Common use of Voluntary Prepayments/Reductions Clause in Contracts

Voluntary Prepayments/Reductions. (i) The Borrowers may, at any time and from time to time, prepay the Loans in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The Borrowers, upon at least five (5) Business Days' prior notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part the unused portions of the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall reduce the Commitment of each Lender proportionately in accordance with such Lender's Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)).

Appears in 2 contracts

Samples: Credit Agreement (General Inspection Laboratories Inc), Credit Agreement (General Inspection Laboratories Inc)

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Voluntary Prepayments/Reductions. (i) The Borrowers may, upon at least two (2) Business Days' prior written notice to the Administrative Agent, at any time and from time to time, prepay the Loans in whole or in partpart without premium or penalty upon notice to the Administrative Agent; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 no such prior notice is required for the automatic daily cash sweep and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date paydown of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f)Loans. Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such noticenotice and such notice shall be irrevocable. (ii) The BorrowersBorrowers may, upon at least five three (53) Business Days' prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the rightAgent, at any time and from time to time, to terminate in whole whole, or permanently reduce ratably in part the unused portions of part, the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) 1,000,000 and integral multiples of One Hundred Thousand Dollars ($100,000) 250,000 in excess of that amount, amount and shall reduce the Commitment of each Lender proportionately in accordance with such Lender's its Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) . When notice of termination or reduction of the Commitments is delivered as provided herein, the principal amount of the Loans so reduced shall become due and payable on the date specified in such notice to the extent the Revolving Credit Obligations exceed the Commitments after giving effect to such reduction. The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a3.01(a)(ii) may be made without premium or penalty (except as provided in Section 4.02(f))penalty. Once reduced the Commitment may not be increased.

Appears in 1 contract

Samples: Credit Agreement (Avado Brands Inc)

Voluntary Prepayments/Reductions. (i) The Borrowers Borrower may, at any time and from time to time, prepay the Loans or repay any Loan, in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar LIBO Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar LIBO Rate Interest Period, upon at least one three (13) Business Day's Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Funding Agent under this Section 3.01(a)(i) shall specify the type of Loans to be prepaidprepaid or repaid, the date (which shall be a Business Day) of prepaymentprepayment or repayment, and the aggregate principal amount of the prepaymentprepayment or repayment. Any prepayment or repayment of Term Loans shall be applied to each remaining principal installment of such Term Loans on a pro rata to the remaining principal installments of the Term Loansbasis. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrower, upon at least five three (53) Business Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part Commitments, provided that the unused portions of the Commitments. Any partial reduction of the Commitments Borrower shall have made whatever payment may be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall required to reduce the Revolving Credit Obligations to an amount less than or equal to the Revolving Loan Commitment Amount as reduced or terminated on the date of each Lender proportionately in accordance with such Lender's Pro Rata Sharereduction. Any notice of termination or reduction given to the Administrative Funding Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. When notice of termination or reduction is delivered as provided herein, the principal amount of the Revolving Loans specified in the notice shall become due and payable on the date specified in such notice. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)); provided, however, that any prepayment of Term B Loans or Term C Loans (i) on or prior to June 12, 1998 shall be subject to a prepayment fee of 1.25% of the principal amount of the Loans so prepaid and (ii) after June 12, 1998 and on or prior to June 12, 1999 shall be subject to a prepayment fee of 1.0% of the principal amount of the Loans so prepaid, and in each such case, such fees shall be due and payable on the date of such repayment.

Appears in 1 contract

Samples: Credit Agreement (Foamex Capital Corp)

Voluntary Prepayments/Reductions. (ia) The Borrowers may, at any Any time and from time to time, Borrowers may prepay the any Loans on any Business Day in whole or in part; provided, however, that any partial prepayment in an aggregate minimum amount of Eurodollar Rate Loans shall be in minimum amounts $1,000,000 and integral multiples of $500,000 and in multiples of $100,000 in excess thereof and of that any partial prepayment amount; provided that, the number of Base Rate Loans prepayments allowed pursuant -------- to this Section 2.9(a) shall not exceed four (4) during the term of this Agreement. All such prepayments shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; providedmade upon not less than three Business Days' prior written or telephonic notice, further, that Eurodollar Rate Loans may only be prepaid given to Administrative Agent by 12:00 noon (ANew York City time) in whole or in part on the expiration date of the then applicable Eurodollar Interest Periodrequired and, upon at least one (1) Business Day's prior written notice if given by telephone, promptly confirmed in writing to the Administrative Agent (which the and Administrative Agent shall will promptly transmit such telephonic or original notice for by telefacsimile or telephone to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice Upon the giving of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans. When notice of prepayment is delivered as provided hereinany such notice, the principal amount of the Loans specified in the such notice shall become due and payable on the prepayment date specified in such noticetherein. (iib) The BorrowersBorrowers may, upon at least five (5) not less than three Business Days' prior written or telephonic notice confirmed in writing to the Administrative Agent (which the original written or telephonic notice Administrative Agent shall will promptly transmit by telefacsimile or telephone to each applicable Lender), shall have the right, at any time and from time to time, to time terminate in whole or permanently reduce ratably in part part, without premium or penalty, the unused portions Loan Commitments in an amount up to the amount by which the Loan Commitments exceed the Total Utilization of Loan Commitments at the Commitments. Any time of such proposed termination or reduction; provided, any such partial reduction of the Loan Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) 1,000,000 and integral multiples of One Hundred Thousand Dollars ($100,000) 500,000 in excess of that amount; provided that, and the number of reductions allowed pursuant to this Section 2.9(b) shall reduce not exceed four (4) during the Commitment term of each Lender proportionately in accordance with such Lender's Pro Rata Sharethis Agreement. Any Borrowers' notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, designate the date (which shall be a Business Day) of such termination or reduction and, with respect to a and the amount of any partial reduction, and such termination or reduction of the aggregate principal amount Loan Commitments shall be effective on the date specified in Borrowers' notice and shall reduce the Loan Commitment of each Lender proportionately to its Pro Rata Share thereof. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)).

Appears in 1 contract

Samples: Credit and Guaranty Agreement (Convergent Communications Inc /Co)

Voluntary Prepayments/Reductions. (i) Revolving Credit Commitment. The Borrowers may, at any time and from time to time, prepay the Loans in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The Borrowers, upon at least five (5) Business Days' prior notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part the unused portions Revolving Credit Commitments (i) upon written notice from the Company to the Administrative Agent delivered not later than 11:00 a.m. (New York time) with respect to the repayment of Base Rate Loans and (ii) upon at least three (3) Business Days' prior written notice from the Company to the Administrative Agent with respect to the repayment of Eurocurrency Rate Loans; provided, that the Borrowers shall have made whatever payment may be required to reduce the Revolving Credit Obligations to an amount less than or equal to the Revolving Credit Commitments after giving effect to such reduction or termination of the Revolving Credit Commitments. Any partial reduction of the Revolving Credit Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) 1,000,000 and integral multiples of One Hundred Thousand Dollars ($100,000) 1,000,000 in excess of that amount, and shall reduce the Revolving Credit Commitment of each Lender proportionately in accordance with such Lender's its Revolving Credit Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii3.01(a) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) . When notice of termination or reduction is delivered as provided herein, the principal amount of the Revolving Loans specified in the notice shall become due and payable on the date specified in such notice. The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)).

Appears in 1 contract

Samples: Credit Agreement (Hexcel Corp /De/)

Voluntary Prepayments/Reductions. (i) The Borrowers Borrower may, at any time and from time to time, prepay the Loans or repay any Loan, in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar LIBO Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar LIBO Rate Interest Period, upon at least one three (13) Business Day's Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Funding Agent under this Section 3.01(a)(i) shall specify the type of Loans to be prepaidprepaid or repaid, the date (which shall be a Business Day) of prepaymentprepayment or repayment, and the aggregate principal amount of the prepaymentprepayment or repayment. Any prepayment or repayment of Term Loans shall be applied to each remaining principal installment of such Term Loans on a pro rata to the remaining principal installments of the Term Loansbasis. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrower, upon at least five three (53) Business Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part Commitments, provided that the unused portions of the Commitments. Any partial reduction of the Commitments Borrower shall have made whatever payment may be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall required to reduce the Revolving Credit Obligations to an amount less than or equal to the Revolving Loan Commitment Amount as reduced or terminated on the date of each Lender proportionately in accordance with such Lender's Pro Rata Sharereduction. Any notice of termination or reduction given to the Administrative Funding Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. When notice of termination or reduction is delivered as provided herein, the principal amount of the Revolving Loans specified in the notice shall become due and payable on the date specified in such notice. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)).

Appears in 1 contract

Samples: Credit Agreement (Foamex Capital Corp)

Voluntary Prepayments/Reductions. (i) The Borrowers Borrower may, at any time and from time to time, prepay the Loans or repay any Loan, in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar LIBO Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar LIBO Rate Interest Period, upon at least one three (13) Business Day's Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Funding Agent under this Section 3.01(a)(i) shall specify the type of Loans to be prepaidprepaid or repaid, the date (which shall be a Business Day) of prepaymentprepayment or repayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loansor repayment. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrower, upon at least five three (53) Business Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part Commitments, provided that the unused portions of the Commitments. Any partial reduction of the Commitments Borrower shall have made whatever payment may be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall required to reduce the Revolving Credit Obligations to an amount less than or equal to the Commitment Amount as reduced or terminated on the date of each Lender proportionately in accordance with such Lender's Pro Rata Sharereduction. Any notice of termination or reduction given to the Administrative Funding Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. When notice of termination or reduction is delivered as provided herein, the principal amount of the Revolving Loans specified in the notice shall become due and payable on the date specified in such notice. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)).

Appears in 1 contract

Samples: Credit Agreement (Foamex Capital Corp)

Voluntary Prepayments/Reductions. (i) The Borrowers Borrower may, at any time and from time to time, prepay the Loans in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's (with respect to Base Rate Loans) or three (3) Business Days' (with respect to Eurodollar Loans) prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' Borrower's right to prepay any Loan); provided, however, that any partial prepayment shall be in minimum amounts of $1,000,000 and in multiples of $1,000,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid, in whole or in part, (A) on the expiration date of the then applicable Eurodollar Interest Period or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term such Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the such notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrower, upon at least five three (53) Business Days' prior notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part the unused portions of the Revolving Loan Commitments, provided that the Borrower shall have made whatever payment may be required to reduce the Revolving Credit Obligations to an amount less than or equal to the Revolving Loan Commitments as reduced or terminated on the date of such reduction. Any partial reduction of the Revolving Loan Commitments shall be in an aggregate minimum amount of Five Million Dollars ($5,000,000) and integral multiples of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall reduce the Revolving Loan Commitment of each Revolving Loan Lender proportionately in accordance with such Revolving Loan Lender's Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. When notice of termination or reduction is delivered as provided herein, the principal amount of the Revolving Loans specified in the notice shall become due and payable on the date specified in such notice. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made pursuant to such clauses at any time and from time to time without premium or penalty (except as provided in Section 4.02(f)).

Appears in 1 contract

Samples: Credit Agreement (Watson Pharmaceuticals Inc)

Voluntary Prepayments/Reductions. (i) The Borrowers Borrower may, at any time and from time to time, prepay the Loans in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent at any time and from time to give such notice shall not affect the Borrowers' right to time, prepay any Loan) , in whole or (B) otherwise upon payment in part. Unless the aggregate outstanding principal balance of the amounts described Term Loan is to be prepaid in Section 4.02(f)full, voluntary prepayments of the Term Loan shall be in an aggregate minimum amount of $100,000 and integral multiples of $100,000 in excess of that amount. Each voluntary prepayment shall be applied to the unpaid installments of the Term Loan in the forward order of maturity and shall permanently reduce the Term Loan Commitment of the Lender. Any notice of prepayment given to the Administrative Agent Lender under this Section SECTION 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, prepayment and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrower, upon at least five one (51) Business Days' Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part the unused portions Revolving Credit Commitment, provided that the Borrower shall have made whatever payment in respect of the CommitmentsRevolving Loans which may be required to reduce the principal amount of all Revolving Credit Obligations then outstanding to an amount less than or equal to the Revolving Credit Commitment as reduced or terminated. Any partial reduction of the Commitments Revolving Credit Commitment shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) 100,000 and integral multiples of One Hundred Thousand Dollars ($100,000) 100,000 in excess of that amount, and shall reduce the Revolving Credit Commitment of each the Lender proportionately in accordance with by such Lender's Pro Rata Shareamount. Any notice of termination or reduction given to the Administrative Agent Lender under this Section SECTION 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. When notice of termination or reduction is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the date specified in such notice. (iii) The repayments and prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section SECTION 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f))penalty.

Appears in 1 contract

Samples: Credit Agreement (Kaynar Holdings Inc)

Voluntary Prepayments/Reductions. (i) The Borrowers Borrower may, at any time and from time to time, prepay the Loans or repay any Loan, in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar LIBO Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar LIBO Rate Interest Period, Period upon at least one three (13) Business Day's Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Funding Agent under this Section 3.01(a)(i) shall specify the type of Loans to be prepaidprepaid or repaid, the date (which shall be a Business Day) of prepaymentprepayment or repayment, and the aggregate principal amount of the prepaymentprepayment or repayment. Any prepayment or repayment of Term Loans shall be applied to each remaining principal installment of such Term Loans on a pro rata to the remaining principal installments of the Term Loansbasis. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrower, upon at least five three (53) Business Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part Commitments, provided that the unused portions of the Commitments. Any partial reduction of the Commitments Borrower shall have made whatever payment may be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall required to reduce the Revolving Credit Obligations to an amount less than or equal to the Revolving Loan Commitment Amount as reduced or terminated on the date of each Lender proportionately in accordance with such Lender's Pro Rata Sharereduction. Any notice of termination or reduction given to the Administrative Funding Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. When notice of termination or reduction is delivered as provided herein, the principal amount of the Revolving Loans specified in the notice shall become due and payable on the date specified in such notice. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)).

Appears in 1 contract

Samples: Credit Agreement (Foamex Capital Corp)

Voluntary Prepayments/Reductions. (i) The Borrowers Borrower may, at any time and from time to time, prepay the Loans in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Revolving Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Term Loans shall be in minimum amounts of $200,000 1,000,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period, upon at least one three (13) Business Day's Days' prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' Borrower's right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied in the proportions specified by the Borrower to the Term A Loans, the Term B Loans and the Acquisition Term Loans but the amounts, if any, applied to each of the Term A Loans, Term B Loans, and Acquisition Term Loans shall be applied pro rata to the remaining principal installments of the such Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrower, upon at least five (5) Business Days' prior notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part the unused portions of the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall reduce the Commitment of each Lender proportionately in accordance with such Lender's Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Acquisition Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)).

Appears in 1 contract

Samples: Credit Agreement (Stellex Industries Inc)

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Voluntary Prepayments/Reductions. (i) The Borrowers may, upon at least two (2) Business Days' prior written notice to the Administrative Agent, at any time and from time to time, prepay the Loans in whole or in partpart without premium or penalty; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 no such prior notice is required for the automatic daily cash sweep and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date paydown of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f)Loans. Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice notice, together with accrued and unpaid interest thereon, shall become due and payable on the prepayment date specified in such noticenotice and such notice shall be irrevocable. (ii) The BorrowersBorrowers may, upon at least five three (53) Business Days' prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the rightAgent, at any time and from time to time, to terminate in whole whole, or permanently reduce ratably in part the unused portions of part, the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) 1,000,000 and integral multiples of One Hundred Thousand Dollars ($100,000) 250,000 in excess of that amount, amount and shall reduce the Commitment of each Lender proportionately in accordance with such Lender's its Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) . When notice of termination or reduction of the Commitments is delivered as provided herein, the principal amount of the Loans so reduced, together with accrued and unpaid interest thereon, shall become due and payable on the date specified in such notice to the extent the Revolving Credit Obligations exceed the Commitments after giving effect to such reduction. The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a3.01(a)(ii) may be made without premium or penalty (except as provided in Section 4.02(f))penalty. Once reduced the Commitment may not be increased.

Appears in 1 contract

Samples: Credit Agreement (Falcon Products Inc /De/)

Voluntary Prepayments/Reductions. (i) The Borrowers may, upon at least three (3) Business Days' prior written notice to the Administrative Agent, at any time and from time to time, prepay the Loans in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be part without premium or penalty (except as provided in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (ASection 4.02(f)) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f)Agent. Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loansprepay- ment. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrowers may, upon at least five (5) Business Days' prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the rightAgent, at any time and from time to time, to terminate in whole whole, or permanently reduce ratably in part the unused portions of part, the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) 5,000,000 and integral multiples of One Hundred Thousand Dollars ($100,000) 1,000,000 in excess of that amount, amount and shall reduce the Commitment of each Lender proportionately in accordance with such Lender's its Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii3.01(a) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) . When notice of termination or reduction of the Commitments is delivered as provided herein, the principal amount of the Loans so reduced shall become due and payable on the date specified in such notice to the extent the Revolving Credit Obligations exceed the Commitments after giving effect to such reduction. The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)). (iii) The Borrowers may not prepay the Acceptance Obligation with respect to any Acceptance except as required by Sections 3.01(b)(i) and 11.02.

Appears in 1 contract

Samples: Credit Agreement (Donna Karan International Inc)

Voluntary Prepayments/Reductions. (i) The Borrowers Borrower may, at any time and from time to time, prepay the Loans in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's (with respect to Base Rate Loans) or three (3) Business Days' (with respect to Eurodollar Rate Loans) prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' Borrower's right to prepay any Loan); provided, however, that (A) any partial prepayment of Revolving Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Term Loans shall be in minimum amounts of $1,000,000 and in multiples of $100,000 in excess thereof, (B) Eurodollar Rate Loans may only be prepaid (1) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period or (B2) otherwise upon payment of the amounts described in Section 4.02(f)) and (C) if Term B Loans are prepaid in whole or in part at any time during the period commencing on the Effective Date and ending on the date which is the second anniversary thereof, the Borrower will pay the applicable amount described in Section 4.03(c) . Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied in the proportions specified by the Borrower to the Term A Loans and the Term B Loans but the amounts, if any, applied to each of the Term A Loans and Term B Loans shall be applied pro rata to the remaining principal installments of the such Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrower, upon at least five (5) Business Days' prior notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part the unused portions of the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall reduce the Commitment of each Lender proportionately in accordance with such Lender's Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section Sec tion 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) The Except as provided in this Section 3.01(a), the prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f))penalty.

Appears in 1 contract

Samples: Credit Agreement (Stellex Technologies Inc)

Voluntary Prepayments/Reductions. (i) The Borrowers may, upon at least three (3) Business Days' prior written notice to the Administrative Agent, at any time and from time to time, prepay the Loans in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be part without premium or penalty (except as provided in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (ASection 4.02(f)) in whole or in part on the expiration date of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f)Agent. Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersBorrowers may, upon at least five (5) Business Days' prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the rightAgent, at any time and from time to time, to terminate in whole whole, or permanently reduce ratably in part the unused portions of part, the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) 5,000,000 and integral multiples of One Hundred Thousand Dollars ($100,000) 1,000,000 in excess of that amount, amount and shall reduce the Commitment of each Lender proportionately in accordance with such Lender's its Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii3.01(a) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) . When notice of termination or reduction of the Commitments is delivered as provided herein, the principal amount of the Loans so reduced shall become due and payable on the date specified in such notice to the extent the Revolving Credit Obligations exceed the Commitments after giving effect to such reduction. The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)). (iii) The Borrowers may not prepay the Acceptance Obligation with respect to any Acceptance except as required by Sections 3.01(b)(i) and 11.02.

Appears in 1 contract

Samples: Credit Agreement (Donna Karan International Inc)

Voluntary Prepayments/Reductions. (i) The Borrowers Each Borrower may, at any time and from time to time, prepay the Loans or repay any Loan, in whole or in part; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar LIBO Rate Loans may only be prepaid (A) in whole or in part on the expiration date of the then applicable Eurodollar LIBO Rate Interest Period, upon at least one three (13) Business Day's Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f). Any notice of prepayment given to the Administrative Funding Agent under this Section 3.01(a)(i) shall specify the type of Loans to be prepaidprepaid or repaid, the date (which shall be a Business Day) of prepaymentprepayment or repayment, and the aggregate principal amount of the prepaymentprepayment or repayment. Any prepayment or repayment of Term Loans shall be applied to each remaining principal installment of such Term Loans on a pro rata to the remaining principal installments of the Term Loansbasis. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such notice. (ii) The BorrowersEach Borrower, upon at least five three (53) Business Days' prior written notice to the Administrative Funding Agent (which the Administrative Funding Agent shall promptly transmit to each Lender), shall have the right, at any time and from time to time, to terminate in whole or permanently reduce ratably in part the unused portions of the Revolving Loan Commitments and/or Term A Loan Commitments. Any partial reduction of the Commitments , provided that each Borrower shall have made whatever payment may be in an aggregate minimum amount of One Million Dollars ($1,000,000) and integral multiples of One Hundred Thousand Dollars ($100,000) in excess of that amount, and shall required to reduce the Revolving Credit Obligations to an amount less than or equal to the Maximum Revolving Loan Commitment Amount as reduced or terminated on the date of each Lender proportionately in accordance with such Lender's Pro Rata Sharereduction. Any notice of termination or reduction given to the Administrative Funding Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. When notice of termination or reduction is delivered as provided herein, the principal amount of the Revolving Loans specified in the notice shall become due and payable on the date specified in such notice. (iii) The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a) may be made without premium or penalty (except as provided in Section 4.02(f)); provided, however, that any prepayment of Term B Loans or Term C Loans (i) on or prior to June 12, 1998 shall be subject to a prepayment fee of 1.25% of the principal amount of the Loans so prepaid and (ii) after June 12, 1998 and on or prior to June 12, 1999 shall be subject to a prepayment fee of 1.0% of the principal amount of the Loans so prepaid, and in each such case, such fees shall be due and payable on the date of such repayment.

Appears in 1 contract

Samples: Credit Agreement (Foamex International Inc)

Voluntary Prepayments/Reductions. (i) The Borrowers Borrower may, upon at least two (2) Business Days' prior written notice to the Administrative Agent, at any time and from time to time, prepay the Loans in whole or in partpart without premium or penalty upon notice to the Administrative Agent; provided, however, that any partial prepayment of Eurodollar Rate Loans shall be in minimum amounts of $500,000 no such prior notice is required for the automatic daily cash sweep and in multiples of $100,000 in excess thereof and that any partial prepayment of Base Rate Loans shall be in minimum amounts of $200,000 and in multiples of $100,000 in excess thereof; provided, further, that Eurodollar Rate Loans may only be prepaid (A) in whole or in part on the expiration date paydown of the then applicable Eurodollar Interest Period, upon at least one (1) Business Day's prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender, it being agreed that the failure of the Administrative Agent to give such notice shall not affect the Borrowers' right to prepay any Loan) or (B) otherwise upon payment of the amounts described in Section 4.02(f)Loans. Any notice of prepayment given to the Administrative Agent under this Section 3.01(a)(i) shall specify the Loans to be prepaid, the date (which shall be a Business Day) of prepayment, and the aggregate principal amount of the prepayment. Any prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans. When notice of prepayment is delivered as provided herein, the principal amount of the Loans specified in the notice shall become due and payable on the prepayment date specified in such noticenotice and such notice shall be irrevocable. (ii) The BorrowersBorrower may, upon at least five three (53) Business Days' prior written notice to the Administrative Agent (which the Administrative Agent shall promptly transmit to each Lender), shall have the rightAgent, at any time and from time to time, to terminate in whole whole, or permanently reduce ratably in part the unused portions of part, the Commitments. Any partial reduction of the Commitments shall be in an aggregate minimum amount of One Million Dollars ($1,000,000) 100,000 and integral multiples of One Hundred Thousand Dollars ($100,000) 100,000 in excess of that amount, amount and shall reduce the Commitment of each Lender proportionately in accordance with such Lender's its Pro Rata Share. Any notice of termination or reduction given to the Administrative Agent under this Section 3.01(a)(ii) shall specify whether the termination or reduction is applicable to the Revolving Loan Commitment or the Term Loan Commitment, the date (which shall be a Business Day) of such termination or reduction and, with respect to a partial reduction, the aggregate principal amount thereof. (iii) . When notice of termination or reduction of the Commitments is delivered as provided herein, the principal amount of the Loans so reduced shall become due and payable on the date specified in such notice to the extent the Revolving Credit Obligations exceed the Commitments after giving effect to such reduction. The prepayments and payments in respect of reductions and terminations described in clauses (i) and (ii) of this Section 3.01(a3.01(a)(ii) may be made without premium or penalty (except as provided in Section 4.02(f))penalty. Once reduced the Commitment may not be increased.

Appears in 1 contract

Samples: Credit Agreement (Avado Brands Inc)

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