Common use of Expiration of Commitments Clause in Contracts

Expiration of Commitments. The obligation of the Owner Participant to make its Equity Investment and the obligations of the Original Lenders to make the Loans shall expire at 11:59 p.m., New York City time, on March 31, 1996. If the Closing Date has not occurred on or before March 31, 1996, the parties hereto shall have no obligation under this Agreement.

Expiration of Commitments. The obligation of the Owner Participant to make its Equity Investment and the obligations of the Original Lenders to make the Loans shall expire at 11:59 p.m., New York City time, on March July 31, 1996. If the Closing Date has not occurred on or before March July 31, 1996, the parties hereto shall have no obligation to consummate the transactions contemplated under this Agreement.