Common use of MANDATORY AS TO REDUCING LOANS Clause in Contracts

MANDATORY AS TO REDUCING LOANS. The Reducing Loan Commitment Amount shall, without any further action, automatically and permanently be reduced on the last day of each fiscal quarter following the Revolving Loan Commitment Termination Date by an amount equal to one-sixteenth of the aggregate Revolving Loan Commitment Amount in effect on the Conversion Date; PROVIDED, HOWEVER, that on the Stated Maturity Date, the Reducing Loan Commitment Amount shall be zero. Voluntary reductions of the Reducing Loan Commitment Amount made pursuant to SECTION 2.2.1 shall be applied to diminish the amount of scheduled reductions to such Commitment Amount thereafter becoming effective pursuant to this Section pro rata.

MANDATORY AS TO REDUCING LOANS. The On the last day of each fiscal quarter following the Revolving Loan Commitment Termination Date, the Reducing Loan Commitment Amount shall, without any further action, automatically and permanently be reduced on the last day of each fiscal quarter following the Revolving Loan Commitment Termination Date by an amount equal to one-sixteenth the greater of (a) $3,500,000, and (b) 6.67% of the aggregate Revolving Reducing Loan Commitment Amount in effect on the Conversion Datesuch day; PROVIDEDprovided, HOWEVERhowever, that on the Stated Maturity Date, the Reducing Loan Commitment Amount shall be zero. Voluntary reductions of the Reducing Loan Commitment Amount made pursuant to SECTION Section 2.2.1 shall be applied to diminish the amount of scheduled reductions to such Commitment Amount thereafter becoming effective pursuant to this Section pro rata.