Common use of Mandatory Commitment Reductions Clause in Contracts

Mandatory Commitment Reductions. (a) Scheduled Reductions under the Revolving Loan Commitment. Commencing on September 30, 2000 and at the end of each fiscal quarter thereafter, the Revolving Loan Commitment as of September 29, 2000 shall be automatically and permanently reduced by the percentage amount set forth below for and on the dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): Percentage Reduction to Revolving Loan Commitment as of Reduction Dates September 29, 2000 --------------- ------------------ September 30, 2000 and December 31, 2000 5.000% March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 3.750% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 3.750% March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 5.000% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 6.250% March 31, 2005 and June 30, 2005 7.500%

Appears in 1 contract

Samples: Loan Agreement (Gray Communications Systems Inc /Ga/)

AutoNDA by SimpleDocs

Mandatory Commitment Reductions. (a) Scheduled Reductions under the Revolving Loan CommitmentCommitments. Commencing March 31, 2003, and on September 30, 2000 and at the end last day of each fiscal calendar quarter thereafterending during the periods set forth below, the Revolving Loan Commitment as of September 29, 2000 Commitments shall be automatically and permanently reduced until reduced to zero by the percentage amount dollar amounts set forth below for and on the dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): Percentage below: Quarterly Amount of Revolving Reduction to Revolving Dates Loan Commitment as of Reduction Dates September 29, 2000 --------------- ------------------ September 30, 2000 and December 31, 2000 5.000% March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 3.750% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 3.750% ------------------------------------------------- -------------------------- March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 5.000% $ 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, 2005 7.500%2007 $46,915,414.99

Appears in 1 contract

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

Mandatory Commitment Reductions. (a) Scheduled Reductions under the Revolving Loan Commitment. Commencing on September 30March 31, 2000 2004 and at the end of each fiscal quarter thereafter, the Revolving Loan Commitment as of September 29March 30, 2000 2004 shall be automatically and permanently reduced by the percentage amount set forth below for and on the dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): Percentage Reduction to Revolving Loan Commitment as of March 30, 2004 -------------------------------------- Reduction Dates September 29, 2000 --------------- ------------------ September 30, 2000 and December 31, 2000 5.000% March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 3.750% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 3.750% March 31, 2003, June 30, 2003, September 30, 2003 and December 31, 2003 5.000% March 31, 2004, June 30, 2004, September 30, 2004 and December 31, 2004 1.250% March 31, 2005, June 30, 2005, September 30, 2005 and December 31, 2005 2.500% March 31, 2006, June 30, 2006, September 30, 2006 and December 31, 2006 3.750% March 31, 2007, June 30, 2007, September 30, 2007 and December 31, 2007 5.000% March 31, 2008, June 30, 2008, September 30, 2008 and December 31, 2008 6.250% March 31, 2005 and 2009, June 30, 2005 7.5002009, September 30, 2009 and December 31, 2009 6.250%

Appears in 1 contract

Samples: Loan Agreement (Gray Television Inc)

AutoNDA by SimpleDocs

Mandatory Commitment Reductions. (a) Scheduled Reductions under the Revolving Loan Commitment. Commencing on September June 30, 2000 2002 and at the end of each fiscal quarter thereafter, the Revolving Loan Commitment as of September June 29, 2000 2002 shall be automatically and permanently reduced by the percentage amount set forth below for and on the dates indicated (which reductions are in addition to those set forth elsewhere in this Agreement): Percentage Reduction to Revolving Loan Commitment as of Scheduled Reduction Dates September June 29, 2000 --------------- ------------------ September 30, 2000 and December 31, 2000 5.000% March 31, 2001, June 30, 2001, September 30, 2001 and December 31, 2001 3.750% March 31, 2002, 2002 ------------------------- --------------------- June 30, 2002, September 30, 2002 and 2002, December 31, 2002 3.750% and March 31, 2003, 2003 3.75% June 30, 2003, September 30, 2003 and 2003, December 31, 2003 5.000% and March 31, 2004, 2004 3.75% June 30, 2004, September 30, 2004 and 2004, December 31, 2004 6.250% and March 31, 2005 and 5.00% June 30, 2005, September 30, 2005, December 31, 2005 7.500and 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

Samples: Loan Agreement (Benedek Communications Corp)

Time is Money Join Law Insider Premium to draft better contracts faster.