Reduction of Total Commitments. On each Reduction Date the Total Commitments shall be automatically reduced by an amount equal to five per cent. of the amount of the Total Commitments as at the beginning of the Reduction Period. The Commitment of each Bank shall be reduced proportionately. The Borrowers shall prepay or repay Advances in accordance with the terms of this Agreement on each Reduction Date so that the aggregate of the Loan does not exceed the aggregate of the Total Commitments as reduced on such Reduction Date.
Appears in 3 contracts
Sources: Loan Agreement (United International Holdings Inc), Loan Agreement (United Pan Europe Communications Nv), Loan Agreement (United Pan Europe Communications Nv)