Mandatory Commitment Reduction. Upon the consummation of any Disposition (other than any Disposition permitted under clauses (a) through (h) of Section 7.05) by the Company or any Subsidiary, the Aggregate Commitments shall be reduced by an amount equal to the Net Disposition Proceeds of such Disposition; provided, that the following shall not be subject to a reduction of the Aggregate Commitments pursuant to this clause (b): (x) Net Disposition Proceeds that are reinvested in equipment or other assets within ninety (90) days following receipt thereof and (y) Net Disposition Proceeds of such Dispositions not reinvested as described in the foregoing clause (x) of less than $50,000,000 in the aggregate in any fiscal year. In connection with any such reduction of the Aggregate Commitments, the Borrowers shall prepay Loans and/or the Company shall Cash Collateralize the L/C Obligations in an aggregate amount sufficient to reduce the Total Outstanding as of the date of such reduction to an amount not to exceed the Aggregate Commitments after giving effect to such reduction; provided, however, that, subject to the provisions of Section 2.03(g)(ii), the Borrowers shall not be required to Cash Collateralize the L/C Obligations pursuant to this Section 2.06(b) unless after the prepayment in full of the Loans the Total Outstandings exceed the Aggregate Commitments after giving effect to such reduction.
Mandatory Commitment Reduction. (i) If any Event of Default has occurred and is continuing, at the election of the Required Lenders, each repayment of any Loans made pursuant to clauses (ii) through (vii) or clause (ix) of Section 3.1.2(b) applied to any Multi-Draw Term Loan prior to the Multi-Draw Term Loan Commitment Termination Date, any Swingline Loan, any Revolving Loan, or to reduce the Aggregate Letter of Credit Usage by providing collateral pursuant to Section 4.14 shall permanently reduce both the outstanding balance of such Loan and the Commitment corresponding to such Loan. If the amount required to be prepaid by clauses (ii) through (vii) or (ix) of Section 3.1.2(b) exceeds the outstanding balance of all Loans and the Letter of Credit Usage, the Commitments shall be permanently reduced by an amount equal to such excess and such reduction shall be applied as follows: (A) first pro rata to the Multi-Draw Term Loan Commitment and any Incremental Term Loan Commitment (if and when applicable); and (B) second, after the Multi-Draw Term Loan Commitment and any Incremental Term Loan Commitment (if and when applicable) have been permanently reduced to zero, to the Revolving Loan Commitment.
Mandatory Commitment Reduction. On each date a Revolving Loan Commitment reduction is required pursuant to Section 2.6(b), the Revolving Loan Commitments shall, without any further action, automatically and permanently be reduced by such amount.
Mandatory Commitment Reduction. Upon consummation of any Permitted Disposition, the Borrower shall deliver to the Lender a statement detailing the net cash proceeds received on account of such Permitted Disposition and not subject to any restriction on use by the Loan Parties, and the Commitment of the Lender shall be automatically and permanently reduced in the amount of such unrestricted net cash proceeds, or the Borrower shall make any mandatory prepayment required in accordance with Section 2.12(b).
Mandatory Commitment Reduction. On each date a payment is required ------------------------------ pursuant to Section 2.6(d), the Commitments shall, without any further action, ------------- automatically and permanently be reduced by the amount of such required payment.
Mandatory Commitment Reduction. The Commitment shall automatically and permanently be reduced by (i) an amount equal to $25,000,000 on September 30, 2006 and (ii) by an amount equal to $25,000,000 on March 31, 2007.
Mandatory Commitment Reduction. Unless Majority Revolving Lenders otherwise agree, if any Specified Default exists at the time any mandatory prepayment of Term Loans is otherwise required to be made pursuant to Section 2.05(b) or 2.07(a), then the Revolving Credit Commitments shall be permanently reduced by the amount of the mandatory prepayment of Term Loans otherwise required to be applied to the prepayment of Term Loans pursuant to Section 2.05(b) or 2.07(a) in the absence of Section 2.05(b)(x) and this Section 2.06(b).
Mandatory Commitment Reduction. Except to the extent previously reduced pursuant to the provisions
Mandatory Commitment Reduction. It is acknowledged that the NCES/PROH Letter of Credit is a reducing Letter of Credit. The aggregate Commitments shall be automatically and permanently reduced by the amount of, and simultaneously with, any reduction in the undrawn face amount of the NCES/PROH Letter of Credit."
Mandatory Commitment Reduction. On the Twelfth Amendment Effective Date, the Aggregate Revolving Loan Commitment shall be reduced to $70,000,000, and Borrower shall make any necessary prepayments of principal, together with accrued and unpaid interest thereon, to cause the outstanding principal under the Aggregate Revolving Loan Commitment not to exceed $70,000,000. Notwithstanding anything to the contrary contained in Section 3.1, on the Twelfth Amendment Effective Date, the Aggregate Offshore Currency Revolving Loan Commitment shall be reduced to $60,000,000, and Borrower shall make any necessary prepayments of principal, together with accrued and unpaid interest thereon, to cause the outstanding principal under the Aggregate Offshore Currency Revolving Loan Commitment not to exceed $60,000,000.
