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 Total Commitment shall automatically and irrevocably be reduced, on the date set forth in the table below under the column headed "Reduction Date," or, if such date is not a Business Day, on the Business Day immediately following (each such Business Day, a "Reduction Date") to the amount set forth in the table set forth below under the column headed "Total Commitment" opposite such date in the table below: Reduction Date Total Commitment Amount of Reduction -------------- ---------------- ------------------- October 1, 1999 $24,500,000 $1,500,000 October 1, 2000 $20,000,000 $4,500,000 October 1, 2001 $14,500,000 $5,500,000 Upon the occurrence of a Reduction Date, the Commitment of each Bank shall be reduced PRO RATA in accordance with its Commitment Percentage of the amount by which the Total Commitment is reduced. If, on any Reduction Date, the sum of the outstanding amount of the Loans PLUS the Maximum Drawing Amount PLUS all Unpaid Reimbursement Obligations exceeds the Total Commitment in effect after giving effect to the reduction of the Total Commitment that occurred on such date pursuant to this Section 2.3.1, then the Borrower shall immediately pay the amount of such excess to the Agent for the respective accounts of the Banks for application FIRST, to any Unpaid Reimbursement Obligation; SECOND, to the Loans; and THIRD, to provide to the Agent cash collateral for Reimbursement Obligations if required pursuant to Section 4.2(b) or (c).
Mandatory Reduction of Total Commitment of the Credit Agreement is hereby amended and restated to read in its entirety as follows:
Mandatory Reduction of Total Commitment. The Total Commitment shall be automatically and permanently reduced as follows:
(a) 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 the lesser of (i) such Net Cash Proceeds or (ii) the Loan Limit.
(b) Upon the date of any mandatory prepayment of Loans pursuant to Section 2.6 (d), (e), or (f), the Total Commitment shall automatically and permanently be reduced by an amount equal to the lesser of (i) such Net Cash Proceeds or (ii) the Loan Limit in effect immediately prior to the making of such mandatory prepayment. 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.
(g) Section 9.12. Section 9.12 is amended by restating such Section in its entirety as follows:
Mandatory Reduction of Total Commitment. Without limiting the obligations of CML, the Borrowers and their Subsidiaries to comply with the provisions of ss.10.5.2 of the Credit Agreement, in the event of any disposition of
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. The Commitment of a Bank shall be reduced automatically at the time of, and by the principal amount of, each Loan made by such Bank. The Total Commitment shall be reduced automatically upon each date on which the Borrower receives, and by the amount by which, the net proceeds of any Securities Offering made after the Effective Date exceeds the unpaid principal balance of all outstanding Loans.
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:
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.
