Prepayments and Reductions from Asset Sales. No later than the second Business Day following the date of receipt by Company or any of its Subsidiaries of Cash Proceeds of any Asset Sale, Company shall prepay, without premium or penalty (other than pursuant to subsection 2.6D), the Loans in an amount equal to the Net Cash Proceeds of such Asset Sale; provided that, with respect to Asset Sales which do not include the sale of a Financed Aircraft, so long as no Potential Event of Default or Event of Default has occurred and is continuing, (i) Company shall have the option to use the Net Cash Proceeds within one hundred eighty (180) days of receipt thereof for the purpose of making Consolidated Capital Expenditures otherwise permitted by this Agreement and (ii) to the extent such Net Cash Proceeds are not reinvested pursuant to clause (i), Company may retain Net Cash Proceeds in respect of such Asset Sales of up to $10 million in any Fiscal Year and $20 million in the aggregate; provided further that, with respect to any Asset Sale involving the sale of a Financed Aircraft, so long as no Potential Event of Default or Event of Default has occurred and is continuing, the Company may retain any Net Cash Proceeds in excess of the amount equal to the sum of (x) the amount required to repay all amounts outstanding under the Notes relating to such Financed Aircraft and (y) the amount required to prepay any remaining Loans to the extent necessary so that the outstanding principal amount of any Loans made to finance the acquisition or conversion of a Financed Aircraft shall not exceed 80% of the Appraised Value of such Financed Aircraft as determined by appraisals to be provided at the time of such mandatory prepayment by two Approved Appraisers. Concurrently with any prepayment of the Loans pursuant to this subsection 2.4B(iii)(a), Company shall deliver to Administrative Agent an Officers' Certificate demonstrating the derivation of the Net Cash Proceeds of the correlative Asset Sale from the gross sales price thereof and the amount required to be prepaid pursuant to this subsection 2.4B(iii)(a). In the event that Company shall, at any time after receipt of Cash Proceeds of any Asset Sale requiring a prepayment pursuant to this subsection 2.4B(iii)(a), determine that the prepayments previously made in respect of such Asset Sale were in an aggregate amount less than that required by the terms of this subsection 2.4B(iii)(a), Company shall promptly make an additional prepayment of the Loans in the manner described...
Prepayments and Reductions from Asset Sales. No later than the second Business Day following the date of receipt by Borrower of Cash Proceeds of any Asset Sale, Borrower shall prepay, without premium or penalty (other than pursuant to subsection 2.6D), Loans in an amount equal to the Net Cash Proceeds of such Asset Sale. Concurrently with any prepayment of the Loans pursuant to this subsection 2.4C(ii)(a), Borrower shall deliver to Agent an Officers' Certificate demonstrating the derivation of the Net Cash Proceeds of the correlative Asset Sale from the gross sales price thereof. In the event that Borrower shall, at any time after receipt of Cash Proceeds of any Asset Sale requiring a prepayment pursuant to this subsection 2.4C(ii)(a), determine that the prepayments previously made in respect of such Asset Sale were in an aggregate amount less than that required by the terms of this subsection 2.4C(ii)(a), Borrower shall promptly make an additional prepayment of the Loans, as the case may be, in the manner described above in an amount equal to the amount of any such deficit, and Borrower shall concurrently therewith deliver to Agent an Officers' Certificate demonstrating the derivation of the additional Net Cash Proceeds resulting in such deficit. Any mandatory prepayments pursuant to this subsection 2.4C(ii)(a) shall be applied as specified in subsection 2.4C(iii).
Prepayments and Reductions from Asset Sales. (1) Upon the receipt by any Credit Party of any Net Cash Proceeds from any Asset Sale (or related series of Asset Sales), when added to all Net Cash Proceeds received by any Credit Party from all other Asset Sales (and related series of Asset Sales), in excess of $10,000,000 in the aggregate, 100% of such Net Cash Proceeds shall be applied to repay the outstanding Revolving Loans (but not reduce the Revolving Loan Commitments) to the full extent thereof; PROVIDED that on the 365th date following receipt of such Net Cash Proceeds, an amount equal to any amount of such Net Cash Proceeds which have not been reinvested in a Permitted Acquisition or reinvested in capital improvements by Borrower and its Subsidiaries including capital expenditures permitted hereunder by such date shall then be applied by Borrower on such date FIRST to prepay the outstanding Term Loans to the full extent thereof and SECOND, to the extent of any such amount remaining, to permanently reduce the Revolving Loan Commitments to the full extent thereof.
Prepayments and Reductions from Asset Sales. (1) If Company or any of its Subsidiaries receives any Net Cash Proceeds in an amount equal to or greater than $2,500,000 from any Asset Sale, Company shall prepay the Loans and the Commitments shall be permanently reduced in an aggregate amount equal to the excess of such Net Cash Proceeds of such Asset Sale over the amount of such Net Cash Proceeds that the Company intends to invest in a Related Business and are so invested within 270 days of receipt by the Company or any of its Subsidiaries. Such prepayment shall be due and such reduction in Commitments shall occur on the earlier of (i) the second Business Day following a determination by a Responsible Officer that such Net Cash Proceeds will not be invested in assets or property of a Related Business or (ii) 270 days after the receipt of such Cash Proceeds, if they have not been so invested in a Related Business;
Prepayments and Reductions from Asset Sales. No later than the earliest to occur of (A) the third Business Day following the date of receipt by Company or any of its Subsidiaries of Cash Proceeds of any Asset Sale in an aggregate cumulative amount equal to or exceeding $2,500,000, (B) the 270th day following the date of any Asset Sale the Net Cash Proceeds of Asset Sale of which have not been applied to the prepayment of Loans pursuant to the preceding clause (A) or this clause (B), and (C) the date of the occurrence of any Event of Default or Potential Event of Default, (1) Company shall prepay the Term Loans in an amount equal to the Net Cash Proceeds of Asset Sale of such Asset Sale, (2) to the extent the Net Cash Proceeds of Asset Sale of such Asset Sale exceed the aggregate outstanding principal amount of the Term
Prepayments and Reductions from Asset Sales. (1) Subject to subsection 2.4(B)(iii)(f), upon the receipt by any Credit Party of any Net Cash Proceeds from any Asset Sale, to the extent that the aggregate Net Cash Proceeds from all Asset Sales received in that Fiscal Year exceed Five Hundred Thousand Dollars ($500,000), 100% of such Net Cash Proceeds in excess of such amount shall be applied immediately to prepay the Term Loans. Any such mandatory prepayments or reductions shall be applied as specified in subsection 2.4B(iv)(b).
Prepayments and Reductions from Asset Sales. No later than the second Business Day following the date of receipt by Company or any of its Subsidiaries of Cash Proceeds of any Asset Sale (including Cash Proceeds in respect of principal payments received on promissory notes received in connection with Asset Sales occurring on or after the date hereof), Company shall prepay the Loans in an amount equal to the Net Cash Proceeds of such Asset Sale that constitute Aggregate Excess Proceeds. Concurrently with the making of any prepayment or reduction pursuant to this subsection 2.6.B.(i)(a), Company shall deliver an Officers Certificate demonstrating the derivation of Net Cash Proceeds from the gross sales price of the correlative Asset Sale. In the event that Company shall, at any time after receipt of Cash Proceeds of any Asset Sale requiring a prepayment or commitment reduction pursuant to this subsection 2.6.B.(i)(a), determine that the prepayments and/or Commitment reductions previously made in respect of such Asset Sale were in an aggregate amount less than required by the terms of this subsection 2.6.B.(i)(a), Company shall promptly make an additional prepayment of the Loans and reduce the Revolving Loan Commitments and cash collateralize outstanding Letters of Credit) in an amount equal to the amount of any such deficit, and Company shall concurrently therewith deliver an Officers Certificate demonstrating the derivation of the additional Net Cash Proceeds resulting in such deficit.
Prepayments and Reductions from Asset Sales. No later than the second Business Day following the date of receipt by Company or any of its Subsidiaries of Cash Proceeds of any Asset Sale, Company shall prepay the Loans in an amount equal to the Net Cash Proceeds of such Asset Sale. To the extent the Net Cash Proceeds of such Asset Sale exceed the sum of:
Prepayments and Reductions from Asset Sales. (i) Subsection 2.4A(iii) of the Credit Agreement is amended by deleting the first sentence thereof and substituting the following sentence therefor: "No later than the second Business Day following the date of receipt by Borrower or any of its Subsidiaries of (i) Net Cash Proceeds of any Asset Sale equal to or greater than $500,000 in the aggregate, Borrower shall prepay the Loans in an amount equal to the amount of such Net Cash Proceeds which is the highest integral multiple of $100,000 and (ii) Net Cash Proceeds of any Asset Sale, the Revolving Loan Commitments shall be permanently reduced to the extent required by the proviso set forth below."
Prepayments and Reductions from Asset Sales. Following the receipt by Company or any of its Subsidiaries of Cash Proceeds relating to one or more Asset Sales or a series of related Asset Sales by Company and its Subsidiaries on and after the Effective Date in excess of the Asset Sale Threshold Amount, Company shall FIRST prepay the Swing Line Loans in an amount equal to the Net Cash Proceeds of such Asset Sale, SECOND, to the extent the Net Cash Proceeds of such Asset Sale exceed the aggregate outstanding principal amount of the Swing Line Loans, permanently reduce the Revolving Loan Commitments and the Canadian Loan Commitment on a PRO rata basis in an amount equal to the excess of the Net Cash Proceeds of such Asset Sale over the aggregate outstanding principal amounts of the Swing Line Loans, THIRD, (X) to the extent the Total Utilization of Revolving Loan Commitments exceeds the Revolving Loan Commitments as so reduced, prepay the Revolving Loans in an amount equal to the excess of the Total Utilization of Revolving Loan Commitments over the Revolving Loan Commitments and (Y) to the extent the Total Utilization of Canadian Loan Commitment exceeds the Canadian Loan Commitment as so reduced, prepay the Canadian Loans and/or cash collateralize outstanding Bankers' Acceptances in an amount equal to the excess of the Total Utilization of Canadian Loan Commitment over the Canadian Loan Commitment and FOURTH, (X) to the extent that the Revolving Loan Commitments as reduced are less than the Letter of Credit Usage, cash collateralize Letters of Credit outstanding and (Y) to the extent that the Canadian Loan Commitment as so reduced is less than the Canadian Letter of
