have the right to select which of the Variable Advances or Fixed Advances, as the case may be, shall be repaid); and
(c) Receipt by Lender on the Closing Date of one (1) or more counterparts of the Facility Termination Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Facility Termination Document.
Conditions Precedent to Complete or Partial Termination of Facilities. The right of the Borrower to reduce the Commitments and the obligation of the Lender to execute the Facility Termination Document, are subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) Payment by the Borrower in full of all of the Revolving Advances Outstanding required to be paid in order that the aggregate unpaid principal balance of all Revolving Advances Outstanding is not greater than the Revolving Facility Commitment, including any associated prepayment premiums or other amounts due under the Notes (but if the Borrower is not required to prepay all of the Revolving Advances, the Borrower shall have the right to select which of the Revolving Advances shall be repaid);
(b) If applicable, payment by the Borrower of the Facility Termination Fee;
(c) Receipt by the Lender on the Closing Date of one or more counterparts of the Facility Termination Document, dated as of the Closing Date, signed by each of the parties (other than the Lender) who is a party to such Facility Termination Document; and
(d) The satisfaction of all applicable General Conditions set forth in Article XI.
Conditions Precedent to Complete or Partial Termination of Facilities. The right of Borrower to terminate the Variable Facility Commitment and/or the Fixed Facility Commitment and the obligation of Lender to execute the Facility Termination Document, are subject to the satisfaction of the following conditions precedent on or before the Closing Date:
(a) Payment by Borrower in full of all of the Variable Advances Outstanding and Fixed Advances Outstanding, as the case may be, required to reduce the aggregate unpaid principal balance of all Variable Advances Outstanding and Fixed Advances Outstanding, as the case may be, to not greater than the reduced Variable Facility Commitment and Fixed Facility Commitment, as the case may be, including any associated prepayment premiums or other amounts due under the Notes (but if Borrower is not required to prepay all of the Variable Advances or Fixed Advances Outstanding, as the case may be, Borrower shall have the right to select which of the Variable Advances or Fixed Advances, as the case may be, shall be repaid);
(b) [Intentionally Deleted]; and
(c) Receipt by Lender on the Closing Date of one or more counterparts of the Facility Termination Document, dated as of the Closing Date, signed by each of the parties (other than Lender) who is a party to such Facility Termination Document.
Conditions Precedent to Complete or Partial Termination of Facilities. The right of Borrower Agent, on behalf of Borrower, to reduce the Conventional Facility Commitment pursuant to Section 5.02 and/or the Credit Enhancement Facility Commitment pursuant to Section 5.02A, and the obligation of Lender and/or ▇▇▇▇▇▇ ▇▇▇ to execute the Facility Termination Documents, are subject to the satisfaction of the following conditions precedent on or before the applicable Closing Date:
(a) Payment by Borrower in full of all of the Variable Advances Outstanding and Fixed Advances Outstanding, as the case may be, required to reduce the aggregate unpaid principal balance of all Variable Advances Outstanding and Fixed Advances Outstanding, as the case may be, to not greater than the Variable Facility Commitment and Fixed Facility Commitment, as the case may be, including any associated prepayment premiums or other amounts due under the Notes (but if Borrower is not required to prepay all of the Variable Advances or Fixed Advances Outstanding, as the case may be, Borrower shall have the right to select which of the Variable Advances or Fixed Advances, as the case may be, shall be repaid);
(b) Payment by Borrower in full of all of the Weekly Rate and Reset Rate Bond Loans Outstanding and payment or defeasance of all Fixed Rate Bond Loans Outstanding, as the case may be, required to reduce the aggregate unpaid principal balance of all Weekly Rate and Reset Rate Bond Loans Outstanding and all Fixed Rate Bond Loans Outstanding, to not greater than the reduced Variable Credit Enhancement Facility Commitment and Fixed Credit Enhancement Facility Commitment, including any associated prepayment premiums or other amounts due under the Bond Notes or this Agreement;
(c) Receipt by Lender of the Facility Termination Fee; and
(d) Receipt by Lender on the Closing Date of one (1) or more counterparts of the Facility Termination Document, dated as of the Closing Date, signed by each of the parties (other than Lender or ▇▇▇▇▇▇ Mae) who is a party to such Facility Termination Document.