Mandatory Commitment Reductions and Prepayments. 100% of the net cash proceeds from the issuance or incurrence after the Closing Date of debt, equity or equity-like securities by the Parent or the Borrower (other than from the issuance of the Parent’s common stock of up to $87 million to the extent the proceeds are used for general corporate purposes) shall be applied to reduce the commitments under the Facility (if still in existence) or to prepay the Facility.
Mandatory Commitment Reductions and Prepayments. In addition to the reductions and repayments provided for in Section 2.7 hereof, the Borrower shall, if required pursuant to this Section 2.6, permanently prepay the Loans as follows:
Mandatory Commitment Reductions and Prepayments. (i) Upon the occurrence of any Reduction Event, the Borrower shall apply an amount equal to the related Reduction Amount first to ratably prepay the outstanding Loans (if any) and second, to permanently and ratably reduce Commitments, any such prepayment to be effected within five Business Days after receipt by the Borrower or, as applicable, its Subsidiary of the Net Cash Proceeds from such Reduction Event and any such reduction to be effective immediately after receipt by the Borrower or, as applicable, its Subsidiary of the Net Cash Proceeds from such Reduction Event. The Borrower shall notify the Administrative Agent of any Reduction Event and the related Reduction Amount not later than the date of such Reduction Event, and the Administrative Agent shall promptly notify the Lenders thereof. Any prepayment of a Loan shall be accompanied by all accrued interest thereon, together with any additional amounts required pursuant to Section 3.05. All undrawn commitment fees accrued on any reduced Commitments shall be paid on the effective date of such reduction. Any reduction of Commitments or prepayment of Loans shall be applied to the Loans or Commitments of the Lenders in accordance with their Pro Rata Share.
Mandatory Commitment Reductions and Prepayments. (a) Unless previously terminated, the Commitments shall terminate on the first to occur of (i) the consummation of the Acquisition without the use of the Loans, (ii) the termination of the Acquisition Agreement in accordance with its terms and (iii) the Commitment Expiration Date.
Mandatory Commitment Reductions and Prepayments. (i) In the event that the Borrower or any of its Subsidiaries actually receives following the Effective Date any Net Cash Proceeds arising from any Debt Issuance, Equity Issuance or Asset Sale (i) prior to the Closing Date, then the Commitments shall be automatically reduced in an amount equal to 100% of such Net Cash Proceeds on the date of such actual receipt by the Borrower or such Subsidiary of such Net Cash Proceeds or (ii) on or after the Closing Date, then the Borrower shall prepay the Loans in an amount equal to 100% of such Net Cash Proceeds not later than three Domestic Business Days following such actual receipt by the Borrower or such Subsidiary of such Net Cash Proceeds. The Borrower shall promptly, within three Domestic Business Days, notify the Administrative Agent upon the actual receipt by the Borrower or such Subsidiary of any such Net Cash Proceeds and the Administrative Agent will promptly notify each Lender of its receipt of each such notice.
Mandatory Commitment Reductions and Prepayments. (i) If at any time the Debt Rating is lower than BBB- by S&P (or, subject to Section 6.14(c), there is no Debt Rating by S&P) and the Debt Rating is lower than Baa3 by Xxxxx’x (or, subject to Section 6.14(c), there is no Debt Rating by Xxxxx’x), the Commitments will be permanently reduced (and the Borrower will prepay the Loans to the extent provided below) as follows:
Mandatory Commitment Reductions and Prepayments. Upon the occurrence of any Reduction Event, the Borrower shall apply an amount equal to the related Reduction Amount first to ratably prepay the outstanding Loans (if any) and if such amount is greater than the Outstanding Amount at such time, to permanently and ratably reduce any remaining undrawn portion of the Aggregate Commitments in an amount equal to such excess amount, any such prepayment to be effected within five Business Days after receipt by the Borrower or, as applicable, its Subsidiary of the Net Cash Proceeds from such Reduction Event and any such reduction to be effective immediately after receipt by the Borrower or, as applicable, its Subsidiary of the Net Cash Proceeds from such Reduction Event. The Borrower shall notify the Administrative Agent of any Reduction Event and the related Reduction Amount not later than the date of such Reduction Event, and the Administrative Agent shall promptly notify the Lenders thereof.
Mandatory Commitment Reductions and Prepayments. (a) Unless previously terminated, (i) the Tranche A Commitments shall terminate automatically on the Tranche A Commitment Termination Date and (ii) the Tranche B Commitments shall terminate automatically on the Tranche B Commitment Termination Date.
Mandatory Commitment Reductions and Prepayments. (a) In the event that following the Merger Agreement Signing Date any Group Member receives (including into escrow) any Net Cash Proceeds from any Debt Issuance or Equity Issuance, then, to the extent that such Net Cash Proceeds are not required to be applied (x) prior to the Merger Transactions Closing Date, to reduce the commitments under the Bridge Facility or (y) on or after the Merger Transactions Closing Date, to repay any loans outstanding under the Bridge Facility, such Net Cash Proceeds shall be applied (1) first to automatically reduce the Commitments on the date on which such Net Cash Proceeds are received and (2) second, at any time following the initial Funding Date, to the extent that such Net Cash Proceeds in the aggregate exceed the amount applied pursuant to clause (1), to prepay Loans in an amount equal to such excess no later than five Business Days following the date on which such Net Cash Proceeds are received. Upon the receipt of any such Net Cash Proceeds, the Borrower shall promptly, but in any event within two Business Days, notify the Administrative Agent thereof and the Administrative Agent will promptly notify each Lender of its receipt of any such notice.
Mandatory Commitment Reductions and Prepayments. (a) Upon the receipt by the Company or any Subsidiary (or by any other Person at the direction of the Company or any Subsidiary) of any Net Cash Proceeds from any Asset Sale, the Commitments and the "Commitments" under and as defined in the Facility B Credit Agreement shall, subject to paragraph (b) of this Section, be reduced at such time as is specified in paragraph (b) of this Section, ratably in accordance with the amounts thereof, by an aggregate amount equal to 60% of the amount of such Net Cash Proceeds (the "Reduction Percentage").
