Prepayments from Asset Dispositions. Without limiting the restrictions set forth in SECTIONS 8.7 and 11.7, the Obligors agree that (i) immediately upon the receipt by any Obligor of the proceeds of any Asset Disposition of Bank Priority Collateral, the Obligors shall apply such proceeds as provided in SECTION 4.9(C), and (ii) within 10 days after the receipt by any Obligor of the Net Proceeds of any Asset Disposition of assets other than Bank Priority Collateral, the Obligors shall apply such Net Proceeds as provided in SECTION 4.9(C) or to the redemption or repurchase of outstanding Bonds, provided, however, that the Obligors shall not be required to make such application pursuant to clause (ii) above to the extent that the Net Proceeds from Asset Dispositions during any fiscal year of the Obligors do not exceed, in the aggregate, $200,000. Concurrently with the making of any such application, the Borrowers' Agent shall deliver to the Agent a certificate of the Financial Officer demonstrating the calculations of the amount required to be applied and, in the case of the application of the Net Proceeds from Asset Dispositions of assets other than Bank Priority Collateral pursuant to CLAUSE (II) above, the amount of such Net Proceeds to be applied as provided in SECTION 4.9(C) and the amount of such Net Proceeds to be applied to the redemption or repurchase of outstanding Bonds. Notwithstanding the foregoing, to the extent that the gross proceeds from Asset Dispositions of assets other than Bank Priority Collateral during any fiscal year of the Obligors do not exceed, in the aggregate, $2,000,000, if the Obligors reasonably expect such proceeds to be reinvested within six months in productive assets of a kind then used or useable in the business of the Obligors and that are not subject to any Lien other than Permitted Liens, then the Obligors shall not be required to make the application of Net Proceeds as provided in clause (ii) above, provided that (A) within 10 days after the receipt by any Obligor of such gross proceeds, the Borrowers'Agent shall deliver to the Agent a certificate of the Financial Officer certifying that the Obligors reasonably expect to reinvest such proceeds within six months as provided above, and (B) to the extent that the Obligors fail to reinvest such proceeds within six months as provided above, (x) the Obligors shall immediately apply the unreinvested amount as provided in Section 4.9(c) or to the redemption or repurchase of outstanding Bonds and (y) the Borrowers' ...
Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds in excess of $1,000,000 in the aggregate during any Fiscal Year, Borrower shall prepay the Loans in an amount equal to such Net Proceeds, except that Borrower or its Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days, in fixed assets. If Borrower does not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Borrower having reinvested the Net Proceeds of any such Asset Disposition, Borrower shall prepay the Loans in an amount equal to such remaining Net Proceeds in accordance with SECTION 1.5(e).
Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds, Borrowers shall repay the Revolving Credit Advances (without reduction of the Revolving Loan Commitment) by an amount equal to the amount of any reduction in the Borrowing Base attributable to the Asset Disposition giving rise to such Net Proceeds to the extent that any such reduction would result in the outstanding principal balance of the Revolving Loan exceeding the maximum amount of Revolving Loan permitted to be outstanding. Except as provided in the foregoing sentence, to the extent Borrowers have received less than $750,000 in the applicable Fiscal Year, Borrowers may retain such Net Proceeds. To the extent Borrower have received Net Proceeds in excess of $750,000 during the applicable Fiscal Year, Borrowers or their Subsidiaries may reinvest all remaining Net Proceeds of such Asset Disposition in productive replacement fixed assets of a kind then used or usable in the business of Borrowers; provided, Borrowers must have contracted to reinvest such funds within ninety (90) days and must have reinvested such funds within one hundred eighty (180) days. If Borrowers do not intend to so reinvest such Net Proceeds or if a period set forth in the immediately preceding sentence expires without Borrowers having contracted to reinvest or reinvested such Net Proceeds, as applicable, Borrowers shall prepay the Term Loans in an amount equal to such remaining Net Proceeds of such Asset Disposition. The payments shall be applied in accordance with Section 1.5(e). A reserve shall be established against the Borrowing Base in the amount of any such Net Proceeds that Borrowers intend to reinvest until such Net Proceeds are reinvested or are applied to repay the Term Loans.
Prepayments from Asset Dispositions. Upon receipt by the Borrower or any Subsidiary of the Borrower of Cash Proceeds of any Asset Disposition occurring after the Closing Date, (i) the Borrower or any Subsidiary of the Borrower may, or may cause its Subsidiaries to, apply the Net Cash Proceeds of such Asset Disposition to acquire assets or properties or other reinvestments in the businesses of the Borrower and (ii) the Borrower or any Subsidiary of the Borrower shall apply any Net Cash Proceeds remaining after application pursuant to clause (i) above to prepay (x) the term loans outstanding under the Senior Credit Facility or (y) revolving loans outstanding under the Senior Credit Facility; provided that -------- the commitment thereunder is permanently reduced to the extent of the prepayment. Concurrently with the consummation of an Asset Disposition, the Borrower shall deliver to the Agent an Officer's Certificate demonstrating the derivation of Net Cash Proceeds from the gross sales price of such Asset Disposition. To the extent not used as above, the Borrower shall, or shall cause its Subsidiaries to, prepay the Floating Rate Loans with the Net Cash Proceeds received from any Asset Disposition on a date not later than the Business Day next succeeding (i) the third Business day after the receipt thereof if such date of receipt is on or prior to the Conversion Date and (ii) the 180th day after the consummation of such Asset Disposition if and to the extent that such Net Cash Proceeds are not applied by the Borrower or any Subsidiary of the Borrower within 180 days to acquire assets or properties or other reinvestments in the businesses of the Borrower if such date of receipt is after the Conversion Date; provided that at such time as -------- the Term Loan bears interest at the Fixed Rate, any such Net Cash Proceeds not so applied to prepay the Floating Rate Loans shall be used to make an offer to purchase the Fixed Rate Loans from each Lender on a pro rata basis --- ---- at 100% of the principal amount thereof plus accrued and unpaid interest thereon to the date of repurchase.
Prepayments from Asset Dispositions. (i) Except as otherwise provided in Section 1.6(f) hereof, promptly upon receipt of any Net Proceeds received by any US Credit Party in excess of the Dollar Equivalent of $5,000,000 in the aggregate during any Fiscal Year, US Borrowers shall prepay the US Tranche A Loans and US Tranche A1 Loans in an amount equal to such Net Proceeds, except that US Borrowers or their Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days, in productive replacement fixed assets of a kind then used or usable in the business of US Borrowers. If US Borrowers do not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without US Borrowers having reinvested the Net Proceeds of any such Asset Disposition or if such Net Proceeds are attributable to a working capital, earnings, balance sheet or similar adjustment under any acquisition agreement or similar purchase agreement, US Borrowers shall prepay the US Tranche A Loans and US Tranche A1 Loans in an amount equal to such remaining Net Proceeds in accordance with Section 1.6(e).
Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds in excess of $100,000 in the aggregate during any Fiscal Year, Borrower shall prepay the Loans in an amount equal to such Net Proceeds, except that Borrower or its Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days or irrevocably commit to a third party in writing to reinvest such Net Proceeds within 180 days, in assets usable in the business of the Borrower and its Subsidiaries. If Borrower does not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Borrower having reinvested or irrevocably committed to a third party in writing to reinvest the Net Proceeds of any such Asset Disposition or if such Net Proceeds are attributable to a working capital, earnings, balance sheet or similar adjustment under the Acquisition Agreement, Borrower shall prepay the Loans in an amount equal to such remaining Net Proceeds in accordance with Section 2.5(e).
Prepayments from Asset Dispositions. Immediately upon receipt by the Borrower or any of its Subsidiaries of the Net Proceeds of any Asset Disposition, the Borrower shall make a prepayment in respect of the Obligations equal to the amount of such Net Proceeds of such Asset Disposition.
Prepayments from Asset Dispositions. Except to the extent applied as a prepayment of the First Lien Loan Obligations, immediately upon receipt of any Net Proceeds in excess of $1,000,000 in the aggregate during any Fiscal Year, Borrower shall prepay the Term Loan C in an amount equal to such Net Proceeds, except that Borrower or its Subsidiaries may reinvest all Net Proceeds of any such Asset Disposition, within one hundred eighty (180) days, in fixed assets. If Borrower does not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Borrower having reinvested the Net Proceeds of any such Asset Disposition, Borrower shall prepay the Term Loan C in an amount equal to such remaining Net Proceeds in accordance with SECTION 1.5(E).
Prepayments from Asset Dispositions. The Borrower shall, within five days of the receipt of any Net Proceeds related to an Asset Disposition, prepay the outstanding Loans as of such date in an aggregate amount equal to the Net Proceeds of such Asset Disposition. For purposes of this Section 2.14, the following terms shall have the following meanings:
Prepayments from Asset Dispositions. Immediately upon receipt of the Net Proceeds in excess of $1,000,000 for any single transaction or series of related transactions, Borrower shall repay the outstanding principal balance of the Term Loan by the amount of such Net Proceeds. In lieu of prepayment of the Term Loan Borrower or any Subsidiary may elect to reinvest said Net Proceeds of such Asset Disposition, within one year, in productive assets of a kind then used or usable in the business of Borrower and its Subsidiaries. If Borrower does not intend to so reinvest such Net Proceeds or if the period set forth in the immediately preceding sentence expires without Borrower having reinvested such Net Proceeds, Borrower shall prepay the Term Loan in an amount equal to said Net Proceeds (or the remaining portion not so reinvested). The payments shall be applied in accordance with subsection 1.5(E).
