Common use of Asset Sales and Loss Proceeds Clause in Contracts

Asset Sales and Loss Proceeds. Upon (1) the consummation of any Asset Sale (other than any Asset Sale permitted under clauses (i) through (iii) of Section 7.3(b)) by the Borrower or any Subsidiary of the Borrower, except to the extent that the Net Cash Proceeds of such Asset Sale, when combined with the Net Cash Proceeds of all such Asset Sales during the immediately preceding twelve-month period, do not exceed $1,000,000, for any such Asset Sale or series of related Asset Sales or (2) the receipt by Borrower or any of its Subsidiaries of proceeds from insurance in connection with any property loss or casualty (other than proceeds received in respect of business interruption insurance) (“Loss Proceeds”), except to the extent that such Loss Proceeds, when combined with all other Loss Proceeds received during the then current fiscal year, do not exceed $500,000, and, in each case, except as provided in the second sentence of this Section 2.5(B)(i)(a), within thirty-five (35) days after the Borrower’s or any of its Subsidiaries’ (x) receipt of any Net Cash Proceeds from any such Asset Sale or any such Loss Proceeds, or (y) conversion to cash or Cash Equivalents of non-cash proceeds (whether principal or interest and including securities, release of escrow arrangements or lease payments) received from any Asset Sale, the Borrower shall make a mandatory prepayment of the Obligations in an amount equal to one hundred percent (100%) of such Net Cash Proceeds or such Loss Proceeds or such proceeds converted from non-cash to cash or Cash Equivalents. In the event that the Borrower shall have given the Administrative Agent written notice within thirty (30) days after an Asset Sale or event giving rise to such Loss Proceeds of its intention to replace the assets or use such Net Cash Proceeds or Loss Proceeds, as applicable, to acquire other like-kind assets (which shall include, without limitation, assets acquired pursuant to a Permitted Acquisition) within six (6) months following such Asset Sale or the receipt of such Loss Proceeds, as applicable, then such Net Cash Proceeds or Loss Proceeds shall not be subject to the provisions of the first sentence of this Section 2.5(B)(i)(a) unless and to the extent that such applicable period shall have expired without such replacement having been made.

Asset Sales and Loss Proceeds. Upon Upon (1) the consummation of any Asset Sale (other than any Asset Sale permitted under clauses (i) through (iii) of Section 7.3(b)) by the Borrower or any Subsidiary of the Borrower, except to the extent that the Net Cash Proceeds of such Asset Sale, when combined with the Net Cash Proceeds of all such Asset Sales during the immediately preceding twelve-month period, do not exceed $1,000,000, for any such Asset Sale or series of related Asset Sales or (2) the receipt by Borrower or any of its Subsidiaries of proceeds from insurance in connection with any property loss or casualty (other than proceeds received in respect of business interruption insurance) (“Loss Proceeds”"LOSS PROCEEDS"), except to the extent that such Loss Proceeds, when combined with all other Loss Proceeds received during the then current fiscal year, do not exceed $500,000, and, in each case, except as provided in the second sentence of this Section 2.5(B)(i)(a), within thirty-five (35) days after the Borrower’s 's or any of its Subsidiaries’ ' (x) receipt of any Net Cash Proceeds from any such Asset Sale or any such Loss Proceeds, or (y) conversion to cash or Cash Equivalents of non-cash proceeds (whether principal or interest and including securities, release of escrow arrangements or lease payments) received from any Asset Sale, the Borrower shall make a mandatory prepayment of the Obligations in an amount equal to one hundred percent (100%) of such Net Cash Proceeds or such Loss Proceeds or such proceeds converted from non-cash to cash or Cash Equivalents. In the event that the Borrower shall have given the Administrative Agent written notice within thirty (30) days after an Asset Sale or event giving rise to such Loss Proceeds of its intention to replace the assets or use such Net Cash Proceeds or Loss Proceeds, as applicable, to acquire other like-kind assets (which shall include, without limitation, assets acquired pursuant to a Permitted Acquisition) within six (6) months following such Asset Sale or the receipt of such Loss Proceeds, as applicable, then such Net Cash Proceeds or Loss Proceeds shall not be subject to the provisions of the first sentence of this Section 2.5(B)(i)(a) unless and to the extent that such applicable period shall have expired without such replacement having been made.