Common use of PREPAYMENT, COMMITMENT REDUCTION Clause in Contracts

PREPAYMENT, COMMITMENT REDUCTION. (a) Upon written notice to the Agent in accordance with Section 2.12(a) hereof, Borrower may, at its option, reduce the Commitment, in whole or in part, on the date specified in such notice, by paying to the Agent for the benefit of the Lenders the accrued amount of the Commitment Fee applicable to the amount of Commitment reduction, and, if such reduction occurs prior to January 31, 1999, a premium equal to one percent (1%) of the amount by which the Commitment is reduced. In no event may Borrower reduce the Commitment below the aggregate principal amount of Revolving Credit Loans outstanding thereunder. (b) Upon written notice to the Agent in accordance with Section 2.12(a) hereof, Borrower may, at its option, prepay the Term Loan, in whole or in part, on the date specified in such notice, by paying to Agent for the benefit of the Lenders the amount of such prepayment, and, if such prepayment occurs prior to January 31, 1999, a premium equal to one percent (1%) of the amount of such repayment. (c) The Commitment shall be automatically reduced to zero on the Maturity Date. (d) The Commitment, once terminated or reduced, may not be reinstated. (e) All prepayments of the Term Loan shall be applied to the principal installments thereof in the inverse order of their maturities. (f) Borrower may not prepay any Loan which is a Eurodollar Loan prior to the last day of the Interest Period applicable to such Eurodollar Loan unless Borrower pays to the Agent, for the benefit of the Lenders, concurrently with such prepayment, all amounts payable to the Lenders pursuant to Section 3.8 hereof. (g) Notwithstanding the terms of Section 2.10(a) and Section 2.10(b) hereof, Borrower may, without premium or penalty, in whole or part, reduce the Commitment as a result of, or prepay the Term Loan, in whole or in part, from the proceeds of, a sale of Capital Stock of Borrower other than Capital Stock constituting Indebtedness.

PREPAYMENT, COMMITMENT REDUCTION. (a) Upon On April 1 of each fiscal year, commencing with the fiscal year following the fiscal year in which the sum of the aggregate outstanding principal balance of the Loans and aggregate outstanding Letter of Credit Obligations first equals or exceeds Sixty-Five Million Dollars ($65,000,000), the aggregate amount of the Commitments shall be reduced by an amount equal to, and the Borrower shall prepay the outstanding Loans in an amount equal to, sixty percent (60%) of Borrower's Excess Cash Flow for the immediately preceding fiscal year; provided, however, that Borrower shall not be required to reduce the Commitments below $10,000,000 pursuant to this Section 2.12(a). (b) Concurrently with the closing of any sale by Borrower of shares of its Capital Stock in an offering registered under the Securities Act of 1933, as amended, Borrower shall prepay the Loans in an amount equal to (i) the net cash proceeds received by the Borrower from the sale of such shares of Capital Stock less (ii) any prepayments of Subordinated Seller Notes made currently with such closing, to the extent such prepayments are permitted by Section 7.12 hereof. (c) Subject to the other terms and conditions hereof, upon written notice to the Administrative Agent in accordance with Section 2.12(a) hereof13.7, the Borrower may, at its option, reduce the Commitment, in whole or in part, in integral multiples of $500,000, on the date specified in such notice, by paying to the Agent for the benefit of the Lenders Lender the accrued amount of the Commitment Fee applicable to the amount of the Commitment reduction, and, if such reduction occurs prior to January 31, 1999, a premium equal to one percent . (1%d) of the amount by which the Commitment is reduced. In no event may the Borrower reduce the Commitment below the aggregate sum of (i) the principal amount of Revolving Credit Loans outstanding thereunderhereunder and (ii) the Letter of Credit Obligations. (b) Upon written notice to the Agent in accordance with Section 2.12(a) hereof, Borrower may, at its option, prepay the Term Loan, in whole or in part, on the date specified in such notice, by paying to Agent for the benefit of the Lenders the amount of such prepayment, and, if such prepayment occurs prior to January 31, 1999, a premium equal to one percent (1%) of the amount of such repayment. (ce) The Commitment shall be automatically reduced to zero on the Maturity Date. (df) The Commitment, once terminated or reduced, may not be reinstatedreinstated or increased. (eg) All prepayments of The Borrower may prepay the Term Loan shall be applied to Loan, in whole or in part, as provided in Section 2.13, provided, however, that the principal installments thereof in the inverse order of their maturities. (f) Borrower may not prepay any Loan which is a Eurodollar Loan prior to the last day of the Interest Period applicable to such Eurodollar Loan unless the Borrower pays to the Administrative Agent, for the benefit of the Lenders, concurrently with such prepayment, all amounts payable to the Lenders pursuant to Section 3.8 3.10 hereof. (g) Notwithstanding the terms of Section 2.10(a) and Section 2.10(b) hereof, Borrower may, without premium or penalty, in whole or part, reduce the Commitment as a result of, or prepay the Term Loan, in whole or in part, from the proceeds of, a sale of Capital Stock of Borrower other than Capital Stock constituting Indebtedness.