Common use of Scheduled Reductions Clause in Contracts

Scheduled Reductions. Commencing on December 31, 2001, the Commitment (as then in effect) shall be automatically and permanently reduced on the dates and by the percentages set forth below: Commitment Percentage Reduction Date Reduction -------------- ---------- December 31, 2001 5.000% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 2.500% March 31, 2003, June 30, 2003, September 30, 2003, and December 31, 2003 3.750% March 31, 2004, June 30, 2004, September 30, 2004, and December 31, 2004 5.500% March 31, 2005, June 30, 2005, September 30, 2005, and December 31, 2005 7.000% March 31, 2006 20.000%

Appears in 1 contract

Sources: Loan Agreement (Lenfest Communications Inc)

Scheduled Reductions. Commencing The Commitment (based upon the Commitment as of June 29, 2000) shall be reduced automatically and permanently on a semi-annual Semi-Annual Percentage of Reduction of Dates of Commitment as of Commitment Reduction June 29, 2000 -------------------- ------------------------- June 30, 2000 and December 31, 20012000 1.50% June 30, the Commitment (as then in effect) shall be automatically 2001 and permanently reduced on the dates and by the percentages set forth below: Commitment Percentage Reduction Date Reduction -------------- ---------- December 31, 2001 5.0005.00% March 31, 2002, June 30, 2002, September 30, 2002 and December 31, 2002 2.5009.00% March 31, 2003, June 30, 2003, September 30, 2003, 2003 and December 31, 2003 3.75010.00% March 31, 2004, June 30, 2004, September 30, 2004, 2004 and December 31, 2004 5.50012.00% March 31, 2005, June 30, 2005, September 30, 2005, and December 31, 2005 7.000% March 31, 2006 20.00025.00%

Appears in 1 contract

Sources: Revolving Loan Agreement (Tci Music Inc)