Mandatory Prepayments Commitment Reductions. 68 2.13 Application of Prepayments/Reductions ..............................................70 2.14 Allocation of Certain Payments and Proceeds.........................................71 2.15
Mandatory Prepayments Commitment Reductions. (a) No later than the first Business Day following the date of receipt by Holdings, Company or any of its Subsidiaries of any Net Asset Sale Proceeds from Asset Sales made in accordance with Sections 6.7(o), 6.7(p), and Section 6.9, or of any Net Insurance/Condemnation Proceeds, Company shall prepay the Loans and/or the Revolving Loan Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds or Net Insurance/Condemnation Proceeds, as the case may be; provided, so long as Event of Default shall have occurred and be continuing, Company may deliver to Administrative Agent a certificate of an Authorized Officer of Company setting forth (1) that portion of such Net Asset Sale Proceeds or Net Insurance/Condemnation Proceeds (such portion being the "PROPOSED REINVESTMENT PROCEEDS") that Company or such Subsidiary intends to reinvest within 365 days of the date of receipt, in non-current assets useful in the business of Company and its Subsidiaries, which may include, in the case of any Proposed Reinvestment Proceeds which related to Net Insurance/Condemnation Proceeds, the repair, restoration or replacement of the applicable assets of Company or its Subsidiaries (such assets being "ELIGIBLE ASSETS") and (2) the proposed use of such Proposed Reinvestment Proceeds and such other information with respect to such reinvestment as Administrative Agent may reasonably request. In the event Collateral Agent shall receive any Net Insurance/Condemnation Proceeds in its capacity as loss payee pursuant to Section 5.5, Company hereby authorizes Collateral Agent to apply an amount equal to all such amounts in accordance with this Section 2.13(a); provided, if Company shall elect to exercise its option to reinvest any such proceeds pursuant to the first sentence of this Section 2.13(a), Company shall give notice to Administrative Agent of such election and Administrative Agent shall pay over to Company such proceeds and Company shall reinvest such proceeds in accordance with the terms of such sentence. CREDIT AND GUARANTY AGREEMENT EXECUTION 824610-New York Server 7A
Mandatory Prepayments Commitment Reductions. (a) (i) The Borrower shall immediately prepay the outstanding principal amount of the Advances (exclusive of undrawn Letters of Credit) in accordance with Section 2.3 on any date on which the Outstandings exceed the Available Commitment in effect at such time, in the amount of such excess.
Mandatory Prepayments Commitment Reductions. (a) No later than the tenth calendar day following the date of receipt by any Obligor or any of its Restricted Subsidiaries of any Net Asset Sale Cash Proceeds from any Asset Sale, the Company shall apply all such Net Asset Sale Cash Proceeds to repay any outstanding Loans as set forth in Section 2.13(a); provided that, if the Borrower provides written notice to the Administrative Agent within seven calendar days of the date any such Net Asset Sale Cash Proceeds are so received of its intention to undertake such an investment, then so long as no Event of Default shall have occurred and be continuing, the Company shall have the option, directly or indirectly or through one or more of its Restricted Subsidiaries, to invest such Net Asset Sale Cash Proceeds within twelve months of receipt thereof in assets of the general type used in the business of the Parent and its Restricted Subsidiaries; provided, further, that, if any portion of such Net Asset Sale Cash Proceeds have not been so reinvested at the end of such twelve-month period, the Borrower shall apply an amount equal to the amount of Net Asset Sale Cash Proceeds that have not been so reinvested as set forth in Section 2.13(a).
Mandatory Prepayments Commitment Reductions. (a) No later than (y) the third Business Day following the date of receipt by the Borrower or any of its Subsidiaries of any NET Asset Sale Proceeds, the Borrower shall prepay the Loans and/or the Commitments shall be permanently reduced $1,100,000,000 CREDIT AGREEMENT as set forth in Section 2.4B(iii) in an aggregate amount equal to such Net Asset Sale Proceeds.
Mandatory Prepayments Commitment Reductions. On or before each date set forth below, the Borrower shall prepay the aggregate unpaid principal amount of the Term Loans by the amount set forth below and applicable to such date
Mandatory Prepayments Commitment Reductions. Subject to the provisions of the Intercreditor Agreement and the European Intercreditor Agreement, the Loans shall be repaid (or cash collateral shall be provided in respect of Letters of Credit) in the manner provided in Sections 2.14(a) through (g) below.
Mandatory Prepayments Commitment Reductions. Subject to the provisions of Section 2.14(f) below, the Term Loans shall be repaid in the manner provided in subsections 2.14(a) through 2.14(e) below.
Mandatory Prepayments Commitment Reductions. Article II of the Existing Credit Agreement is hereby amended by adding a new Section 2.15 thereto as follows:
Mandatory Prepayments Commitment Reductions. (a) No later than the third Business Day following the date of receipt by the Borrower or any of its Subsidiaries of any Cash proceeds from (x) a capital contribution to, or (y) the issuance of any Capital Stock of, the Borrower or such Subsidiary (but excluding any issuance by a Subsidiary of the Borrower to the Borrower or to a wholly-owned Subsidiary of the Borrower, and any capital contribution by the Borrower or a Subsidiary of the Borrower to a wholly-owned Subsidiary of the Borrower), the Borrower shall prepay the Loans and/or the Commitments shall be permanently reduced as set forth in Section 2.4B(iii) in an aggregate amount equal to 100% of such proceeds, net of commissions and other reasonable costs and expenses associated therewith, including reasonable legal fees and expenses.
