Spin-Off. If the Spin-Off and the other material transactions that, pursuant to the terms of the Separation Agreement, are to occur prior to or substantially concurrently with the Spin-Off shall not have been consummated on or prior to the fifth Business Day following the Funding Date, then on such fifth Business Day (x) all of the Loan Obligations shall be required to be prepaid, (y) the Revolving Commitment of each Revolving Lender shall be reduced to zero and (z) the Borrower shall Cash Collateralize the then Outstanding Amount of all L/C Obligations.
Appears in 6 contracts
Samples: Credit Agreement (HSN, Inc.), Credit Agreement (Ticketmaster Entertainment, Inc.), Credit Agreement (Ticketmaster)
