ITG Debt Proceeds definition
ITG Debt Proceeds means the net proceeds of any Financial Indebtedness incurred by ITG or any Holding Company of ITG (if such a Holding Company exists) or by any Holding Company of any member of the BST Group (other than another member of the BST Group). The Parent shall ensure that the Borrowers prepay Loans in the following amounts at the times and in the order of application contemplated by Clause 12.3 (Application of mandatory prepayments): the amount of Acquisition Proceeds; the amount of Disposal Proceeds; the amount of Insurance Proceeds; the amount equal to the Relative Commitment Factor as of such date multiplied by the amount of the Equity Proceeds received from an Equity Issuance (other than an Excluded Equity Issuance) and after in the case of a Qualified Issuance (as defined in the ITG Note Purchase Agreement) deducting such amount not exceeding $7,500,000 as is required to be paid by ITG by way of accrued interest under the ITG Notes by ITG or any Holding Company of ITG (if such a Holding Company exists) or by any Holding Company of any member of the BST Group (other than another member of the BST Group); 50% of the amount of the Equity Proceeds received from an Equity Issuance by any member of the BST Group or any Holding Company of any member of the BST Group (other than ITG); the amount equal to the Relative Commitment Factor as of such date multiplied by the amount of ITG Debt Proceeds; the amount of the BST Debt Proceeds; and the amount equal to 75% of Excess Cashflow for any Financial Year of the Parent (or if Debt Cover for such Financial Year was less than 2.5:1, 50% of Excess Cashflow for such Financial Year). For the avoidance of doubt, no Permitted Reorganisation Transaction shall give rise to any mandatory prepayment under Clause 12.2(b) above. Application of mandatory prepayments Subject to Clause 12.3(e) below, a prepayment made under Clause 12.2 (Disposal, Insurance, Acquisition, Equity and Debt Proceeds and Excess Cashflow) shall be applied in the following order: first, in prepayment of First Lien Facility Loans as contemplated in paragraphs (b) to (d) inclusive below; second, in prepayment and cancellation of Revolving Facility Utilisations (such that outstanding Revolving Facility Loans shall be prepaid before outstanding Letters of Credit) and of Revolving Facility Commitments;
ITG Debt Proceeds means the net proceeds of any Financial Indebtedness incurred by ITG or any Holding Company of ITG (if such a Holding Company exists) or by any Holding Company of any member of the BST Group (other than another member of the BST Group).”