Mandatory Prepayments/Reductions. (a) No later than the first Business Day following the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds, Company shall prepay the Loans and/or the Facility Commitments shall be permanently reduced as set forth in Section 2.14(b) in an aggregate amount equal to such Net Asset Sale Proceeds; provided, so long as no Default or Event of Default shall have occurred and be continuing, at any time the Reduced Leverage/Improved Ratings Status is in effect, Company shall have the option, directly or through one or more of its Subsidiaries, to invest such Net Asset Sale Proceeds (or, at any time the Reduced Leverage/Improved Ratings Status is not in effect, up to $25,000,000 in each Fiscal Year, plus 50% of such Net Asset Sale Proceeds in excess of $25,000,000) within two hundred seventy (270) days of receipt thereof in productive assets of the general type used in the business of Company and its Subsidiaries; provided further, pending any such investment all such Net Asset Sale Proceeds shall be applied to prepay outstanding Facility Loans (without a reduction in Facility Commitments).
Mandatory Prepayments/Reductions. (a) No later than the third Business Day following the date of receipt by Company or any of its Subsidiaries of any Net Asset Sale Proceeds, Borrower shall prepay the Loans and the Commitments shall be permanently reduced in an aggregate amount equal to such Net Asset Sale Proceeds; provided, so long as no Default or Event of Default shall have occurred and be continuing, Company shall have the option, directly or through one or more of its Subsidiaries, to invest such Net Asset Sale Proceeds within two hundred seventy (270) days of receipt thereof in long term productive assets of the general type used in the business of Company and its Subsidiaries; provided further, pending any such investment all such Net Asset Sale Proceeds shall be applied to prepay outstanding Loans (without a reduction in Commitments).
Mandatory Prepayments/Reductions. (i) Immediately upon any Loan Party's receipt of any Net Cash Proceeds on account of an Asset Sale (other than Excluded Proceeds), such Loan Party shall make or cause to be made a mandatory prepayment of the Term Loans in an amount equal to 100% of such Net Cash Proceeds. Each such prepayment of Term Loans shall be applied pro rata to the remaining principal installments of the Term Loans.
Mandatory Prepayments/Reductions. (i) Subject to Section 3.05, on a daily basis from funds on deposit in the Domestic Concentration Account, the Administrative Agent shall transfer available funds therein and thereby cause the Borrowers to make a mandatory repayment of the Obligations denominated in Dollars owing by the Borrowers on such Business Day; provided, however, that if (A) all Floating Rate Loans have been repaid, (B) only Fixed Rate Loans remain outstanding and (C) no Event of Default exists, then funds may be deposited in the Cash Collateral Account and applied to repay Fixed Rate Loans on the last day of the earliest terminating Interest Periods until all such funds have been applied to repay Fixed Loans.
Mandatory Prepayments/Reductions. (i) Immediately upon the Revolving Credit Obligations exceeding the Maximum Revolving Credit Amount, the Borrowers shall make or cause to be made a mandatory prepayment of the Revolving Credit Obligations in an amount equal to such excess.
Mandatory Prepayments/Reductions. (i) Immediately upon any Loan Party's receipt of any Net Cash Proceeds on account of an Asset Sale (other than Excluded Proceeds), such Loan Party shall make or cause to be made a mandatory prepayment of the Term Loans in an amount equal to 100% of such Net Cash Proceeds. Each such prepayment of Term Loans shall be applied pro rata to the Term A Loans, the Term B Loans and the Acquisition Term Loans and the amounts applied to Term A Loans, Term B Loans and the Acquisition Term Loans shall be applied pro rata to the remaining principal installments of such Term Loans.
Mandatory Prepayments/Reductions. 70 2.14. Application of Prepayments/Reductions....................72 2.15. Allocation of Certain Payments and Proceeds..............74 2.16.
Mandatory Prepayments/Reductions. (i) Within one Business Day following the Revolving Credit Obligations exceeding the Revolving Loan Commitment, the Borrower shall make or cause to be made a mandatory prepayment of the Revolving Credit Obligations in an amount equal to such excess.
Mandatory Prepayments/Reductions. (a) No later than the first Business Day following the date of receipt by Holdings or any of its Subsidiaries of any Net Asset Sale Proceeds, Borrowers shall prepay the Loans (and, to the extent such Net Asset Sale Proceeds exceed the principal amount of Loans outstanding, reduce the Loan Commitments by such excess) in an aggregate amount equal to such Net Asset Sale Proceeds; provided, (i) so long as no Default or Event of Default shall have occurred and be continuing, and (ii) to the extent that aggregate Net Asset Sale Proceeds from the Closing Date through the applicable date of determination do not exceed $10,000,000, Borrowers shall have the option, directly or through one or more of its Subsidiaries, to invest such Net Asset Sale Proceeds within one hundred eighty (180) days of receipt thereof in productive assets of the general type used in the business of Holdings and its Subsidiaries.
Mandatory Prepayments/Reductions. Section 2.12(e)(iii) of the Credit Agreement is hereby amended in its entirety as follows:
