Examples of Revolving Commitment Reduction Date in a sentence
Unless previously terminated in full, the Revolving Commitments shall be automatically reduced, in addition to any mandatory reductions or terminations under Section 2.03(a) or 2.02(b)(ii) or any optional reductions under Section 2.03(b), at the close of business on each Revolving Commitment Reduction Date by an amount equal to the Revolving Commitment Reduction Amount for such Revolving Commitment Reduction Date.
On each Revolving Commitment Reduction Date, the Revolving Commitment shall be reduced by the amount of the applicable Commitment Reduction.
If the Company shall so elect and shall notify the Administrative Agent of such election in writing prior to any Revolving Commitment Reduction Date, any optional reduction of Revolving Commitments made in accordance with Section 2.03(b) hereof shall be applied to the reduce the amount of one or more Revolving Commitment Reduction Amounts in such order and manner as the Company may elect.
The Revolving Commitment Amount shall be reduced on each of the following dates (each a "Revolving Commitment Reduction Date") by the amount set forth opposite such date: Revolving Commitment Reduction Reduction Date Amount -------------------- ---------- December 31, 1999 $10,000,000 December 31, 2000 $15,000,000 December 31, 2001 $15,000,000.
If, on any Revolving Commitment Reduction Date, the Revolving Outstandings exceed the Revolving Commitment Amount (after giving effect to the reduction of the Revolving Commitment Amount on such date), the Company shall immediately prepay an outstanding principal amount of the Revolving Loans, Swingline Loans and/or L/C Advances in an amount equal to such excess (and any such prepayment shall be subject to the provisions of Section 4.4).
Each reduction in the aggregate amount of the Revolving Commitments pursuant to paragraph (c) of this Section on any date shall result in an automatic and simultaneous reduction (but not below zero) in the aggregate amount of the Revolving Commitments for each Revolving Commitment Reduction Date (as reflected in column (B) at the end of paragraph (a) of this Section) after such date in an amount equal to the amount of such reduction.