Mandatory Reduction of Revolving Loan Commitments. (a) The Total Revolving Loan Commitment (and the Revolving Loan Commitment of each Bank) shall terminate in its entirety on May 30, 1997 unless the Effective Date has occurred on or before such date.
Mandatory Reduction of Revolving Loan Commitments. (a) In addition to any other mandatory commitment reductions pursuant to this Section 4.03, the Total Revolving Loan Commitment shall terminate in its entirety upon the earlier of (i) the Revolving Loan Maturity Date and (ii) unless the Required Lenders otherwise agree in writing, the date on which a Change of Control occurs.
Mandatory Reduction of Revolving Loan Commitments. The Total Revolving Loan Commitment shall be automatically and permanently reduced to zero on the Maturity Date.
Mandatory Reduction of Revolving Loan Commitments. (i) The Total Revolving Loan Commitment shall be automatically and permanently reduced by an amount equal to the maximum amount that would be required to be applied as a mandatory prepayment of the Swing Line Loans and the Revolving Loans pursuant to Section 2.06(c)(iii) or (iv) or Section 2.06(d) if the Effective Amount of such Loans was then equal to the amount of such Commitment (but without regard to the actual usage of such Commitment), such reduction to be effective on the date of the required prepayment.
Mandatory Reduction of Revolving Loan Commitments. (a) The Total Revolving Loan Commitment shall be permanently reduced on each date on which the Company or any of its Subsidiaries receives Net Cash Proceeds from any sales of Collateral in excess of $1,000,000 individually or $2,000,000 in the aggregate in any consecutive twelve month period to the extent of the Net Cash Proceeds so received.
Mandatory Reduction of Revolving Loan Commitments. Subject to Section 2.06, no mandatory reduction shall be required pursuant to this Section 2.08 until the aggregate amount of Asset Sales (based on the Asset Values thereof but excluding Asset Sales resulting from loss, damage, destruction or taking where the proceeds thereof are utilized so as to be excluded from the definition of Net Proceeds) occurring after November 30, 1992, exceeds $2,500,000. Within ten (10) Business Days after each date on or prior to the Conversion Date on which any Consolidated Company receives any Net Proceeds as a result of or in connection with an Asset Sale by any Consolidated Company, the Revolving Loan Commitments shall be permanently and ratably reduced by an amount equal to one hundred percent (100%) of such Net Proceeds plus interest accrued and unpaid on the amount of such prepayment. Any such reduction of the Revolving Loan Commitments shall apply as a proportional and permanent reduction of the Revolving Loan Commitments of each of the Lenders. If the aggregate outstanding amount of the Revolving Loans exceeds the amount of the Revolving Loan Commitments as so reduced, Nelsxx xxxll immediately repay the Revolving Loans by an amount equal to such excess. Nothing in this Section 2.08 shall be deemed to authorize any Asset Sale not permitted by Section 8.03. Each mandatory prepayment of Revolving Loans pursuant to this Section 2.08 shall be applied first to Base Rate Advances to the full extent thereof before application to LIBOR Advances; provided, however, that, so long as no Default or Event of Default has occurred and is continuing, in lieu of application of such prepayment to LIBOR Advances prior to the expiration of the respective Interest Periods with respect thereto, Nelsxx, xx its option, may execute an Escrow Letter with respect to such prepayment and deposit with the Agent funds equal to the amount of such prepayment for application in accordance with the terms of such Escrow Letter.
Mandatory Reduction of Revolving Loan Commitments. In addition to the voluntary reductions of the Revolving Loan Commitments permitted pursuant to Section 2.03 hereof, the Revolving Loan Commitments shall automatically be reduced, proportionately and permanently on each of the following dates (the "Mandatory Reduction Dates"), by an aggregate amount equal to the amount set forth opposite such date: Mandatory Reduction Amount of Date Reduction ___________________ ____________ August 31, 1996 $ 5,000,000 August 31, 1997 $10,000,000 provided, however, that if the Revolving Loan Commitments have previously been reduced by such amount prior to the respective Mandatory Reduction Date pursuant to Section 2.03 hereof, no further reduction shall be required. To the extent that the sum of the Borrowings outstanding under the Revolving Loan Commitments plus the Environmental Letter of Credit Obligations are in excess of the reduced amount of the Revolving Loan Commitments on such Mandatory Reduction Date, Intermet shall immediately repay any such excess Borrowings and, if the outstanding Environmental Letter of Credit Obligations still exceed the reduced amount of the Revolving Loan Commitments, shall cash-collateralize, to the extent of such excess, the Environmental Letter of Credit Obligations on terms and conditions satisfactory to the Agent.
Mandatory Reduction of Revolving Loan Commitments. (a) The Total Revolving Loan Commitment (and the Revolving Loan Commitment of each Revolving Credit Lender) shall terminate in their entirety on February 15, 2007.
Mandatory Reduction of Revolving Loan Commitments. (a) In addition to any other mandatory commitment reductions pursuant to this Section 3.03, on the third Business Day after each date on or after the Restatement Effective Date on which Holdings or any of its Subsidiaries receives Cash Proceeds from any Asset Sale (or, in the case of an Asset Sale in which payments to Holdings or any of its Subsidiaries originate from outside the United States, within five Business Days after the date of receipt of such Cash Proceeds), the Total Revolving Loan Commitment shall be permanently reduced by an amount equal to 100% (or, if on the date of any Asset Sale (i) no Default or Event of Default then exists and (ii) the Pro Forma Leverage Ratio is less than 3.00:1.00, 75 %) of the Net Cash Proceeds from such Asset Sale, provided that with respect to no more than $50,000,000 in the aggregate of such Net Cash Proceeds in any fiscal year of the Borrower, such Net Cash Proceeds shall not give rise to a reduction to the Total Revolving Loan Commitment on such date to the extent that no Default or Event of Default then exists and the Borrower intends that such Net Cash Proceeds shall be used to purchase assets used or to be used in the businesses permitted pursuant to Section 8.01 (including, without limitation (but only to the extent permitted by Section 8.02), the purchase of the capital stock of a Person engaged in such businesses) within one year following the date of receipt of such Net Cash Proceeds from such Asset Sale, and provided further, that (1) if all or any portion of such Net Cash Proceeds are not so used (or contractually committed to be used) within such one year period, the Total Revolving Loan Commitment shall be permanently reduced on the last day of such period by an amount equal to such remaining portion and (2) if all or any portion of such Net Cash Proceeds are not so used within such one year period referred to in clause (1) above because such amount is contractually committed to be used and subsequent to such date such contract is terminated or expires without such portion being so used, the Total Revolving Loan Commitment shall be permanently reduced on the date of such termination or expiration by an amount equal to such remaining portion.
Mandatory Reduction of Revolving Loan Commitments. Notwithstanding anything contained herein to the contrary, on September 30, 2013, the Borrower shall prepay all outstanding Revolving Loans in excess of $900,000, whereupon the Aggregate Revolving Loan Commitments of the Lenders shall be permanently and automatically reduced to $900,000. Such reduction shall apply to each Lender’s Revolving Loan Commitment on a pro rata basis.
