Common use of Prepayments and Reductions Due to Reversion of Surplus Assets of Pension Plans Clause in Contracts

Prepayments and Reductions Due to Reversion of Surplus Assets of Pension Plans. No later than the first Business Day following date of return to Holdings or any of its Subsidiaries of any surplus assets of any pension plan of Borrower or any of its Subsidiaries, Borrower shall prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced in an aggregate amount (such amount being the "NET PENSION PROCEEDS") equal to 100% of such returned surplus assets, net of transaction costs and expenses incurred in obtaining such return, including incremental taxes payable as a result thereof.

Appears in 1 contract

Sources: Credit Agreement (Prime Succession Inc)

Prepayments and Reductions Due to Reversion of Surplus Assets of Pension Plans. No later than the first Within one Business Day following date of after the return to Holdings Company or any of its Subsidiaries of any surplus assets of any pension plan of Borrower Company or any of its Subsidiaries, Borrower Borrowers shall prepay the Loans and/or the Tranche B Commitments, the Tranche D Commitments and Revolving Loan Commitments shall be permanently reduced in an aggregate amount (such amount being the "``NET PENSION PROCEEDS"REVERSION AMOUNT'') equal to 100% of such returned surplus assets, net of transaction costs and expenses incurred in obtaining such return, including incremental taxes payable as a result thereof.

Appears in 1 contract

Sources: Credit Agreement (World Color Press Inc /De/)

Prepayments and Reductions Due to Reversion of Surplus Assets of Pension Plans. No later than On the first Business Day following date of return to Holdings Borrower or any of its Subsidiaries of any surplus assets of any pension plan of Borrower or any of its Subsidiaries, Borrower shall prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced in an aggregate amount (such amount being the "NET PENSION PROCEEDS") equal to 100% of such returned surplus assets, net of transaction costs and expenses incurred in obtaining such return, including incremental taxes payable as a result thereof.

Appears in 1 contract

Sources: Credit Agreement (Wj Communications Inc)