Application of Mandatory Prepayments, Commitment Reductions; Automatic Commitment Reduction Clause Samples

Application of Mandatory Prepayments, Commitment Reductions; Automatic Commitment Reduction. (i) All Mandatory Prepayments required under Section 5.6.2 or Section 5.6.3, as applicable, shall be applied to prepay, with interest and with any additional compensation required under Section 5.5.2, the Revolving Credit Loans outstanding hereunder. All prepayments of Revolving Credit Loans pursuant to this clause (i) shall be applied to the outstanding Revolving Credit Loans of each Bank in proportion to its Ratable Share. (ii) The Revolving Credit Commitments shall be permanently reduced by the amount of any Mandatory Prepayment required under Section 5.6.2 or Section 5.6.3, as applicable, until such time that the Revolving Credit Commitments have first been permanently reduced to $700,000,000.00; provided that (x) no such reduction to the aggregate Revolving Credit Commitments shall be required with respect to any Specified Asset Sale Prepayment until the earlier to occur of (such occurrence, the “Specified Asset Sale Initial Trigger”) (I) the receipt of Net Asset Sale Proceeds of at least $50,000,000.00 for all such Specified Asset Sales that have occurred after the Tenth Amendment Effective Date and (II) the consummation of the Identified Asset Sale, and (y) thereafter, no subsequent reduction to the aggregate Revolving Credit Commitments shall be required with respect to any Specified Asset Sale Prepayment until the receipt of Net Asset Sale Proceeds of at least $50,000,000.00 for all such Specified Asset Sales that have occurred after the Specified Asset Sale Initial Trigger (the “Specified Asset Sale Secondary Trigger” and together with the Specified Asset Sale Initial Trigger, each a “Specified Asset Sale Trigger”); provided further that, no later than five (5) Business Days following the occurrence of a Specified Asset Sale Trigger, the Revolving Credit Commitments shall be permanently reduced by the amount of such Specified Asset Sale Prepayment required under Section 5.6.2. Borrowers shall prepay, with interest and with any additional compensation required under Section 5.5.2, the amount (if any) by which the Revolving Facility Usage at the time of any such reduction exceeds the amount of the Revolving Credit Commitments as reduced. Each reduction to the aggregate Revolving Credit Commitments pursuant to this clause (ii) shall reduce the Revolving Credit Commitment of each Bank in proportion to its Ratable Share and all prepayments of Revolving Credit Loans pursuant to this clause (ii) shall be applied to the outstanding Revolving Credit Loans...