Common use of Shareholder Notes Clause in Contracts

Shareholder Notes. Receipt by the Administrative Agent of evidence satisfactory to the Administrative Agent that (x) one or more Shareholder Notes shall have been issued by the Borrower to one or more of the shareholders of Holdings, and that net cash proceeds thereof of $20,000,000 shall have been received and applied by the Borrower to the optional prepayment of the Revolving Loans pursuant to Section 2.10 of the Credit Agreement, (y) the Borrower shall have received an unconditional commitment for the purchase of additional Shareholder Notes in the amount required pursuant to the last paragraph of the definition of such term in Section 2.2 not later than 15 days after the effectiveness of this Amendment No. 1 (which commitment shall be in form and substance satisfactory to the Administrative Agent) and (z) the Borrower shall have complied with the requirements of Section 4.7 of the Senior Subordinated Note Indenture with respect to the issuance of the Shareholder Notes;