Mandatory Reduction of Total Commitment. Upon the date of receipt by the Company or any of its Subsidiaries of any Net Cash Proceeds of any Financing Transaction, the Total Commitment shall automatically and permanently be reduced by an amount equal to such Net Cash Proceeds. Any reduction of the Total Commitment pursuant to this Section 4.7 shall be applied to ratably reduce the Commitment of each Bank by an amount equal to such Bank's Percentage Share of the amount of the mandatory reduction of the Total Commitment.
Mandatory Reduction of Total Commitment. On each of the dates set forth in the table below (each such date being hereinafter referred to as a "Commitment Reduction Date"), the Total Commitment shall be automatically reduced by the amount (the "Reduction Amount") set forth opposite such date in the column headed "Reduction Amount" set forth below, to the amount set forth opposite such date in the column headed "Total Commitment" set forth below: Date Reduction Amount Total Commitment December 31, 1997 $10,000,000 $90,000,000 December 31, 1998 $12,500,000 $77,500,000 December 31, 1999 $12,500,000 $65,000,000
Mandatory Reduction of Total Commitment. The Commitment of each Lender shall be reduced automatically to zero ($0) on the Maturity Date applicable to such Lender.
Mandatory Reduction of Total Commitment. (a) Unless terminated earlier pursuant to the provisions of this Section 2.3, on each of the dates set forth in the table below (each such date being referred to as a "Reduction Date"), the Total Commitment shall be automatically reduced by the amount set forth opposite such date in the column headed "Reduction Amount" set forth below, as such Reduction Amount may be adjusted and in effect from time to time pursuant to this Section 2.3 whereupon the Commitments of the Banks shall be reduced pro rata in accordance with their respective Commitment Percentages: Reduction Date Reduction Amount -------------- ---------------- September 30, 1998 $500,000 December 31, 1998 $500,000 March 31, 1999 $500,000 June 30, 1999 $500,000 September 30, 1999 $1,250,000 December 31, 1999 $1,250,000 March 31, 2000 $1,250,000 June 30, 2000 $1,250,000 September 30, 2000 $1,500,000 December 31, 2000 $1,500,000 March 31, 2001 $1,500,000 June 30, 2001 $1,500,000 September 30, 2001 $1,500,000 December 31, 2001 $1,500,000 March 31, 2002 $1,500,000 June 30, 2002 $1,500,000 September 30, 2002 $1,500,000 December 31, 2002 $1,500,000 March 31, 2003 $1,500,000 June 30, 2003 $1,500,000 On each Reduction Date there shall become absolutely and unconditionally due and payable, and the Borrowers hereby absolutely and unconditionally, jointly and severally, promise to pay to the Agent for the account of the Banks, the amount by which the sum of the aggregate principal amount of all Loans outstanding plus the Maximum Drawing Amount of all Letters of Credit and all Unpaid Reimbursement Obligations exceeds the Total Commitment after giving effect to the reduction of the Total Commitment as set forth herein. No reduction of the Total Commitment may be reinstated.
Mandatory Reduction of Total Commitment. Upon a sale, or --------------------------------------- combination of sales, of the assets of the Borrowers (other than sales in the ordinary course of business) which results in receipt by the Borrowers of an aggregate of more than $15,000,000 (a) in cash proceeds (net of expenses) in any twelve-month period, and/or (b) in repayment of any Indebtedness owing to the Borrowers resulting from any such sale, or combination of sales, of assets, the Total Commitment shall be reduced by an amount equal to the amount of such net cash proceeds. Upon such reduction in the Total Commitment, the Revolving Credit Commitment shall be reduced by an amount equal to (a) the amount of the net cash proceeds multiplied by (b) the quotient of (i) the amount of the Revolving Commitment, and (ii) the amount of the Total Commitment, each as in effect prior to the reduction in the Total Commitment. The Multicurrency Commitment shall be reduced by an amount equal to the reduction in the Total Commitment minus the reduction in the Revolving Credit Commitment calculated in accordance with the previous sentence.
Mandatory Reduction of Total Commitment. On each of the dates set forth in the table below (each such date being hereinafter referred to as a "Commitment Reduction Date"), the Total Commitment shall be automatically reduced by the amount (the"Reduction Amount") set forth opposite such date in the column headed "Reduction Amount" set forth below, to the amount set forth opposite such date in the column headed "Total Commitment" set forth below: Date Reduction Amount Total Commitment ----------------------------------------------------------------------------- ----------------------------------------------------------------------------- December 31, 1997 $10,000,000 $90,000,000 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ December 31, 1998 $12,500,000 $77,500,000 ------------------------------------------------------------------------------ ------------------------------------------------------------------------------ December 31, 1999 $12,500,000 $65,000,000 -----------------------------------------------------------------------------
Mandatory Reduction of Total Commitment. Section 2.4 of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
Mandatory Reduction of Total Commitment. On January 15 of each calendar year (the "Reduction Date") the Total Commitment shall automatically be reduced to $0. If on the Reduction Date any Loans are outstanding after giving effect to the reduction of the Total Commitment that occurred on the Reduction Date pursuant to this ss.2.3.1, the Borrower shall immediately pay the amounts of such outstanding Loans to the Agent for the respective accounts of the Banks for application to the Loans. If no Default or Event of Default has occurred and is continuing, the Total Commitment shall automatically be increased to the amount set forth on Schedule 1 hereto on August 15 of each calendar year.
Mandatory Reduction of Total Commitment. The Total Commitment shall be automatically and permanently reduced as follows:
Mandatory Reduction of Total Commitment. Effective on the Effective Date of this Amendment provided for in section 3 hereof, section 3.3(c) of the Credit Agreement is amended to read in its entirety as follows:
