Automatic Reductions. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class A Pass Through Certificates or otherwise, the Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Commitment (substantially in the form of Annex IV hereto) to the Liquidity Provider (with a copy to Federal Express Corporation) within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Commitment.
Automatic Reductions. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Commitment to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Commitment.
Automatic Reductions. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class G-1 Certificates (including by reason of a Policy Provider Election with respect to one or more Series G-1 Equipment Notes), or otherwise, the Maximum Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Maximum Commitment to the Primary Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Maximum Commitment.
Automatic Reductions. Promptly following each date on which the Required Amount is reduced as a result of a reduction in the Pool Balance of the Class B Certificates or otherwise, the Commitment shall automatically be reduced to an amount equal to such reduced Required Amount (as calculated by the Borrower). The Borrower shall give notice of any such automatic reduction of the Commitment (substantially in the form of Annex IV hereto) to the Liquidity Provider within two Business Days thereof. The failure by the Borrower to furnish any such notice shall not affect such automatic reduction of the Commitment.
Automatic Reductions. At the time of any prepayment of Loans pursuant to Section 1.4, the Commitment shall be reduced by the amount of the prepayment.
Automatic Reductions. Unless the Aggregate Revolving Committed Amount has been sooner permanently reduced, in accordance with the provisions of the Credit Agreement, to or below $96,057,690, the Aggregate Revolving Committed Amount shall be automatically and permanently reduced to $96,057,690 on October 1, 2001. The Aggregate Revolving Committed Amount shall be further automatically and permanently reduced on the dates set forth below by the amount set forth opposite each such date: Date Amount ---- ---------- June 30, 2002 $2,500,000 December 31, 2002 $2,500,000 June 30, 2003 $3,750,000 December 31, 2003 $3,750,000 June 30, 2004 $7,500,000
Automatic Reductions. The "Maximum Commitment Amount" at any time of determination shall be equal to the lesser of (i) the Borrowing Base minus all amounts outstanding under the 1998 Senior Notes or (ii) the sum of the several Commitments of the Banks as shown on Schedule 1 hereto, such sum not to exceed $60,000,000, subject to ss.2.1.1 and ss.3.3 below (the "Scheduled Commitment Amount"). If, at any time, the amount in (i) above is less than the amount Outstanding hereunder, Borrower shall make mandatory payments to the Agent in such amount as necessary to reduce the amount outstanding to the Maximum Commitment Amount.
Automatic Reductions. 29 ss.3.2
Automatic Reductions. On each date set forth below, if the Revolving Commitments have not been terminated and the Aggregate Revolving Commitment Amount exceeds the amount set forth below opposite such date, the Aggregate Revolving Commitment Amount shall automatically reduce to the amount set forth opposite such date: Date Aggregate Revolving Commitment Amount October 31, 2008 $ 60,000,000 December 31, 2008 $ 40,000,000 Each reduction in the Aggregate Revolving Commitment Amount shall be distributed pro rata to each Lender’s Revolving Commitment in accordance with that Lender’s Percentage. If, after giving effect to any such reduction, the Revolving Facility Outstandings exceed the then-applicable Aggregate Revolving Commitment Amount, the Borrower shall immediately remit to the Administrative Agent an amount equal to such excess, without notice or demand by any Lender Party. Such amount shall be applied to the prepayment of the Obligations in such order as the Administrative Agent may in its sole discretion elect; and if any such amount remains after giving effect to the prepayment of all outstanding Obligations other than the undrawn amount of any outstanding Letters of Credit, such remainder shall be deposited in the L/C Cash Collateral Account and shall secure the Obligations and otherwise be governed in accordance with Section 7.3.
Automatic Reductions. Unless previously terminated, the Commitments shall automatically and irrevocably terminate upon the expiration of the Availability Period.
