Common use of Mandatory Commitment Reductions Clause in Contracts

Mandatory Commitment Reductions. (a) Scheduled Reductions in Facility A Commitment. Commencing March 31, 2001 and at the end of each calendar quarter thereafter, the Facility A Commitment shall be automatically and permanently reduced by an amount equal to the percentage of the Facility A Commitment as in effect on the Agreement Date, as set forth below: Amount of Dates of Facility A Commitment Reductions Each Reduction ----------------------------------------- -------------- March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 6.250% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 6.250% March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 6.250% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 6.250%

Appears in 1 contract

Sources: Loan Agreement (Metrocall Inc)

Mandatory Commitment Reductions. (a) Scheduled Reductions in Facility A CommitmentReductions. Commencing March 31, 2001 2000, and at the end -------------------- of each calendar quarter thereafter, the Facility A Commitment (based upon the Commitment as of January 1, 2000) shall be automatically and permanently reduced by an amount equal to the percentage of the Facility A Commitment as in effect on the Agreement Date, as set forth below: Amount below (which reductions are in addition to those set forth in Section 2.5(b) and Section 2.6 hereof): ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ of Reduction of Commitment Dates of Facility A Commitment Reductions Each Reduction ----------------------------------------- -------------- as of January 1, 2000 ----------------------------- ---------------------- March 31, 2000, June 30, 2000, September 30, 2000 and December 31, 2000 0.78125% March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 6.2502.18750% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 6.2503.43750% March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 6.2504.37500% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 6.2505.62500% March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005 6.25000% March 31, 2006 9.37500%

Appears in 1 contract

Sources: Loan Agreement (Teleport Communications Group Inc)

Mandatory Commitment Reductions. (a) Scheduled Reductions in Facility A Commitmentunder Revolving Loan Commitments. Commencing March 31, 2001 2003, and at on the end last day of each calendar quarter thereafterending during the periods set forth below, the Facility A Commitment Revolving Loan Commitments shall be automatically and permanently reduced until reduced to zero by an amount equal to the percentage of the Facility A Commitment as in effect on the Agreement Date, as dollar amounts set forth below: Quarterly Amount of Revolving Reduction Dates of Facility A Loan Commitment Reductions Each Reduction ----------------------------------------- -------------- March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 6.250% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 6.250% ------------------------------------------------- -------------------------- March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 6.250% $ 9,706,637.58 March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 6.250%$35,591,004.47 March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005 $45,297,642.05 March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006 $47,724,301.45 March 31, 2007 and June 30, 2007 $46,915,414.99

Appears in 1 contract

Sources: Loan Agreement (American Tower Corp /Ma/)

Mandatory Commitment Reductions. (a) Scheduled Reductions in Facility A under the Revolving Loan Commitment. Commencing March 31on June 30, 2001 2002 and at the end of each calendar fiscal quarter thereafter, the Facility A Revolving Loan Commitment as of June 29, 2002 shall be automatically and permanently reduced by an amount equal to the percentage of amount set forth below for the Facility A dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): Percentage Reduction to Revolving Loan Commitment as in effect on the Agreement Dateof Scheduled Reduction Dates June 29, as set forth below: Amount of Dates of Facility A Commitment Reductions Each Reduction ----------------------------------------- -------------- March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 6.250% March 31, 2002, 2002 ------------------------- --------------------- June 30, 2002, September 30, 2002 and 2002, December 31, 2002 6.250% and March 31, 2003, 2003 3.75% June 30, 2003, September 30, 2003 and 2003, December 31, 2003 6.250% and March 31, 2004, 2004 3.75% June 30, 2004, September 30, 2004 and 2004, December 31, 2004 6.250and March 31, 2005 5.00% June 30, 2005, September 30, 2005, December 31, 2005 and March 31, 2006 6.25% June 30, 2006, September 30, 2006, December 31, 2006 and Revolving Loan Maturity Date 6.25%

Appears in 1 contract

Sources: Loan Agreement (Benedek Communications Corp)

Mandatory Commitment Reductions. (a) Scheduled Reductions in Facility A Commitmentunder Revolving Loan Commitments. Commencing ----------------------------------------------------- March 31, 2001 2003, and at on the end last day of each calendar quarter thereafterending during the periods set forth below, the Facility A Commitment Revolving Loan Commitments as of March 30, 2003 shall be automatically and permanently reduced until reduced to zero by an amount equal to the percentage of the Facility A Commitment as in effect on the Agreement Date, as amounts set forth below: Amount Quarterly Percentage of Revolving Loan Commitment as of Reduction Dates of Facility A Commitment Reductions Each Reduction ----------------------------------------- -------------- March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 6.250% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 6.250% 2003 --------------- -------------- March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 6.2501.500% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 6.2505.500% March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005 7.000% March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006 7.375% March 31, 2007 and June 30, 2007 7.250%

Appears in 1 contract

Sources: Loan Agreement (American Tower Corp /Ma/)