Asset Sales and Involuntary Dispositions. Prepayment will be made on the Obligations on the Business Day following receipt of Net Cash Proceeds required to be prepaid pursuant to the provisions hereof in an amount equal to one hundred percent (100%) of the Net Cash Proceeds received from any Asset Sale or Involuntary Disposition by the Borrower or any of its Subsidiaries to the extent (A) such Net Cash Proceeds exceed $250,000 in any Fiscal Year and (B) such Net Cash Proceeds are not reinvested in property that is useful in the business of the Borrower and its Subsidiaries within 365 days of such Asset Sale or Involuntary Disposition (it being understood that, in each case, such prepayment shall be due immediately upon the expiration of such reinvestment period to the extent not reinvested).
Asset Sales and Involuntary Dispositions. Prepayment will be made on the Obligations on the Business Day following receipt of Net Cash Proceeds required to be prepaid pursuant to the provisions hereof in an amount equal to one hundred percent (100%) of the Net Cash Proceeds received in excess of $10,000,000 in any Fiscal Year from any Asset Sale or Involuntary Disposition by the Borrower or any of its Subsidiaries; provided, however, that if (and only if) the pro forma (as provided in Section 1.3) Consolidated Net Leverage Ratio as of the date of such Asset Sale or Involuntary Disposition is less than 3.25 to 1.00, then with respect to any Net Cash Proceeds realized from an Asset Sale or Involuntary Disposition described in this Section 2.11(c)(ii), at the election of the Borrower (as notified by the Borrower to the Administrative Agent on or prior to the date of such Asset Sale or Involuntary Disposition, as applicable), and so long as no Event of Default shall have occurred and be continuing, the Borrower or such Subsidiary may reinvest all or any portion of such Net Cash Proceeds in operating assets so long as within 180 days after the receipt of such Net Cash Proceeds, such purchase shall have been consummated (as certified by the Borrower in writing to the Administrative Agent); and provided further, however, that any Net Cash Proceeds not subject to such definitive agreement or so reinvested shall be immediately applied to the prepayment of the Loans as set forth in this Section 2.11(c)(ii).
Asset Sales and Involuntary Dispositions. Prepayment will be made on the Obligations on the third Business Day following receipt of Net Cash Proceeds in an amount equal to one hundred percent (100.0%) of the Net Cash Proceeds received from any Asset Sale or Involuntary Disposition involving any asset of any Credit Party or any of its Subsidiaries (other than (A) any Asset Sales the aggregate amount of Net Cash Proceeds of which does not exceed One Million Dollars ($1,000,000) in any Fiscal Year, and (B) any Involuntary Dispositions the aggregate amount of Net Cash Proceeds of which does not exceed One Million Dollars ($1,000,000) in any Fiscal Year, in each case, to the extent such Net Cash Proceeds are not reinvested in the assets (excluding current assets as classified by GAAP) of the Credit Parties and their Subsidiaries within one hundred eighty (180) days of the date of such Asset Sale or Involuntary Disposition (it being understood that such prepayment shall be due immediately upon the expiration of such 180-day period); provided that no such reinvestment shall be made upon the occurrence and during the continuance of any Default or Event of Default). Notwithstanding anything to the contrary in the foregoing, no prepayments will be required to be made on the Obligations with respect to the receipt of Net Cash Proceeds from the sale of any assets by any Regulated Subsidiary.
Asset Sales and Involuntary Dispositions. Prepayment will be made on the Obligations on the Business Day following receipt of Net Cash Proceeds required to be prepaid pursuant to the provisions hereof in an amount equal to one hundred percent (100%) of the Net Cash Proceeds in excess of $1,000,000 during any Fiscal Year received from any Asset Sale or Involuntary Disposition by any Credit Party; provided that such Credit Party may reinvest such Net Cash Proceeds in assets used or useful in such Credit Party’s business, so long as (i) such reinvestment occurs within 180 days after the date of receipt of such Net Cash Proceeds (or if, within such 180 day period, such Credit Party enters into a legally binding commitment to reinvest such Net Cash Proceeds, such reinvestment occurs within 360 days after the date of receipt of such Net Cash Proceeds) (or, in each case, such longer period of time agreed to in writing by the Agent in its sole discretion), (ii) until such reinvestment is completed, all of such Net Cash Proceeds shall be on deposit at a Deposit Account over which the Agent has Control, and (iii) no Default or Event of Default exists or is caused by such Asset Sale or Involuntary Disposition. If an Event of Default occurs pursuant to which the Agent exercises its rights to accelerate the Obligations as provided in Section 10.2 or the Obligations are automatically accelerated or such reinvestment is not completed within the timeframe set forth in the immediately preceding sentence (or such longer period of time agreed to in writing by the Agent in its sole discretion), the Agent may require such Credit Party to immediately apply all of such Net Cash Proceeds to the Obligations, regardless of any other prior agreement regarding the disposition of such Net Cash Proceeds.
Asset Sales and Involuntary Dispositions. Unless otherwise agreed by the Required Lenders, prepayment will be made on the Loan Obligations promptly, but in any event within five Business Days following a determination that prepayment is required hereunder, in an amount equal to one hundred percent (100%) of the Net Cash Proceeds received from any Asset Sale or Involuntary Disposition by the Parent and its Subsidiaries, but only to the extent (A) commitments for the reinvestment of such proceeds shall not have been made within 90 days, and such proceeds shall not have been reinvested within 180 days, in each case, of the date of such Asset Sale or Involuntary Disposition and (B) the aggregate amount of such proceeds that are not reinvested in accordance with clause (A) hereof exceeds $500,000 in any fiscal year.
Asset Sales and Involuntary Dispositions. Prepayment will be made on the Loans in an amount equal to one hundred percent (100%) of the Net Cash Proceeds received from any Asset Sale or Involuntary Disposition by any Credit Party on the Business Day following receipt of such Net Cash Proceeds; provided that with respect to the sale of the Vessel Green Ridge:
Asset Sales and Involuntary Dispositions. Prepayment will be made on the Obligations on the Business Day following receipt of Net Cash Proceeds (excluding (w) cash or Cash Equivalents received by an Unrestricted Subsidiary in connection with the sale of such Unrestricted Subsidiary’s Equity Interests or other assets which are distributed to the Borrower or a Restricted Subsidiary, (x) the Net Cash Proceeds of a sale of Equity Interests in an Unrestricted Subsidiary by the Borrower or any Restricted Subsidiary, (y) the Net Cash Proceeds of any Permitted REIT Disposition or (z) the Net Cash Proceeds of the Delayed Consent Properties Disposition) in excess of $5,000,00010,000,000 in the aggregate in any Fiscal Year required to be prepaid pursuant to the provisions hereof in an amount equal to 100% of the Net Cash Proceeds from any Asset Sale or Involuntary Disposition by the Borrower or any of its Restricted Subsidiaries; provided, however, that so long as no Event of Default shall have occurred and be continuing, such Net Cash Proceeds shall not be required to be so applied, at the election of the Borrower to the extent the Borrower or such Restricted Subsidiary reinvests or expends (or provides reimbursement of any such reinvestment or expenditure previously made by any Credit Party), all or any portion of such Net Cash Proceeds in assets (other than current assets as classified by GAAP) within three hundred sixty-five (365) days (or such later date as agreed by the Administrative Agent in its sole discretion) after the receipt of such Net Cash Proceeds. Notwithstanding the foregoing, each Credit Party and, so long as no Event of Default has occurred and is continuing, the Administrative Agent agree that each of them will promptly endorse any check received from an insurance carrier in connection with an Involuntary Disposition in order for the Credit Parties to comply with the terms of this Section 2.11(c)(iii).
Asset Sales and Involuntary Dispositions. Prepayment will be made on the Loan Obligations on the Business Day following receipt of Net Cash Proceeds required to be prepaid pursuant to the provisions hereof in an amount equal to one hundred percent (100%) of the Net Cash Proceeds received from any Asset Sale or Involuntary Disposition with respect to any Collateral by any Credit Party (other than the first $1,000,000 of such Net Cash Proceeds received in any Fiscal Year); provided that such prepayment shall not be required to be made to the extent (A) the Company delivers to the Administrative Agent a certificate stating that it intends to reinvest such Net Cash Proceeds in assets (excluding current assets as classified by GAAP) that are useful in the business of the Company and its Subsidiaries within 180 days after the date of such Asset Sale or Involuntary Disposition and (B) such Net Cash Proceeds are so reinvested during such period, it being understood that any such Net Cash Proceeds not so reinvested during such period, shall be used to prepay the Loan Obligations within 3 Business Days of the expiration of such period.
Asset Sales and Involuntary Dispositions. Prepayment will be made on the Obligations on the Business Day following receipt of Net Cash Proceeds in an amount equal to one hundred percent (100%) of the Net Cash Proceeds received from any Asset Sale (other than Asset Sales permitted under Section 8.2.8) or Involuntary Disposition by Holdings or any of its Subsidiaries that are not reinvested in property that is useful in the business of the Borrower and its Subsidiaries within 180 days of such Asset Sale or Involuntary Disposition; provided that if, prior to the expiration of such 180 day period, the Borrower, directly or through one or more of the Subsidiaries of Holdings that is a Loan Party, shall have entered into a binding agreement providing for such investment on or prior to the expiration of an additional 90 day period, such 180 day period shall be extended to the date provided for such investment in such binding agreement (it being understood that, in each case, such prepayment shall be due immediately upon the expiration of such reinvestment period to the extent not reinvested).
Asset Sales and Involuntary Dispositions. Prepayment will be made on the Obligations in an amount equal to one hundred percent (100%) of the Net Cash Proceeds from any Asset Sale made pursuant to Section 8.8(b) or Involuntary Disposition involving any asset of the Borrower or any of its Subsidiaries to the extent such Net Cash Proceeds are not reinvested in assets (excluding current assets as classified by GAAP) that are useful in the business of the Borrower and its Subsidiaries within 365 days of the date of such Asset Sale or Involuntary Disposition.
