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Commitment
Commitment contract clause examples

The Commitment of each Lender shall be automatically reduced to zero on the Termination Date of such Lender. In addition, the Company shall have the right, upon at least three Business Days’ notice to the [[Person A:Person]], to terminate in whole or reduce ratably in part the unused portions of the respective Commitments of the Lenders, provided that the Company may condition any such notice upon the consummation of an acquisition, disposition, financing or other event, provided further that # the Total Commitments shall not be reduced pursuant to this sentence to an amount which is less than the Total Outstandings, # each partial reduction shall be in an aggregate amount of at least $10,000,000 and # a reduction in the Commitments shall not be allowed if, as a result thereof, the Commitments would be reduced to an amount which is less than the sum of the Total Dollar Swing Loan Commitments plus the Total Multicurrency Swing Loan Commitments plus the Letter of Credit Facility. Each Commitment reduction pursuant to this [Section 2.06(a)(i)] shall be permanent (subject, however, to the rights of the Company under [Section 2.06(b)]).

The Dollar Swing Loan Commitment of each Dollar Swing Loan Bank shall be automatically reduced to zero on the Termination Date of such Dollar Swing Loan Bank. In addition, the Company shall have the right, upon at least three Business Days’ notice to the [[Person A:Person]], to terminate in whole or reduce ratably in part the unused portions of their respective Dollar Swing Loan Commitments of the Dollar Swing Loan Banks, provided that the Company may condition any such notice upon the consummation of an acquisition, disposition, financing or other event, provided further that # the Total Dollar Swing Loan Commitments shall not be reduced pursuant to this sentence to an amount which is less than the aggregate outstanding principal amount of the Dollar Swing Loans at such time and # each partial reduction shall be in an aggregate amount of at least $10,000,000. Each Dollar Swing Loan Commitment reduction pursuant to this [Section 2.06(a)(iii)] shall be permanent (subject, however, to the rights of the Company under [Section 2.06(b)]).

The Multicurrency Swing Loan Commitment of each Multicurrency Swing Loan Bank shall be automatically reduced to zero on the Termination Date of such Multicurrency Swing Loan Bank. In addition, the Company shall have the right, upon at least three Business Days’ notice to the [[Person A:Person]], to terminate in whole or reduce ratably in part the unused portions of their respective Multicurrency Swing Loan Commitments of the Multicurrency Swing Loan Banks, provided that the Company may condition any such notice upon the consummation of an acquisition, disposition, financing or other event, provided further that # the Total Multicurrency Swing Loan Commitments shall not be reduced pursuant to this sentence to an amount which is less than the aggregate outstanding principal amount of the Multicurrency Swing Loans at such time and # each partial reduction shall be in an aggregate amount of at least $10,000,000. Each Multicurrency Swing Loan Commitment reduction pursuant to this [Section 2.06(a)(iv)] shall be permanent (subject, however, to the rights of the Company under [Section 2.06(b)]).

Section # Termination or Reduction of Commitment. The Company may, upon notice to the Lender, terminate the unused portion of the Commitment, or from time to time reduce the unused Commitment; provided that # each such notice shall be in writing and must be received by the Lender at least three Business Days prior to the effective date of such termination or reduction, and shall be irrevocable (provided that a notice of termination of the Commitment may state that such notice is conditioned upon the effectiveness of other credit facilities, in which case such notice may be revoked by the Company (by notice to the Lender on or prior to the specified effective date) if such condition is not satisfied), # any such partial reduction shall be in an aggregate amount of $10,000,000 or a larger multiple of $1,000,000 and # the Company shall not terminate or reduce the Commitment if, after giving effect thereto and to any concurrent prepayments hereunder, the Outstandings would exceed the Commitment Amount. Unless previously terminated, the Commitment shall automatically terminate on the date specified in clause (a)(i) of the definition of “Commitment Termination Date.”

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