Debt Issues Sample Clauses
Debt Issues. Until such time as the Facility A Commitments and any Facility A Loans are repaid and cancelled in full, if the Company or any member of the Group raises any External Debt then the Company shall procure that the Net Proceeds of that External Debt are applied in reduction of Facility A on the date of receipt of such Net Proceeds as follows:
(a) in cancellation of the Total Facility A Commitments (with any such cancellation reducing the Facility A Commitments of the Lenders rateably); and
(b) in prepayment of a sufficient amount of the Facility A Loans to the extent necessary so that the aggregate of the Base Currency Amounts of the outstanding Facility A Loans after that prepayment is equal to or less than the reduced amount of the Total Facility A Commitments.
Debt Issues. If the Parent or any member of the Group raises any External Debt then the Parent shall (or shall procure that the relevant member of the Group shall) prepay Term Loans in an aggregate amount equal to 100% of the Net Proceeds received by the Parent or, as the case may be, the relevant member of the Group from the issue of such External Debt provided that if:
(a) the Leverage Ratio is equal to or less than 3.50:1; and
(b) the Parent has achieved external ratings of a minimum of BBB- from S&P and Baa3 from ▇▇▇▇▇’▇ (with, in each case, stable outlook or better), the percentage of Net Proceeds of any issue of External Debt to be used in prepayment of the Term Loans in accordance with the provisions of this Clause shall be reduced to 50%. The prepayment shall be made within five Business Days of receipt by the Parent or such other member of the Group of such Net Proceeds. The prepayment shall be applied in accordance with Clause 9.9 (Application of prepayments).
Debt Issues. If the Original Borrower or any member of the Group raises any External Debt then the Original Borrower shall procure that the Net Proceeds of that External Debt are applied in reduction of the Facility on the date of receipt of such Net Proceeds as follows:
(a) in cancellation of the Total Commitments (with any such cancellation reducing the Commitment of the Lenders rateably); and
(b) in prepayment of a sufficient amount of the Loans to the extent necessary so that the aggregate of the Base Currency Amounts of the outstanding Loans after that prepayment is equal to or less than the reduced amount of the Total Commitments.
Debt Issues. Each time any Restricted Group Member receives the proceeds of any issuance of Indebtedness, other than Indebtedness listed in paragraphs (a), (b), (d), (e) and (f) of Section 13.2.1, the Borrower shall promptly notify the Agent of the amount of such proceeds and the Total Commitment shall reduce on the fifth (5th) Business Day thereafter by the amount of such proceeds (or the Equivalent Amount in Canadian Dollars if such proceeds are denominated in foreign currency).