AUTOMATIC REDUCTION IN COMMITMENTS Clause Samples
AUTOMATIC REDUCTION IN COMMITMENTS. The Short-term and Long-term Acquisition Commitments shall each be automatically reduced, on a dollar-for-dollar basis, with each payment or prepayment of the outstanding principal balance of the Short-term and Long-term Acquisition Loans, respectively. Each reduction of the Long-term Acquisition Commitment under this Section 2.11(b) shall also result in an automatic reduction of the Letter of Credit Commitment on a nine dollar-to-one dollar basis. Any reduction in the Commitments for any line of credit hereunder shall permanently reduce each Lender's corresponding Commitment, so that, after giving effect to such reduction, each Lender's pro rata share of the Commitments for such line of credit will be unchanged.
AUTOMATIC REDUCTION IN COMMITMENTS. If the Total Outstandings are less than $135,000,000 on March 29, 2009, then, unless the Aggregate Commitments are less than $135,000,000 on such date, the Aggregate Commitments shall be automatically and permanently reduced to $135,000,000 as of such date. Any reduction in Aggregate Commitments pursuant to this paragraph shall be applied to the Commitment of each Lender according to its Applicable Percentage.”