Mandatory Termination and Reduction of Commitments. (a) The Commitments shall terminate on the last day of the Availability Period.
(b) On each Commitment Reduction Date, the Commitments shall be reduced by $10,000,000; provided that if, during the 90-day period ending on and including such Commitment Reduction Date, the Commitments shall have been reduced pursuant to clause (c) below, the Commitments shall be reduced only by the amount, if any, by which $10,000,000 is greater than the amount by which the Commitments were reduced during such 90-day period pursuant to clause (c) below.
(c) In addition:
(i) in the event that the Parent Guarantor or any of its Subsidiaries shall at any time, or from time to time, receive after the date hereof any Net Cash Proceeds of any Reduction Event, the Commitments shall be reduced by an amount equal to the Reduction Percentage of such Net Cash Proceeds on the date of receipt of such Net Cash Proceeds; and
(ii) on each date on which the Borrower is required to notify the Administrative Agent of the Excess Cash Flow for any fiscal year pursuant to Section 5.02(b), the Commitments shall be reduced by an amount equal to the Reduction Percentage of Excess Cash Flow for such fiscal year.
(d) Each reduction of Commitments pursuant to this Section shall be applied ratably to the respective Tranche A Commitments, Tranche B Commitments and Tranche C Commitments of the Banks. The amount of any reduction of the Commitments pursuant to Section 2.07 or subsection (c) of this Section shall be applied to reduce the amount of subsequent scheduled reductions of the Commitments pursuant to subsections (a) and (b) above in inverse order of maturity; provided that if the Commitments are reduced pursuant to subsection (c) above less than 90 days prior to a Commitment Reduction Date, then the portion, if any, of such reduction not greater than (i) $10,000,000 less (ii) the aggregate amount of similar reductions made less than 90 days prior to such Commitment Reduction Date shall be applied in direct order of maturity.
(e) On the date of any reduction of the Commitments pursuant to subsection (b) or (c) above, the Borrower shall repay such principal amount of each Bank's outstanding Tranche A Loans, Tranche B Loans and Tranche C Loans, if any, as may be necessary so that after such repayment the aggregate outstanding principal amount of such Bank's Tranche A Loans, Tranche B Loans and Tranche C Loans does not exceed the amount of such Bank's Tranche A Commitments, Tranche B Commitment and Tranc...
Mandatory Termination and Reduction of Commitments. The Commitments shall terminate on the Termination Date, and any Loans then outstanding (together with accrued interest thereon) shall be due and payable on such date.
Mandatory Termination and Reduction of Commitments. (a) The Initial Term Loan Commitments shall terminate at 5:00 p.m. (New York City time) on the Closing Date.
(b) The Revolving Credit Commitment shall terminate at 5:00 p.m. (New York City time) on the Revolving Credit Maturity Date.
(c) The Swingline Commitment shall terminate at 5:00 p.m. (New York City time) on the Swingline Maturity Date.
(d) The New Term Loan Commitment for any Series shall, unless otherwise provided in the applicable Joinder Agreement, terminate at 5:00 p.m. (New York City time) on the Increased Amount Date for such Series.
(e) The Tranche B-1 Term Loan Commitments shall terminate at 5:00 p.m. (New York City time) on the Amendment No. 2 Effective Date.
(f) If the 2019 Increased Availability Condition has not be satisfied prior to the 2019 Revolving Commitment Reduction Date, the 2019 Revolving Credit Commitments shall be automatically and permanently reduced pursuant to the 2019 Mandatory Revolving Commitment Reduction on the 2019 Revolving Commitment Reduction Date.
Mandatory Termination and Reduction of Commitments. (a) The Tranche A Commitments shall terminate on the Tranche A Termination Date and any Tranche A Loans then outstanding (together with accrued interest thereon) shall be due and payable on such date.
(b) The Tranche B Commitments shall terminate on the Tranche B Termination Date and any Tranche B Loans then outstanding (together with accrued interest thereon) shall be due and payable on such date.
(c) The Tranche C Commitments shall terminate on the Tranche C Termination Date and any Tranche C Loans then outstanding (together with accrued interest thereon) shall be due and payable on such date.
(d) If at any date prior to the Final Termination Date, AXP shall cease to own, directly or indirectly, at least 79.5% of the outstanding shares of common stock of TRS, or AXP and TRS shall cease together to own, directly or indirectly, at least 79.5% of the outstanding shares of common stock of the Borrower and American Express Overseas Credit Corporation Limited, then (i) the Commitments shall terminate on such date, without any requirement of notice or other action by any party hereto, and the Borrower shall no longer be entitled to borrow hereunder and (ii) each outstanding Loan shall mature, and shall be due and payable, together with accrued interest thereon, on the earlier of the last day of the then current Interest Period (if any) applicable thereto and the ninetieth (90th) day after such date when AXP or TRS (as the case may be) shall cease to own such shares as provided above.
(e) The Borrower shall forthwith notify the Facility Agent and each Bank of any event described in subsection (d) above.
Mandatory Termination and Reduction of Commitments. (a) (i) The Tranche A Commitments and Tranche C Commitments shall automatically terminate in their entirety on the date on which the Certain Funds Period terminates and (ii) the Tranche B Commitments shall automatically terminate in their entirety on the earlier of (x) the date on which the Existing Term Credit Agreement Amendment becomes effective and (y) the date on which the Certain Funds Period terminates. All fees accrued until the effective date of any termination of any Tranche of Commitments shall be paid on the effective date of such termination.
(b) Upon receipt by the Borrower or any of its Subsidiaries, on or after the date hereof and prior to the Closing Date, of Net Cash Proceeds arising from any Debt Issuance, Equity Issuance or Asset Sale, the Commitments shall be immediately reduced in an amount equal to 100% of such Net Cash Proceeds, which reductions shall be applied first, if any Tranche A Commitments or Tranche B Commitments are then outstanding, to the Tranche A Commitments and Tranche B Commitments on a pro rata basis until the Tranche A Commitments and Tranche B Commitments are reduced to $0 and second, to the Tranche C Commitments. In lieu of the foregoing, in the event the Existing Term Credit Agreement is refinanced or replaced, the Commitments in respect of the Tranche B Term Loan shall be reduced by the Net Cash Proceeds thereof. The Borrower shall promptly (and in any event within two Domestic Business Days) notify the Administrative Agent of receipt of such Net Cash Proceeds, and the Administrative Agent will promptly notify each Lender of its receipt of each such notice. Once reduced pursuant to this Section 2.04(b), the Commitments may not be reinstated. Each reduction of the Commitments shall be made ratably among the Lenders in accordance with their Applicable Percentage in respect of the applicable Tranche.
Mandatory Termination and Reduction of Commitments. (a) The Commitments shall terminate on the Termination Date and any Loans then outstanding (together with accrued interest thereon) shall be due and payable on such date.
(b) To the extent not theretofore reduced to the same or a lesser amount pursuant to Section 2.09 or 2.10(c), the Commitments shall be ratably reduced automatically on the date which is the second anniversary of the closing date of the Offer (or if such date is not a Euro-Dollar Business Day, the next preceding Euro-Dollar Business Day) (the "Commitment Reduction Date") to $1,500,000,000.
(c) In addition, the Commitments shall be ratably reduced automatically in the event that the Borrower or any of its Subsidiaries shall at any time, or from time to time, after the date hereof receive any Net Cash Proceeds of any Reduction Event, by an amount equal to such Net Cash Proceeds; provided that any such reduction made pursuant to this subsection (c) shall not exceed such amount (if any) as shall be necessary so that the aggregate amount of the Commitments, as so reduced, is $1,500,000,000. The reductions in the Commitments required by this subsection shall be effective on the thirtieth day following receipt by the Borrower or any of its Subsidiaries, as the case may be, of such Net Cash Proceeds; provided that
(i) if the amount of the Net Cash Proceeds in respect of any Reduction Event is less than $1,000,000, such reduction shall be effective upon receipt of proceeds such that, together with all other such amounts not previously applied, the amount of such Net Cash Proceeds is equal to at least $1,000,000; and
(ii) if any such reduction in the Commitments would otherwise require prepayment of Fixed Rate Loans or portions thereof prior to the last day of the then current Interest Period pursuant to Section 2.10(d), such reduction shall, unless the Agent otherwise notifies the Borrower upon the instructions of the Required Banks, be deferred to such last day of the related Interest Period.
(d) On the date of any reduction of Commitments pursuant to this Section, the Borrower shall repay such principal amount (together with accrued interest thereon) of, first, each Bank's outstanding Base Rate Loans, if any, second, each Bank's outstanding CD Loans and Euro-Dollar Loans, if any, and third, each Bank's outstanding Money Market Loans, as may be necessary so that after such repayment (i) the aggregate outstanding principal amount of such Bank's Committed Loans does not exceed the amount of such Ban...
Mandatory Termination and Reduction of Commitments. Section 2.09(c)(i) of the Revolving Credit Agreement is amended by adding the following immediately before the expression "; and": , provided that with respect to Reduction Events described in clause (ii) of the definition thereof, if the Commitment reduction that would otherwise be required in respect of any such Reduction Event is less than or exceeds an integral multiple of $1,000,000, the Commitment reduction in respect of such lesser amount or such excess shall be deferred until the aggregate amount of deferred reductions equals or exceeds $1,000,000
Mandatory Termination and Reduction of Commitments. (a) The Commitments shall terminate on the Termination Date.
(b) The Commitments shall irrevocably be reduced on each date the proceeds of either the Equity Offering or the Debt Offering are received by the Borrower and shall be reduced on each such date by an amount equal to the proceeds so received on such date, net of underwriting discounts, commissions and other reasonable costs associated therewith.
Mandatory Termination and Reduction of Commitments. The Commitments shall terminate on the Termination Date or, if the conditions precedent set forth in Section 3.1 have not been satisfied on or prior to March 31, 1997, on such date.
Mandatory Termination and Reduction of Commitments. The Commitments shall terminate on the Closing Date.
