Common use of Mandatory Reductions in Revolving Credit Commitments Clause in Contracts

Mandatory Reductions in Revolving Credit Commitments. All payments of principal under Section 2.05(b)(i) and (ii) shall be applied first to the Revolving Credit Loans until paid in full, and then to the Term Loans, and all such payments in respect to the Revolving Credit Loans as a result of the provisions of Section 2.05(b)(i) and (ii), shall effect a simultaneous dollar-for-dollar permanent reduction in the Aggregate Revolving Credit Commitments; provided, however, that at the time of receipt of such proceeds from Disposition, Casualty Event or condemnation, Borrowers may notify Collateral Agent of their intention to use such proceeds for reinvestments permitted by this Agreement during the Restoration Period, in which event (i) the Aggregate Revolving Credit Commitments will be reduced at the expiration of the applicable Restoration Period in the amount of such proceeds not utilized for permitted reinvestments by Borrowers, (ii) except to the extent that the payment is intended to be a permanent prepayment of the Loans and corresponding permanent reduction in the Commitments, the unpaid principal balance of the Loans after application of such payments shall not be less than $25,000,000, and any remaining proceeds from Disposition, Casualty Event or condemnation not so applied to payment of the Loans shall be held in an interest-bearing deposit account maintained with a financial institution acceptable to Collateral Agent subject to a perfected security interest in favor of Collateral Agent for the benefit of Lenders until such proceeds are used for reinvestment or applied to the payment of the Loans as set forth herein, and (iii) availability for borrowings under the Revolving Credit Commitments in an amount equal to the amount of such payments shall be restricted to permitted reinvestments in accordance with this Agreement and within the Restoration Period. If at the expiration of said 180-day Restoration Period, Borrowers are unable to consummate a Permitted Acquisition of broadcast properties due solely to the fact that the FCC has not acted upon Borrowers filed application for consent to such acquisition, Lenders agree to extend the Restoration Period’s 180-day deadline for utilization of such proceeds (so long as no Event of Default then exists) to accommodate the delay in completing the FCC’s approval process, to the extent that such proceeds are committed to be used by Borrowers for the payment of the purchase price of such broadcast properties as permitted by this Agreement.

Mandatory Reductions in Revolving Credit Commitments. All payments of principal under Section 2.05(b)(i), (ii) and (iiiii) shall be applied first to the Revolving Credit Loans until paid in fullaccordance with Section 2.05(c)(iv), and then to the Term Loansprovided, and however, that all such payments in respect to the Revolving Credit Loans as a result of the provisions of Section 2.05(b)(i), (ii) and (iiiii), shall effect a simultaneous dollar-for-dollar permanent reduction in the Aggregate Revolving Credit Commitments; provided, howeverfurther, that at the time of receipt of such proceeds from Disposition, Casualty Event or condemnation, Borrowers may notify Collateral Billing Agent of their intention to use such proceeds for reinvestments permitted by this Agreement during the Restoration Period, in which event (i) the Aggregate Revolving Credit Commitments will be reduced at the expiration of the applicable Restoration Period in the amount of such proceeds not utilized for permitted reinvestments by Borrowers, (ii) except to the extent that the payment is intended to be a permanent prepayment of the Loans and corresponding permanent reduction in the Commitments, the unpaid principal balance of the Loans after application of such payments shall not be less than $25,000,000, and any remaining proceeds from Disposition, Casualty Event or condemnation not so applied to payment of the Loans shall be held in an interest-bearing deposit account maintained with a financial institution acceptable to Collateral Agent subject to a perfected security interest in favor of Collateral Agent for the benefit of Lenders until such proceeds are used for reinvestment or applied to the payment of the Loans as set forth herein, and (iii) availability for borrowings under the Revolving Credit Commitments in an amount equal to the amount of such payments shall be restricted to permitted reinvestments in accordance with this Agreement and within the Restoration Period. If at , and, provided, further, that each Revolving Credit Lender shall have the expiration of said 180-day Restoration Periodright to waive such permanent reduction requirement and may, Borrowers are unable to consummate in lieu thereof, impose a Permitted Acquisition of broadcast properties due solely to reserve in the fact that amount determined by such Revolving Credit Lender, which shall not exceed the FCC has not acted upon Borrowers filed application for consent to such acquisition, Lenders agree to extend the Restoration Period’s 180-day deadline for utilization of such proceeds (so long as no Event of Default then exists) to accommodate the delay in completing the FCC’s approval process, to the extent that such proceeds are committed to be used by Borrowers for the payment amount of the purchase price of such broadcast properties as permitted by this Agreementpermanent reduction being waived.

Mandatory Reductions in Revolving Credit Commitments. All payments of principal under Section 2.05(b)(i), (b)(ii)(B)(2) and (iib)(ii)(B)(3) shall be applied first to the Revolving Credit Loans until paid in full, and then to the Term Loans, and all such payments in respect to the Revolving Credit Loans as a result of the provisions of Section 2.05(b)(i), (b)(ii)(B)(2) and (iib)(ii)(B)(3), shall effect a simultaneous dollar-for-dollar permanent reduction in the Aggregate Revolving Credit Commitments; provided, however, that at the time of receipt of such proceeds from Disposition, Casualty Event or condemnation, Borrowers may notify Collateral Agent of their intention to use such proceeds for reinvestments permitted by this Agreement during the Restoration Period, in which event (i) the Aggregate Revolving Credit Commitments will be reduced at the expiration of the applicable Restoration Period in the amount of such proceeds not utilized for permitted reinvestments by Borrowers, (ii) except to the extent that the payment is intended to be a permanent prepayment of the Loans and corresponding permanent reduction in the Commitments, the unpaid principal balance of the Loans after application of such payments shall not be less than $25,000,000, and any remaining proceeds from Disposition, Casualty Event or condemnation not so applied to payment of the Loans shall be held in an interest-bearing deposit account maintained with a financial institution acceptable to Collateral Agent subject to a perfected security interest in favor of Collateral Agent for the benefit of Lenders until such proceeds are used for reinvestment or applied to the payment of the Loans as set forth herein, and (iii) availability for borrowings under the Revolving Credit Commitments in an amount equal to the amount of such payments shall be restricted to permitted reinvestments in accordance with this Agreement and within the Restoration Period. If at the expiration of said 180-day Restoration Period, Borrowers are unable to consummate a Permitted Acquisition of broadcast properties due solely to the fact that the FCC has not acted upon Borrowers Borrowers’ filed application for consent to such acquisition, Lenders agree to extend the Restoration Period’s 180-day deadline for utilization of such proceeds (so long as no Event of Default then exists) to accommodate the delay in completing the FCC’s approval process, to the extent that such proceeds are committed to be used by Borrowers for the payment of the purchase price of such broadcast properties as permitted by this Agreement.”