Scheduled Commitment Reduction definition
Examples of Scheduled Commitment Reduction in a sentence
In addition the Borrower may select an Interest Period of a period of less than 3 Months if such period ends on a Scheduled Commitment Reduction Date or the Termination Date or the last day of any Interest Period then subsisting for another Loan.
Accrued Commitment Commission shall be due and payable quarterly in arrears on each Scheduled Commitment Reduction Date and on the Maturity Date (or such earlier date upon which the Total Commitment is terminated).
For avoidance of doubt, the following is a hypothetical example of the application of this paragraph: if there were to occur a Mandatory Commitment Reduction June 25, 2000 in the amount of $3,500,000, the effect would be that the Scheduled Commitment Reductions on June 30, 2000 and December 31, 2000 would each be reduced to zero and the Scheduled Commitment Reduction on June 30, 2001 would be reduced to $1,000,000.
Unless otherwise specifically agreed in writing by the Required Banks, any reduction to the Total Revolving Loan Commitment pursuant to this Section 3.02(b) shall apply to reduce the remaining Scheduled Commitment Reductions on a pro rata basis (based upon --- ---- the then remaining amount of each such Scheduled Commitment Reduction after giving effect to all prior reductions thereto).
Section 14.12(a)(Z) of the Credit Agreement is hereby amended by deleting the text “(7) reduce the amount of, or extend the date of, any Scheduled Commitment Reduction without the consent of the Majority Lenders of the respective Tranche of Commitments affected thereby” in its entirety and inserting the text “(7) [Reserved]” in lieu thereof.
On each Scheduled Commitment Reduction Date, the Commitments will be permanently reduced by the Commitment Reduction Amount applicable to such Scheduled Commitment Reduction Date.
Unless otherwise specifically agreed in writing by the Required Banks, any reduction to the Total Revolving Loan Commitment pursuant to this Section 3.02(b) shall apply to reduce the Scheduled Commitment Reductions on a pro rata basis (based upon the then --- ---- remaining amount of each such Scheduled Commitment Reduction after giving effect to all prior reductions thereto).
Unless otherwise specifically agreed in writing by the Required Banks, any reduction to the Total Revolving Loan Commitment pursuant to this Section 3.02(b) shall apply to reduce the remaining Scheduled Commitment Reductions on a pro rata basis (based upon the then remaining amount --- ---- of each such Scheduled Commitment Reduction after giving effect to all prior reductions thereto).
Any such reduction shall be in an aggregate amount of $1,000,000 or integral multiples thereof and shall be applied pro rata against the reductions required on each Scheduled Commitment Reduction Date.
The Total Commitments shall be reduced and cancelled by an amount of $75,000,000 on each Scheduled Commitment Reduction Date, and shall be reduced to zero and cancelled on the Termination Date.