Mandatory Commitment Reductions and Prepayments. 100% of the net cash proceeds from the issuance or incurrence after the Closing Date of debt, equity or equity-like securities by the Parent or the Borrower (other than from the issuance of the Parent’s common stock of up to $87 million to the extent the proceeds are used for general corporate purposes) shall be applied to reduce the commitments under the Facility (if still in existence) or to prepay the Facility.
Appears in 4 contracts
Samples: Revolving Credit Agreement (Southern Union Co), Term Loan Credit Agreement (Southern Union Co), Revolving Credit Agreement (Southern Union Co)
