REDUCTION OF TRANCHE A COMMITMENT AMOUNT. (a) On each of the Tranche A Reduction Dates set forth below, the Tranche A Commitment Amount shall be reduced by the amount equal to the product of the Tranche A Reduction Percentage set forth below opposite such date multiplied by the Tranche A Commitment Amount as in effect on August 31, 2001, with a final reduction on the Tranche A Maturity Date in an amount equal to the remaining Tranche A Commitment Amount: Tranche A Reduction Date Tranche A Reduction Percentage ------------------------ ------------------------------ August 31, 2001 3.330% November 30, 2001 3.330% February 28, 2002 3.340% May 31, 2002 3.750% August 31, 2002 3.750% November 30, 2002 3.750% February 28, 2003 3.750% May 31, 2003 5.000% August 31, 2003 5.000% November 30, 2003 5.000% 40 February 29, 2004 5.000% May 31, 2004 5.625% August 31, 2004 5.625% November 30, 2004 5.625% February 28, 2005 5.625% May 31, 2005 4.375% August 31, 2005 4.375% November 30, 2005 4.375% February 28, 2006 4.375% May 31, 2006 7.500% Tranche A Maturity Date 7.500% Each payment required to be made by the Borrower pursuant to this Section 2.1.3 shall be allocated among the Banks pro rata in accordance with each Bank's Commitment Percentage of the Tranche A Commitment Amount. (b) The Borrower shall have the right at any time and from time to time upon five (5) Business Days' prior written notice to the Administrative Agent to reduce by $500,000 or an integral multiple thereof or terminate entirely the unborrowed portion of the Tranche A Commitment Amount, whereupon the Tranche A Commitment Amount shall be reduced pro rata among the Banks in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice of the Borrower delivered pursuant to this Section 2.1.3, the Administrative Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Administrative Agent for the respective accounts of the Banks the full amount of any commitment fee then accrued on the amount of the reduction. No reduction of the Tranche A Commitment Amount may be reinstated.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Emmis Communications Corp)
REDUCTION OF TRANCHE A COMMITMENT AMOUNT. (a) On each of the Tranche A Reduction Dates set forth below, the Tranche A Commitment Amount shall be reduced by the amount equal to the product of the Tranche A Reduction Percentage set forth below opposite such date multiplied by the Tranche A Commitment Amount as in effect on August 31, 2001, with a final reduction on the Tranche A Maturity Date in an amount equal to the remaining Tranche A Commitment Amount:
: Tranche A Reduction Date Tranche A Reduction Percentage ------------------------ ------------------------------ August 31, 2001 3.330% November 30, 2001 3.330% February 28, 2002 3.340% May 31, 2002 3.750% August 31, 2002 3.750% November 30, 2002 3.750% February 28, 2003 3.750% May 31, 2003 5.000% August 31, 2003 5.000% November 30, 2003 5.000% 40 February 29, 2004 5.000% May 31, 2004 5.625% August 31, 2004 5.625% November 30, 2004 5.625% February 28, 2005 5.625% May 31, 2005 4.375% August 31, 2005 4.375% November 30, 2005 4.375% February 28, 2006 4.375% May 31, 2006 7.500% Tranche A Maturity Date 7.500% Each payment required to be made by the Borrower pursuant to this Section 2.1.3 shall be allocated among the Banks pro rata in accordance with each Bank's Commitment Percentage of the Tranche A Commitment Amount.%
(b) The Borrower shall have the right at any time and from time to time upon five (5) Business Days' prior written notice to the Administrative Agent to reduce by $500,000 or an integral multiple thereof or terminate entirely the unborrowed portion of the Tranche A Commitment Amount, whereupon the Tranche A Commitment Amount shall be reduced pro rata among the Banks in accordance with their respective Commitment Percentages of the amount specified in such notice or, as the case may be, terminated. Promptly after receiving any notice of the Borrower delivered pursuant to this Section 2.1.3, the Administrative Agent will notify the Banks of the substance thereof. Upon the effective date of any such reduction or termination, the Borrower shall pay to the Administrative Agent for the respective accounts of the Banks the full amount of any commitment fee then accrued on the amount of the reduction. No reduction of the Tranche A Commitment Amount may be reinstated.
Appears in 1 contract
Sources: Revolving Credit and Term Loan Agreement (Emmis Communications Corp)