Step Reduction

Step Reduction. The following permanent reductions to the Revolving Credit Committed Amount, which are cumulative in nature and effective as of the following dates: Date: Step Reduction: ---- -------------- January 1, 2002 $500,000; February 1, 2002 $500,000; March 1, 2002 $500,000; ... 2 April 1, 2002 $750,000; May 1, 2002 $750,000; June 1, 2002 $750,000; and July 1, 2002 $750,000. By way of illustration, on February 1, 2002, the total Step Reduction applicable to the Revolving Credit shall be $1,000,000 and the Step Reductions shall reduce the Revolving Credit Committed Amount by $1,000,000. View More