Automatic Reductions. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class A Pass Through Certificates or otherwise, the Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Commitment (substantially in the form of Annex IV hereto) to the Liquidity Provider (with a copy to Federal Express Corporation) within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Commitment.
Automatic Reductions. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class A-1 Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.
Automatic Reductions. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class G-2 Certificates (including by reason of a Policy Provider Election with respect to one or more Series G-2 Equipment Notes), or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Primary Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.
Automatic Reductions. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Commitment (substantially in the form of Annex IV hereto) to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Commitment.
Automatic Reductions. Upon the receipt, prior to the Covance Closing Date, of Net Cash Proceeds of any Prepayment Event, the Aggregate Commitment shall automatically be reduced in an aggregate amount equal to 100% of the Net Cash Proceeds of such Prepayment Event; provided, that if the Borrower shall advise the Administrative Agent that the Covance Closing Date is to occur on or within two (2) Business Days after the date on which such Net Cash Proceeds are received, and that it is impractical on short notice to include such Net Cash Proceeds in the payment of the Acquisition Cash Consideration, then the effectiveness of such reduction shall be deferred for two (2) Business Days and, if the Covance Closing Date shall occur during the period of such deferral, such Net Cash Proceeds shall be applied within five Business Days after their receipt to prepay the Loans as provided in Section 2.05(b). The Borrower shall, to the extent practical, notify the Administrative Agent of the occurrence of any Prepayment Event at least three (3) Business Days prior to the consummation of such Prepayment Event and such notice shall be accompanied by a reasonably detailed calculation of the anticipated Net Cash Proceeds thereof, but in any event such notice shall be delivered no later than one (1) Business Day prior to the consummation of such Prepayment Event. Promptly following receipt of such notice, the Administrative Agent shall advise the Lenders of the occurrence of the Prepayment Event and the anticipated reduction in the Aggregate Commitment.
Automatic Reductions. At the time of any prepayment of Loans pursuant to Section 1.4, the Commitment shall be reduced by the amount of the prepayment.
Automatic Reductions. Unless the Aggregate Revolving Committed Amount has been sooner permanently reduced, in accordance with the provisions of the Credit Agreement, to or below $96,057,690, the Aggregate Revolving Committed Amount shall be automatically and permanently reduced to $96,057,690 on October 1, 2001. The Aggregate Revolving Committed Amount shall be further automatically and permanently reduced on the dates set forth below by the amount set forth opposite each such date: Date Amount ---- ---------- June 30, 2002 $2,500,000 December 31, 2002 $2,500,000 June 30, 2003 $3,750,000 December 31, 2003 $3,750,000 June 30, 2004 $7,500,000
Automatic Reductions. The "Maximum Commitment Amount" at any time of determination shall be equal to the lesser of (i) the Borrowing Base minus all amounts outstanding under the 1998 Senior Notes or (ii) the sum of the several Commitments of the Banks as shown on Schedule 1 hereto, such sum not to exceed $60,000,000, subject to ss.2.1.1 and ss.3.3 below (the "Scheduled Commitment Amount"). If, at any time, the amount in (i) above is less than the amount Outstanding hereunder, Borrower shall make mandatory payments to the Agent in such amount as necessary to reduce the amount outstanding to the Maximum Commitment Amount.
Automatic Reductions. 29 ss.3.2
Automatic Reductions. On each date set forth below, if the Revolving Commitments have not been terminated and the Aggregate Revolving Commitment Amount exceeds the amount set forth below opposite such date, the Aggregate Revolving Commitment Amount shall automatically reduce to the amount set forth opposite such date: Date Aggregate Revolving Commitment Amount October 31, 2008 $ 60,000,000 December 31, 2008 $ 40,000,000 Each reduction in the Aggregate Revolving Commitment Amount shall be distributed pro rata to each Lender’s Revolving Commitment in accordance with that Lender’s Percentage. If, after giving effect to any such reduction, the Revolving Facility Outstandings exceed the then-applicable Aggregate Revolving Commitment Amount, the Borrower shall immediately remit to the Administrative Agent an amount equal to such excess, without notice or demand by any Lender Party. Such amount shall be applied to the prepayment of the Obligations in such order as the Administrative Agent may in its sole discretion elect; and if any such amount remains after giving effect to the prepayment of all outstanding Obligations other than the undrawn amount of any outstanding Letters of Credit, such remainder shall be deposited in the L/C Cash Collateral Account and shall secure the Obligations and otherwise be governed in accordance with Section 7.3.
