Termination or Reduction of Commitment Sample Clauses
The 'Termination or Reduction of Commitment' clause allows one or both parties to end or decrease their obligations under an agreement before the originally agreed-upon completion date. Typically, this clause outlines the conditions under which a party can terminate the contract entirely or reduce the scope, volume, or duration of their commitments, such as by providing advance written notice or meeting specific criteria. Its core practical function is to provide flexibility and risk management, enabling parties to adapt to changing circumstances or unforeseen events without breaching the contract.
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Termination or Reduction of Commitment. Borrower may, upon notice to Lender, terminate the Commitment, or from time to time permanently reduce the Commitment; provided that (i) any such notice shall be received by Lender not later than 12:00 p.m. five (5) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000 or any whole multiple of $10,000 in excess thereof, (iii) Borrower shall not terminate or reduce the Commitment if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Commitment, and (iv) if, after giving effect to any reduction of the Commitment or the L/C Sublimit exceeds the amount of the Commitment, the L/C Sublimit shall be automatically reduced by the amount of such excess. All fees accrued until the effective date of any termination of the Commitment shall be paid on the effective date of such termination.
Termination or Reduction of Commitment. (a) Notwithstanding any provisions of this Agreement to the contrary, the City agrees not to terminate this Agreement or reduce the Commitment prior to the Stated Expiration Date, except upon (i) the payment of any amounts required to be paid pursuant to the terms of this Agreement and the Fee Letter in the amounts, at the times and in the manner set forth therein (if any), (ii) the payment to the Bank of all Obligations payable hereunder and (iii) the City providing the Bank with thirty (30) days prior written notice of its intent to terminate this Agreement; provided that all payments to the Bank referred to in clause (i) and (ii) above shall be made in immediately available funds. The City agrees that any termination of this Agreement as a result of the provision of any substitute facility pursuant to the terms of the Ordinance will require, as a condition thereto, that the City or the issuer of such facility will provide funds on the date of such termination or provision in an amount sufficient to pay in full at the time of termination all Obligations due and owing to the Bank.
(b) The Commitment shall terminate on the Commitment Termination Date. All Advances then outstanding (together with accrued interest thereon) shall be due and payable on the Commitment Termination Date, unless such Advances have been or would be converted into Bank Loans pursuant to the terms and provisions of this Agreement.
(c) If the Commitment is terminated in its entirety, all accrued Facility Fees shall be payable on the effective date of such termination. If the amount of the Commitment is reduced, the Facility Fee that has accrued on the amount by which the Commitment has been reduced shall be payable on the effective date of such reduction together with any amounts required to be paid pursuant to the terms of the Fee Letter, at the times and in the manner set forth therein.
Termination or Reduction of Commitment. The Borrowers shall have the right, upon not less than three Business Days' prior notice to the Bank, to terminate, or from time to time ratably reduce, the Commitment, provided that (a) any reduction shall be accompanied by the ratable prepayment of the Note, together with accrued interest thereon to the date of such prepayment, to the extent, if any, that the aggregate unpaid principal amount thereof then outstanding (including for this purpose any Outstanding Letters of Credit Amounts) exceeds the amount of the Commitment as then reduced, together with the payment of any unpaid Commitment Fee then accrued hereunder in respect of the Commitment, (b) any termination shall be accompanied by prepayment in full of the unpaid principal amount of the Note, together with accrued interest thereon to the date of such prepayment and the payment of any unpaid Commitment Fee then accrued hereunder in respect of the Commitment, and (c) no reduction or termination may in any event reduce the Commitment to an amount less than the Outstanding Letters of Credit Amounts plus the amount of any unmatured LIBOR Loans and Fixed Loans except to the extent they can be and are prepaid as provided in Section 2.16. Any such reduction of the Commitment shall be in an aggregate amount of $500,000, or a whole multiple thereof. If not terminated earlier, the Commitment shall automatically terminate on the Commitment Termination Date.
Termination or Reduction of Commitment. The Borrower may, upon notice to the Lender, terminate the Commitment or from time to time permanently reduce the Commitment; provided that (i) any such notice shall be received by the Lender not later than 11:00 a.m. three Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $5,000,000 or any whole multiple of $1,000,000 in excess thereof and (iii) the Borrower shall not terminate or reduce the Commitment if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings would exceed the Commitment. All fees accrued until the effective date of any termination of the Commitment shall be paid on the effective date of such termination.
Termination or Reduction of Commitment. The Company may, upon notice to the Lender, terminate the Commitment, or from time to time permanently reduce the amount of the Commitment; provided that (i) any such notice shall be received by the Lender not later than 1:00 p.m. five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $10,000,000 or any whole multiple of $1,000,000 in excess thereof, (iii) the Company shall not terminate or reduce the amount of the Commitment if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Outstandings plus the Alternative Currency Reserve (if any) would exceed the amount of the Commitment, and (iv) if, after giving effect to any reduction of the amount of the Commitment, the Letter of Credit Sublimit exceeds the amount of the Commitment, such Sublimit shall be automatically reduced by the amount of such excess. The amount of any such Commitment reduction shall not be applied to the Letter of Credit Sublimit unless otherwise specified by the Company. All fees accrued until the effective date of any termination of the Commitment shall be paid on the effective date of such termination.
Termination or Reduction of Commitment. Unless earlier terminated pursuant to Article 7, the Commitments shall terminate upon the funding of the Loans to which such Commitments relate.
Termination or Reduction of Commitment. The Borrower shall have the right, upon not less than three Business Days' irrevocable written notice, to terminate either Commitment or, from time to time, to reduce the amount of such Commitment, provided that (a) any such reduction (i) shall be in the minimum amount of $500,000 or an integral multiple of $100,000 in excess thereof, (ii) shall reduce permanently the amount of such Commitment then in effect, and (iii) shall be accompanied by prepayment of the applicable Revolving Credit Loans outstanding to the extent, if any, that the Loans then outstanding exceed the amount of such Commitment as then reduced, together with accrued interest on the amount so prepaid to and including the dates of each such prepayment and any amounts payable pursuant to Section 2.14 in connection therewith and the payment of any unpaid commitment fee applicable to such commitment then accrued hereunder, and (b) any such termination of such Commitment shall be accompanied by prepayment in full of the applicable Revolving Credit Loans and all obligations in respect of SBLCs together with accrued interest thereon to and including the date of prepayment and any amounts payable pursuant to Section 2.14 in connection therewith and the payment of any unpaid commitment fee applicable to such commitment then accrued hereunder.
Termination or Reduction of Commitment. The Borrower may, upon notice to the Lender, terminate the Commitment, or from time to time permanently reduce the Commitment; provided that (i) any such notice shall be received by the Lender not later than 1:00 p.m., five Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $250,000 or any whole multiple of $50,000 in excess thereof, and (iii) the Borrower shall not terminate or reduce the Commitment if, after giving effect thereto and to any concurrent prepayments hereunder, the total L/C Obligations would exceed the Commitment.
Termination or Reduction of Commitment. (a) The Borrowers may, upon irrevocable notice from the Lead Borrower to the Lender, terminate the Commitment or from time to time permanently reduce the Commitment; provided that (i) any such notice shall be received by the Lender not later than 1:00 p.m. three Business Days prior to the date of termination or reduction and (ii) any such partial reduction of the Commitment shall be in an aggregate amount of $1,000,000 or any whole multiple of $100,000 in excess thereof.
Termination or Reduction of Commitment. The Company shall have the right, upon not less than five (5) Business Days' notice to the Administrative Agent, to terminate the Total Commitment or, from time to time, reduce the amount of the Total Commitment, provided, that, (i) each reduction (other than a termination) shall be in a minimum amount of $10,000,000 and in integral multiples of $5,000,000 in excess thereof, (ii) no such reduction or termination shall be permitted if, after giving effect thereto and to any prepayments of the Loans made on the effective date thereof, the then outstanding principal amount of the Loans would exceed the amount of the Total Commitment then in effect and (iii) each Bank's Commitment shall be reduced proportionately. Termination of the Commitments shall also terminate the obligation of the Banks to make Loans. The portions of Commitments once terminated or reduced may not be reinstated.