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. 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."
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 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
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: Commitment Reduction Date Amount of Reduction January 1, 2004 $30,000,000 January 1, 2005 $35,000,000.
Sample 1
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. 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
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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

Related to Scheduled Commitment Reductions

  • Commitment Reductions (i) The Commitment of each Lender shall be automatically reduced to zero on the Commitment Termination Date of such Lender.

  • Mandatory Prepayments and Commitment Reductions 28 2.11 Conversion and Continuation Options............................... 29 2.12 Minimum Amounts and Maximum Number of Eurodollar Tranches......... 30 2.13 Interest Rates and Payment Dates.................................. 30 2.14 Computation of Interest and Fees.................................. 30 2.15 Inability to Determine Interest Rate.............................. 31 2.16 Pro Rata Treatment and Payments................................... 31 2.17

  • Mandatory Commitment Reductions (a) Scheduled Reductions in Facility A Commitment. Commencing March 31, 2000 and at the end of each calendar quarter thereafter, the Facility A Commitment shall be automatically and permanently reduced by an amount equal to the percentage of the Facility A Commitment as in effect on the Agreement Date, as set forth below: Amount of Dates of Facility A Commitment Reductions Each Reduction ----------------------------------------- --------------- March 31, 2000, June 30, 2000, September 30, 2000 and December 31, 2000 2.500% March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 3.750% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 5.000% March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 6.250% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 7.500%

  • 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 53 2.13 Application of Prepayments/Reductions............................................................................... 55 2.14 Allocation of Certain Payments and Proceeds......................................................................... 56 2.15

  • 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.

  • Mandatory Repayments and Commitment Reductions (a) (i) On any day on which the (other than during an Agent Advance Period) Aggregate Exposure exceeds the lesser of (x) the Total Commitment at such time and (y) the Borrowing Base at such time (based on the Borrowing Base Certificate last delivered), the Borrower shall prepay on such day the principal of Swingline Loans and, after all Swingline Loans have been repaid in full or if no Swingline Loans are outstanding, Revolving Loans in an amount equal to such excess. If, after giving effect to the prepayment of all outstanding Swingline Loans and Revolving Loans, the aggregate amount of the Letter of Credit Outstandings exceeds the lesser of (A) the Total Commitment at such time, and (B) the Borrowing Base at such time (based on the Borrowing Base Certificate (as delivered)), the Borrower shall pay to the Administrative Agent at the Payment Office on such day an amount of cash and/or Cash Equivalents equal to the amount of such excess (up to a maximum amount equal to the Letter of Credit Outstandings at such time), such cash and/or Cash Equivalents to be held as security for all Obligations of the Borrower to the Issuing Lenders and the Lenders hereunder in a cash collateral account to be established by the Administrative Agent.

  • Permanent Reduction of the Revolving Credit Commitment (a) The Borrower shall have the right at any time and from time to time, upon at least three Business Days prior irrevocable written notice to the Administrative Agent, to permanently terminate or reduce, without premium or penalty, the Revolving Credit Commitments in whole or in part (it being agreed that such notice may state that the reduction of such Revolving Credit Commitments is conditioned upon the effectiveness of other credit facilities, acquisitions, dispositions or other transactions, in which case, such notice may be revoked or modified by Borrower (by notice to Administrative Agent on or prior to the specified date of such reduction of the Revolving Credit Commitments) if such condition is not satisfied); provided that (a) any such reduction shall apply proportionately and permanently to reduce the Revolving Credit Commitment of each of the Lenders of any applicable Class, except that notwithstanding the foregoing, in connection with the establishment on any date of any Extended Revolving Credit Commitments pursuant to Section 5.16(d), the Revolving Credit Commitments of any one or more Lenders providing any such Extended Revolving Credit Commitments on such date shall be reduced in an amount equal to the amount of the Revolving Credit Commitments of such Lender so extended on such date (provided that (x) after giving effect to any such reduction and to the repayment of any Revolving Credit Loans made on such date, the Revolving Credit Exposure of any such Lender does not exceed the Revolving Credit Commitment thereof and (y) for the avoidance of doubt, any such repayment of Revolving Credit Loans contemplated by the preceding clause shall be made in compliance with the requirements of Section 5.4 with respect to the ratable allocation of payments hereunder, with such allocation being determined after giving effect to any conversion pursuant to Section 5.16(d) of Revolving Credit Commitments and Revolving Credit Loans into Extended Revolving Credit Commitments and Extended Revolving Credit Loans pursuant to Section 5.16(d) prior to any reduction being made to the Revolving Credit Commitment of any other Lender), (b) any partial reduction pursuant to this Section 2.5(a) shall be in the amount of at least $3,000,000 or any whole multiple of $1,000,000 in excess thereof and (c) after giving effect to such termination or reduction and to any prepayments of the Loans made on the date thereof in accordance with this Agreement, the aggregate amount of the Lenders’ Revolving Credit Exposures shall not exceed the Total Revolving Credit Commitment and the aggregate amount of the Lenders’ Revolving Credit Exposures in respect of any Class shall not exceed the aggregate Revolving Credit Commitment of such Class.

  • 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 Borrower 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:

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