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. On the Maturity Date, the Commitment shall automatically reduce to zero.
Mandatory Reduction. If at any time excess proceeds remain after the prepayment of the Term Loan pursuant to Sections 4.4(b)(iii) and/or (iv), the Revolving Credit Commitment shall be permanently reduced on the date of the required prepayment under Sections 4.4(b)(iii) and/or (iv) by an amount equal to the amount of such excess proceeds.
Mandatory Reduction. On the Revolving Commitment Maturity Date, the Revolving Credit Commitment shall automatically reduce to zero.
Mandatory Reduction. On the Revolving Credit Commitment Maturity Date, the Revolving Credit Commitment shall be automatically reduced to zero. In addition, the Revolving Credit Commitment shall be permanently reduced by the amount of any prepayment of Revolving Credit Advances required pursuant to Sections 2.5(c), (d) and (e) 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 unused amount of the Commitment shall be automatically reduced to zero on the Maturity Date.