Mandatory Reduction definition

Mandatory Reduction means the required reduction of the Aggregate Capital of a Purchaser as a result of the occurrence of a Mandatory Reduction Day.

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Mandatory Reduction means a reduction in the Total Commitment effected (a) pursuant to the definition of "Total Commitment" or (b) pursuant to Section 2.3.

Mandatory Reduction means a reduction in the Total Commitment effected (a) pursuant to the definition of "Total Commitment" or (b) pursuant to Section 2.3.2.

Examples of Mandatory Reduction in a sentence

• No Event of Default, Default or any prepayment event pursuant to Clause 10 (Mandatory, Reduction, Prepayment and Cancellation) is existing or might reasonably be expected to result from the making of the Utilisation or the entry into and performance of or any transaction contemplated by any of the Finance Documents.

• By the second Business Day after the date of such notification, the Seller shall pay the Mandatory Reduction Amount to the Administrative Agent.

• The Seller shall indemnify any Purchaser for all losses, expenses and liabilities, if any (including, without limitation, any loss or expense incurred by reason of the liquidation or reemployment of deposits or other funds required by such Purchaser in connection with such Purchaser's funding or maintenance of the Receivable Interests), which such Purchaser may sustain as a result of any Mandatory Reduction.

• On any day on which a Mandatory Reduction Amount is due and payable, the Seller shall not be obligated to pay to any Purchaser any breakage costs in connection with the payment of such Mandatory Reduction Amount, even if paid on a date other than a Settlement Date.

• Amount If, on any day, the Seller knows or should know that the Percentage Interest exceeds 100%, the Servicer or the Seller shall promptly notify the Administrative Agent and the Facility Agents and shall specify the Mandatory Reduction Amount.

• In addition, if on any Business Day the Seller knows such day to be a Mandatory Reduction Day, it shall promptly notify the Purchasers and the Collection Agent and shall specify the Mandatory Reduction Amount.

• Mandatory Reduction and Termination of Commitments............................................

• Each such reduction of the Revolving Credit Commitments shall reduce, in inverse order, the mandatory reductions required on each Mandatory Reduction Date except that any such reduction of Revolving Credit Commitments pursuant to subsection 2.9(b) shall reduce pro rata the mandatory reductions then required on each remaining Mandatory Reduction Date.

• No Event of Default, Default or any prepayment event pursuant to clause 8 (Mandatory Reduction, Prepayment and Cancellation) is existing or might reasonably be expected to result from the making of the Utilisation or the entry into and performance of or any transaction contemplated by any of the Finance Documents.

• Termination and Optional and Mandatory Reduction of Revolving Credit Commitment.....................

More Definitions of Mandatory Reduction

Mandatory Reduction means the permanent reduction in the Total Commitment required pursuant to Section 2.08(b) of this Agreement in an amount equal to the greater of (i) $4,000,000.00 less any reductions (not reinstated) in the Total Commitment made since the date of the prior Mandatory Reduction or (ii) the principal amount of the Senior Notes paid on May 31, 2001 and May 31, 2002.

Mandatory Reduction has the meaning specified in Section 2.5 (Reduction and Termination of the Revolving Credit Commitments).

Mandatory Reduction. Date shall mean June 16, 1998 or any later date if the Mandatory Reduction Date shall be extended pursuant to the terms hereof.