AVAILABLE AMOUNTS. If any Existing Preferred Stock and/or Existing Subordinated Notes are outstanding, the sum of the Available Revolving Credit Commitments after giving effect to such Extension of Credit shall be greater than or equal to the lesser of (i) the aggregate redemption price and projected unpaid accrued dividends and/or interest to the next dividend and/or interest payment date on the Existing Preferred Stock and/or Existing Subordinated Notes and (ii) the aggregate amount that would be required to covenant defease the Existing Exchange Debentures and/or Existing Subordinated Notes as required by subsection 12.9. Each borrowing by the Company hereunder and the issuance of each Letter of Credit by each Issuing Lender hereunder shall constitute a representation and warranty by the Company as of the date of such borrowing or issuance that the conditions in clauses (a), (b) and (c) of this subsection 11.3 have been satisfied.
Appears in 2 contracts
Sources: Credit Agreement (Citadel Broadcasting Co), Credit Agreement (Citadel Broadcasting Corp)