Mandatory Reductions of Commitments. (a) The Total Commitment (and the Commitment of each Bank) shall terminate in its entirety at 5:00 p.m. (New York time) on the Expiration Date unless the Initial Borrowing Date has occurred on or before such date.
(b) The Total Term Loan Commitment shall terminate on the Initial Borrowing Date, after giving effect to the incurrence of Term Loans on such date.
(c) The Total Revolving Loan Commitment (and the Revolving Loan Commitment of each Bank) shall terminate on the earlier of (i) the Revolving Loan Maturity Date and (ii) the date on which a Change of Control occurs.
Mandatory Reductions of Commitments. Any Net Cash Proceeds or Reinvestment Prepayment Amount, as the case may be, not applied to the repayment of Term Loans pursuant to paragraph (3) or paragraph (4) of subsection 3.1.2(c) shall be applied to the permanent reduction of the Swingline Commitment so long as any portion of the Swingline Commitment remains in effect and thereafter to the permanent reduction of the Revolving Credit Commitments so long as any portion of the Revolving Credit Commitments remains in effect. Any reduction of the Swingline Commitment pursuant to this Section 2.1.3 shall be applied to scheduled reductions of the Swingline Commitment pursuant to subsection 2.4.1(a), in direct order of the scheduled reductions, to the extent not previously so applied. In connection with any reduction of the Swingline Commitment or the Revolving Credit Commitment as aforesaid, the Borrower shall prepay Swingline Loans and Revolving Loans as and to the extent required by paragraph (2) of subsection 3.1.2(c). If after any such prepayment of Revolving Loans the aggregate principal amount of Letter of Credit Liabilities then outstanding exceeds the amount of the Revolving Credit Commitments as so reduced, the Borrower shall, to the extent of the balance of such excess, replace outstanding Letters of Credit or deposit an amount in immediately available funds in a Collateral Account established with the Administrative Agent in accordance with the procedures specified in Section 11.3 in the same manner as if an Event of Default had occurred and was continuing. After the Revolving Credit Commitments have been reduced to zero and all Obligations have been satisfied, any remaining amounts shall be paid to or retained by the Borrower or such other Person as shall be lawfully entitled thereto.
Mandatory Reductions of Commitments. The Commitment of each Lender shall be reduced automatically to zero ($0) on the Maturity Date applicable to such Lender.
Mandatory Reductions of Commitments. 14 SECTION 4. Payments........................................................ 15
Mandatory Reductions of Commitments. (a) On the forty-fifth (45th) day following the end of each Fiscal Quarter ending on each of the dates specified below, the Commitments shall be permanently reduced by an amount equal to seventy-five percent (75%) of the amount by which EBITDA for such Fiscal Quarter exceeds the EBITDA amount specified below for such Fiscal Quarter: Fiscal Quarter EBITDA ------------------ ----------- June 30, 2002 $ 3,700,000 September 30, 2002 4,300,000 December 31, 2002 4,200,000 March 31, 2003 3,600,000
(b) The Commitments also shall be permanently reduced on each date set forth below by the corresponding amount specified for such date: Reduction Reduction Date Amount ------------------ ------------ November 1, 2001 $ 1,000,000 December 1, 2001 1,500,000 January 1, 2002 2,500,000 February 1, 2002 1,000,000 March 1, 2002 1,500,000 April 1, 2002 2,500,000 July 1, 2002 5,000,000 January 1, 2003 5,000,000 Commitment Period Expiration Date Remaining Commitments provided, however, that on the effective date of any voluntary reduction in the Commitments pursuant to Section 2.1.2, the amount of the scheduled reduction on the first scheduled reduction date following the date of such voluntary reduction shall be reduced by the amount of such voluntary reduction and to the extent that the amount of such voluntary reduction exceeds the amount of such scheduled reduction, the excess shall be applied to reduce the amount of the scheduled reduction on the next succeeding scheduled reduction date and each scheduled reduction date thereafter until applied in full. Except as set forth in the proviso of the preceding sentence, the reduction dates set forth above shall not be extended, nor shall the scheduled amount of any reduction set forth above be reduced, without the written consent of the Administrative Agent and all of the Lenders.
4. AMENDMENT OF SECTION
Mandatory Reductions of Commitments. 16 SECTION 3. Payments.......................................................................................17 3.01 Termination or Reduction of the Total Revolving Loan Commitment.....................................17 3.02
Mandatory Reductions of Commitments. If the Equity Offering is not completed on or before December 31, 1998, the Commitment Amount shall be reduced by $3,750,000 on January 1, 1999 and on each April 1, July 1, October 1 and January 1 thereafter until the Termination Date. The scheduled reductions under this Section shall not be reduced by any reductions under SECTION 6.1.
Mandatory Reductions of Commitments. (a) On December 31, 2000, the Revolving Commitments shall, without any further action, automatically and permanently be reduced by $20,000,000; provided that (i) the amount of such scheduled -------- reduction shall be decreased by the aggregate amount of all reductions of the Revolving Commitments pursuant to Section 6.1.3(b) occurring prior to the date of such scheduled ---------------- reduction and (ii) voluntary reductions of the Revolving Commitments pursuant to Section 6.1.2 shall not be applied to ------------- reduce such scheduled reduction.
(b) If, after February 5, 1999 but prior to December 31, 2000, the Company or any Subsidiary shall receive any Net Cash Proceeds from any event specified in Section 6.2.1(a) (i) through (iii), -------------------- ----- the Revolving Commitments shall, without any further action, automatically and permanently be reduced by an amount equal to 100% of Net Cash Proceeds received by the Company or such Subsidiary from such event; provided that the aggregate amount of -------- reductions to the Revolving Commitments pursuant to this Section 6.1.3(b) shall not exceed $20,000,000. ----------------
Mandatory Reductions of Commitments. (a) On the forty-fifth (45th) day following the end of each Fiscal Quarter ending on each of the dates specified below, the Commitments shall be permanently reduced by an amount equal to seventy-five percent (75%) of the amount by which EBITDA for such Fiscal Quarter exceeds the EBITDA amount specified below for such Fiscal Quarter. Fiscal Quarter EBITDA -------------- ------ March 31, 2002 $3,000,000 June 30, 2002 $2,600,000 September 30, 2002 $3,800,000 December 31, 2002 $3,700,000
(b) The Commitments shall also be permanently reduced on each date set forth below by the corresponding amount specified for such date. ----------------------------------------------------------------------------------------------------------- Commitments Reduction/ Intangibles Advances Date Commitments Total Reduction/Intangibles Availability ----------------------------------------------------------------------------------------------------------- Effective Date $1,000,000/$57,000,000 $0/$11,000,000 ----------------------------------------------------------------------------------------------------------- July 1, 2002 $0/$57,000,000 $1,000,000/$10,000,000 ----------------------------------------------------------------------------------------------------------- September 1, 2002 $1,000,000/$56,000,000 $0/$10,000,000 ----------------------------------------------------------------------------------------------------------- October 1, 2002 $1,000,000/$55,000,000 $1,000,000/$9,000,000 ----------------------------------------------------------------------------------------------------------- November 1, 2002 $0/$55,000,000 $0/$9,000,000 ----------------------------------------------------------------------------------------------------------- December 1, 2002 $1,000,000/$54,000,000 $0/$9,000,000 ----------------------------------------------------------------------------------------------------------- February 1, 2003 $1,000,000/$53,000,000 $0/$9,000,000 ----------------------------------------------------------------------------------------------------------- March 1, 2003 $1,000,000/$52,000,000 $0/$9,000,000 ----------------------------------------------------------------------------------------------------------- Maturity Date Remaining Commitments/$0 Remaining Intangibles Advances/$0 ----------------------------------------------------------------------------------------------------------- The reduction dates set forth above shall not be extended, nor shall the scheduled amo...
Mandatory Reductions of Commitments. 55 (a) Reduction of Revolving Commitment. . . . . . . . . . . . . 55 (b) Proportionate Reductions. . . . . . . . . . . . . . . . . . 55 4.3
