Certain Proceeds of Indebtedness. Not later than the Business Day following the date of the receipt by any Credit Party or any of its Subsidiaries of the cash proceeds (net of underwriting discounts and commissions, placement agent fees and other customary fees and costs associated therewith) from any sale or issuance of any Indebtedness (including, without limitation, the PAA Facility and any refinancing of Indebtedness of any Real Estate Subsidiary permitted pursuant to Section 7.04(f), but excluding Indebtedness incurred pursuant to each other provision of Section 7.04 after the Closing Date), the Borrower will make a prepayment of the Loans in an amount equal to 100% of such Net Cash Proceeds in accordance with Section 2.11(d) below.
Appears in 2 contracts
Sources: Credit Agreement (Preferred Apartment Communities Inc), Credit Agreement (Preferred Apartment Communities Inc)