Common use of Telecommunications Assets Clause in Contracts

Telecommunications Assets. In the event and to the extent that the Net Available Proceeds received by the Guarantor or any of its Restricted Subsidiaries from one or more Asset Dispositions occurring on or after the date hereof in any period of 12 consecutive months exceed 10% of Consolidated Tangible Assets (determined as of the date closest to the commencement of such 12-month period for which a consolidated balance sheet of the Guarantor and its subsidiaries have been filed with the Commission), then the Guarantor or the Issuer shall or shall cause the relevant Restricted Subsidiary to (i) within 12 months after the date Net Available Proceeds so received exceed 10% of Consolidated Tangible Assets (A) apply an amount equal to such excess Net Available Proceeds to permanently repay unsubordinated Debt of the Guarantor or any Restricted Subsidiary providing a Subsidiary Guarantee pursuant to Section 10.14 or Debt of any other Restricted Subsidiary, in each case owing to a Person other than the Guarantor or any of its Restricted Subsidiaries or (B) invest an equal amount, or the amount not so applied pursuant to clause (A) (or enter into a definitive agreement committing to so invest within 12 months after the date of such agreement), in Telecommunications Assets and (ii) apply (no later than the end of the 12-month period referred to in clause (i)) such excess Net Available Proceeds (to the extent not applied pursuant to clause (i)) as provided in the paragraph (b) below. The amount of such excess Net Available Proceeds required to be applied (or to be committed to be applied) during such 12-month period as set forth in clause (i) of the preceding sentence and not applied as so required by the end of such period shall constitute "Excess Proceeds".