Common use of Scheduled Reductions Clause in Contracts

Scheduled Reductions. The combined Commitments shall be automatically and permanently reduced on July 1, 2000 by $25,000,000. The reduction of the Commitments shall be applied to each Bank according to its Pro Rata Share. The Company agrees that it will, on or before the date of such scheduled reduction, make a mandatory prepayment to the Agent in the amount necessary to reduce the sum of the Dollar Equivalent of (i) the aggregate principal amount of the outstanding Loans plus (ii) the L/C Obligations to an amount which is less than or equal to the combined Commitments after giving effect to such scheduled reduction."