Mandatory Commitment Reduction. (i) If any Event of Default has occurred and is continuing, at the election of the Required Lenders, each repayment of any Loans made pursuant to clauses (ii) through (vii) or clause (ix) of Section 3.1.2(b) applied to any Multi-Draw Term Loan prior to the Multi-Draw Term Loan Commitment Termination Date, any Swingline Loan, any Revolving Loan, or to reduce the Aggregate Letter of Credit Usage by providing collateral pursuant to Section 4.14 shall permanently reduce both the outstanding balance of such Loan and the Commitment corresponding to such Loan. If the amount required to be prepaid by clauses (ii) through (vii) or (ix) of Section 3.1.2(b) exceeds the outstanding balance of all Loans and the Letter of Credit Usage, the Commitments shall be permanently reduced by an amount equal to such excess and such reduction shall be applied as follows: (A) first pro rata to the Multi-Draw Term Loan Commitment and any Incremental Term Loan Commitment (if and when applicable); and (B) second, after the Multi-Draw Term Loan Commitment and any Incremental Term Loan Commitment (if and when applicable) have been permanently reduced to zero, to the Revolving Loan Commitment.
(ii) If any reduction in the Revolving Loan Commitments would cause the Revolving Loan Commitments to be less than the sum of the Swingline Commitment and the Letter of Credit Sublimit, then the Letter of Credit Sublimit will simultaneously with such reduction of the Revolving Loan Commitment be permanently reduced such that the sum of the Swingline Commitment and the Letter of Credit Sublimit does not exceed the Revolving Loan Commitments. If the Letter of Credit Sublimit has been reduced to $0 and a reduction of the Revolving Loan Commitments would cause the Revolving Loan Commitments to be less than the Swingline Commitment, then the Swingline Commitment will simultaneously with such reduction of the Revolving Loan Commitments be permanently reduced such that the Swingline Commitment does not exceed the reduced Revolving Loan Commitments.
Mandatory Commitment Reduction. Upon the consummation of any Disposition (other than any Disposition permitted under clauses (a) through (h) of Section 7.05) by the Company or any Subsidiary, the Aggregate Commitments shall be reduced by an amount equal to the Net Disposition Proceeds of such Disposition; provided, that the following shall not be subject to a reduction of the Aggregate Commitments pursuant to this clause (b): (x) Net Disposition Proceeds that are reinvested in equipment or other assets within ninety (90) days following receipt thereof and (y) Net Disposition Proceeds of such Dispositions not reinvested as described in the foregoing clause (x) of less than $50,000,000 in the aggregate in any fiscal year. In connection with any such reduction of the Aggregate Commitments, the Borrowers shall prepay Loans and/or the Company shall Cash Collateralize the L/C Obligations in an aggregate amount sufficient to reduce the Total Outstanding as of the date of such reduction to an amount not to exceed the Aggregate Commitments after giving effect to such reduction; provided, however, that, subject to the provisions of Section 2.03(g)(ii), the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.06(b) unless after the prepayment in full of the Loans the Total Outstandings exceed the Aggregate Commitments after giving effect to such reduction.
Mandatory Commitment Reduction. On each date a Revolving Loan Commitment reduction is required pursuant to Section 2.6(b), the Revolving Loan Commitments shall, without any further action, automatically and permanently be reduced by such amount.
Mandatory Commitment Reduction. Upon consummation of any Permitted Disposition, the Borrower shall deliver to the Lender a statement detailing the net cash proceeds received on account of such Permitted Disposition and not subject to any restriction on use by the Loan Parties, and the Commitment of the Lender shall be automatically and permanently reduced in the amount of such unrestricted net cash proceeds, or the Borrower shall make any mandatory prepayment required in accordance with Section 2.12(b).
Mandatory Commitment Reduction. Unless Majority Revolving Lenders otherwise agree, if any Specified Default exists at the time any mandatory prepayment or repayment of any Class of Term Loans is otherwise required to be made pursuant to Section 2.05(b) or 2.07(a), then the Revolving Credit Commitments shall be permanently reduced by the amount of the mandatory prepayment or repayment of such Class of Term Loans otherwise required to be applied to the prepayment or repayment of such Class of Term Loans pursuant to Section 2.05(b) or 2.07(a) in the absence of Section 2.12(h) and this Section 2.06(b).
Mandatory Commitment Reduction. The Commitment shall automatically and permanently be reduced by (i) an amount equal to $25,000,000 on September 30, 2006 and (ii) by an amount equal to $25,000,000 on March 31, 2007.
Mandatory Commitment Reduction. On each date a payment is ------------------------------ required pursuant to Section 2.6(d), the Commitments shall, without any further -------------- action, automatically and permanently be reduced by the amount of such required payment.
Mandatory Commitment Reduction. In the event and on each occasion that, prior to the termination of the Commitments in accordance with Section 5.7.1 [Termination of the Commitments] or 5.
Mandatory Commitment Reduction. In the event that the Borrower issues or causes to be issued after April 4, 2002 General and Refunding Mortgage Bonds (other than General and Refunding Mortgage Bonds in the aggregate principal amount not exceeding $130,000,000 to secure 6.20% Senior Unsecured Notes, Series B due April 15, 2004 issued by the Borrower) in an aggregate cumulative principal amount in excess of $250,000,000, (i) the Borrower shall immediately and from time to time upon any such issuance pay principal in an amount equal to such excess to the Administrative Agent to be applied as a mandatory prepayment of the Loans, together with accrued interest thereon and any amount owing under Section 2.13, and (ii) the Commitments shall be immediately and permanently reduced by the amount of such excess."
(7) NPC agrees to pay to the Administrative Agent and the Lenders upon demand all of the expenses (including, without limitation, reasonable fees and disbursements of counsel) incurred by the Administrative Agent and the Lenders in connection with this Letter Agreement in accordance with Section 9.04 of the NPC Credit Agreement.
(8) As previously offered by Sierra Pacific Resources ("SPR"), the SPR Credit Agreement, and all "Commitments" thereunder, shall be irrevocably terminated by SPR pursuant to the terms thereof and all amounts payable thereunder shall be paid in full.
(9) NPC agrees to cause its counsel to deliver to the Administrative Agent within five Business Days after the date hereof, legal opinions in form and substance satisfactory to the Administrative Agent and its counsel with respect to this Letter Agreement and the issuance of the Bond Documents.
(10) NPC shall have delivered to the Administrative Agent satisfactory written evidence of authority to execute and deliver this Letter Agreement.
Mandatory Commitment Reduction. 63 6.1.3 Application of Mandatory Commitment Reductions to Tranches ............................................. 65 6.1.4 All Reductions ..................................................... 65 6.2 Prepayments ........................................................ 65 6.2.1 Mandatory Prepayments due to Commitment Reductions ................. 65 6.2.2 Mandatory Prepayments due to Currency Fluctuations ................. 65 6.2.3
