Common use of Proceeds from Debt or Equity Offering Clause in Contracts

Proceeds from Debt or Equity Offering. The Borrower shall cause all gross proceeds of each and every Debt Offering and Equity Offering, less all reasonable costs, fees, expenses, underwriting commissions, fees and discounts incurred in connection therewith, to be promptly paid by the Borrower to the Agent for the account of the Banks as a prepayment of the Loans to the extent of the outstanding balance of the Loans; provided that, subject to the limitations contained in Section 3.2(b) above, the Borrower shall not as a result of this Section 3.6 be required to reduce the principal balance of the Loans to less than $50,000,000.00.