Common use of Changes of Commitments Clause in Contracts

Changes of Commitments. (a) The aggregate amount of the Commitments shall be automatically reduced to zero on the Revolving Credit Termination Date. (b) The Facility A Revolving Credit Borrowers shall have the right at any time and from time to time (x) to terminate the Facility A Revolving Credit Commitments (but only so long as no Facility A Revolving Credit Loans or Letter of Credit Liabilities are outstanding at such time) and (y) to reduce the aggregate unused amount of the Facility A Revolving Credit Commitments (for which purpose use of the Facility A Revolving Credit Commitments shall be deemed to include the aggregate amount of Letter of Credit Liabilities). Fabrene shall have the right at any time and from time to time (x) to terminate the Facility B Revolving Credit Commitments (but only so long as no Facility B Revolving Credit Loans are outstanding at such time) and (y) to reduce the aggregate unused amount of the Facility B Revolving Credit Commitments. In connection with any such termination, (i) the Facility A Revolving Credit Borrowers and Fabrene, as applicable, shall give notice of each such termination or reduction as provided in Section 4.05 hereof, (ii) each partial reduction shall be in an aggregate amount at least equal to U.S. $2,000,000 or in multiples of U.S. $1,000,000 in excess thereof and (iii) upon any termination of the Facility A Revolving Credit Commitments, the Facility B Revolving Credit Commitments shall automatically terminate. (c) The Commitments once terminated or reduced may not be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Fabrene Group Inc)

Changes of Commitments. (a) The aggregate amount of the Commitments shall be automatically reduced to zero on the Revolving Credit Commitment Termination Date.. In addition, the aggregate amount of the Facility B Commitments shall (subject to adjustment as provided in paragraph (c) of this Section 2.04) be automatically reduced to the following amounts on the following dates (each, a "Facility B Commitment Reduction Date"): ------------------------------------------------------------------------- Date Amount ---- ------ December 31, 1999 $75,000,000 December 31, 2000 45,000,000 December 31, 2001 0 ------------------------------------------------------------------------- (b) The Facility A Revolving Credit Borrowers Borrower shall have the right at any time and or from time to time (x) to terminate the Facility A Revolving Credit Commitments (but only so long as no Facility A Revolving Credit Loans or Letter of Credit Liabilities are outstanding at such time) and (yi) to reduce the aggregate unused unutilized amount of the Facility A Revolving Credit Commitments (for which purpose use of the Facility A Revolving Credit Commitments shall be deemed to include the aggregate amount of Letter of Credit Liabilities). Fabrene shall have the right at any time and from time to time (x) to terminate an amount not less than the sum of the aggregate principal balance of the Facility B Revolving A Loans then outstanding and the aggregate amount of the Letter of Credit Commitments (but only so long as no Facility B Revolving Credit Loans are outstanding at such time) Liabilities then outstanding, and (yii) to reduce the aggregate unused unutilized amount of the Facility B Revolving Credit Commitments. In connection with any such terminationCommitments to an amount not less than the aggregate principal balance of the Facility B Loans then outstanding, provided that (iy) the Facility A Revolving Credit Borrowers and Fabrene, as applicable, Borrower shall give notice of each such termination or reduction as provided in Section 4.05 hereof, and (iiz) each partial reduction of the Commitments of any Class shall be in an aggregate amount at least equal to U.S. $2,000,000 5,000,000 (or a larger multiple of $1,000,000). (c) Each reduction in multiples the aggregate amount of U.S. $1,000,000 the Facility B Commitments pursuant to Section 2.10 on any date shall result in excess thereof an automatic and simultaneous reduction (iiibut not below zero) upon any termination in the aggregate amount of the Facility B Commitments to be outstanding on the Facility B Commitment Reduction Date falling on or nearest to the dates set froth in paragraph (a) of this Section 2.04. (d) The aggregate amount of the Facility A Revolving Credit Commitments, the and Facility B Revolving Credit Commitments shall be automatically terminatereduced to zero on the Commitment Termination Date. (ce) The Commitments once terminated or reduced may not be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Premier Parks Inc)

Changes of Commitments. (a) The aggregate amount of the Revolving Credit Commitments shall be automatically reduced to zero on the Re- volving Credit Commitment Termination Date. In addition, the aggregate amount of the Revolving Credit Termination Commitments shall be automatically reduced on each Revolving Credit Commitment Re- duction Date set forth in column (A) below, (x) by an amount (subject to reduction pursuant to paragraph (d) below) equal to the amount set forth in column (B) below opposite such Revolv- ing Credit Commitment Reduction Date., (y) to an amount (subject to reduction pursuant to paragraph (d) below) equal to the amount set forth in column (C) below opposite such Revolving Credit Commitment Reduction Date: (A) (B) (C) Revolving Credit Revolving Credit Revolving Credit Commitment Reduction Commitments Reduced Commitments Reduced Date Falling on or by the Following to the Following Nearest to: Amounts Amounts September 30, 1997 $ 9,500,000 $85,500,000 September 30, 1998 $ 9,500,000 $76,000,000 September 30, 1999 $14,250,000 $61,750,000 Credit Agreement September 30, 2000 $14,250,000 $47,500,000 September 30, 2001 $14,250,000 $33,250,000 March 31, 2002 $33,250,000 $ 0 (b) The Any portion of the Facility A Revolving Credit Borrowers and Facility B Term Loan Commitments not used on the Closing Date shall be automatically terminated. (c) The Company shall have the right at any time and or from time to time (xi) to terminate the Facility A Revolving Credit Commitments (but only so long as no Facility A Revolving Credit Loans or Letter of Credit Liabilities are outstanding at such time) and outstanding, to terminate the Revolving Credit Commitments, (yii) to reduce the aggregate unused un- utilized amount of the Facility A Revolving Credit Commitments (for which purpose use of the Facility A Revolving Credit Commitments shall be deemed to include the aggregate amount of Letter of Credit LiabilitiesLiabili- ties). Fabrene shall have , and (iii) to terminate both (and not just one) of the right at any time Facility A and from time to time Facility B Term Loan Commitments; provided that (x) to terminate the Facility B Revolving Credit Commitments (but only so long as no Facility B Revolving Credit Loans are outstanding at such time) and (y) to reduce the aggregate unused amount of the Facility B Revolving Credit Commitments. In connection with any such termination, (i) the Facility A Revolving Credit Borrowers and Fabrene, as applicable, Company shall give notice of each such termination or reduction as provided in Section 4.05 hereof, hereof and (iiy) each partial reduction of either the Revolving Credit Commitments, the Facility A Term Loan Commitments or the Facility B Term Loan Commitments shall be in an aggregate amount at least equal to U.S. $2,000,000 5,000,000 (or a larger multiple of $1,000,000). (d) Each reduction in multiples of U.S. $1,000,000 in excess thereof and (iii) upon any termination the aggregate amount of the Facility A Revolving Credit Commitments, the Facility B Revolving Credit Commitments pursuant to Section 2.04(c) or 2.10 hereof on any date shall automatically terminatebe applied to the reductions set forth in the schedule in paragraph (a) above ratably as fol- lows: each such reduction shall result in an automatic and simultaneous reduction (but not below zero) of the respective amounts set forth in column (B) at the end of paragraph (a) above (ratably in accordance with the respective remaining amounts thereof, after giving effect to any prior reductions pursuant to this paragraph (d)), with appropriate reductions (but not below zero) being made to the respective amounts set forth in column (C) of said paragraph (a) after giving effect to such reduction of the amounts in said column (B). (ce) The Commitments once terminated or reduced may not be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Advo Inc)

Changes of Commitments. Section 2.04(a) of the Credit shall be amended to read in its entirety as follows: (a) The aggregate amount of the Facility A and Facility B Revolving Credit Commitments shall be automatically reduced to zero on the Revolving Credit Termination Date. . The Term B Loan Commitments shall be automatically terminated on the earlier of (bi) The Facility A Revolving Credit Borrowers shall have the right at any time and from time Term B Loan Closing Date (following the making of the loans under Section 2.01(c) hereof to time (x) to terminate the Facility A Revolving Credit Commitments (but only so long as no Facility A Revolving Credit Loans or Letter of Credit Liabilities are outstanding at be made on such timeDate) and (yii) to reduce the aggregate unused amount Term B Loan Commitment Termination Date. The Term B-1 Loan Commitments shall be automatically terminated on the Term B-1 Loan Closing Date (following the making of the Facility A Revolving Credit loans under Section 2.01(d) hereof to be made on such Date). The Term C Loan Commitments shall be automatically terminated on the Term C Loan Closing Date (for which purpose use following the making of the loans under Section 2.01(e) hereof to be made on such Date) or, if the Term C Loan Closing Date does not occur prior to the Term C Loan Commitment Termination Date, on the Term C Loan Commitment Termination Date. The aggregate amount of the Facility A Revolving Credit Commitments shall be deemed to include automatically reduced on each Reduction Date set forth below by the aggregate amount of Letter of Credit Liabilities). Fabrene shall have set forth opposite the right at any time and from time to time Reduction Date set forth below (x) to terminate the Facility B Revolving Credit Commitments (but only so long or such lesser amount as no Facility B Revolving Credit Loans are outstanding at such time) and (y) to reduce the aggregate unused amount of the Facility B Revolving Credit Commitments. In connection with any such termination, (i) will bring the Facility A Revolving Credit Borrowers and FabreneCommitments to zero): Amount of Facility A Revolving Credit Reduction Date Commitment Reduction -------------- --------------------------- December 20, as applicable, shall give notice of each such termination or reduction as provided in Section 4.05 hereof, (ii) each partial reduction shall be in an aggregate amount at least equal to 2001 U.S. $2,000,000 or in multiples of 25,000,000 June 20, 2002 U.S. $1,000,000 25,000,000 December 20, 2002 U.S. $25,000,000 Upon any such reduction, PGI shall make any necessary prepayments in excess thereof and (iii) upon any termination order that the aggregate outstanding principal amount of the Facility A Revolving Credit Loans shall not exceed the then-outstanding amount of the Facility A Revolving Credit Commitments, the such prepayments to be applied first to Facility B A Revolving Credit Commitments shall automatically terminateLoans denominated in U.S. Dollars, and second to Facility A Revolving Credit Loans denominated in Dutch Guilders. (c) The Commitments once terminated or reduced may not be reinstated."

Appears in 1 contract

Sources: Credit Agreement (Polymer Group Inc)

Changes of Commitments. (a) The aggregate amount of the Revolving Credit Commitments shall be automatically reduced to zero on the Revolving Credit Termination Date. (b) The Facility A Revolving Credit Borrowers Company shall have the right at any time and or from time to time (xi) to terminate the Facility A Revolving Credit Commitments (but only so long as no Facility A Revolving Credit Loans, Money Market Loans or Letter of Credit Liabilities in respect of Revolving Letters of Credit are outstanding at such time) and outstanding, to terminate the Revolving Credit Commitments, (yii) to reduce the aggregate unused amount of the Facility A Revolving Credit Commitments (for which purpose use of the Facility A Revolving Credit Commitments shall be deemed to include the aggregate amount of Letter of Credit LiabilitiesLiabilities in respect of Revolving Letters of Credit and the aggregate principal amount of all Money Market Loans). Fabrene shall have the right at any time and from time to time , (xiii) to terminate the Facility B Revolving Credit Term Loan Commitments (but only so long as no Facility B if simultaneously therewith or prior thereto the Barton Letter of Credit Commitments and the Revolving Credit Loans Commitments are outstanding at such timebeing or have been terminated in full) and (yiv) so long ▇▇ ▇▇e Barton Letter of Credit is no longer outstanding, to reduce terminate the aggregate unused amount Barton Letter of the Facility B Revolving Credit Commitments. In connection with any such termination, ; provided that (ix) the Facility A Revolving Credit Borrowers and Fabrene, as applicable, shall Comp▇▇▇ ▇hall give notice of each such termination or reduction as provided pro▇▇▇▇▇ in Section 4.05 hereof, hereof and (iiy) each partial reduction shall be in an aggregate amount at least equal to U.S. $2,000,000 1,000,000 or in multiples of U.S. $1,000,000 500,000 in excess thereof and (iii) upon any termination of the Facility A Revolving Credit Commitments, the Facility B Revolving Credit Commitments shall automatically terminatethereof. (c) The aggregate amount of the Term Loan Commitments shall be automatically reduced to zero on the Term Loan Commitment Termination Date. (d) The Company will from time to time take such action on its part, and will use reasonable efforts to cause the Seller Representatives (as defined in the Stock Purchase Agreement) from time to time to take such action on their part, as shall be necessary to cause the beneficiary under the Barton Letter of Credit to instruct that the face amount of the Barton Letter of Credit be reduced on the dates and in the amounts speci▇▇▇▇ ▇n Section 2.12(a) of the Stock Purchase Agreement. Each r▇▇▇▇▇▇on in the face amount of the Barton Letter of Credit shall result in an automatic and simultaneous reduction in the aggregate amount of the Barton Letter of C▇▇▇▇▇ Commitments in an Credit Agreement amount equal to the amount of such reduction. Any portion of the Barton Letter of Credit Commitments not used on the Barton Letter of Credit Termination Date shall be automatically terminated. (e) The Commitments once terminated or reduced r▇▇▇▇▇▇ may not be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Canandaigua Wine Co Inc)

Changes of Commitments. (a) The aggregate amount of the Revolving Credit Commitments shall be automatically reduced to zero on the Revolving Credit Commitment Termination Date. In addition, the aggregate amount of the Revolving Credit Commitments shall (subject to adjustment as provided in paragraph (c) of this Section 2.04) be automatically reduced to $15,000,000 on the Revolving Credit Commitment Reduction Date falling on or nearest to October 31, 2001. (b) The Facility A Revolving Credit Borrowers Borrower shall have the right at any time and or from time to time (xi) to terminate or reduce the aggregate unutilized amount of the Facility A Revolving Credit Commitments or Facility B Term Loan Commitments, (but only ii) so long as no Facility A Revolving Credit Loans or Letter of Credit Liabilities are outstanding at such time) outstanding, to terminate the Revolving Credit Commitments and (yiii) to reduce the aggregate unused unutilized amount of the Facility A Revolving Credit Commitments (for which purpose use of the Facility A Revolving Credit Commitments shall be deemed to include Credit Agreement the aggregate amount of Letter of Credit Liabilities). Fabrene shall have the right at any time and from time to time ; provided that (x) to terminate the Facility B Revolving Credit Commitments (but only so long as no Facility B Revolving Credit Loans are outstanding at such time) and (y) to reduce the aggregate unused amount of the Facility B Revolving Credit Commitments. In connection with any such termination, (i) the Facility A Revolving Credit Borrowers and Fabrene, as applicable, Borrower shall give notice of each such termination or reduction as provided in Section 4.05 hereof, and (iiy) each partial reduction of the Commitments of any Class shall be in an aggregate amount at least equal to U.S. $2,000,000 5,000,000 (or a larger multiple of $1,000,000). (c) Each reduction in multiples the aggregate amount of U.S. $1,000,000 the Revolving Credit Commitments pursuant to Section 2.10 on any date shall result in excess thereof an automatic and simultaneous reduction (iiibut not below zero) upon any termination in the aggregate amount of the Revolving Credit Commitments to be outstanding on the Revolving Credit Commitment Reduction Date falling on or nearest to October 31, 2001 as provided in paragraph (a) of this Section 2.04. (d) The aggregate amount of the Facility A Revolving Credit Commitments, the and Facility B Revolving Credit Term Loan Commitments shall be automatically terminatereduced to zero on the Term Loan Commitment Termination Date. (ce) The Commitments once terminated or reduced may not be reinstated.

Appears in 1 contract

Sources: Credit Agreement (Premier Parks Inc)