Common use of Scheduled Reductions Clause in Contracts

Scheduled Reductions. The Revolving Credit Commitment shall be -------------------- permanently reduced on the last Business Day of each of December, March, June and September, on the Revolving Credit Termination Date, by multiplying the corresponding quarterly percentage times the Revolving Credit Commitment in ----- effect on September 30, 2002 in accordance with the following table: -------------------------------------------------------------------------------- Percentage Annual Reduction Percentage Quarters Ending Per Quarter Reduction -------------------------------------------------------------------------------- 12/31/02 through 9/30/03 1.25% 5.0% 12/31/03 through 9/30/04 2.50% 10.0% 12/31/04 through 9/30/05 6.25% 25.0% 12/31/05 through 9/30/06 7.50% 30.0% 12/31/06 through 11/03/07 7.50% 30.0% 100.0% -------------------------------------------------------------------------------- Any reductions pursuant to Section 2.6(a) or 2.6(c) shall be applied pro rata to -------- reduce the remaining scheduled reduction amounts required by this paragraph (b).

Appears in 1 contract

Sources: Credit Agreement (Choice One Communications Inc)

Scheduled Reductions. The Revolving Credit Commitment shall be -------------------- permanently reduced on the last Business Day of each of September, December, March, March and June and September, on the Revolving Credit Termination Date, by multiplying the corresponding quarterly percentage times TIMES the Revolving Credit Commitment in ----- effect on September June 30, 2002 2004 in accordance with the following table: -------------------------------------------------------------------------------- Percentage Annual ------------------------------------- --------------------- ---------------- Reduction Percentage Total Quarters Ending Per Quarter Quarterly Payment Reduction -------------------------------------------------------------------------------- 12/31/02 ------------------------------------- --------------------- ---------------- 6/30/2004 through 9/30/03 9/30/2004 1.25% 5.02.5% 12/31/03 12/31/2004 through 9/30/04 9/30/2005 2.50% 10.0% 12/31/04 12/31/2005 through 9/30/05 9/30/2006 6.25% 25.0% 12/31/05 12/31/2006 through 9/30/06 6/30/2008 7.50% 30.052.5% 12/31/06 through 11/03/07 7.50Revolving Credit Termination Date N/A 10.0% 30.0% ----- 100.0% -------------------------------------------------------------------------------- ------------------------------------- --------------------- ---------------- Any reductions pursuant to Section 2.6(a) or 2.6(c2.6(b) shall be applied pro rata PRO RATA to -------- reduce the remaining scheduled reduction amounts required by this paragraph (ba).

Appears in 1 contract

Sources: Credit Agreement (Choice One Communications Inc)

Scheduled Reductions. The Revolving Credit Commitment shall be -------------------- permanently reduced on the last Business Day of each of September, December, March, March and June and September, on the Revolving Credit Termination Date, by multiplying the corresponding quarterly percentage times the Revolving Credit Commitment in ----- effect on September December 30, 2002 2003 in accordance with the following table: -------------------------------------------------------------------------------- --------------------------------------------------------------------------------------------------- Percentage Annual Reduction Percentage Quarters Ending Per Quarter Reduction -------------------------------------------------------------------------------- 12/31/02 -------------------------------------------------------------------------------------------------- 12/31/2003 through 9/30/03 9/30/2004 1.25% 5.0% 12/31/03 12/31/2004 through 9/30/04 9/30/2005 2.50% 10.0% 12/31/04 12/31/2005 through 9/30/05 9/30/2006 6.25% 25.0% 12/31/05 12/31/2006 through 9/30/06 9/30/2007 7.50% 30.0% 12/31/06 12/31/2007 through 11/03/07 Revolving Credit Termination Date 7.50% 30.0% ----- 100.0% -------------------------------------------------------------------------------- -------------------------------------------------------------------------------------------------- Any reductions pursuant to Section 2.6(a) or 2.6(c) shall be applied pro rata to -------- reduce the remaining scheduled reduction amounts required by this paragraph (b).

Appears in 1 contract

Sources: Credit Agreement (Choice One Communications Inc)