Common use of Proceeds from Issuance of Additional Indebtedness or Equity Clause in Contracts

Proceeds from Issuance of Additional Indebtedness or Equity. If, after the Closing Date, any Borrower issues any additional Indebtedness or obtains any additional equity in a manner permitted under this Agreement, then, except as otherwise provided in Section 8.2.6, such Borrower shall pay to Agent for the ratable benefit of Lenders, when and as received by such Borrower and as a mandatory prepayment of the Obligations, a sum equal to one hundred percent (100%) of the net proceeds to such Borrower of the issuance of such Indebtedness or equity. Any such prepayment shall be applied to the Loans in the manner specified in the second sentence of subsection 3.3.1 until payment thereof in full. Any Revolving Credit repaid pursuant to this Section 3.3.2 shall be subject to Borrowers’ right to reborrow such funds pursuant to Section 1.1.1. 3.3.3

Appears in 1 contract

Samples: Loan and Security Agreement (Mfri Inc)

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Proceeds from Issuance of Additional Indebtedness or Equity. If, after the Closing Date, any Borrower issues any additional Indebtedness or obtains any additional equity in a manner permitted under this Agreement, then, except as otherwise provided in Section 8.2.6, such Borrower shall pay to Agent for the ratable benefit of Lenders, when and as received by such Borrower and as a mandatory prepayment of the Obligations, a sum equal to one hundred percent (100%) of the net proceeds to such Borrower of the issuance of such Indebtedness or equity. Any such prepayment shall be applied to the Loans in the manner specified in the second sentence of subsection 3.3.1 until payment thereof in full. Any Revolving Credit repaid pursuant to this Section 3.3.2 shall be subject to Borrowers' right to reborrow such funds pursuant to Section 1.1.1. 3.3.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Mfri Inc)

Proceeds from Issuance of Additional Indebtedness or Equity. If, after the Closing Date, any Borrower issues any additional Indebtedness or obtains any additional equity in a manner permitted under this Agreement, then, except as otherwise provided in Section 8.2.6, such Borrower shall pay to Agent for the ratable benefit of Lenders, when and as received by such Borrower and as a mandatory prepayment of the Obligations, a sum equal to one hundred percent (100%) of the net proceeds to such Borrower of the issuance of such CHICAGO/#1571873.4 Indebtedness or equity. Any such prepayment shall be applied to the Loans in the manner specified in the second sentence of subsection 3.3.1 until payment thereof in full. Any Revolving Credit repaid pursuant to this Section 3.3.2 shall be subject to Borrowers’ right to reborrow such funds pursuant to Section 1.1.1. 3.3.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Mfri Inc)

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Proceeds from Issuance of Additional Indebtedness or Equity. If, after the Closing Date, If any Borrower issues any additional Indebtedness (other than Indebtedness permitted pursuant to subsection 8.2.3) or obtains any additional equity in a manner permitted under this Agreement, then, except as otherwise provided in Section 8.2.6, such Borrower Borrowers shall pay to Agent for the ratable benefit of Lenders, when and as received by such Borrower and as a mandatory prepayment of the Obligations, a sum equal to one hundred percent (100%) of the net proceeds to such Borrower of the issuance of such Indebtedness or equity. Any such prepayment shall be applied to the Loans in the manner specified in the second sentence of subsection 3.3.1 until payment thereof in full. Any Revolving Credit repaid pursuant to this Section 3.3.2 shall be subject to Borrowers’ right to reborrow such funds pursuant to Section 1.1.1. 3.3.3.

Appears in 1 contract

Samples: Loan and Security Agreement (Rewards Network Inc)

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