Mandatory Reductions of Commitments Clause Samples

Mandatory Reductions of Commitments. (a) The Total Revolving Loan Commitment (and the Revolving Loan Commitment of each Bank) shall terminate in its entirety at 9:00 a.m. (New York time) on the Conversion Date (after giving effect to the conversion of outstanding Revolving Loans into Term Loans at such time). (b) The Total L/C Commitment (and the L/C Commitment of each Bank) shall terminate on the later of (i) the L/C Maturity Date and (ii) the date on which no Letters of Credit are outstanding and no Unpaid Drawings exist. (c) On each date upon which a mandatory repayment of Revolving Loans pursuant to Section 4.02(i)(c) or (d) is required or would be required if (x) an unlimited amount of Revolving Loans were then outstanding and (y) the conditions precedent to borrowing set forth in Section 5.02 are not satisfied at such time, the Total Revolving Loan Commitment shall be permanently reduced by the amount required to be applied pursuant to said Section (determined as if an unlimited amount of Revolving Loans were actually outstanding); provided, that except to the extent resulting from a mandatory prepayment of Revolving Loans pursuant to Section 4.02(i)(d) with the portion of net cash proceeds of Indebtedness incurred under Section 8.04(h) exceeding $150,000,000 (i) no mandatory reduction of the Total Revolving Loan Commitment shall be required pursuant to this Section 3.03(c) at any time if the Borrower's senior unsecured debt rating from S&P is BBB+ or greater at such time, and (ii) in no event shall the Total Revolving Loan Commitment be reduced below $100,000,000 as a result of the operation of this Section 3.03(c). (d) Each reduction or adjustmen of the Total Revolving Loan Commitment pursuant to this Section 3.03 shall apply proportionately to the Revolving Loan Commitment of each Bank with such a Commitment.

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. (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. 15 SECTION 4. Payments.........................................................16

Mandatory Reductions of Commitments. (a) The Commitments shall be automatically and permanently reduced as follows: (i) on each Reduction Date, the Revolving Commitment and the Tax Exempt Commitment shall be reduced ratably by the Revolving and Tax Exempt Reduction Amount; (ii) on each Reduction Date, the Term Commitment shall be reduced by the Term Reduction Amount; (iii) concurrently with each repayment of any Loan under the Term Commitment, the Term Commitment shall be reduced by the amount of such repayment; (iv) concurrently with each repayment of any Loan under the Tax Exempt Commitment (other than any refinancing thereof using the proceeds of new Tax Exempt Loans), the Tax Exempt Commitment shall be reduced by the amount of such repayment; (v) concurrently with the receipt by Borrower of any Sub-Debt Contributions in respect of a payment under the Make-Well, by the amount of such Sub Debt Contributions; (vi) concurrently with the receipt by Borrower of any Sub-Debt Contributions in respect of a payment under the Completion Guaranty (other than any such amount that Administrative Agent elects to deposit in the Completion Account pursuant to Section 3.1(e)(v)), by the amount of such Sub Debt Contributions; and (vii) concurrently with the receipt by Borrower of the Net Cash Proceeds of any Disposition, in the amount thereof. Each reduction of the Commitments under this clause (a)(v) through (vii) shall be applied ratably to the Commitments. The reductions described in clause (a) shall be applied to relevant Reduction Amounts in the inverse order of their maturity. (b) In the event that, as of the last day of any calendar month which occurs during the period between March 31, 2007 and September 30, 2007, the average principal amount of the Outstanding Obligations under the Revolving Commitment and the Tax Exempt Commitment during the month then ended are less than (i) $30,000,000 minus (ii) the then outstanding principal amount of any Term Loans, then the Revolving Commitment and the Tax Exempt Commitment shall terminate on October 31, 2007, and on such date the Borrower will repay the Outstanding Obligations under the Revolving Commitment and the Tax Exempt Commitment and will cash collateralize all outstanding Letters of Credit. (c) In the event that the Revolving Commitment and the Tax Exempt Commitment are not terminated in accordance with clause (b) of this Section, then the Borrower may elect to (i) terminate the Revolving Commitment and the Tax Exempt Commitment on October 31, 2007 ...

Mandatory Reductions of Commitments. (a) Reduction of Domestic Revolving Commitment and Multicurrency ------------------------------------------------------------ Revolving Commitments. The Domestic Revolving Commitments and Multicurrency --------------------- Revolving Commitments shall be reduced at the time and in the amounts required to be reduced pursuant to Section 4.4(e). -------------- (b) Reduction of Term A Commitments, Term B Commitments and Term C -------------------------------------------------------------- Commitments. The Term A Commitments, Term B Commitments and Term C Commitments ----------- shall terminate on the Initial Borrowing Date, after giving effect to the Borrowing of the Term A Loans, Term B Loans and Term C Loans on such date.

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. ----------------