Minimum Disposition Value definition
Minimum Disposition Value means, with respect to any asset (i) which is sold by the Borrowers in connection with an Asset Disposition, or (ii) with respect to which the Lien in favor of the Agent (on behalf of itself and the Lenders) and the Senior Agents (on behalf of itself and the Senior Lenders and the Senior L/C Issuer) is released in connection with any Debt Offering, the Net Proceeds received by the Borrowers in respect thereof, less the sum of (a) the Senior Collateral Value of such asset, if any, and (b) the amount of Required Payments with respect to such asset, if any.
Minimum Disposition Value means, with respect to any asset which is sold by the Borrowers in connection with an Asset Disposition, or with respect to which the Lien in favor of the Agent (on behalf of itself and the Lenders) and the Senior Agents (on behalf of itself and the Senior Lenders and the Senior L/C Issuer) is released in connection with any Debt Offering: (i) at any time during which Excess Availability is greater than or equal to $10,000,000, the Net Proceeds received by the Borrowers in respect thereof, less the sum of (a) the Senior Collateral Value of such asset, if any, and (b) the amount of Required Payments with respect to such asset, if any; and (ii) at any time during which Excess Availability is less than $10,000,000, the Net Proceeds received by the Borrowers in respect thereof, less the sum of (a) the Senior Collateral Value of such asset, if any, and (b) the amount of Required Payments with respect to such asset, if any, times 0.5.”
Examples of Minimum Disposition Value in a sentence
M▇▇▇▇▇ shall make, or shall cause each applicable Subsidiary to make, a prepayment in an amount equal to the Minimum Disposition Value of any asset or assets with respect to which the Agent (on behalf of itself and the Lenders) and each Senior Agent (on behalf of itself and the Senior Lenders and the Senior L/C Issuer) release the Lien in their favor in connection with any Debt Offering.