Quarterly Reductions Clause Samples

Quarterly Reductions. On the last day of every calendar quarter, commencing June 30, 1997, the Revolving Acquisition Credit Limit shall be reduced by the amounts set forth below: Period Amount ------ ------ On June 30, 1997 $500,000 On September 30, 1997 and December 31, 1997 $750,000 per quarter From March 31, 1998 through December 31, 1998 $875,000 per quarter From March 31, 1999 through December 31, 2001 $1,000,000 per quarter On March 31, 2002 $1,500,000

Quarterly Reductions. If the RC Commitment has not been reduced to Twenty Five Million dollars ($25,000,000) by March 31, 2002, then beginning March 31, 2002, the RC Commitment shall be reduced quarterly by Two Million Five Hundred Thousand Dollars ($2,500,000) on the last day of each calendar quarter through December 31, 2002 and, beginning March 31, 2003, the RC Commitment shall be reduced quarterly by Three Million Seven Hundred Fifty Thousand Dollars ($3,750,000) on the last day of each calendar quarter (or, in the case of the last applicable calendar quarter, such lesser amount which shall result in an aggregate RC Commitment reduction of Twenty Five Million Dollars ($25,000,000)) until the earlier of (A) the Maturity Date, or (B) the date on which the RC Commitment is reduced to Twenty Five Million Dollars ($25,000,000), in the aggregate.