Common use of Mandatory Commitment Reductions and Prepayments Clause in Contracts

Mandatory Commitment Reductions and Prepayments. DISPOSITIONS OF ---------------------------------------------------------------- ASSETS. Without limiting the obligation of the Borrower under SECTION 7.03 to obtain the consent of the Lenders to any Disposition not otherwise permitted hereunder, the Borrower agrees (i) three (3) Business Days prior to the occurrence of any disposition of assets or properties by any Company, other than as permitted under SECTION 7.03, to deliver to the Agent (in sufficient copies for each Lender) a statement, certified by an Authorized Officer and in reasonable detail, of the estimated amount of the Net Sale Proceeds of such Disposition and (ii) that in the event such Disposition is completed, the Borrower shall prepay the Notes and/or permanently reduce the Commitments in the amount of such Net Sale Proceeds, as provided in SECTION 1.06(F) and as follows: (A) on the date of such Disposition, in an aggregate amount equal to 100% of the Net Sale Proceeds of such Disposition received by any Company on the date of such Disposition; and (B) thereafter, to the extent any Company shall receive Net Sale Proceeds under deferred payment arrangements or investments entered into or received in connection with any Disposition, an amount equal to one hundred percent (100%) of the aggregate amount of such deferred Net Sale Proceeds, payable within two (2) Business Days after such Company receives such funds, in each case reduced until the Commitments and any outstanding Loans under the Notes are reduced to zero.

Mandatory Commitment Reductions and Prepayments. DISPOSITIONS OF ---------------------------------------------------------------- ASSETS. Without limiting the obligation of the Borrower under SECTION 7.03 to ------ obtain the consent of the Lenders to any Disposition not otherwise permitted hereunder, the Borrower agrees (i) three (3) Business Days prior to the occurrence of any disposition of assets or properties by any Company, other than as permitted under SECTION 7.03, to deliver to the Agent (in sufficient copies for each Lender) a statement, certified by an Authorized Officer and in reasonable detail, of the estimated amount of the Net Sale Proceeds of such Disposition and (ii) that in the event such Disposition is completed, the Borrower shall prepay the Notes and/or permanently reduce the Commitments in the amount of such Net Sale Proceeds, as provided in SECTION 1.06(F) and as follows: (A) on the date of such Disposition, in an aggregate amount equal to 100% of the Net Sale Proceeds of such Disposition received by any Company on the date of such Disposition; and (B) thereafter, to the extent any Company shall receive Net Sale Proceeds under deferred payment arrangements or investments entered into or received in connection with any Disposition, an amount equal to one hundred percent (100%) of the aggregate amount of such deferred Net Sale Proceeds, payable within two (2) Business Days after such Company receives such funds, in each case reduced until the Commitments and any outstanding Loans under the Notes are reduced to zero.