Mandatory Reduction of Commitments Sample Clauses

Mandatory Reduction of Commitments. (a) The Total Commitment (and the Commitment of each Lender) shall terminate in its entirety on November 30, 1999 unless the Effective Date has occurred on or before such date. (b) In addition to any other mandatory commitment reductions pursuant to this Section 3.03, on each date on or after the Effective Date on which the Borrower receives any cash proceeds from any sale of any Shares (other than cash proceeds from such sales of Shares (other than the Superior Option Shares) up to an aggregate amount which, when added to the aggregate amount of cash proceeds received by the Borrower from the incurrence by it of Indebtedness (other than Loans) which is not (or was not) required to be applied to reduce the Total Commitment pursuant to Section 3.03(c), equals $10,000,000), the Total Commitment shall be permanently reduced on such date by an amount equal to 100% of the Net Sale Proceeds from such sale. (c) In addition to any other mandatory commitment reductions pursuant to this Section 3.03, on each date on or after the Effective Date on which the Borrower receives any cash proceeds from any incurrence of Indebtedness for borrowed money (other than Indebtedness for borrowed money permitted to be incurred pursuant to Section 9.04 as such Section is in effect on the Effective Date) by the Borrower, the Total Commitment shall be permanently reduced on such date by an amount equal to 100% of the Net Debt Proceeds of the respective incurrence of Indebtedness. (d) In addition to any other mandatory commitment reductions pursuant to this Section 3.03, on each date on or after the Effective Date on which the Borrower receives any cash proceeds from any equity issuance or capital contributions (other than cash proceeds received (i) from the issuance by the Borrower of (A) options to purchase shares of its common stock or (B) shares of its common stock as a result of the exercise of any options with regard thereto, in either case to past or present officers, directors, employees and consultants of the Borrower in connection with, or pursuant to, employee stock option plans or similar incentive plans so long as the aggregate amount excluded pursuant to this clause (i) does not exceed $20,000,000 and (ii) from the exercise of any warrants to purchase common stock of the Borrower existing on the Effective Date), the Total Commitment shall be permanently reduced on such date by an amount equal to 50% of the cash proceeds of such capital contribution or sale or issuance (...