Equity Transactions. Immediately upon the occurrence of any Equity Transaction, the Borrower shall prepay the Loans and (after all Loans have been repaid) cash collateralize the LOC Obligations (in a manner satisfactory to the Agent) in an amount equal to 100% of the Net Proceeds of the related Equity Transaction (to be applied as set forth in Section 3.3(c) below).
Appears in 4 contracts
Samples: Credit Agreement (Personnel Group of America Inc), Credit Agreement (Personnel Group of America Inc), Credit Agreement (Personnel Group of America Inc)