Issuance of Indebtedness. Immediately upon the receipt by any Credit Party or any Subsidiary of any Credit Party of the Net Proceeds of the issuance and/or incurrence of Indebtedness (other than Net Proceeds from the issuance and/or incurrence of Indebtedness permitted hereunder), the Borrower shall deliver, or cause to be delivered, in each case promptly (and, in any event, by no later than one (1) Business Day thereof) upon receipt by any Credit Party or any Subsidiary of any Credit Party, to the Applicable Agent an amount equal to such Net Proceeds, which shall be applied by the Revolver Agent to the prepayment of Revolving Loans (with a corresponding permanent reduction of the Revolving Loan Commitments on a dollar-for-dollar basis) and by the Administrative Agent to the Term Loans on a Pro Rata Basis; provided that to the extent the portion of such Net Proceeds to be applied to Revolving Loans exceeds the aggregate principal amount of Revolving Loans outstanding at such time, such excess amount shall be deposited into a deposit account subject to a deposit account control agreement in favor of the Revolver Agent and applied to repay Revolving Loans that are outstanding in the future within one (1) Business Day thereof (for the avoidance of doubt, with a corresponding permanent reduction of the Revolving Loan Commitments on a dollar-for-dollar basis).
Appears in 4 contracts
Samples: Credit Agreement (SelectQuote, Inc.), Credit Agreement (SelectQuote, Inc.), Credit Agreement (SelectQuote, Inc.)
