Common use of Prepayments from Asset Dispositions Clause in Contracts

Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds in excess of $500,000 for any single transaction or series of related transactions within a period of twelve consecutive months, Borrower shall repay the outstanding principal balance of the Revolving Loan 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 Loans exceeding the Maximum Revolving Loan Balance. Borrower or any Subsidiary may reinvest all remaining Net Proceeds of such Asset Disposition, within one hundred eighty (180) days, in productive fixed assets of a kind then used or usable in the business of Borrower; provided that, to the extent such productive fixed assets were acquired by Borrower within ninety (90) days prior to the receipt of such Net Proceeds, such Net Proceeds shall be deemed to be invested in such productive fixed assets for purposes of this subsection. If Borrower does not intend to so invest or reinvest such Net Proceeds or if the periods set forth in the immediately preceding sentence expire without Borrower having invested or reinvested such Net Proceeds, Borrower shall prepay the Loans in an amount equal to such remaining Net Proceeds of such Asset Disposition. The payments shall be applied in accordance with subsection 1.5(E).

Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds in excess of $500,000 for any single transaction or series of related transactions within a period of twelve consecutive monthsProceeds, Borrower Borrowers shall repay the outstanding principal balance 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 Loans Loan exceeding the Maximum maximum amount of Revolving Loan Balancepermitted 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 any Subsidiary their Subsidiaries may reinvest all remaining Net Proceeds of such Asset Disposition, within one hundred eighty (180) days, Disposition in productive replacement fixed assets of a kind then used or usable in the business of BorrowerBorrowers; provided thatprovided, Borrowers must have contracted to the extent reinvest such productive fixed assets were acquired by Borrower funds within ninety (90) days prior to the receipt of and must have reinvested such Net Proceeds, such Net Proceeds shall be deemed to be invested in such productive fixed assets for purposes of this subsectionfunds within one hundred eighty (180) days. If Borrower does Borrowers do not intend to so invest or reinvest such Net Proceeds or if the periods a period set forth in the immediately preceding sentence expire expires without Borrower Borrowers having invested contracted to reinvest or reinvested such Net Proceeds, Borrower 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 subsection 1.5(ESection 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. Immediately upon receipt of any Net Proceeds from an Asset Disposition or sale-leaseback transaction in either case in excess of $500,000 2,000,000 for any single transaction or series of related transactions within a period of twelve consecutive monthsduring any Fiscal Year, Borrower shall repay apply such Net Proceeds first to prepay the Term Loans on a pro rata basis in accordance with the respective outstanding principal amounts thereof (and shall be further applied on a pro rata basis to the Scheduled Installments of principal within each of the Initial Term Loan and any Series of New Term Loans) until the Term Loans are paid in full, and second to reduce the outstanding principal balance of the Revolving Loan by an amount equal to the amount of any Loans, with concurrent permanent 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 Loans exceeding Loan Commitment if an Event of Default has occurred and is continuing at the Maximum Revolving Loan Balancetime of such prepayments. Notwithstanding the foregoing so long as no Event of Default exists at the time of receipt of such Net Proceeds, Borrower or any Subsidiary may reinvest all remaining Net Proceeds of such an Asset Disposition, Disposition or sale-leaseback transaction within one hundred eighty (180) days (or in the case of Net Proceeds received in respect of the loss, damage, destruction, casualty or condemnation of any assets of Borrower or its Subsidiaries, two hundred seventy (270) days, ) in productive fixed assets of a kind then used or usable in the business of Borrower; provided that, to the extent such productive fixed assets were acquired by Borrower within ninety (90) days prior to the receipt of such Net Proceeds, such Net Proceeds shall be deemed to be invested in such productive fixed assets for purposes of this subsectionor its Subsidiaries. If Borrower does not intend to so invest or reinvest such Net Proceeds or if the periods applicable period set forth in the immediately preceding sentence expire expires without Borrower having invested or reinvested such Net Proceeds, Borrower shall prepay the Loans in an amount equal to such remaining Net Proceeds of such Asset Disposition. The payments shall be applied first to prepay the Term Loans on a pro rata basis in accordance with subsection 1.5(E)the respective outstanding principal amounts thereof (and shall be further applied on a pro rata basis to the Scheduled Installments of principal within each of the Initial Term Loan and any Series of New Term Loans) until the Term Loans are paid in full. and second to reduce the outstanding principal balance of the Revolving Loans, with concurrent permanent reduction of the Revolving Loan Commitment if an Event of Default has occurred and is continuing at the time of such prepayments.

Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds from an Asset Disposition in excess of $500,000 2,000,000 for any single transaction or series of related transactions within a period of twelve consecutive monthsduring any Fiscal Year, Borrower shall repay apply such Net Proceeds first to Scheduled Installments of principal of the Term Loan on a pro rata basis until such Term Loan is paid in full, and second to reduce the outstanding principal balance of the Revolving Loan by an amount equal to the amount of any Loans, with concurrent permanent 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 Loans exceeding Loan Commitment. Notwithstanding the Maximum Revolving Loan Balance. foregoing so long as no Event of Default exists at the time of receipt of such Net Proceeds, Borrower or any Subsidiary may reinvest all remaining Net Proceeds of such an Asset Disposition, Disposition within one hundred eighty (180) days (or in the case of Net Proceeds received in respect of the loss, damage, destruction, casualty or condemnation of any assets of the Borrower or its Subsidiaries, two hundred seventy (270) days, ) in productive fixed assets of a kind then used or usable in the business of Borrower; provided that, to the extent such productive fixed assets were acquired by Borrower within ninety (90) days prior to the receipt of such Net Proceeds, such Net Proceeds shall be deemed to be invested in such productive fixed assets for purposes of this subsectionor its Subsidiaries. If Borrower does not intend to so invest or reinvest such Net Proceeds or if the periods applicable period set forth in the immediately preceding sentence expire expires without Borrower having invested or reinvested such Net Proceeds, Borrower shall prepay the Loans Term Loan in an amount equal to such remaining Net Proceeds applied first to Scheduled Installments of principal of the Term Loan on a pro rata basis until such Asset Disposition. The payments shall be applied Term Loan is paid in accordance full, and second to reduce the outstanding principal balance of the Revolving Loans, with subsection 1.5(E)concurrent permanent reduction of the Revolving Loan Commitment.

Prepayments from Asset Dispositions. Immediately upon Within five (5) Business Days of receipt of any Net Proceeds of an Asset Disposition in excess of $500,000 for 250,000 during any single transaction Fiscal Year, to the extent not reinvested (or series of related transactions within a period of twelve consecutive monthscommitted to be reinvested) pursuant to the following sentence, Borrower shall repay prepay the outstanding principal balance Revolving Credit Advances (without a reduction of the Revolving Loan Commitment, except to the extent that the Net Proceeds of Asset Dispositions since the Closing Date exceed $10,000,000 in the aggregate) 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 Loans exceeding the Maximum Revolving Loan BalanceProceeds. Borrower or any Subsidiary its Subsidiaries may reinvest all remaining any Net Proceeds of such Asset Disposition, Disposition within one two hundred eighty seventy days from the date of receipt thereof (180) daysor enter into binding commitments to reinvest and reinvest such Net Proceeds within 365 days from the receipt of such Net Proceeds), in productive fixed replacement assets of a kind then used or usable in the business of Borrower; provided that, and Borrower shall not be required to the extent such productive fixed assets were acquired by Borrower within ninety (90) days prior to the receipt of such Net Proceeds, apply such Net Proceeds shall be deemed to be invested in repayment of Revolving Credit Advances pending such productive fixed assets for purposes of this subsectionreinvestment. If Borrower does not intend to so invest or reinvest such Net Proceeds or if the periods 270 day period set forth in the immediately preceding sentence expire expires without Borrower having invested reinvested (or having entered into binding commitments to reinvest) or if Borrower shall have entered into binding commitments within such 270 day period and shall not have reinvested such Net ProceedsProceeds within such 365 days period, Borrower shall prepay the Loans Obligations in an amount equal to such remaining Net Proceeds of such Asset Disposition. The payments prepayments shall be applied in accordance with subsection 1.5(ESection 1.5(e).

Prepayments from Asset Dispositions. Immediately upon receipt of any Net Proceeds from an Asset Disposition or sale-leaseback transaction in either case in excess of $500,000 2,000,000 for any single transaction or series of related transactions within a period of twelve consecutive monthsduring any Fiscal Year, Borrower shall repay apply such Net Proceeds first to Scheduled Installments of principal of the Term Loans on a pro rata basis until the Term Loans are paid in full, and second to reduce the outstanding principal balance of the Revolving Loans, with concurrent permanent reduction of the Revolving Loan 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 Commitment if and to the extent that any a Default or Event of Default has occurred and is continuing at the time of such reduction would result in prepayments. Notwithstanding the outstanding principal balance foregoing so long as no Event of Default exists at the Revolving Loans exceeding the Maximum Revolving Loan Balance. time of receipt of such Net Proceeds, Borrower or any Subsidiary may reinvest all remaining Net Proceeds of such an Asset Disposition, Disposition or sale-leaseback transaction within one hundred eighty (180) days (or in the case of Net Proceeds received in respect of the loss, damage, destruction, casualty or condemnation of any assets of Borrower or its Subsidiaries, two hundred seventy (270) days, ) in productive fixed assets of a kind then used or usable in the business of Borrower; provided that, to the extent such productive fixed assets were acquired by Borrower within ninety (90) days prior to the receipt of such Net Proceeds, such Net Proceeds shall be deemed to be invested in such productive fixed assets for purposes of this subsectionor its Subsidiaries. If Borrower does not intend to so invest or reinvest such Net Proceeds or if the periods applicable period set forth in the immediately preceding sentence expire expires without Borrower having invested or reinvested such Net Proceeds, Borrower shall prepay the Term Loans in an amount equal to such remaining Net Proceeds applied first to Scheduled Installments of principal of the Term Loans on a pro rata basis until the Term Loans are paid in full, and second to reduce the outstanding principal balance of the Revolving Loans, with concurrent permanent reduction of the Revolving Loan Commitment if and to the extent a Default or Event of Default has occurred and is continuing at the time of such Asset Disposition. The payments shall be applied in accordance with subsection 1.5(E)prepayments.