Common use of Refinancing Proceeds Clause in Contracts

Refinancing Proceeds. Upon the incurrence of any Permitted Refinancing, the Borrower shall promptly, and in any event within five (5) Business Days of receipt of the cash proceeds of such Permitted Refinancing prepay the Loan in an amount equal to the principal amount of such Permitted Refinancing, after deducting (a) any reasonable expenses which are incurred by any Group Member with respect to that Permitted Refinancing and (b) any Tax incurred and required to be paid or to be incurred by any Group Member in connection with that Permitted Refinancing (as reasonably determined by such Group Member).