Common use of Mandatory Commitment Reductions Clause in Contracts

Mandatory Commitment Reductions. (a) Scheduled Reductions. Commencing March 31, 2000, and at the end -------------------- of each calendar quarter thereafter, the Commitment (based upon the Commitment as of January 1, 2000) shall be automatically and permanently reduced as set forth 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 Commitment 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 2.18750% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 3.43750% March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 4.37500% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 5.62500% 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. Commencing March 31, 2000, 2001 and at the end -------------------- of each calendar fiscal quarter thereafter, the Commitment (based upon Uncollateralized Portion of the Commitment as of January 1in effect on March 30, 2000) 2001, shall be automatically and permanently reduced as by the percentages set forth below (which reductions are in addition to those set forth in Section 2.5(b) and Section 2.6 hereof): ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ of below: Quarterly Percentage Reduction of the Uncollateralized Portion of the Commitment in Effect Dates of Commitment Reduction as of January 1, 2000 ----------------------------- ---------------------- on March 31, 2000, June 30, 2000, September 30, 2000 and December 31, 2000 0.78125% 2001 ----------------------------- --------------------------- March 31, 2001, June 30, 2001, September 30, 2.500% 2001 and December 31, 2001 2.18750% March 31, 2002, June 30, 2002, September 30, 7.500% 2002 and December 31, 2002 3.43750% March 31, 2003, June 30, 2003, September 30, 7.500% 2003 and December 31, 2003 4.37500% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 5.62500% March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005 6.25000% March 31, 2006 9.37500%2003

Appears in 1 contract

Sources: Loan Agreement (Paging Network Inc)

Mandatory Commitment Reductions. (a) Scheduled ReductionsReductions in Facility A Commitment. Commencing March 31, 2000, 2001 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 (which reductions are in addition to those set forth in Section 2.5(b) and Section 2.6 hereof): ▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇▇ below: Amount 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 2.187506.250% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 3.437506.250% March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 4.375006.250% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 5.62500% March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005 6.25000% March 31, 2006 9.375006.250%

Appears in 1 contract

Sources: Loan Agreement (Metrocall Inc)

Mandatory Commitment Reductions. (ai) Scheduled ReductionsReductions in the Revolving Commitment. (A) Scheduled Quarterly Reductions in the Revolving Commitment. Commencing March 31, 2000, and at the end -------------------- of each calendar quarter thereafter, the Commitment (based upon the Commitment as of January 1, 2000) shall be automatically and permanently reduced as set forth 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 Commitment Reduction as of January 1, 2000 ----------------------------- ---------------------- March 31, 2000, June September 30, 2000, the Revolving Commitment in effect on such date shall be reduced thereafter from time to time by the Reduction Percentage set forth below on such dates as are set forth below: Date of Reduction Reduction Percentage ----------------- -------------------- 0100.0269\91958 30 September 30, 2000 and 3.750% December 31, 2000 0.781253.750% March 31, 2001, 2001 3.750% June 30, 2001, 2001 3.750% September 30, 2001 and 3.750% December 31, 2001 2.187503.750% March 31, 2002, 2002 5.000% June 30, 2002, 2002 5.000% September 30, 2002 and 5.000% December 31, 2002 3.437505.000% March 31, 2003, 2003 5.000% June 30, 2003, 2003 5.000% September 30, 2003 and 5.000% December 31, 2003 4.375005.000% March 31, 2004, 2004 5.625% June 30, 2004, 2004 5.625% September 30, 2004 and 5.625% December 31, 2004 5.625005.625% March 31, 2005, June 30, 2005, September 30, 2005 and December 7.500% July 31, 2005 6.25000% March 317.500%, 2006 9.37500%and the Revolving Commitment shall be zero

Appears in 1 contract

Sources: Credit Agreement (Gci Inc)