Application of Reductions. (i) Each reduction of the RC Commitments made pursuant to this Section 2.4 shall effect a corresponding reduction of each Lender's applicable RC Commitment by an amount equal to such Lender's applicable RC Commitment Percentage of such reduction.
(ii) Reductions of the RC Commitments made pursuant to Section 2.4(a) or 2.4(b)(ii), (iii), (iv) and (v) shall be applied in inverse order among the remaining RC Commitment reductions set forth in Section 2.4(b)(i).
(iii) Simultaneously with each reduction of the RC Commitments under this Section 2.4, the Borrower shall pay the applicable Commitment Fee accrued on the amount by which such RC Commitments have been reduced.
(iv) If for any reason the Letter of Credit Exposure of all Lenders shall exceed the RC Commitments, the Borrower shall immediately deposit in a cash collateral account maintained with and under the sole dominion and control of the Administrative Agent an amount equal to such excess.
Application of Reductions. Any reductions set forth in this Section 6.6.1(d) (or in Section 10.2.4 or 10.2.6 or any other provision of this Agreement permitting the reduction of royalties) shall be applied to royalties payable to Targacept under Section 6.6.1(a) in the order in which the event triggering such reduction occurs. For purposes of clarity, the reductions set forth in this Section 6.6.1(d) and Sections
Application of Reductions. Each permanent reduction permitted or required pursuant to this Section 2.5 shall be accompanied by a payment of principal sufficient to reduce the aggregate outstanding Extensions of Credit of the Lenders after such reduction to the Aggregate Commitment as so reduced and if the Aggregate Commitment as so reduced is less than the aggregate amount of all outstanding Letters of Credit, the Borrowers shall be required to deposit in a cash collateral account opened by the Agent an amount equal to the aggregate then undrawn and unexpired amount of such Letters of Credit. Any reduction of the Aggregate Commitment to zero shall be accompanied by payment of all outstanding Obligations under the Revolving Credit Facility (and furnishing of cash collateral satisfactory to the Agent for all L/C Obligations) and shall result in the termination of the Aggregate Commitment and Revolving Credit Facility. Such cash collateral shall be applied in accordance with Section 12.2(b) hereof. If the reduction of the Aggregate Commitment requires the repayment of any LIBOR Rate Loan, such repayment shall be accompanied by any amount required to be paid pursuant to Section 4.9 hereof.
Application of Reductions. Each mandatory reduction made pursuant to Section 1.7(a)(ii) and each optional reduction under Section 1.7(b) shall be applied pro-rata across the remaining quarterly reductions required under Section 1.7(a)(i).
Application of Reductions. Each reduction of Commitments under this Section 2.07 shall be applied to reduce the Commitments of the Banks pro rata in accordance with the respective amounts thereof.
Application of Reductions. Each reduction in the aggregate amount of the Revolving Credit Commitments pursuant to paragraph (b) or (c) above, or pursuant to paragraphs (b) or (c) of Section 2.10 hereof, on any date, shall be applied to the reductions set forth in the schedule in paragraph (a) above ratably to the remaining installments thereof. Each reduction in the aggregate amount of the Revolving Credit Commitments pursuant to paragraphs (a) or (d) of Section 2.10 hereof, on any date, shall be applied to the reductions set forth in the schedule in paragraph (a) above in the direct order of maturity.
Application of Reductions. Reductions under clauses (b)(i), ------------------------- (b)(ii) and (c) and the first $40,000,000 of reductions under clause (b)(iii) shall not reduce the required reductions under clause (a). Any reductions under clause (b)(iii) in excess of $40,000,000 shall reduce the required reductions under clause(a) in order of maturities.
Application of Reductions. As of the date of cancellation or reduction of the Revolving Loan Commitment pursuant to Section 2.5(b) hereof set forth in any notice thereof, (i) the Revolving Loan Commitment shall be permanently reduced to the amount stated in the Borrower's notice for all purposes herein, (ii) the amount of such reduction shall be applied to reduce the remaining scheduled reductions of the Revolving Loan Commitment as set forth in Section 2.7 hereof in the inverse order of reduction, and (iii) the Borrower shall, subject to Section 2.11 hereof, pay to the Administrative Agent, for the account of the applicable Lenders, the amount necessary to reduce the principal amount of the Revolving Loans and the Swing Loans then outstanding to not more than the amount of the Revolving Loan Commitment as so reduced, together with accrued interest on the amount so prepaid and the commitment fee set forth in Section 2.4(b) hereof accrued through the date of the reduction with respect to the amount reduced.
Application of Reductions. Each reduction of the Term Commitments or the Revolving Credit Commitments pursuant to this Section 2.09 shall be applied ratably to
Application of Reductions. Each reduction of the RC Commitments made pursuant to this Section 2.4 shall effect a corresponding reduction of each Lender's applicable RC Commitment by an amount equal to such Lender's applicable RC Commitment Percentage of such reduction.
