Offering Proceeds. If after prepayment of all Extensions of Credit with Net Cash Proceeds from any offering by any Borrower or Subsidiary of debt or equity securities pursuant to Section 2.4(c)(i), the Leverage Ratio exceeds 3.00 to 1.00, an amount equal to the portion of such proceeds required to be applied to outstanding Obligations in order to reduce the Leverage Ratio on such prepayment date to 3.00 to 1.00.
Appears in 2 contracts
Sources: Credit Agreement (Acc Corp), Credit Agreement (Acc Corp)