Common use of Monthly Commitment Reduction Clause in Contracts

Monthly Commitment Reduction. The Borrowing Base and the Commitment shall be reduced as of the first day of each month by $1,000,000 (the "Monthly Commitment Reduction") per month beginning on December 1, 1999 with like reductions continuing on the first day of each month thereafter through April 1, 2000. If as a result of any such Monthly Commitment Reduction, the Total Outstandings ever exceed the Commitment then in effect, the Borrower shall make the mandatory prepayment of principal required pursuant to Section 9(b) hereof.

Monthly Commitment Reduction. The Borrowing Base and the Commitment shall be reduced as of the first day of each month by $1,000,000 an amount determined by the Lenders pursuant to Section 7(b) hereof (the "Monthly Commitment Reduction") ). The Monthly Commitment Reduction shall be $0 per month beginning on December 1, 1999 with like reductions continuing on the first day of each month thereafter through April 1, 2000until redetermined pursuant to Section 7(b) hereof. If as a result of any such Monthly Commitment Reduction, the Total Outstandings ever exceed the Commitment then in effect, the Borrower Borrowers shall make the mandatory prepayment of principal required pursuant to Section 9(b) hereof.

Monthly Commitment Reduction. The Borrowing Base and the Commitment shall be reduced as of the first day of each month by $1,000,000 an amount determined by the Lenders pursuant to Sections 7(b) and 7(c) hereof (the "Monthly Commitment Reduction"). The Monthly Commitment Reduction shall be $0 until redetermined pursuant to Sections 7(b) per month beginning on December 1, 1999 with like reductions continuing on the first day of each month thereafter through April 1, 2000and 7(c) hereof. If as a result of any such Monthly Commitment Reduction, the Total Outstandings ever exceed the Commitment then in effect, the Borrower shall make the mandatory prepayment of principal required pursuant to Section 9(b) hereof.