Common use of Automatic Reduction Clause in Contracts

Automatic Reduction. Promptly following each date on which the Required Amount with respect to this Agreement is reduced as a result of a reduction (or deemed reduction) in the Pool Balance of the Certificates or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower); PROVIDED that on the first Regular Distribution Date, the Maximum Commitment shall automatically be reduced to the Required Amount then in effect with respect to this Agreement. The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.

Automatic Reduction. Promptly following each date on which the Required Amount with respect to this Agreement is reduced as a result of a reduction (or deemed reduction) in the Pool Balance of the Class G-2 Certificates (including by reason of a Policy Provider Election with respect to one or more Series G-2 Equipment Notes) or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower); PROVIDED that on the first Regular Distribution Date, the Maximum Commitment shall automatically be reduced to the then Required Amount then in effect with respect to this AgreementAmount. The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Primary Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.