Mandatory Commitment Reduction. Upon the consummation of any Disposition (other than any Disposition permitted under clauses (a) through (h) of Section 7.05) by the Company or any Subsidiary, the Aggregate Commitments shall be reduced by an amount equal to the Net Disposition Proceeds of such Disposition; provided, that the following shall not be subject to a reduction of the Aggregate Commitments pursuant to this clause (b): (x) Net Disposition Proceeds that are reinvested in equipment or other assets within ninety (90) days following receipt thereof and (y) Net Disposition Proceeds of such Dispositions not reinvested as described in the foregoing clause (x) of less than $50,000,000 in the aggregate in any fiscal year. In connection with any such reduction of the Aggregate Commitments, the Borrowers shall prepay Loans and/or the Company shall Cash Collateralize the L/C Obligations in an aggregate amount sufficient to reduce the Total Outstanding as of the date of such reduction to an amount not to exceed the Aggregate Commitments after giving effect to such reduction; provided, however, that, subject to the provisions of Section 2.03(g)(ii), the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.06(b) unless after the prepayment in full of the Loans the Total Outstandings exceed the Aggregate Commitments after giving effect to such reduction.
Mandatory Commitment Reduction. (i) If any Event of Default has occurred and is continuing, at the election of the Required Lenders, each repayment of any Loans made pursuant to clauses (ii) through (vii) or clause (ix) of Section 3.1.2(b) applied to any Multi-Draw Term Loan prior to the Multi-Draw Term Loan Commitment Termination Date, any Swingline Loan, any Revolving Loan, or to reduce the Aggregate Letter of Credit Usage by providing collateral pursuant to Section 4.14 shall permanently reduce both the outstanding balance of such Loan and the Commitment corresponding to such Loan. If the amount required to be prepaid by clauses (ii) through (vii) or (ix) of Section 3.1.2(b) exceeds the outstanding balance of all Loans and the Letter of Credit Usage, the Commitments shall be permanently reduced by an amount equal to such excess and such reduction shall be applied as follows: (A) first pro rata to the Multi-Draw Term Loan Commitment and any Incremental Term Loan Commitment (if and when applicable); and (B) second, after the Multi-Draw Term Loan Commitment and any Incremental Term Loan Commitment (if and when applicable) have been permanently reduced to zero, to the Revolving Loan Commitment.
Mandatory Commitment Reduction. On each date a Revolving Loan Commitment reduction is required pursuant to Section 2.6(b), the Revolving Loan Commitments shall, without any further action, automatically and permanently be reduced by such amount.
Mandatory Commitment Reduction. Upon consummation of any Permitted Disposition, the Borrower shall deliver to the Lender a statement detailing the net cash proceeds received on account of such Permitted Disposition and not subject to any restriction on use by the Loan Parties, and the Commitment of the Lender shall be automatically and permanently reduced in the amount of such unrestricted net cash proceeds, or the Borrower shall make any mandatory prepayment required in accordance with Section 2.12(b).
Mandatory Commitment Reduction. The Commitments shall automatically and permanently reduced by an amount equal to $50,000,000 on March 31, 2006.
Mandatory Commitment Reduction. Unless Majority Revolving Lenders otherwise agree, if any Specified Default exists at the time any mandatory prepayment or repayment of any Class of Term Loans is otherwise required to be made pursuant to Section 2.05(b) or 2.07(a), then the Revolving Credit Commitments shall be permanently reduced by the amount of the mandatory prepayment or repayment of such Class of Term Loans otherwise required to be applied to the prepayment or repayment of such Class of Term Loans pursuant to Section 2.05(b) or 2.07(a) in the absence of Section 2.12(h) and this Section 2.06(b).
Mandatory Commitment Reduction. On each date a payment is required ------------------------------ pursuant to Section 2.6(d), the Commitments shall, without any further action, ------------- automatically and permanently be reduced by the amount of such required payment.
Mandatory Commitment Reduction. In the event and on each occasion that, prior to the termination of the Commitments in accordance with Section 5.7.1 [Termination of the Commitments] or 5.7.2 [Voluntary Commitment Reduction], any Net Cash Proceeds are received by or on behalf of the Borrower or any of its Subsidiaries (as applicable) in respect of any Commitment Reduction/Prepayment Event, (i) the Borrower shall, within three Business Days following the day of such receipt, deliver to the Administrative Agent a notice thereof setting forth the nature of such Commitment Reduction/Prepayment Event and the amount of such Net Cash Proceeds (together with a reasonably detailed calculation thereof), and (ii) the Commitments will be automatically and permanently reduced ratably by the amount of such Net Cash Proceeds (or, if less, by the aggregate amount of the Commitments then in effect), such reduction to be effective on the day on which such Net Cash Proceeds are received; provided, that in the case of any Commitment Reduction/Prepayment Event described in clause (c) or (d) of the definition of such term, (x) (A) no proceeds realized in a single transaction or series of related transactions shall constitute Net Cash Proceeds unless such proceeds shall exceed $10,000,000 and (B) no proceeds in respect of Commitment Reduction/Prepayment Events described in such clause of the definition thereof shall constitute Net Cash Proceeds until the aggregate amount of all such proceeds since the Signing Date, without giving effect to clause (x)(A) above, shall exceed $25,000,000, (y) if the Borrower shall, in such notice to the Administrative Agent, state that the Borrower intends to cause the Net Cash Proceeds from such Commitment Reduction/Prepayment Event (or a portion thereof specified in such notice) to be applied, or committed to be applied, within 180 days after receipt of such Net Cash Proceeds to acquire, construct, improve, upgrade or repair assets (other than cash or cash equivalents) to be used in the business of the Borrower and its Subsidiaries, or to consummate any business acquisition by the Borrower or any of its Subsidiaries, then the amount of the reduction of the Commitments under this Section 5.7.3 on account of such Commitment Reduction/Prepayment Event shall be reduced by the amount of the Net Cash Proceeds specified by the Borrower in such notice as intended to be so reinvested; and (z) to the extent that any proceeds from a Commitment Reduction/Prepayment Event described in clause...
Mandatory Commitment Reduction. If any event described in the second sentence of Section 6.2 occurs, then the Commitments shall be reduced as described in such Section 6.2. If on the Closing Date, after giving effect to the U.S. Loans requested to be made on the Closing Date pursuant to Section 8.1, with respect to the U.S. Tranche, the U.S. Aggregate Commitments exceeds the U.S. Loans requested to be made on such date, then the U.S. Aggregate Commitments shall be automatically and permanently reduced by an amount equal to such excess.
Mandatory Commitment Reduction. If, on or before the sixtieth (60th) day after the Closing Date, either (i) the MCI Merger has not been consummated and all necessary and material consents and approvals have not been obtained with respect to the MCI Merger, or (ii) Borrower has not satisfied the requirements of 364-DAY REVOLVING CREDIT AND TERM LOAN AGREEMENT
