Common use of B hereof Clause in Contracts

B hereof. Notwithstanding anything to the contrary contained herein, (i) no cash, Cash Equivalents or any other amounts received in respect of the sale of inventory or the sale of accounts receivables pursuant to any Permitted Credit Support Arrangement shall constitute “Net Proceeds” or Securitization Financings, (ii) to the extent any Net Proceeds are received by and person other than the Borrower or a Subsidiary of the Borrower, no payment shall be required until such Net Proceeds are received by the Borrower or a Subsidiary of the Borrower and (iii) no cash, Cash Equivalents or any other amounts received by the Borrower or any Subsidiary of the Borrower as a result of or in connection with cancelled, discontinued, non-renewed or otherwise terminated license agreements (which, for the avoidance of doubt, shall instead constitute Consolidated Net Income in respect of the definition of the term “EBITDA” in connection with the calculation of “Excess Cash Flow”. For purposes of calculating the amount of Net Proceeds, fees, commissions and other costs and expenses payable to the Borrower or any Affiliate of either of them shall be disregarded.

Appears in 4 contracts

Samples: Credit Agreement (Centric Brands Inc.), Second Lien Credit Agreement (Centric Brands Inc.), Credit Agreement (Centric Brands Inc.)

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