Common use of Amendments and Agreements Clause in Contracts

Amendments and Agreements. 1. Effective as of the Initial Seventh Amendment Effective Date (as defined below), (A) Holdings, the Borrower and the Banks hereby agree to (i) amend Sections 4.02(b), (c) and (e) of the Credit Agreement by, in each case, deleting the date "January 7, 2003" appearing in the table set forth in said Sections and inserting the date "January 10, 2003" in lieu thereof and (ii) extend the Waiver Period referred to in paragraph 3 of the Sixth Amendment by deleting the date "January 7, 2003" appearing in said paragraph and inserting the date "January 10, 2003" in lieu thereof and (B) (i) the Total Tranche 3 Revolving Loan Commitment of $15,000,000 (and the Tranche 3 Revolving Loan Commitment of each Bank) shall be terminated in its entirety, and (ii) each Tranche 3 Guaranty shall terminate in its entirety. 2. Effective as of the Final Seventh Amendment Effective Date (as defined below), (i) the Total Revolving Loan Commitment shall be permanently reduced from $54,500,000 to $43,500,000, with the Revolving Loan Commitment (if any) of each Bank to be reduced pro rata based on the amount such Bank's Revolving Loan Commitment bears to the Total Revolving Loan Commitment, (ii) in substitution for the reductions set forth in clause (B)(i) of paragraph 1 of this Amendment and clause (i) of this paragraph 2, the Initial C Term Loan Banks party to this Amendment shall provide Initial C Term Loan Commitments (as defined after giving effect to this Amendment) in an aggregate amount of $35,000,000 (as set forth in Schedule I to the Credit Agreement (as in effect after giving effect to this Amendment)) and (iii) the proceeds received from Initial C Term Loans (as defined after giving effect to this Amendment) made in connection with the Initial C Term Loan Commitments shall be used, in part, to repay any Tranche 3 Revolving Loans then outstanding, and all other outstanding obligations under the Tranche 3 Revolving Loan Facility (including accrued interest and fees related thereto).