Mandatory Reduction of Commitment. In addition to the scheduled repayments and Commitment reductions provided for in Section 2.7 hereof, the Commitment shall be reduced and the Borrower shall, if required pursuant to Section 2.8(c) hereof, prepay the Loans, without penalty or premium, as follows:
Mandatory Reduction of Commitment. (a) The Total Revolving Loan Commitment shall terminate in its entirety upon the earlier of (i) the Revolving Loan Maturity Date and (ii) unless the Required Lenders otherwise agree in writing, the date on which a Change of Control occurs.
(b) Each reduction to, or termination of, the Total Revolving Loan Commitment shall be applied to proportionately reduce or terminate, as the case may be, the Revolving Loan Commitment of each Lender with a Revolving Loan Commitment.
Mandatory Reduction of Commitment. Upon the receipt by the Company of Net Cash Proceeds from or in anticipation of a Designated Transaction (other than a lease or sale and leaseback of computer equipment) at a time at which no Notes are outstanding, the Commitment Amount shall be reduced by the amount of such Net Cash Proceeds. Upon the receipt by the Company of any such Net Cash Proceeds at a time at which Notes are outstanding, the Commitment Amount shall be reduced by the excess, if any, of the amount of such Net Cash Proceeds over the aggregate principal amount of all Notes then outstanding. Notwithstanding the foregoing, the Commitment Amount shall be so reduced only to the extent that Net Cash Proceeds from all Designated Transactions on and after the date hereof exceed $1,000,000.
Mandatory Reduction of Commitment. Simultaneously with any receipt by the Borrower or any of its Subsidiaries of any Proceeds, if an Event of Default has occurred and is continuing, the Total Commitment shall be reduced by the amount of such Proceeds.
Mandatory Reduction of Commitment. Upon receipt by the Bank of written notice of
(a) any redemption, prepayment or other payment pursuant to the Resolution of all or any portion of the principal amount of the Bonds (other than Purchased Bonds) such that such Bonds cease to be Outstanding or
(b) any conversion of all or a portion of the Bonds to a Non–Covered Interest Rate, the aggregate Available Principal Commitment shall automatically be reduced by the principal amount of such Bonds so redeemed, paid, deemed paid or converted, as the case may be, and the Available Interest Commitment shall also be simultaneously reduced as provided in the definition thereof in Section 1.01 hereof. The Authority shall notify the Bank within one (1) Business Day of such redemption, repayment or other payment or conversion of the Bonds. The Available Commitment shall automatically terminate when an Alternate Liquidity Facility has become effective pursuant to the Supplemental Resolution, provided that this Agreement shall not terminate until the Bank has purchased any Bonds required to be purchased pursuant to any mandatory tender resulting from the provision of any Alternate Liquidity Facility.
Mandatory Reduction of Commitment. The Commitment shall automatically be reduced on the dates and in the amounts (a) as set forth on the Applicable Amortization Schedule, (b) as provided in the second sentence of Section 3.6(b), (c) upon any sale, transfer, exchange or other disposition of any Eligible Property or any interest (other than leases of or easements on any such Eligible Property not prohibited hereby) therein, or upon any Eligible Property ceasing to be an Eligible Property pursuant to Sections 6.11(b)(i)(B) or 6.11(e), in an amount equal to 65% of the Appraised Value of such Eligible Property, provided that, if in connection with such sale, transfer, exchange or other disposition of an Eligible Property the Borrowers substitute a new Eligible Property pursuant to Section 2.6, such amount of reduction of the Commitment shall be limited to 65% of the excess, if any, of the Appraised Value of the Eligible Property so being disposed of over the Appraised Value of the new Eligible Property being substituted therefor, and (d) if any Loan Party or Affiliate of any Loan Party shall at any time incur, assume or suffer to exist Indebtedness under the Loan Documents, the CMBS Documents and any Mezzanine Financing, in an aggregate outstanding principal amount at such time in excess of $945,000,000 minus the amount of any scheduled repayments required to be made thereunder prior to such date of determination, in an amount equal to such excess; and in each such case the Borrowers shall prepay the Loans and all other amounts owing under the Loan Documents as provided in Section 3.6(a).
Mandatory Reduction of Commitment. (a) On each of the dates indicated below, commencing on March 31, 2000, the aggregate Commitments of the Banks shall be reduced, on a ratable basis, automatically in the following amounts: Aggregate Total Commitments Mandatory Available Date Reduction After Reduction ---- --------- --------------- March 31, 2000 $875,000 $17,625,000 June 30, 2000 $875,000 $16,750,000 September 30, 2000 $875,000 $15,875,000 December 31,2000 $875,000 $15,000,000 March 31, 2001 $1,125,000 $13,875,000 June 30, 2001 $1,125,000 $12,750,000 September 30, 2001 $1,125,000 $11,625,000 December 31, 2001 $1,125,000 $10,500,000 March 31, 2002 $1,000,000 $9,500,000 June 30, 2002 $1,000,000 $8,500,000 September 30, 2002 $1,000,000 $7,500,000 December 31, 2002 $1,000,000 $6,500,000 March 31, 2003 $1,000,000 $5,500,000 June 30, 2003 $1,000,000 $4,500,000 September 30,2003 $1,000,000 $3,500,000 December 31,2003 $1,000,000 $2,500,000 March 31, 2004 $1,250,000 $1,250,000 June 30, 2004 $1,250,000 $0 In addition, if the Borrower raises additional capital through an equity sale, the Banks shall have the option to require the Borrower to apply up to 50% of the net sale proceeds from such sale to the reduction of their Commitments. The proceeds will be applied on the date of the sale to the scheduled Commitment reductions in inverse order.
(b) On the effective date of each reduction of the Commitments of the Banks pursuant to Section 2.5(a), the Borrower shall repay such principal amount (together with accrued interest thereon and any amount due pursuant to Section 2.7(b)) of outstanding Revolving Loans, if any, as may be necessary so that after such repayment the aggregate unpaid principal amount of the Revolving Loans owed to the Banks does not exceed the aggregate Commitments of the Banks as then reduced.
Mandatory Reduction of Commitment. The Commitment shall automatically be reduced on the dates and in the amounts (a) as set forth on the Applicable Amortization Schedule, (b) as provided in the second sentence of Section 3.6(b), and (c) upon any sale, transfer, exchange or other disposition of any Eligible Property or any interest (other than leases of or easements on any such Eligible Property not prohibited hereby) therein, or upon any Eligible Property ceasing to be an Eligible Property pursuant to Sections 6.11(b)(i)(B) or 6.11(e), in an amount equal to 65% of the Appraised Value of such Eligible Property, provided that, if in connection with such sale, transfer, exchange or other disposition of an Eligible Property the Borrowers substitute a new Eligible Property pursuant to Section 2.6, such amount of reduction of the Commitment shall be limited to 65% of the excess, if any, of the Appraised Value of the Eligible Property so being disposed of over the Appraised Value of the new Eligible Property being substituted therefor; and in each such case the Borrowers shall prepay the Loans and all other amounts owing under the Loan Documents as provided in Section 3.6(a).”
Mandatory Reduction of Commitment. (a) [Reserved].
Mandatory Reduction of Commitment. Upon (a) any redemption, prepayment or other payment pursuant to the 1991 Master Resolution of all or any portion of the principal amount of the Bonds (other than Liquidity Provider Bonds) such that such Bonds cease to be Outstanding, or (b) any conversion of all or a portion of the Bonds to a Non Covered Interest Rate pursuant to Section 30-65.10 of the 1991 Master Resolution, the aggregate Available Principal Commitment shall automatically be reduced by the principal amount of such Bonds so redeemed, paid, deemed paid or converted, as the case may be, and the Available Interest Commitment shall also be simultaneously reduced as provided in the definition thereof in Section 1.01 hereof. The Issuer shall notify the Bank within one (1) Business Day of such redemption, repayment or other payment or conversion of the Bonds.
