netASPx Sale definition
netASPx Sale means the sale of all of the assets owned by Borrower, netASPx, LLC (“netASPx”), netASPx Acquisition, Inc. (“netASPx Acquisition”), Network Computing Services, Inc. (“Network”) and NCS Holding Company (“NCS”) used or held for use by Borrower, netASPx, netASPx Acquisition, Network and NCS in connection with owning and operating the netASPx business, which is composed solely of the ▇▇▇▇▇▇ and Kronos application management and consulting business, for aggregate gross cash proceeds of $56.0 million, subject to a working capital adjustment or other adjustments, pursuant to that certain Asset Purchase Agreement with Velocity Technology Solutions II, Inc.”
Examples of netASPx Sale in a sentence
Borrower acknowledges and agrees that, within 5 Business Days following the receipt of the Net Cash Proceeds from the netASPx Sale, Borrower shall make pursuant to Section 2.10(c) of the Credit Agreement mandatory prepayments of the Term Loans and in accordance with Section 2.10(h) and (i) of the Credit Agreement in an amount equal to 100% of the Net Cash Proceeds from the netASPx Sale.
The consideration to be received in connection with the netASPx Sale shall be excluded in determining the availability of the $5,000,000 maximum aggregate consideration basket as set forth in Section 6.06(b).