Mandatory Reductions Sample Clauses

Mandatory Reductions. On any date that the Revolving Loans are required to be prepaid pursuant to the terms of Section 2.8(b) (ii), (iii) and (iv), the Revolving Committed Amount shall be automatically permanently reduced by the amount of such required prepayment and/or reduction.

Mandatory Reductions. On any date that the Revolving Loans are required to be prepaid pursuant to the terms of Section 2.6(b)(ii), the Aggregate Revolving Committed Amount shall be automatically permanently reduced by the amount of such required prepayment and/or reduction to the extent required pursuant to Section 2.6(b)(vi).

Mandatory Reductions. The Revolving Committed Amount automatically shall be permanently reduced from time to time in accordance with the terms of Section 3.3(b)(v).

Mandatory Reductions. (i) In addition to any required and optional reduction of the Commitment, payments of principal amount of Loans and imposition of Cash Collateral requirements in respect of Letters of Credit otherwise set forth herein, there shall occur a permanent reduction of the Commitment in an amount equal to one-hundred percent (100%) of the Net Proceeds of each private or public offering of Equity Interests of or by the Borrower or any Subsidiary (including in each case, without limitation, any security not constituting Indebtedness exchangeable, exercisable or convertible for or into equity securities); provided; however, that in the case of a private offering of Equity Interests, to the extent that the aggregate Net Proceeds of all such offerings do not exceed $3,000,000, no prepayment will be required. (ii) Simultaneously with the reduction of the Commitment by an amount equal to the Net Proceeds from each event described in Section 2.05(b)(i), the Borrower shall repay outstanding Loans in an amount necessary to reduce the aggregate Outstanding Amount below the Advance Limit in effect after giving effect to such reduction of the Commitment. If, after repayment of all Loans, the Outstanding Amount exceeds the Commitment then in effect, the Borrower will also Cash Collateralize the Outstanding Amount of Letters of Credit in an amount necessary to reduce the aggregate Outstanding Amount below the Advance Limit in effect after giving effect to such reduction of the Commitment. (iii) Each reduction of the Commitment, and accompanying prepayment or other application of funds, required by this Section 2.05(b) will be made within ten (10) Business Days of the issuance of any such Equity Interests, without regard to any contingencies, earnouts or future payments, and in each case upon not less than two (2) Business Days' irrevocable written notice to the Lender, and shall include a certificate of a Responsible Officer of the Borrower setting forth in reasonable detail the calculations utilized in computing the amount of such reduction of the Commitment and accompanying prepayment or Cash Collateralization.

Mandatory Reductions. The Aggregate Revolving Commitments shall be permanently reduced in an amount equal to the amount of any prepayment applied to the Revolving Loans, Swing Line Loans and L/C Obligations pursuant to Section 2.05(b)(ii), (iii), (iv) and (v).

Mandatory Reductions. If after giving effect to any reduction or termination of Commitments under this Section 2.05, the Letter of Credit Sublimit exceeds the Aggregate Commitments at such time, the Letter of Credit Sublimit shall be automatically reduced by the amount of such excess.

Mandatory Reductions. Subject only to those certain exceptions from the following that are expressly provided for as part of the Second Amendment BB Reduction Waiver respecting such Disposition of those certain Second Amendment Release Oil and Gas Properties as have been duly approved by the Majority Lenders (as more particularly set forth within the Second Amendment), if any other Trigger Event has the effect of causing the sum of (i) the BB Value of all Dispositions of Oil and Gas Properties made since the date of the most recent Borrowing Base redetermination (including such Trigger Event), (ii) the BB Value of ▇▇ ▇▇▇▇▇▇ which have been novated, assigned, unwound, terminated, expired or amended since the date of the most recent Borrowing Base redetermination less the BB Value of any new ▇▇ ▇▇▇▇▇▇ concurrently put in place with the termination of such ▇▇ ▇▇▇▇▇▇ since the most recent Borrowing Base redetermination (including such Trigger Event), and (iii) the BB Value attributed to Oil and Gas Properties subject to title defects not cured to the satisfaction of the Administrative Agent as provided in Section 5.12 within the 45-day period permitted under Section 5.12 (including such Trigger Event), to exceed 5% of the Borrowing Base then in effect, then effective as of the applicable Trigger Event Date, the Borrowing Base shall be automatically reduced by the BB Value of Oil and Gas Properties and/or ▇▇ ▇▇▇▇▇▇, as applicable, that are covered by such Trigger Event as determined by the Administrative Agent. For the avoidance of doubt, the mandatory reduction in the Borrowing Base required under this clause (d) shall not constitute nor be construed as a consent to any transaction or proposed transaction that would not be permitted under the terms of this Agreement.

Mandatory Reductions. If after giving effect to any reduction or termination of Revolving Commitments under this Section 2.06, the Letter of Credit Sublimit, the Canadian Borrower Sublimit, the Canadian Swing Line Sublimit or the Domestic Swing Line Sublimit exceed the Aggregate Revolving Commitments at such time, the Letter of Credit Sublimit, the Canadian Borrower Sublimit, the Canadian Swing Line Sublimit or the Domestic Swing Line Sublimit, as the case may be, shall be automatically reduced by the amount of such excess. 

Mandatory Reductions. The Revolving Committed Amount and the Swingline Committed Amount automatically shall be permanently reduced from time to time in accordance with the terms of Section 3.3(b)(vi).