Common use of Mandatory Reductions Clause in Contracts

Mandatory Reductions. The Aggregate Commitment Amount shall be automatically and permanently reduced by an amount equal to the Net Proceeds (if any) received by or on behalf of the Borrower or any Subsidiary; and such reduction shall be effective upon receipt by the Borrower or any Subsidiary of such Net Proceeds.

Mandatory Reductions. The Aggregate Commitment Amount shall be automatically and permanently reduced by an amount equal to the Net Proceeds (if any) received by or on behalf of the Borrower or any Subsidiary; and . Each such reduction shall be effective upon receipt by concurrently with the Borrower or earlier of any Subsidiary prepayment of the Loans pursuant to Section 2.6(b) and the date such Net Proceedsprepayment is required to be made pursuant to Section 2.6(b).