Mandatory. (i) The Borrower shall, on the date of receipt of # any Net Cash Proceeds by the Borrower or any of its Subsidiaries in connection with the Spin-Off, and # any other Net Cash Proceeds (other than the proceeds of # any borrowing under the Revolving Credit Agreement or # commercial paper, in each case made in the ordinary course of business) in excess of , prepay an aggregate principal amount of the Advances comprising part of the same Borrowings in an amount equal to the amount of such Net Cash Proceeds (or, in the case of [clause (y) above], in the amount of such excess).
Mandatory. (i) The Borrower shall,Commitments shall be automatically and permanently reduced on theeach date of receipt of # any Net Cash Proceeds by the Borrower or any of its Subsidiaries in connection with the Spin-Off, and # any other Net Cash Proceeds (other than the proceeds of # any borrowing under the Revolving Credit Agreement or # commercial paper, in each case made in the ordinary course of business) received by the Borrower in excess of , prepay an aggregate principal amount of the Advances comprising part of the same Borrowings in$1,000,000,000, by an amount equal to the amount of such Net Cash Proceeds (or, in the case of [clause (y) above], in the amount of such excess).; provided that each such reduction of the Commitments shall be made ratably among the Lenders.
AllDrafts is a cloud-based editor designed specifically for contracts. With automatic formatting, a massive clause library, smart redaction, and insanely easy templates, it’s a welcome change from Word.
And AllDrafts generates clean Word and PDF files from any draft.