Common use of Mandatory Commitment Reductions Clause in Contracts

Mandatory Commitment Reductions. (a) Scheduled Reductions under the Revolving Loan Commitment. Commencing on June 30, 2002 and at the end of each fiscal quarter thereafter, the Revolving Loan Commitment as of June 29, 2002 shall be automatically and permanently reduced by the percentage amount set forth below for the dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): Percentage Reduction to Revolving Loan Commitment as of Scheduled Reduction Dates June 29, 2002 ------------------------- --------------------- June 30, 2002, September 30, 2002, December 31, 2002 and March 31, 2003 3.75% June 30, 2003, September 30, 2003, December 31, 2003 and March 31, 2004 3.75% June 30, 2004, September 30, 2004, December 31, 2004 and March 31, 2005 5.00% June 30, 2005, September 30, 2005, December 31, 2005 and March 31, 2006 6.25% June 30, 2006, September 30, 2006, December 31, 2006 and Revolving Loan Maturity Date 6.25%

Appears in 1 contract

Samples: Loan Agreement (Benedek Communications Corp)

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Mandatory Commitment Reductions. (a) Scheduled Reductions under the Revolving Loan Commitment. Commencing on June 30March 31, 2002 2004 and at the end of each fiscal quarter thereafter, the Revolving Loan Commitment as of June 29March 30, 2002 2004 shall be automatically and permanently reduced by the percentage amount set forth below for and on the dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): Percentage Reduction to Revolving Loan Commitment as of Scheduled March 30, 2004 -------------------------------------- Reduction Dates June 29, 2002 ------------------------- --------------------- June 30, 2002, September 30, 2002, December 31, 2002 and March 31, 2003 3.75% June 302004, 2003, September 30, 2003, December 31, 2003 and March 31, 2004 3.75% June 30, 2004, September 30, 2004, 2004 and December 31, 2004 and 1.250% March 31, 2005 5.00% 2005, June 30, 2005, September 30, 2005, 2005 and December 31, 2005 and 2.500% March 31, 2006 6.25% 2006, June 30, 2006, September 30, 2006, 2006 and December 31, 2006 3.750% March 31, 2007, June 30, 2007, September 30, 2007 and Revolving Loan Maturity Date 6.25December 31, 2007 5.000% March 31, 2008, June 30, 2008, September 30, 2008 and December 31, 2008 6.250% March 31, 2009, June 30, 2009, September 30, 2009 and December 31, 2009 6.250%

Appears in 1 contract

Samples: Loan Agreement (Gray Television Inc)

Mandatory Commitment Reductions. (a) Scheduled Reductions under the Revolving Loan Commitment. Commencing on June September 30, 2002 2000 and at the end of each fiscal quarter thereafter, the Revolving Loan Commitment as of June September 29, 2002 2000 shall be automatically and permanently reduced by the percentage amount set forth below for and on the dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): Percentage Reduction to Revolving Loan Commitment as of Scheduled Reduction Dates June September 29, 2002 ------------------------- --------------------- 2000 --------------- ------------------ September 30, 2000 and December 31, 2000 5.000% March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 3.750% March 31, 2002, June 30, 2002, September 30, 2002, 2002 and December 31, 2002 and 3.750% March 31, 2003 3.75% 2003, June 30, 2003, September 30, 2003, 2003 and December 31, 2003 and 5.000% March 31, 2004 3.75% 2004, June 30, 2004, September 30, 2004, 2004 and December 31, 2004 and 6.250% March 31, 2005 5.00% and June 30, 2005, September 30, 2005, December 31, 2005 and March 31, 2006 6.25% June 30, 2006, September 30, 2006, December 31, 2006 and Revolving Loan Maturity Date 6.257.500%

Appears in 1 contract

Samples: Loan Agreement (Gray Communications Systems Inc /Ga/)

Mandatory Commitment Reductions. (a) Scheduled Reductions under the Revolving Loan CommitmentCommitments. Commencing ----------------------------------------------------- March 31, 2003, and on June 30, 2002 and at the end last day of each fiscal calendar quarter thereafterending during the periods set forth below, the Revolving Loan Commitment Commitments as of June 29March 30, 2002 2003 shall be automatically and permanently reduced until reduced to zero by the percentage amount amounts set forth below for the dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): below: Quarterly Percentage Reduction to of Revolving Loan Commitment as of Scheduled Reduction Dates June 29, 2002 ------------------------- --------------------- June March 30, 2002, September 30, 2002, December 31, 2002 and 2003 --------------- -------------- March 31, 2003 3.75% 2003, June 30, 2003, September 30, 2003, 2003 and December 31, 2003 and 1.500% March 31, 2004 3.75% 2004, June 30, 2004, September 30, 2004, 2004 and December 31, 2004 and 5.500% March 31, 2005 5.00% 2005, June 30, 2005, September 30, 2005, 2005 and December 31, 2005 and 7.000% March 31, 2006 6.25% 2006, June 30, 2006, September 30, 2006, 2006 and December 31, 2006 7.375% March 31, 2007 and Revolving Loan Maturity Date 6.25June 30, 2007 7.250%

Appears in 1 contract

Samples: Loan Agreement (American Tower Corp /Ma/)

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Mandatory Commitment Reductions. (a) Scheduled Reductions under the Revolving Loan CommitmentCommitments. Commencing March 31, 2003, and on June 30, 2002 and at the end last day of each fiscal calendar quarter thereafterending during the periods set forth below, the Revolving Loan Commitment as of June 29, 2002 Commitments shall be automatically and permanently reduced until reduced to zero by the percentage amount dollar amounts set forth below for the dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): Percentage below: Quarterly Amount of Revolving Reduction to Revolving Dates Loan Commitment as of Scheduled Reduction Dates June 29, 2002 ------------------------- --------------------- June 30, 2002, September 30, 2002, December 31, 2002 and ------------------------------------------------- -------------------------- March 31, 2003 3.75% 2003, June 30, 2003, September 30, 2003, 2003 and December 31, 2003 and $ 9,706,637.58 March 31, 2004 3.75% 2004, June 30, 2004, September 30, 2004, 2004 and December 31, 2004 and $35,591,004.47 March 31, 2005 5.00% 2005, June 30, 2005, September 30, 2005, 2005 and December 31, 2005 and $45,297,642.05 March 31, 2006 6.25% 2006, June 30, 2006, September 30, 2006, 2006 and December 31, 2006 $47,724,301.45 March 31, 2007 and Revolving Loan Maturity Date 6.25%June 30, 2007 $46,915,414.99

Appears in 1 contract

Samples: Loan Agreement (American Tower Corp /Ma/)

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