Mandatory Reduction Sample Clauses
A Mandatory Reduction clause requires a party to reduce a specified amount, obligation, or exposure under certain conditions outlined in the agreement. Typically, this clause applies to financial arrangements, such as loan agreements, where the borrower must make early repayments if specific triggers occur, like asset sales or excess cash flow. Its core function is to protect the lender or counterparty by ensuring that outstanding amounts are reduced proactively, thereby managing risk and maintaining financial discipline.
Mandatory Reduction. At the close of business on the Termination Date, the aggregate Commitments shall be automatically and permanently reduced, on a pro rata basis, by an amount equal to the amount by which the aggregate Commitments immediately prior to giving effect to such reduction exceed the aggregate unpaid principal amount of the Committed Advances then outstanding.
Mandatory Reduction. The Commitments hereunder shall terminate on the Termination Date.
Mandatory Reduction. The Revolving Commitment, the LOC Commitment and the Swingline Commitment shall automatically terminate on the Maturity Date.
Mandatory Reduction. If at any time proceeds ("Excess Proceeds") remain after the prepayment of Term Loans pursuant to Section 4.4(b)(i), (ii), (iii) or (iv), the Revolving Credit Commitment shall be permanently reduced on the date of the required prepayment under Section 4.4(b) by an amount equal to the amount of such Excess Proceeds.
Mandatory Reduction. On the Maturity Date, the Commitment shall automatically reduce to zero.
Mandatory Reduction. Effective as of the Second Amendment Effective Date, the Revolving Credit Commitments shall be reduced to $100,000,000 and each Lender’s Revolving Credit Commitment shall be reduced ratably in proportion to such Lender’s Ratable Share and such reduction shall be accompanied by any necessary prepayment of the Notes, together with accrued Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid, if any (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced. Effective as of , the date of the Income Tax Refund Reduction Event, the Revolving Credit Commitments shall be further reduced by an amount equal to $25,000,000 and each Lender’s Revolving Credit Commitment shall be reduced ratably in proportion to such Lender’s Ratable Share and such reduction shall be accompanied by any necessary prepayment of the Notes, together with accrued Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid, if any (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitments as so reduced. Effective as of the date of the Initial SWSI Sale Reduction Event, the Revolving Credit Commitments shall be further reduced by an amount equal to (i) $25,000,000 if such Initial SWSI Sale Reduction Event involves the sale of SWSI Fluids, LLC or all or substantially all of the assets of SWSI Fluids, LLC or (ii) an amount equal to the greater of $12,500,000 or the net book value of all assets then being sold if such Initial SWSI Sale Reduction Event involves the sale of a portion of the assets of SWSI Fluids, LLC, and each Lender’s Revolving Credit Commitment shall be reduced ratably in proportion to such Lender’s Ratable Share and such reduction shall be accompanied by any necessary prepayment of the Notes, together with accrued Commitment Fees, and the full amount of interest accrued on the principal sum to be prepaid, if any (and all amounts referred to in Section 5.10 [Indemnity] hereof) to the extent necessary to cause the aggregate Revolving Facility Usage after giving effect to such prepayments to be equal to or less than the Revolving Credit Commitmen...
Mandatory Reduction. On the Revolving Commitment Maturity Date, the ------------------- Revolving Credit Commitment shall automatically reduce to zero. In addition, the Revolving Credit Commitment shall be permanently reduced by the amount of any prepayment of Revolving Credit Advances pursuant to Sections 2.5(c), (e) and --------------- --- (f) hereof. ---
Mandatory Reduction. The Commitments hereunder shall terminate on the Maturity Date.
Mandatory Reduction. The Revolving Credit Commitment shall be permanently reduced on the date of the required prepayment under Section 4.4(b)(vii) by an amount equal to the amount of such Excess Proceeds, to the extent a corresponding prepayment was made pursuant to 4.4(b)(iii).
Mandatory Reduction. The Revolving Credit Commitment shall be automatically reduced to zero on the Maturity Date.