Scheduled Reduction definition
Examples of Scheduled Reduction in a sentence
As a result of such exclusive participation in the Temporary Increase Tranche, the Principal Obligations may from time to time prior to the Scheduled Reduction Date be allocated amongst the Lenders in proportions other than their pro rata share of the aggregate Commitments.
At any time prior to the Scheduled Reduction Date, to the extent that (i) the Principal Obligations equal or exceed the Commitments under the Primary Tranche and (ii) the aggregate Principal Obligations do not exceed the Available Commitment and subject to the other terms and conditions set forth herein, any Loan requested by a Borrower in accordance with Section 2.3(a) shall be funded as a Temporary Increase Loan.
The unpaid principal amount of the Obligations with respect to Temporary Increase Loans that are outstanding on the Scheduled Reduction Date, together with all accrued but unpaid interest thereon, shall be due and payable on the Scheduled Reduction Date and the Maximum Commitment shall automatically decrease by the aggregate amount of the Temporary Increase Commitments without any further action by any party hereto.
Notwithstanding the foregoing, the Lenders may at their discretion and by unanimous consent redetermine the Borrowing Base and the Scheduled Reduction Amount at any time and from time to time.
On or before the Scheduled Reduction Date, the Borrowers shall prepay without further demand all amounts necessary so that the principal balance of Loans outstanding does not exceed the Maximum Commitment as of the Scheduled Reduction Date to the Administrative agent for the benefit of the Lenders.
No Voluntary Permanent Reduction or Mandatory Commitment Reductions shall relieve or otherwise defer the making of each Scheduled Reduction on each Reduction Date.
In the event that ▇▇▇▇▇▇ does not meet all of the foregoing conditions set forth in clauses (i) through (v) of the immediately preceding sentence at the beginning of the fourth (4) Rent Year, then the First Scheduled Reduction Date shall be deferred until such date as Tenant has met such conditions.
The Revolving Loan Commitment Amount shall be permanently reduced on the dates and in the amounts set forth below: Date Scheduled Reduction ; provided that the scheduled reductions of the Revolving Loan Commitment Amount set forth above shall be reduced in connection with any voluntary or mandatory reductions of the Revolving Loan Commitment Amount in accordance with subsection 2.4(b)(iv).
Any such reduction in the Revolving Commitments shall be applied to, and serve to reduce, the Regularly Scheduled Reduction Amounts which would otherwise be required under subsection (i) hereof in the inverse order of reduction dates.
On the Scheduled Reduction Date, each Bank shall surrender to Agent its Revolving Loan Notes for replacement and Borrower, at its own expense, shall execute and deliver to Agent in exchange for the surrendered Revolving Loan Notes, a new Revolving Loan Note to the order of each Bank in the amount of such Bank's Commitment after the Scheduled Reduction Date, dated the Scheduled Reduction Date and otherwise in the form of the Revolving Loan Note replaced thereby.