Prepayments and Reductions From Net Asset Sale Proceeds. No later than the tenth Business Day following the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall either (1) prepay the Term Loans in an aggregate amount equal to such Net Asset Sale Proceeds (provided that Company may defer making any such prepayment until the cumulative amount of such Net Asset Sale Proceeds to be applied to the prepayment of the Term Loans exceeds $1,500,000) or (2) so long as no Potential Event of Default or Event of Default shall have occurred and be continuing, deliver to Administrative Agent an Officer’s Certificate setting forth that portion of such Net Asset Sale Proceeds that Company or such Subsidiary intends to reinvest in equipment or other productive assets of the general type used in the business of Company and its Subsidiaries or in connection with Permitted Acquisitions within 270 days of such date of receipt, and Company shall, or shall cause one or more of its Subsidiaries to, promptly and diligently apply such portion to such reinvestment purposes; provided, however, that, pending such reinvestment, such portion of the Net Asset Sale Proceeds may be applied to prepay outstanding Revolving Loans (without a reduction in the Revolving Loan Commitment Amount) to the full extent thereof. In addition, to the extent that such Net Asset Sale Proceeds have not theretofore been applied to the Obligations or that have not been so reinvested as provided above, Company shall make an additional prepayment of the Term Loans in an amount equal to such unapplied Net Asset Sale Proceeds.
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the fifth Business Day following the date of receipt by Company or any Subsidiary Guarantor of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall either (1) prepay the Loans and/or the Revolving Loan Commitment Amount shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds or (2), so long as no Event of Default shall have occurred and be continuing, deliver to Administrative Agent an Officer’s Certificate setting forth that portion of such Net Asset Sale Proceeds that, subject to subsection 7.3, Company or such Subsidiary intends to reinvest in equipment or other productive assets (directly or through the acquisition of Capital Stock of a Person that owns such assets) within 360 days of such date of receipt, and Company shall, or shall cause one or more of its Subsidiaries to (A) apply such portion to such reinvestment purposes or (B) no later than 360 days after receipt of such Net Asset Sale Proceeds make a prepayment of the Loans (and/or the Revolving Loan Commitment Amount shall be permanently reduced) in an amount equal to such Net Asset Sale Proceeds that are not so reinvested.
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall prepay the Loans and the Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds.
Prepayments and Reductions From Net Asset Sale Proceeds. Subsection 2.4A(iii)(a) of the Credit Agreement is hereby amended by deleting the proviso contained therein in its entirety and substituting the following therefor: "PROVIDED, HOWEVER, that up to $10,000,000 of Net Asset Sale Proceeds received by Borrowers and their respective Subsidiaries from Asset Sales permitted under subsection 7.7(iv) shall be used to prepay Loans, but shall not be required to be used to permanently reduce Revolving Loan Commitments pursuant to this subsection 2.4A(iii)(a), so long as such proceeds are reinvested by Borrowers or their Subsidiaries within 180 days after receipt of such proceeds in similar assets of similar fair market value."
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by Borrowers or any of their Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale (other than Net Asset Sale Proceeds in respect of the sale of any obsolete worn out or surplus assets or assets no longer used or useful in the business of the Project or of construction equipment having a fair market value not in excess of $4,000,000 prior to Completion or during the first year following Completion, but only in each case to the extent reinvested in the business of Borrowers or such Subsidiary within 180 days of receipt), Borrowers shall prepay the Loans and/or the Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds.
Prepayments and Reductions From Net Asset Sale Proceeds. Promptly, but not later than 5 Business Days after the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall either: (First Amended and Restated Credit Agreement)
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by a Loan Party or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Borrower shall prepay the Loans and/or the Revolving Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds. Notwithstanding the preceding sentence, such prepayment shall not be required to the extent that a Loan Party or any of its Subsidiaries reinvests the Net Asset Sale Proceeds within 180 days after the date of such Net Asset Sale by making Consolidated Capital Expenditures for productive fixed assets of a kind used or usable in the business of the Loan Parties and their Subsidiaries.
Prepayments and Reductions From Net Asset Sale Proceeds. (x) No later than the first Business Day following the date of receipt by Company of any Net Asset Sale Proceeds in respect of any sale by Company of Tendered Target Shares, Company shall prepay the Tender Loans in an aggregate amount equal to such Net Asset Sale Proceeds; provided, however, that nothing contained in this clause (x) shall be construed to permit any sale of assets prohibited by subsection 7.7.
Prepayments and Reductions From Net Asset Sale Proceeds. No later than the first Business Day following the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, 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; provided that Company may in its sole discretion elect, pursuant to a written notice given by Company to Administrative Agent describing such election, to postpone any mandatory prepayments otherwise required to be made by Company pursuant to this subsection 2.4B(iii)(a) (any such prepayment, until the time actually made, being "POSTPONED PREPAYMENTS") until such time as the aggregate amount of Postponed Prepayments equal $1,000,000.
Prepayments and Reductions From Net Asset Sale Proceeds. No ------------------------------------------------------- later than the first Business Day following the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds in respect of any Asset Sale, Company shall prepay the Loans and the Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds; provided, however, that so long as no -------- ------- Event of Default or Potential Event of Default has occurred and is continuing, no (1) such reduction shall be required to the extent Company or such Subsidiary receives less than $25,000,000 in proceeds from the sale of any asset in any single transaction or a related series of transactions, (2) such prepayment or reduction shall be required if Company or such Subsidiary receives such Net Asset Sale Proceeds in connection with the sale of assets required by the terms of the DOJ Settlement to the extent Company determines to utilize such Net Asset Sale Proceeds to purchase equipment or other productive assets, and Company so utilizes or contractually commits to utilize such Net Asset Sale Proceeds within 360 days of the receipt thereof, and (3) such prepayment or reduction shall be required to the extent Company determines to utilize such Net Asset Sale Proceeds to purchase equipment or other productive assets, and Company so utilizes or contractually commits to utilize such Net Asset Sale Proceeds within 180 days of the receipt thereof.
