Restricted Asset Disposition definition

Restricted Asset Disposition means any sale, transfer, lease or other disposition of any asset of the Borrower or any Subsidiary other than an Unrestricted Asset Disposition.

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Restricted Asset Disposition means any Disposition other than a Disposition referred to in clauses (a) through (e) of the definition of Permitted Asset Disposition having an aggregate fair market value or book value, whichever is greater, of not more than $2,500,000.

Restricted Asset Disposition. Defined. "Restricted Asset Disposition" means each Asset Disposition by the Company or any of its Subsidiaries unless: (1) in the good faith opinion of the Company, the Asset Disposition is in exchange for consideration having a Fair Market Value at least equal to that of the property exchanged and is in the best interest of the Company or such Subsidiary; and (2) immediately after giving effect to the Asset Disposition, no Default or Event of Default would exist; and (3) immediately after giving effect to the Asset Disposition, either (x) the Disposition Value of all property that was the subject of any Asset Disposition occurring in the same transaction or a series of related transactions would not exceed 10% of Consolidated Assets as of the end of the then most recently ended fiscal year of the Company, or (y) the Disposition Value of all property that was the subject of any Asset Disposition occurring on or after the Closing Date would not exceed 25% of Consolidated Assets as of the end of the then most recently ended fiscal year of the Company. If the Net Proceeds Amount for any Transfer is applied to a Debt Prepayment Application or a Property Reinvestment Application within 30 days after such Transfer, then such Transfer, for the purpose of determining whether a Restricted Asset Disposition shall have occurred as of any date, shall be deemed not to be an Asset Disposition. .

Examples of Restricted Asset Disposition in a sentence

In addition to the optional reductions of the Revolving Credit Commitments effected under Section 2.3, the Borrower shall make, or shall cause each applicable Subsidiary to make, a prepayment of Revolving Credit Outstandings (with an equal and simultaneous reduction of the Total Revolving Credit Commitment) and the Term Loan from the Net Proceeds of each Restricted Asset Disposition and each Capital Market Transaction.
To the extent that Net Asset Sales Proceeds received by any Borrower or any Subsidiary from such Restricted Asset Disposition have not been reinvested in the business or assets of the Borrower or any Guarantor within ninety (90) days after the receipt thereof, the Borrower, within one Business Day thereafter, shall prepay the Loans in an aggregate principal amount equal to the lesser of (i) the amount of such Net Asset Sale Proceeds or (ii) the aggregate principal amount of the Loans.

More Definitions of Restricted Asset Disposition

Restricted Asset Disposition shall have the meaning given to such term in Section 6.1(xvi) hereof.

Restricted Asset Disposition means, without duplication, any Asset Disposition or any Casualty Event (provided that no Casualty Event shall constitute a Restricted Asset Disposition unless the Person affected by such Casualty Event has failed to reinvest the Net Available Proceeds of such Casualty Event to rebuild or restore the affected assets, or enter into a binding commitment to do so, within 120 days of the receipt of Net Available Proceeds of such Casualty Event) with respect to:

Restricted Asset Disposition means any Disposition other than a Disposition referred to in CLAUSES (a) through (e) of the definition of Permitted Asset Disposition having an aggregate fair market value or book value, whichever is greater, of not more than $2,500,000; PROVIDED that the proceeds therefrom shall be applied as provided in SECTION 3.1.1(e).

Restricted Asset Disposition. As defined in (S)5(c). ---------------------------- Revolving Credit Loans: Revolving credit loans made or to be made to the ---------------------- Borrower pursuant to (S)2 hereof.