Common use of Mandatory Commitment Termination Clause in Contracts

Mandatory Commitment Termination. Unless previously terminated, the Commitments shall automatically terminate at 5:00 p.m. (New York time) on the earlier of (i) the date on which all of the Certain Funds Purposes have been achieved without the making of any Advances and (ii) the time immediately after a Mandatory Cancellation Event occurs; provided that in any event the Commitments shall terminate in full on the earlier of the last day of the Certain Funds Period and the Funding Date after the proceeds of the Advances have been made available to the Borrower.

Mandatory Commitment Termination. Unless previously terminated, the Commitments shall automatically terminate at 5:00 p.m. (New York time) on the earlier of (i) the date on which all of the Certain Funds Purposes have been achieved without the making of any Advances and (ii) the time immediately after a Mandatory Cancellation Event occurs; provided that in any event the Commitments shall terminate in full on the earlier of the last day of the Certain Funds Period and the Funding Date after the proceeds of the Advances have been made available to the Borrower.Borrower.‌