Asset Sales and Casualty Events. Not later than five (5) Business Days following the receipt of any Net Cash Proceeds of any Asset Sale or any Casualty Event by any Credit Party or any of its Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to 100% of such Net Cash Proceeds; provided, that such Net Cash Proceeds shall not be required to be applied as a mandatory prepayment on such date to the extent that (x) no Default or Event of Default has occurred and is continuing or would result therefrom and (y) Credit Parties have delivered an Officers’ Certificate to the Agent on or prior to such date stating that such Net Cash Proceeds are expected to be reinvested in fixed or capital assets within six (6) months following the date of such Asset Sale or Casualty Event (which Officers’ Certificate shall set forth the estimates of the proceeds to be so expended); provided, that (A) all such Net Cash Proceeds that are proposed to be reinvested shall be held in a cash collateral deposit account under the exclusive dominion and control of the Agent (and Agent shall, for the avoidance of doubt, have the sole and exclusive right to direct and/or give instructions to the depository institution regarding the disposition of funds in such account) (such account, the “Term Loan Priority Collateral Account”) and constitute “Term Loan Priority Collateral” under the Intercreditor Agreement, and (B) if all or any portion of such Net Cash Proceeds is not so reinvested within such six (6)-month period, such unused portion shall be applied on the last day of such period (or the Maturity Date, if earlier) as a Mandatory Prepayment as provided in this Section 1.2(c); provided, further, that if the property subject to such Asset Sale or such Casualty Event constituted Collateral, then all property purchased with the Net Cash Proceeds thereof pursuant to this subsection shall be made subject to the Lien created pursuant to this Agreement in favor of the Agent for the benefit of the Lenders in accordance with Sections 3.20 and 3.
Asset Sales and Casualty Events. Not later than the tenth Business Day following the receipt of Net Cash Proceeds with respect to any Disposition consummated pursuant to Section 6.04(h) or any Casualty Event, the Borrower shall apply 100% of the Net Cash Proceeds received with respect thereto to prepay outstanding Loans on a pro rata basis, pay interest owed pursuant to Section 2.05(e) and, solely with respect to Net Cash Proceeds from a Disposition consummated pursuant to Section 6.04(h), to pay any prepayment premium required pursuant to Section 2.05(d)(ii) below.
Asset Sales and Casualty Events. Upon
(1) the consummation of any Asset Sale (other than sales permitted under Sections 6.12.1, 6.12.2, 6.12.3, or, solely with respect to real Property which is not a Mortgaged Property, 6.
Asset Sales and Casualty Events. Not later than five (5) Business Days following the receipt of any Net Cash Proceeds of any Asset Sale or any Casualty Event by any Credit Party or any of its Subsidiaries, Credit Parties shall make Mandatory Prepayments of the Obligations to be applied thereto in accordance with Section 1.8 in an aggregate amount equal to 100% of such Net Cash Proceeds.
Asset Sales and Casualty Events. Upon receipt on or after the Closing Date by any Credit Party or any of its Subsidiaries of (i) net cash proceeds arising from any Sale by any Credit Party of any of its property other than (x) net cash proceeds from Sales of Rig spare parts in the ordinary course of business and (y) net cash proceeds from Sales of assets with a fair market value not in excess of $250,000 per transaction (or series of related transactions) and $2,000,000 in the aggregate during the term of this Agreement which are reinvested within one hundred eighty (180) days of receipt thereof in assets useful to the business of Borrower and the other Credit Parties or (ii) net cash proceeds from any casualty or condemnation event with respect to any property of any Credit Party other than net cash proceeds not in excess of $1,000,000 in the aggregate during the term of this Agreement which are reinvested within one hundred eighty (180) days of receipt thereof in assets useful to the business of Borrower and the other Credit Parties, Borrower shall immediately pay or cause to be paid to Lender an amount equal to 100% of such net cash proceeds and Lender shall apply the same to the Obligations in such manner as Lender may elect in its sole discretion.
Asset Sales and Casualty Events. Within five Business Days after any Net Proceeds are received by or on behalf of the Company or any Subsidiary in respect of the occurrence of any Asset Sale or Casualty Event, the Company shall (i) first, until such time as the Company shall have prepaid Tranche A-2 Term Borrowings and Tranche B-2 Term Borrowings in an aggregate principal amount equal to $32,500,000 pursuant to this paragraph, prepay Tranche A-2 Term Borrowings and Tranche B-2 Term Borrowings in an aggregate amount equal to the lesser of (x) such Net Proceeds and (y) $32,500,000, until such Borrowings are repaid in full and (ii) then, prepay other Borrowings (and Tranche A-2 Term Borrowings and Tranche B-2 Term Borrowings if then outstanding) with any remaining amount of such Net Proceeds; provided that a prepayment of the Borrowings shall be required pursuant to this paragraph only to the extent that the aggregate Net Proceeds of all Asset Sales and Casualty Events in any Fiscal Year exceeds $2,500,000; provided further that any prepayment in respect of any Asset Sale or Casualty Event involving 1999 Facility Collateral shall be governed by Section 2.08(g).
Asset Sales and Casualty Events. The Company shall make mandatory principal prepayments of the Loans in the manner set forth in sub-clause (iii) below in amounts equal to 100% of the aggregate Net Cash Proceeds from (A) any Asset Sale (other than any Excluded Asset Sale) occurring during the Covenant Relief Period and (b) any Casualty Event occurring during the Covenant Relief Period (except to the extent the Company shall notify the Administrative Agent that the Company intends to reinvest such Net Cash Proceeds from such Casualty Event in the restoration or rebuilding of the applicable affected asset). Such prepayment shall be made within five Business Days after the Net Cash Proceeds Receipt Date of such Asset Sale or Casualty Event, as applicable (for the avoidance of doubt, it being understood that if the Net Cash Proceeds Receipt Date occurs after the Covenant Relief Period Termination Date, then no such prepayment shall be required).
Asset Sales and Casualty Events. Subject to the terms of any chapter 11 plan in the Chapter 11 Cases, not later than three (3) Business Days following the receipt by any Company of any Net Cash Proceeds of any Asset Sale or Casualty Event, the Borrower shall apply 100% of such Net Cash Proceeds to make prepayments in accordance with Sections 2.10(g) and (h).
Asset Sales and Casualty Events. Within thirty (30) Business Days of the receipt of any Net Proceeds from the sale or other disposition (including those arising from a Casualty Event) of any assets of the Credit Parties or any of their Subsidiaries (other than dispositions permitted pursuant to Sections 6.03(c)(i),(ii), (ix) or (xii)), the Borrowers shall make a mandatory prepayment of the Loans in an amount equal to 100% of the Net Proceeds received, any prepayment to be applied in accordance with Section 2.09(c), provided that so long as no Default or Event of Default shall have occurred and be continuing and Availability is equal to or greater than $75,000,000, no prepayment on account of any asset sale or disposition shall be required under this clause (ii) if the Borrowers inform the Administrative Agent no later than thirty (30) Business Days following the receipt of any Net Proceeds from such asset sale or disposition of their good faith intention to apply such Net Proceeds to the acquisition of other assets or property consistent with the business permitted to be conducted pursuant to Section 6.03(b) (including by way of Investment) within 180 days following the receipt of such Net Proceeds, with the amount of such Net Proceeds unused after such 180 day period being applied to the Loans pursuant to Section 2.09(c).
Asset Sales and Casualty Events. Not later than five (5) Business Days following the receipt of any Net Cash Proceeds of any Asset Sale or any Casualty Event by any Credit Party or any of its Subsidiaries,
