Mandatory Reductions in Commitments Sample Clauses
Mandatory Reductions in Commitments. The Commitments shall be permanently reduced by the amount of any payment made pursuant to Section 3.01(b) which is applied to the Revolving Credit Obligations; provided, however, that no mandatory reduction of the Commitment required pursuant to Section 3.01(b) shall cause the Commitments to be reduced to an amount less than $50,000,000. The Revolving Loan Commitment Amount will automatically reduce by an amount equal to $2,500,000 on each Quarterly Payment Date commencing on September 30, 1998.
Mandatory Reductions in Commitments. (a) The combined Commitments shall automatically and ratably be reduced on each Reduction Date by the applicable Reduction Amount.
(b) All accrued commitment fees to, but not including the effective date of each reduction shall be paid on the effective date thereof such reduction.
Mandatory Reductions in Commitments. (a) The combined Commitments shall automatically and ratably be reduced on each Reduction Date by the Reduction Amount applicable on such date. The amount of any Reduction Amount shall be reduced by an amount equal to the amount of any voluntary reductions in the Commitments that has been previously applied against such Reduction Amount on such Reduction Date. The combined Commitments shall be reduced to zero on the Maturity Date.
(b) All accrued facility fees to but not including the effective date of each reduction shall be paid on the effective date thereof such reduction.
(c) If, after giving effect to any of the foregoing reductions, the aggregate principal amount of all Committed Loans and Competitive Loans exceeds the combined Commitments, Borrower shall immediately prepay Committed Loans in an aggregate amount equal to such excess. Any prepayment of a Loan other than a Base Rate Loan shall be accompanied by all accrued interest thereon, together with the costs set forth in Section 3.5.
Mandatory Reductions in Commitments. The Commitments shall be permanently reduced by the amount of each payment made pursuant to Section 3.01(b) which is applied to the Revolving Credit Obligations or deposited in the Cash Collateral Account.
Mandatory Reductions in Commitments. At such time as the Borrower or any of its Subsidiaries consummates an Asset Disposition, the Borrower shall immediately notify the Agent of (a) the consummation of such Asset Disposition and (b) the amount of Net Cash Proceeds received by the Borrower or Subsidiary in connection with such Asset Disposition. The Credit Parties hereby agree that the aggregate amount of the Revolving Commitments shall be permanently reduced by an amount equal to the Net Cash Proceeds received by the Borrower or any Subsidiary from each such Asset Disposition.