AMENDMENTS TO CREDIT AGREEMENT AND CONSENT. 2.1 SECTION 1.5(a) of the Credit Agreement is hereby amended by deleting the second paragraph thereof in its entirety and substituting the following in lieu thereof: As of the Third Amendment Effective Date (as defined below), the Applicable Margins are as follows: Applicable Revolver Index Margin 2.00% Applicable Revolver LIBOR Margin 3.50% Applicable L/C Margin 3.50% The Applicable Margins may be adjusted by reference to the following grids: IF AS OF THE END OF ANY FISCAL MONTH EBITDA OF BORROWERS APPLICABLE APPLICABLE AND THEIR SUBSIDIARIES FOR THE REVOLVER INDEX REVOLVER LIBOR APPLICABLE L/C LAST 12 FISCAL MONTHS IS: MARGIN IS: MARGIN IS: MARGIN IS: ------------------------------------------- ------------------------ -------------------------- --------------------- 2.00% 3.50% 3.50% < $15,000,000 >= $15,000,000 but 1.75% 3.25% 3.25% < $20,000,000 >= $20,000,000 but 1.50% 3.00% 3.00% < $25,000,000 >= $25,000,000 but 1.25% 2.75% 2.75% < $30,000,000 1.00% 2.50% 2.50% >= $30,000,000 Adjustments in the Applicable Margins will commence with the Fiscal Quarter ending December 31, 2005, and thereafter will be implemented quarterly on a prospective basis, for each calendar month, within five days after the date of delivery to Agent of the quarterly unaudited Financial Statements evidencing the need for an adjustment; provided, that no such adjustments will take effect until the date Agent receives Borrowers' quarterly Financial Statements for the Fiscal Quarter ending September 30, 2005. Concurrently with the delivery of the quarterly Financial Statements, Borrowers shall deliver to Agent a certificate, signed by the chief financial officer of Details, setting forth in reasonable detail the basis for the continuance of, or any change in, the Applicable Margins. Failure to timely deliver such Financial Statements shall, in addition to any other remedy provided for in this Agreement, result in an increase in the Applicable Margins to the highest level set forth in the foregoing grid, until the first day of the first calendar month following the delivery of those Financial Statements demonstrating that such an increase is not required. If an Event of Default has occurred and is continuing at the time any reduction in the Applicable Margins is to be implemented, that reduction shall be deferred until the first day of the first calendar month following the date on which such Event of Default is waived or cured.
AMENDMENTS TO CREDIT AGREEMENT AND CONSENT. From and after the date on which each of the conditions set forth in Section 2 below has been satisfied, all references to the Credit Agreement in the Loan Documents shall mean and refer to the Credit Agreement as modified as follows:
AMENDMENTS TO CREDIT AGREEMENT AND CONSENT. Subject to the satisfaction of each of the conditions set forth herein, the Credit Agreement is hereby amended as follows:
AMENDMENTS TO CREDIT AGREEMENT AND CONSENT. (a) Subject to the conditions set forth herein, the definition of "Consolidated Net Worth" in Section 1.1 the Credit Agreement is hereby amended (a) by inserting after the end of clause (iii) thereof the phrase "plus (iv) the after-tax amount of the charges associated with the closure of the Borrower's Raytex facility not to exceed $45,000,000 of pre-tax charges which will be incurred by December 31, 2000," and (b) by renumbering the remaining clauses in such definition as "(v)" and "(vi)" respectively.
