Common use of Special Mandatory Reductions Clause in Contracts

Special Mandatory Reductions. The Total Commitment shall be automatically reduced upon the date of any sale, transfer or other disposition of the types permitted under Section 9.14(a)(vi) hereof (other than the Paramus-Hillsdale Sale), by an amount equal to 50% of the excess of the Net Cash Proceeds thereof over all or any portion of such Net Cash Proceeds that will be used, as specified in a notice from the Obligors' Representative to the Administrative Agent, for an acquisition permitted under Section 9.14(b)(ii) hereof; provided, however, that if the applicable Obligor or the applicable Subsidiary shall not have entered into a binding purchase agreement with respect to any such acquisition on or before the date that is six months after the date of such disposition, the Total Commitment shall be automatically reduced (without duplication) on such date by an amount equal to 50% of the entire Net Cash Proceeds of such sale, transfer or disposition; and provided further, however, that if the applicable Obligor or the applicable Subsidiary shall have entered into a binding purchase agreement within six months after the date of such disposition, but does not complete such acquisition within nine months of signing such binding purchase agreement, the Total Commitment shall automatically be reduced (without duplication) on the last day of such nine-month period by an amount equal to 50% of the entire Net Cash Proceeds of such sale, transfer or disposition.

Special Mandatory Reductions. The At any time at which the Cash Flow Ratio exceeds 5.50 to 1, the Total Commitment shall be automatically reduced upon the date of any sale, transfer or other disposition of any asset of the Company or any of its Subsidiaries of the types permitted under Section 9.14(a)(vi) hereof (other than the Paramus-Hillsdale Sale), by an amount equal to 50% of the excess of the Net Cash Proceeds thereof over all or any portion of such Net Cash Proceeds that will be used, as specified in a notice from the Obligors' Representative Company to the Administrative Agent, for an acquisition permitted under Section 9.14(b)(ii) hereof; provided, however, that if the applicable Obligor Company or the applicable Subsidiary shall not have entered into a binding purchase agreement with respect to any such acquisition on or before the date that is six months after the date of such disposition, the Total Commitment shall be automatically reduced (without duplication) on such date by an amount equal to 50% of the entire Net Cash Proceeds of such sale, transfer or disposition; and provided further, however, that if the applicable Obligor Company or the applicable Subsidiary shall have entered into a binding purchase agreement within six months after the date of such disposition, but does not complete such acquisition within nine months of signing such binding purchase agreement, the Total Commitment shall automatically be reduced (without duplication) on the last day of such nine-month period by an amount equal to 50% of the entire Net Cash Proceeds of such sale, transfer or disposition.

Special Mandatory Reductions. The Total Commitment shall be automatically reduced upon the date of any sale, transfer or other disposition of any asset of any Obligor or any Guarantor of the types permitted under Section 9.14(a)(vi) hereof of the CMFRI Agreement (other than the Paramus-Hillsdale Sale), by an amount equal to 50% of the excess of the Net Cash Proceeds thereof over all or any portion of such Net Cash Proceeds that will be used, as specified in a notice from the Obligors' Representative to the Administrative Agent, for an acquisition permitted under Section 9.14(b)(ii) hereofof the CMFRI Agreement; provided, however, that if the applicable Obligor or the applicable Subsidiary shall not have entered into a binding purchase agreement with respect to any such acquisition on or before the date that is six months after the date of such disposition, the Total Commitment shall be automatically reduced (without duplication) on such date by an amount equal to 50% of the entire Net Cash Proceeds of such sale, transfer or disposition; and provided further, however, that if the applicable Obligor or the applicable Subsidiary shall have entered into a binding purchase agreement within six months after the date of such disposition, but does not complete such acquisition within nine months of signing such binding purchase agreement, the Total Commitment shall automatically be reduced (without duplication) on the last day of such nine-month period by an amount equal to 50% of the entire Net Cash Proceeds of such sale, transfer or disposition.

Special Mandatory Reductions. The At any time at which the Cash Flow Ratio exceeds 5.50 to 1, the Total Commitment shall be automatically reduced upon the date of any sale, transfer or other disposition of the types permitted under Section 9.14(a)(vi9.15(a)(v) hereof (other than the Paramus-Hillsdale Kalamazoo Sale), by an amount equal to 50% of the excess of the Net Cash Proceeds thereof over all or any portion of such Net Cash Proceeds that will be used, as specified in a notice from the Obligors' Representative Company to the Administrative Agent, for an acquisition permitted under Section 9.14(b)(ii9.15(b)(ii) hereof; provided, however, that if the applicable Obligor Company or the applicable Restricted Subsidiary shall not have entered into a binding purchase agreement with respect to any such acquisition on or before the date that is six months after the date of such disposition, the Total Commitment shall be automatically reduced (without duplication) on such date by an amount by equal to 50% of the entire Net Cash Proceeds of such sale, transfer or disposition; and provided further, however, that if the applicable Obligor Company or the applicable Restricted Subsidiary shall have entered into a binding purchase agreement within six months after the date of such disposition, but does not complete such acquisition within nine months of signing such binding purchase agreement, the Total Commitment shall automatically be reduced (without duplication) on the last day of such nine-month period by an amount equal to 50% of the entire Net Cash Proceeds of such sale, transfer or disposition.