Common use of Mandatory Reductions in Commitments Clause in Contracts

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. (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 (i) 50% of the amount Net Cash Proceeds in excess of any voluntary reductions $30,000,000 in the Commitments that has been previously applied against aggregate from Dispositions and (ii) 100% of the Net Cash Proceeds in excess of $1,000,000 from any issuance of Indebtedness (except Indebtedness of the type described in clauses (b), (c), (e) and (f) of the definition thereof, purchase money financing, Indebtedness otherwise incurred in the Ordinary Course of Business and Guaranty Obligations in respect of such Reduction Amount Indebtedness), on such Reduction Datethe date of receipt by Borrower or its Subsidiaries. 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.