Scheduled Commitment Reductions Sample Clauses

Scheduled Commitment Reductions. In addition to any reductions pursuant to Section 2.06(b), the combined Commitments will be permanently reduced by the following amounts (as reduced by any reduction in the applicable year pursuant to Section 2.06(a)) annually on April 11, 2002 and each anniversary thereof through and including the Maturity Date: Date Amount ---- ------ April 11, 2002 $9,750,000 plus 13% of the amount the combined Commitments have been increased pursuant to Section 2.12 on or prior to such date April 11, 2003 $10,500,000 plus 14% of the amount the combined Commitments have been increased pursuant to Section 2.12 on or prior to such date April 11, 2004 $9,750,000 plus 13% of the amount the combined Commitments have been increased pursuant to Section 2.12 on or prior to such date April 11, 2005 Balance of combined Commitments on such date To the extent applicable, Borrower will make the prepayments required by Section 2.05(c) on such dates.
Sample 1
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Scheduled Commitment Reductions. The Revolving Credit Commitments shall be permanently reduced in 16 quarterly installments, commencing on December 31, 2003 and continuing on each Quarterly Date thereafter through and including the Revolving Credit Commitment Termination Date, each of which installments shall be in an amount equal to the percentage of the Revolving Credit Commitment (as in effect on December 30, 2003) specified opposite such installment in the following table: =================================================================== Percentage of the Revolving Quarterly Date Credit Commitment Reduction =================================================================== Percentage of the Revolving Quarterly Date Credit Commitment Reduction December 31, 2003 3.75% ------------------------------------------------------------------- March 31, 2004 3.75% ------------------------------------------------------------------- June 30, 2004 3.75% ------------------------------------------------------------------- September 30, 2004 3.75% ------------------------------------------------------------------- December 31, 2004 5.00% ------------------------------------------------------------------- March 31, 2005 5.00% ------------------------------------------------------------------- June 30, 2005 5.00% ------------------------------------------------------------------- September 30, 2005 5.00% ------------------------------------------------------------------- December 31, 2005 10.00% ------------------------------------------------------------------- March 31, 2006 10.00% ------------------------------------------------------------------- June 30, 2006 10.00% ------------------------------------------------------------------- September 30, 2006 10.00% ------------------------------------------------------------------- December 31, 2006 6.25% ------------------------------------------------------------------- March 31, 2007 6.25% ------------------------------------------------------------------- June 30, 2007 6.25% ------------------------------------------------------------------- September 30, 2007 6.25% =================================================================== In addition, the Revolving Credit Commitments shall be permanently reduced to zero on the Revolving Credit Commitment Termination Date.
Sample 1
Scheduled Commitment Reductions. Commencing September 30, 2000, and at the end of each calendar quarter thereafter, the Facility A Commitment as in effect on September 30, 2000, shall be automatically reduced by the percentages set forth below: Quarterly Percentage Reduction of Facility A Commitment In Effect on Dates of Reduction September 30, 2000 ------------------ ---------------------------------- September 30, 2000 and 2.500% December 31, 2000 March 31, 2001, June 30, 3.750% 26 2001, September 30, 2001 and December 31, 2001 March 31, 2002, June 30, 3.750% 2002, September 30, 2002 and December 31, 2002 March 31, 2003, June 30, 4.375% 2003, September 30, 2003 and December 31, 2003 March 31, 2004, June 30, 5.000% 2004, September 30, 2004 and December 31, 2004 March 31, 2005, June 30, 6.875% 2005, September 30, 2005 and December 31, 2005 The Borrower shall make a repayment of the Facility A Loans outstanding, together with accrued interest thereon, on or before the effective date of each reduction in the Facility A Commitment under this Section 2.4, such that the aggregate principal amount of the Facility A Loans, the Swing Line Loans and the Letter of Credit Obligations outstanding at no time exceeds the Facility A Commitment as so reduced. In addition, any remaining unpaid principal and interest under the Facility A Commitment shall be due and payable in full on the Facility A Maturity Date.
Sample 1
Scheduled Commitment Reductions. The Revolving Credit Commitment shall be automatically and permanently reduced on March 31, June 30, September 30 and December 31 of each year commencing on September 30, 2002 and ending on the Revolver Maturity Date by an amount equal to (a) the amount of the Revolving Credit Commitment on September 30, 2002 (before accounting for the September 30, 2002 reduction) multiplied by (b) the quarterly reduction percentage specified below, such that on the Revolver Maturity Date there will be no Revolving Credit Commitment: Revolving Credit Commitment as of 12/31, Assuming Only Quarterly Calendar Scheduled (No Voluntary or Reduction Year Other Mandatory) Reductions Percentage -------- --------------------------- ---------- 2002 $230,000,000 4.00% (two payments only) 2003 $190,000,000 4.00% 2004 $140,000,000 5.00% 2005 $ 90,000,000 5.00% 2006 $ 30,000,000 6.00% 2007 $ 0 (6/30/07) 6.00% (two payments only)
Sample 1
Scheduled Commitment Reductions. The chart listing scheduled reductions of the Commitment Amount set forth in Section 6.1.1 is amended in its entirety to read as follows: January 1, 2004 $30,000,000 January 1, 2005 $35,000,000.
Sample 1
Scheduled Commitment Reductions. The aggregate amount of the Commitments shall automatically reduce on the dates, and in the respective amount for each such date, in accordance with the following chart: Date of Automatic Reduction Amount --------------------------- ------ March 31, 1999 $2,500,000 June 30, 1999 $2,500,000 September 30, 1999 $2,500,000 December 31, 1999 $2,500,000 March 31, 2000 $2,500,000 June 30,2000 $2,500,000 September 30, 2000 $2,500,000 December 31, 2000 $2,500,000 March 31, 2001 $3,750,000 June 30, 2001 $3,750,000 September 30,2001 $3,750,000 December 31, 2001 $3,750,000 March 31, 2002 $3,750,000 Maturity Date Remaining amount of Commitments 22 Each such reduction of the Commitments shall automatically occur in accordance with this Section 2.2(c) on each such date, regardless of the aggregate amount of the Commitments on each such date immediately prior to such reduction. Notwithstanding anything herein to the contrary, each mandatory reduction of the Commitments under Section 2.2(c) below shall decrease the amount of the scheduled reductions of the Commitments under this Section 2.2(b) as follows: (i) 50% of each such mandatory reduction will decrease the amount of each of the scheduled quarterly reductions (including the final scheduled reduction on the Maturity Date) in inverse order of maturity and (b) 50% of each such mandatory reduction will decrease the amount of each of the remaining scheduled reductions (excluding the final scheduled reduction on the Maturity Date) on a ratable basis.
Sample 1
Scheduled Commitment Reductions. In addition to any reductions pursuant to Section 2.08(b), the combined Commitments will be permanently reduced by $5,000,000 (as such amount may be reduced by any reduction in the applicable year pursuant to Section 2.08(a)) on each of April 11, 2002, April 11, 2003 and April 11, 2004. To the extent applicable, Company shall make the prepayments required by Section 2.07(c) on such dates." (d) Section 2.14(a) of the Credit Agreement is hereby amended by inserting the date "April 11, 2004" in replacement for the date "April 11, 2002" appearing therein.
Sample 1
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Scheduled Commitment Reductions. The Revolving Credit Commitments shall be permanently reduced in 16 quarterly installments, commencing on December 31, 2003 and continuing on each Quarterly Date thereafter through and including the Revolving Credit Commitment Termination Date, each of which installments shall be in an amount equal to the percentage of the Revolving Credit Commitment (as in effect on December 30, 2003) specified opposite such installment in the following table:
Sample 1

Related to Scheduled Commitment Reductions

  • Commitment Reductions Any reduction of the Revolving Loan Commitments required or permitted hereunder shall reduce the Revolving Loan Commitment of each Lender having a Revolving Loan Commitment on a pro rata basis based on the Commitment Ratio of such Lender for the Revolving Loan Commitment.

  • Mandatory Prepayments and Commitment Reductions (a) If any Indebtedness shall be incurred by any Group Member (other than Excluded Indebtedness), an amount equal to 100% of the Net Cash Proceeds thereof shall be applied on the date of such issuance, incurrence or contribution toward the prepayment of the Term Loans and the reduction of the Revolving Commitments as set forth in Section 4.2(d). (b) If on any date any Group Member shall receive Net Cash Proceeds from any Asset Sale or Recovery Event then, unless a Reinvestment Notice shall be delivered in respect thereof, 100% of the Net Cash Proceeds thereof shall be applied on such date toward the prepayment of the Term Loans and the reduction of the Revolving Commitments as set forth in Section 4.2(d); provided that, notwithstanding the foregoing, on each Reinvestment Prepayment Date, an amount equal to the Reinvestment Prepayment Amount with respect to the relevant Reinvestment Event shall be applied toward the prepayment of the Loans as set forth in Section 4.2(d). (c) If, for any fiscal year of the Borrower, commencing with the fiscal year ending December 31, 2010, there shall be Excess Cash Flow, the Borrower shall, on the relevant Excess Cash Flow Application Date, apply the difference between (i) the ECF Percentage of such Excess Cash Flow and (ii) all optional prepayments of the Term Loans during such fiscal year toward the prepayment of the Term Loans and the reduction of the Revolving Commitments. Each such prepayment and commitment reduction shall be made on a date (an “Excess Cash Flow Application Date”) no later than five Business Days after the earlier of (A) the date on which the financial statements of the Borrower referred to in Section 7.1(a), for the fiscal year with respect to which such prepayment is made, are required to be delivered to the Lenders and (B) the date such financial statements are actually delivered. (d) Amounts to be applied in connection with mandatory prepayments and commitment reductions made pursuant to Section 4.2(a), (b) and (c) shall be applied, first, to the prepayment of the Term Loans in accordance with Section 4.8(b) and second, to reduce permanently the Revolving Commitments. Any such reduction of the Revolving Commitments shall be accompanied by prepayment of the Revolving Loans and/or Swingline Loans to the extent, if any, that the Total Revolving Extensions of Credit exceed the amount of the Total Revolving Commitments as so reduced; provided that if the aggregate principal amount of Revolving Loans and Swingline Loans then outstanding is less than the amount of such excess (because L/C Obligations constitute a portion thereof), the Borrower shall, to the extent of the balance of such excess, replace outstanding Letters of Credit and/or deposit an amount in cash in a cash collateral account established with the Administrative Agent for the benefit of the Lenders on terms and conditions satisfactory to the Administrative Agent. The application of any prepayment pursuant to Section 4.2 shall be made, first, to Base Rate Loans and, second, to Eurodollar Loans. Each prepayment of the Loans under Section 4.2 (except in the case of Revolving Loans that are Base Rate Loans and Swingline Loans) shall be accompanied by accrued interest to the date of such prepayment on the amount prepaid.

  • Commitment Reduction The Borrowers shall have the right, upon at least two Business Days’ notice to the Administrative Agent, to terminate in whole or, upon same day notice, from time to time to permanently reduce ratably in part the unused portion of the Commitments; provided that each partial reduction shall be in the aggregate amount of $5,000,000 or in an integral multiple of $1,000,000 in excess thereof; provided, further, that the Commitments may not be reduced to an amount that is less than the aggregate Stated Amount of outstanding Letters of Credit. Subject to the foregoing, any reduction of the Commitments to an amount below $200,000,000 shall also result in a reduction of the L/C Commitment Amount to the extent of such deficit (with automatic reductions in the amount of each L/C Fronting Bank Commitment ratably in proportion to the amount of such reduction of the L/C Commitment Amount). Each such notice of termination or reduction shall be irrevocable; provided, further, that, if, after giving effect to any reduction of the Commitments, any Borrower Sublimit exceeds the amount of the aggregate Commitments, such sublimit shall be automatically reduced by the amount of such excess. Without limiting subsection (b) below, any Commitment reduced or terminated pursuant to this subsection (a) may not be reinstated.

  • Mandatory Prepayments Commitment Reductions (a) No later than the tenth calendar day following the date of receipt by any Obligor or any of its Restricted Subsidiaries of any Net Asset Sale Cash Proceeds from any Asset Sale, the Company shall apply all such Net Asset Sale Cash Proceeds to repay any outstanding Loans as set forth in Section 2.13(a); provided that, if the Borrower provides written notice to the Administrative Agent within seven calendar days of the date any such Net Asset Sale Cash Proceeds are so received of its intention to undertake such an investment, then so long as no Event of Default shall have occurred and be continuing, the Company shall have the option, directly or indirectly or through one or more of its Restricted Subsidiaries, to invest such Net Asset Sale Cash Proceeds within twelve months of receipt thereof in assets of the general type used in the business of the Parent and its Restricted Subsidiaries; provided, further, that, if any portion of such Net Asset Sale Cash Proceeds have not been so reinvested at the end of such twelve-month period, the Borrower shall apply an amount equal to the amount of Net Asset Sale Cash Proceeds that have not been so reinvested as set forth in Section 2.13(a). (b) No later than the tenth Business Day following the date of receipt by any Obligor or any of its Restricted Subsidiaries of any Net Equity Issuance Event Cash Proceeds from any Equity Issuance Event, the Company shall apply 33% of all such Net Equity Issuance Event Cash Proceeds (such amount, the “Equity Prepayment Amount”) to repay any outstanding Loans as set forth in Section 2.13(a), and each such prepayment shall be accompanied by a permanent reduction of the Revolving Commitments in an amount equal to such Equity Prepayment Amount. (c) If at any time, the Aggregate Total Exposure exceeds the aggregate Revolving Commitments then in effect, the Borrower shall forthwith prepay first, Loans, and second Cash Collateralize the outstanding amount of Letter of Credit Usage at the Agreed L/C Cash Collateral Amount, to the extent necessary so that the Aggregate Total Exposure shall not exceed the Revolving Commitments then in effect (or, in the case of Letter of Credit Usage, such amounts are fully Cash Collateralized in compliance with the Agreed Cash Collateral Amount). (d) If, after giving effect to any termination of or reduction of the Revolving Commitments, the Letter of Credit Sublimit exceeds the amount of the Revolving Commitments, such sublimit shall be automatically reduced by the amount of such excess (including a corresponding reduction to each Issuing Bank’s Letter of Credit Issuer Sublimit (ratably) unless otherwise agreed by the Borrower and each applicable Issuing Bank).

  • Voluntary Commitment Reductions (i) Borrower may, upon not less than three Business Days’ prior written or telephonic notice promptly confirmed by delivery of written notice thereof to Administrative Agent (which original written or telephonic notice Administrative Agent will promptly transmit by telefacsimile or telephone to each applicable Lender), at any time and from time to time terminate in whole or permanently reduce in part, without premium or penalty, the Revolving Commitments in an amount up to the amount by which the Revolving Commitments exceed the Total Utilization of Revolving Commitments at the time of such proposed termination or reduction; provided that any such partial reduction of the Revolving Commitments shall be in an aggregate minimum amount of $5,000,000 and integral multiples of $1,000,000 in excess of that amount. (ii) Borrower’s notice to Administrative Agent shall designate the date (which shall be a Business Day) of such termination or reduction and the amount of any partial reduction, and such termination or reduction of the Revolving Commitments shall be effective on the date specified in Borrower’s notice and shall reduce the Revolving Commitment of each Lender proportionately to its Pro Rata Share thereof; provided that a notice of termination or partial reduction may state that such notice is conditional upon the effectiveness of other credit facilities or the receipt of the proceeds from the issuance of other Indebtedness or upon the closing of an acquisition transaction, in which case such notice of termination or partial reduction may be revoked by Borrower (by notice to the Administrative Agent on or prior to the specified date) if such condition is not satisfied.

  • Termination or Reduction of Revolving Commitments The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent, to terminate the Revolving Commitments or, from time to time, to reduce the amount of the Revolving Commitments; provided that no such termination or reduction of Revolving Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Loans and Swingline Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Commitments then in effect.

  • Voluntary Prepayments Commitment Reductions (a) Prior to the Stated Maturity Date, the Borrowers may, from time to time on any Business Day, make a voluntary prepayment, in whole or in part, of the outstanding principal amount of the Loans; provided, however, that: (i) all such voluntary prepayments shall require notice on or before 11:00 A.M. (New York City time) not less than one nor more than five Business Days’ in advance of any prepayment of any Loan (or such shorter or longer period as the Administrative Agent may agree to in its reasonable discretion); (ii) all such voluntary partial prepayments shall be in an aggregate minimum amount of $1,000,000 and an integral multiple of $500,000 (or in the case of Swingline Loans, an aggregate minimum amount of $250,000 and an integral multiple of $100,000) or, if less, the aggregate principal amount of the relevant Loans outstanding hereunder; and (iii) all such prepayments shall be made pro rata among Loans having the same Interest Period. (b) The Borrowers may, from time to time on any Business Day after the Effective Date, voluntarily reduce the unused amount of any Commitment, the Swingline Commitment and the Letter of Credit Sublimit; provided, however, that (i) all such reductions shall be made on not less than one nor more than five Business Days’ prior notice to the Administrative Agent and be permanent, (ii) any partial reduction of the unused amount of such Commitment, Swingline Commitment or Letter of Credit Sublimit shall be in a minimum amount of $1,000,000 and in an integral multiple of $500,000 and (iii) the applicable Loans shall have been prepaid to the extent required by Section 3.1.2 or pursuant to Section 4.12(c) or the Letter of Credit Liability corresponding to all such Letter of Credit Usage shall have been collateralized in accordance with Section 4.14.

  • Termination or Reduction of Aggregate Revolving Commitments The Borrower may, upon notice to the Administrative Agent, terminate the Aggregate Revolving Commitments, or from time to time permanently reduce the Aggregate Revolving Commitments; provided that (i) any such notice shall be received by the Administrative Agent not later than 11:00 a.m. three (3) Business Days prior to the date of termination or reduction, (ii) any such partial reduction shall be in an aggregate amount of $500,000 or any whole multiple of $500,000 in excess thereof, (iii) the Borrower shall not terminate or reduce the Aggregate Revolving Commitments if, after giving effect thereto and to any concurrent prepayments hereunder, the Total Revolving Outstandings would exceed the Aggregate Revolving Commitments and (iv) if, after giving effect to any reduction of the Aggregate Revolving Commitments, the Letter of Credit Sublimit or the Swing Line Sublimit exceeds the amount of the Aggregate Revolving Commitments, such sublimit shall be automatically reduced by the amount of such excess. The Administrative Agent will promptly notify the Lenders of any such notice of termination or reduction of the Aggregate Revolving Commitments. Any reduction of the Aggregate Revolving Commitments shall be applied to the Revolving Commitment of each Lender according to its Applicable Percentage. All fees accrued until the effective date of any termination of the Aggregate Revolving Commitments shall be paid on the effective date of such termination. Notwithstanding anything herein to the contrary, the Borrower may rescind any notice of termination of Aggregate Revolving Commitments under this Section 2.06 if such termination would have resulted from the refinancing of all or a portion of the Loans, which refinancing shall not be consummated or shall otherwise be delayed.

  • Notification of Advances, Interest Rates, Prepayments and Commitment Reductions Promptly after receipt thereof, the Agent will notify each Lender of the contents of each Aggregate Commitment reduction notice, Borrowing Notice, Conversion/Continuation Notice, and repayment notice received by it hereunder. The Agent will notify each Lender of the interest rate applicable to each Eurodollar Advance promptly upon determination of such interest rate and will give each Lender prompt notice of each change in the Alternate Base Rate.

  • Termination or Reduction of Revolving Credit Commitments The Borrower shall have the right, upon not less than three Business Days’ notice to the Administrative Agent (which shall promptly notify each Lender thereof), to terminate the Revolving Credit Commitments or, from time to time, to reduce the amount of the Revolving Credit Commitments; provided that no such termination or reduction of Revolving Credit Commitments shall be permitted if, after giving effect thereto and to any prepayments of the Revolving Credit Loans made on the effective date thereof, the Total Revolving Extensions of Credit would exceed the Total Revolving Credit Commitments. Any such reduction shall be in an amount equal to $1,000,000, or a whole multiple thereof, and shall reduce permanently the Revolving Credit Commitments then in effect.

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